808 S Macedonia Ave · Muncie, IN 47302

$49,900

2 bd · 1.0 ba · 1,458 sqft · SingleFamily public records · 21 Days on market

Built 1900 8,125 sqft lot

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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 +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Three bedroom, one bath home with charming historical features and lots of potential. The home needs some TLC but is habitable with functional furnace, water, and electric. Features include a dry basement, fenced yard, and a 2 car detached garage with alley access. Great opportunity to restore character and make it your own or add to your investment portfolio!

Key facts

• Alley access
• Fenced yard
• Historical features

Tags

• HISTORICAL FEATURES
• DRY BASEMENT
• FENCED YARD
• ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $504 ($6k/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: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.4% 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; 25 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 $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 + 6.1% 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 21 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.02% ✓
• Cap rate: 18.40%
• Cash-on-cash: 43.24%
• DSCR: 2.92
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $113,724
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 E 1st St	0.51mi	3/2.0 (+1)	1,425 (-2%)	5mo	$140,000	$98	59
1322 E Jackson St	0.44mi	3/1.0 (+1)	1,525 (+5%)	16mo	$13,200	$9	53
1405 S Ribble Ave	0.46mi	3/1.0 (+1)	1,555 (+7%)	13mo	$150,000	$96	52
1118 S Walling Ave	0.23mi	3/1.0 (+1)	1,275 (-13%)	14mo	$99,500	$78	52
801 E Charles St	0.63mi	3/1.5 (+1)	1,541 (+6%)	8mo	$27,500	$18	47
1501 S Wall Ave	0.65mi	3/1.0 (+1)	1,500 (+3%)	17mo	$105,900	$71	45
409 S Pershing Dr	0.64mi	3/2.0 (+1)	1,400 (-4%)	12mo	$90,000	$64	45
809 E Main St	0.71mi	3/1.5 (+1)	1,484 (+2%)	18mo	$55,000	$37	42
1110 E 7th St	0.46mi	3/1.5 (+1)	1,666 (+14%)	15mo	$139,900	$84	36
700 E 8th St	0.69mi	3/1.5 (+1)	1,343 (-8%)	15mo	$139,000	$103	35
907 E Washington St	0.69mi	2/1.0	1,604 (+10%)	22mo	$171,000	$107	32
1510 S Hackley St	0.62mi	3/2.0 (+1)	1,674 (+15%)	14mo	$44,000	$26	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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 43.3%
• Equity multiple: 2.95×
• Total profit: $27,212
• Equity at exit: $7,440

10-year hold

• IRR: 50.7%
• Equity multiple: 6.66×
• Total profit: $79,120
• 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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,006 high
• Mortgage (P&I): −$262
• Tax from tax record: −$9 /mo · $108/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $504

Break-even live

Break-even rent $369

Max offer price $49,900

Occupancy floor 45%

Sensitivity live

Price	-10% $532	-5% $518	+0% $504	+5% $489	+10% $416
Rent	-10% $424	-5% $464	+0% $504	+5% $543	+10% $583
Rate	-1.0pp $529	-0.5pp $516	base $504	+0.5pp $491	+1.0pp $477

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 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	44d	1	0.09mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	0.17mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	44d	2	0.41mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	44d	1	0.73mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	44d	1	0.75mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	0.87mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	44d	1	0.97mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	1.00mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	1.01mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	1.09mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	44d	1	1.18mi
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$429	$0.42	44d	7	1.26mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	1.27mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	44d	1	1.27mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	1.29mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.32mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.34mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	1.35mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	1.36mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.36mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	1.36mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	1.43mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	1.43mi
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	44d	1	1.48mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	44d	5	1.49mi

Listing history 19 events

1. 2026-06-19
   days on market $49,900 Active 21 DOM
2. 2026-06-18
   price $49,900 Active 20 DOM
3. 2026-06-18
   days on market $55,000 Active 20 DOM
4. 2026-06-17
   days on market $55,000 Active 19 DOM
5. 2026-06-16
   days on market $55,000 Active 18 DOM
6. 2026-06-15
   days on market $55,000 Active 17 DOM
7. 2026-06-14
   days on market $55,000 Active 15 DOM
8. 2026-06-13
   days on market $55,000 Active 14 DOM
9. 2026-06-10
   days on market $55,000 Active 12 DOM
10. 2026-06-09
    days on market $55,000 Active 11 DOM
11. 2026-06-08
    days on market $55,000 Active 10 DOM
12. 2026-06-07
    days on market $55,000 Active 9 DOM
13. 2026-06-05
    days on market $55,000 Active 6 DOM
14. 2026-06-03
    days on market $55,000 Active 5 DOM
15. 2026-06-02
    days on market $55,000 Active 4 DOM
16. 2026-06-01
    days on market $55,000 Active 3 DOM
17. 2026-05-31
    days on market $55,000 Active 2 DOM
18. 2026-05-29
    status Active 362-char remark

    Show marketing remark (362 chars)

    Three bedroom, one bath home with charming historical features and lots of potential. The home needs some TLC but is habitable with functional furnace, water, and electric. Features include a dry basement, fenced yard, and a 2 car detached garage with alley access. Great opportunity to restore character and make it your own or add to your investment portfolio!

19. 2026-05-28
    listed $55,000 Active 362-char remark

    Show marketing remark (362 chars)

    Three bedroom, one bath home with charming historical features and lots of potential. The home needs some TLC but is habitable with functional furnace, water, and electric. Features include a dry basement, fenced yard, and a 2 car detached garage with alley access. Great opportunity to restore character and make it your own or add to your investment portfolio!

ⓘ 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: $108 · $9/mo
• Projected year-2 tax: $266 · $22/mo
• Expected delta: +$158/yr (+$13/mo · 146.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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 0% 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: $12,076
• − Mortgage interest: −$2,795
• − Property taxes: −$108
• − Insurance: −$250
• − Repairs & maintenance: −$966
• − Management: −$966
• − Depreciation: −$1,452
• Taxable income: $5,539
• Est. tax owed @ 24.0%: −$1,329
• After-tax cash flow: $4,713/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

2 events — show timeline

• 2026-05-29 Relisted — IRMLS
• 2026-05-28 Listed $55,000 IRMLS

Property tax history

+4.6%/yr

Latest (2024): $108 · +0.0% YoY. Source: county tax records.