2113 S Waldemere Ave S · Muncie, IN 47302

$75,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 136 Days on market

Built 1930 4,526 sqft lot $89/sqft · 42% above area Est $79k · 5% under

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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
• DSCR +10.0/10.0
• ARV discount +9.8/15.0
• 1% rule +7.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Set with 15-minutes drive from Ball State University, this single-family residence presents a great investment opportunity. Calling all handy homeowners and investors, this property awaits your vision. The layout includes three bedrooms and one full bathroom, providing essential amenities for a functional home situated on a 4526 square feet lot, presenting a canvas for any investor or homeowner with itchy hands.

Key facts

• 4,526 sq ft lot
• Built 1930
• Listed 135 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($959 rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+6.1%/yr); 148 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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 + 6.1% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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 $45k; list at $75k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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: 1.28% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.74%
• DSCR: 1.75
• GRM: 6.5

CMA / ARV

• ARV (median comp): $79,036
• List price: $75,000
• Delta: -5.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2612 E Memorial Dr	0.40mi	2/1.0	852 (+1%)	6mo	$89,000	$104	74
2511 E 13th St	0.38mi	3/1.0 (+1)	864 (+3%)	7mo	$70,000	$81	66
3414 E 14th St	0.23mi	2/1.0	936 (+11%)	8mo	$81,952	$88	64
1904 S Rosemont Ave	0.30mi	2/1.0	776 (-8%)	13mo	$80,000	$103	63
2806 S Sycamore Ave	0.71mi	2/1.0	816 (-3%)	2mo	$120,000	$147	60
1527 S Ribble Ave	0.70mi	2/1.0	800 (-5%)	2mo	$72,000	$90	58
1512 S Wall Ave	0.54mi	2/1.0	912 (+9%)	4mo	$62,500	$69	58
1301 S Meeker Ave	0.73mi	2/1.0	848 (+1%)	13mo	$79,900	$94	54
2624 E Memorial Dr	0.37mi	2/1.0	940 (+12%)	12mo	$23,000	$24	53
2207 E Sharon Dr	0.71mi	3/1.0 (+1)	936 (+11%)	5mo	$103,500	$111	39
2211 E 19 St	0.62mi	2/1.0	726 (-14%)	12mo	$85,000	$117	38
2014 E 13th St	0.74mi	3/1.0 (+1)	958 (+14%)	10mo	$63,000	$66	29

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.46×
• Total profit: $9,587
• Equity at exit: $11,183

10-year hold

• IRR: 22.4%
• Equity multiple: 3.18×
• Total profit: $45,843
• Equity at exit: $6,485

Cash invested: $21,000 (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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $959 high
• Mortgage (P&I): −$393
• Tax from tax record: −$40 /mo · $482/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $293

Break-even live

Break-even rent $588

Max offer price $75,000

Occupancy floor 64%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$429	$0.42	43d	7	0.32mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	43d	1	0.44mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	0.58mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	43d	1	0.84mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	43d	1	0.89mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	43d	1	0.93mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	43d	1	1.16mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	43d	1	1.19mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	43d	1	1.31mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	43d	2	1.35mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	43d	1	1.36mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	43d	1	1.43mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	43d	1	1.49mi

Listing history 24 events

1. 2026-06-19
   days on market $75,000 Active 136 DOM
2. 2026-06-18
   days on market $75,000 Active 135 DOM
3. 2026-06-17
   days on market $75,000 Active 134 DOM
4. 2026-06-16
   days on market $75,000 Active 133 DOM
5. 2026-06-15
   days on market $75,000 Active 132 DOM
6. 2026-06-14
   days on market $75,000 Active 130 DOM
7. 2026-06-13
   days on market $75,000 Active 129 DOM
8. 2026-06-10
   days on market $75,000 Active 127 DOM
9. 2026-06-09
   days on market $75,000 Active 126 DOM
10. 2026-06-08
    days on market $75,000 Active 125 DOM
11. 2026-06-07
    days on market $75,000 Active 124 DOM
12. 2026-06-05
    days on market $75,000 Active 121 DOM
13. 2026-06-03
    days on market $75,000 Active 120 DOM
14. 2026-06-02
    days on market $75,000 Active 119 DOM
15. 2026-06-01
    days on market $75,000 Active 118 DOM
16. 2026-05-31
    days on market $75,000 Active 117 DOM
17. 2026-05-30
    days on market $75,000 Active 116 DOM
18. 2026-02-02
    listed $75,000 Active 416-char remark

    Show marketing remark (416 chars)

    Set with 15-minutes drive from Ball State University, this single-family residence presents a great investment opportunity. Calling all handy homeowners and investors, this property awaits your vision. The layout includes three bedrooms and one full bathroom, providing essential amenities for a functional home situated on a 4526 square feet lot, presenting a canvas for any investor or homeowner with itchy hands.

19. 2024-01-18
    soldstatus $44,900
20. 2017-05-27
    soldstatus $6,000
21. 2017-05-26
    soldstatus $6,000
22. 2017-05-03
    listed $9,900
23. 2017-05-03
    listed $9,900
24. 2016-07-19
    listed $12,500

ⓘ 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: $482 · $40/mo
• Projected year-2 tax: $560 · $47/mo
• Expected delta: +$78/yr (+$6/mo · 16.1%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,510
• − Mortgage interest: −$4,201
• − Property taxes: −$482
• − Insurance: −$375
• − Repairs & maintenance: −$921
• − Management: −$921
• − Depreciation: −$2,182
• Taxable income: $2,429
• Est. tax owed @ 24.0%: −$583
• After-tax cash flow: $2,934/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): 25,473
• Household income: $47,837
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1150.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 4%
• Common ancestry: Italian 2% Slovak 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 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: ▼ -30.32%
• Current HPI: 210.431
• Rent YoY: ▲ 6.11%
• 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

+500.0% since first listed

7 events — show timeline

• 2026-02-02 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2024-01-18 Sold (Public Records) $44,900 Public Records
• 2017-05-27 Sold (MLS) $6,000 MIBOR as Distributed by MLS Grid
• 2017-05-26 Sold (MLS) $6,000 IRMLS
• 2017-05-03 Listed $9,900 IRMLS
• 2017-05-03 Listed $9,900 MIBOR as Distributed by MLS Grid
• 2016-07-19 Listed $12,500 IRMLS

Property tax history

-5.8%/yr

Latest (2024): $482 · -51.4% YoY. Source: county tax records.