1311 E Hines St · Muncie, IN 47303

$49,900

3 bd · 1.0 ba · 2,240 sqft · SingleFamily public records · 83 Days on market

Built 1960 5,360 sqft lot $22/sqft · 52% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two-story home offering 3 bedrooms and 2 full baths, including a primary suite with its own en suite bath. Numerous updates completed in 2024/2025, including furnace, some electrical, kitchen, bathrooms, and carpeting. Additional features include a durable metal roof, back deck for outdoor enjoyment, and an enclosed front porch.

Key facts

• Metal roof
• Primary suite
• Back deck

Tags

• PRIMARY SUITE
• ENCLOSED FRONT PORCH
• METAL ROOF
• BACK DECK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $614 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.1% vs local median 6.0% in Muncie — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#18 in IN, #1,654 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, employment F.
• Muncie Community Schools (urban): math 18% / reading 25% proficiency, ranked #275 of 301 in IN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 31% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $5k; list at $50k implies a 860% gain — meaningful room to come down on a strong offer.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.43% ✓
• Cap rate: 21.06%
• Cash-on-cash: 52.73%
• DSCR: 3.35
• GRM: 3.4

CMA / ARV

• ARV (median comp): $103,690
• List price: $49,900
• Delta: -51.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1924 E Hines St	0.40mi	2/1.5 (-1)	1,976 (-12%)	1mo	$129,000	$65	54
1606 N Turner St	0.36mi	3/1.5	2,065 (-8%)	20mo	$123,000	$60	52
807 N Elm St	0.62mi	4/1.0 (+1)	2,064 (-8%)	8mo	$50,000	$24	46
1014 N Macedonia Ave	0.31mi	3/2.0	2,000 (-11%)	23mo	$99,000	$50	44
1212 N Granville Ave	0.68mi	3/1.0	2,075 (-7%)	22mo	$99,900	$48	38
509 E Streeter Ave	0.72mi	3/2.0	2,466 (+10%)	24mo	$175,000	$71	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 56.1%
• Equity multiple: 3.66×
• Total profit: $37,174
• Equity at exit: $7,440

10-year hold

• IRR: 62.9%
• Equity multiple: 8.92×
• Total profit: $110,631
• Equity at exit: $4,314

Cash invested: $13,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,213 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$62 /mo · $744/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $614

Break-even live

Break-even rent $436

Max offer price $49,900

Occupancy floor 44%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3001 N Westwood Rd Muncie, IN	3.0	1.0	1837	$1,200	$0.65	43d	1	0.97mi
609 N Waldemere Ave Muncie, IN	4.0	1.0	1664	$1,300	$0.78	43d	1	1.22mi

Listing history 26 events

1. 2026-06-19
   days on market $49,900 Active 83 DOM
2. 2026-06-18
   days on market $49,900 Active 82 DOM
3. 2026-06-17
   days on market $49,900 Active 81 DOM
4. 2026-06-16
   days on market $49,900 Active 80 DOM
5. 2026-06-15
   days on market $49,900 Active 79 DOM
6. 2026-06-14
   days on market $49,900 Active 77 DOM
7. 2026-06-13
   days on market $49,900 Active 76 DOM
8. 2026-06-10
   days on market $49,900 Active 74 DOM
9. 2026-06-09
   days on market $49,900 Active 73 DOM
10. 2026-06-08
    days on market $49,900 Active 72 DOM
11. 2026-06-07
    days on market $49,900 Active 71 DOM
12. 2026-06-05
    days on market $49,900 Active 68 DOM
13. 2026-06-03
    days on market $49,900 Active 67 DOM
14. 2026-06-02
    days on market $49,900 Active 66 DOM
15. 2026-06-01
    days on market $49,900 Active 65 DOM
16. 2026-05-31
    days on market $49,900 Active 64 DOM
17. 2026-05-30
    days on market $49,900 Active 63 DOM
18. 2026-03-27
    listed $49,900 Active 330-char remark

    Show marketing remark (330 chars)

    Two-story home offering 3 bedrooms and 2 full baths, including a primary suite with its own en suite bath. Numerous updates completed in 2024/2025, including furnace, some electrical, kitchen, bathrooms, and carpeting. Additional features include a durable metal roof, back deck for outdoor enjoyment, and an enclosed front porch.

19. 2026-03-27
    listed $49,900 Active 330-char remark

    Show marketing remark (330 chars)

    Two-story home offering 3 bedrooms and 2 full baths, including a primary suite with its own en suite bath. Numerous updates completed in 2024/2025, including furnace, some electrical, kitchen, bathrooms, and carpeting. Additional features include a durable metal roof, back deck for outdoor enjoyment, and an enclosed front porch.

20. 2025-05-07
    historical
21. 2025-03-14
    price $95,000
22. 2025-03-14
    price $95,000
23. 2025-03-06
    listed $89,900 Active
24. 2025-03-06
    listed $89,900 Active
25. 2010-04-22
    soldstatus $5,200
26. 2010-01-07
    listed $6,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $744 · $62/mo
• Projected year-2 tax: $744 · $62/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,558
• − Mortgage interest: −$2,795
• − Property taxes: −$744
• − Insurance: −$250
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$1,452
• Taxable income: $6,988
• Est. tax owed @ 24.0%: −$1,677
• After-tax cash flow: $5,690/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Muncie Community Schools
• NCES district ID: 1807320
• Math proficiency: 18% ▼ -9.00%
• Reading proficiency: 25% ▼ -4.00%
• Median HH income: $30,052
• Composite: 17.22/100
• National rank: #9099
• State rank: #275 of 301 in IN

Livability — Muncie

• Score: 80/100
• State rank: #18
• US rank: #1654

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muncie, IN
• County: Delaware County · 84,658 people
• City population: 84,658
• Metro: Muncie, IN
• Population (ZIP): 24,392
• Household income: $47,674
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1434.0

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 113,036 people
• By 2030: 111,313 · -1.5%
• By 2040: 106,432 · -5.8%
• By 2050: 100,747 · -10.9%
• By 2075: 91,000 · -19.5%
• By 2100: 80,687 · -28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Delaware

• 2024 margin: R (+15.8) · D 41.2% · R 57.0% · Other 1.8%
• 2008→2024 swing: -30.8pp toward R · 2008: 15.0pp · 2024: -15.8pp
• All cycles: 2024: R+15.8 2020: R+13.2 2016: R+13.7 2012: D+3.1 2008: D+15.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.45%
• Current HPI: 229.8654
• Rent YoY: ▲ 7.80%
• Metro: Muncie, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+623.2% since first listed

9 events — show timeline

• 2026-03-27 Listed $49,900 IRMLS
• 2026-03-27 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2025-05-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-14 Price Changed $95,000 IRMLS
• 2025-03-14 Price Changed $95,000 MIBOR as Distributed by MLS Grid
• 2025-03-06 Listed $89,900 IRMLS
• 2025-03-06 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2010-04-22 Sold (MLS) $5,200 MIBOR as Distributed by MLS Grid
• 2010-01-07 Listed $6,900 MIBOR as Distributed by MLS Grid

Property tax history

-6.2%/yr

Latest (2024): $744 · -57.6% YoY. Source: county tax records.