1503 E 21st St · Muncie, IN 47302

$65,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 45 Days on market

Built 1940 0.44 ac lot $90/sqft · 15% below area Est $76k · 15% 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 +27.4/30.0
• ARV discount +14.2/15.0
• DSCR +9.5/10.0
• 1% rule +7.5/10.0
• 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

Nice 2 bedroom 1 bath corner lot on the southside of town. Kitchen features lots of cabinets for storage, range and refrigerator stay. Large basement with utility as well as a nice sun room on the back of the house. Comes with 2 storage sheds out back.

Key facts

• Large eat-in kitchen
• Furnace replaced
• Spacious corner lot

Tags

• SPACIOUS CORNER LOT
• LARGE EAT-IN KITCHEN
• SUNROOM
• FULL UNFINISHED BASEMENT
• FURNACE REPLACED
• CENTRAL AIR REPLACED

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; 1 story
• Construction: Vinyl siding; Block foundation
• Exterior features: Corner lot

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Total of 4 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Refrigerator; Electric range; Gas water heater; Water heater; Full unfinished basement
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($810 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: 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.
• Zoned schools: Grissom Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 450 students, 85% FRL); Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Muncie Community Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 10 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 $449 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 $18k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 9.78%
• Cash-on-cash: 12.47%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $76,421
• List price: $65,000
• Delta: -14.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1400 E 24th St	0.23mi	2/1.0	680 (-6%)	4mo	$18,000	$26	76
1727 E 24th St	0.27mi	2/1.0	768 (+7%)	1mo	$85,000	$111	75
2911 S Hackley St	0.44mi	2/1.0	728 (+1%)	5mo	$62,500	$86	74
2115 S Grant St	0.49mi	2/1.0	700 (-3%)	7mo	$87,000	$124	67
1904 E Greenlawn Ct	0.42mi	2/1.0	768 (+7%)	4mo	$103,000	$134	67
2101 S Pershing Dr	0.67mi	2/1.0	725 (+1%)	1mo	$53,000	$73	66
3404 S Grant St	0.52mi	2/1.0	774 (+8%)	1mo	$80,000	$103	62
2312 S Pershing St	0.55mi	2/1.0	672 (-7%)	4mo	$79,000	$118	60
3506 S Penn St	0.60mi	2/1.0	792 (+10%)	1mo	$121,000	$153	54
2806 S Sycamore Ave	0.50mi	2/1.0	816 (+13%)	2mo	$120,000	$147	52
2815 S Elm St	0.74mi	2/1.0	672 (-7%)	3mo	$67,900	$101	52
2920 S Vine St	0.54mi	1/1.0 (-1)	624 (-13%)	4mo	$50,900	$82	44

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: 5.7%
• Equity multiple: 1.23×
• Total profit: $4,139
• Equity at exit: $9,692

10-year hold

• IRR: 17.7%
• Equity multiple: 2.68×
• Total profit: $30,596
• Equity at exit: $5,620

Cash invested: $18,200 (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: 6.7×

Monthly cashflow live

• Estimated rent: $810 high
• Mortgage (P&I): −$341
• Tax from tax record: −$82 /mo · $990/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $189

Break-even live

Break-even rent $570

Max offer price $65,000

Occupancy floor 72%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2011 E 18th St Muncie, IN	2.0	1.0	470	$725	$1.54	44d	1	0.37mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	44d	1	0.45mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	44d	1	0.70mi
2815 S Elm St Muncie, IN	2.0	1.0	672	$875	$1.30	44d	1	0.75mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	44d	1	1.09mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	1.20mi
219 W Memorial Dr Muncie, IN	1.0	1.0	450	$600	$1.33	44d	1	1.20mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	1.33mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	44d	1	1.41mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	44d	1	1.41mi

Listing history 19 events

1. 2026-06-15
   status $65,000 Pending 45 DOM
2. 2026-06-15
   days on market $65,000 Active 45 DOM
3. 2026-06-14
   days on market $65,000 Active 43 DOM
4. 2026-06-13
   days on market $65,000 Active 42 DOM
5. 2026-06-10
   days on market $65,000 Active 40 DOM
6. 2026-06-09
   days on market $65,000 Active 39 DOM
7. 2026-06-08
   days on market $65,000 Active 38 DOM
8. 2026-06-07
   days on market $65,000 Active 37 DOM
9. 2026-06-05
   days on market $65,000 Active 34 DOM
10. 2026-06-03
    days on market $65,000 Active 33 DOM
11. 2026-06-02
    days on market $65,000 Active 32 DOM
12. 2026-06-01
    days on market $65,000 Active 31 DOM
13. 2026-05-31
    days on market $65,000 Active 30 DOM
14. 2026-05-30
    days on market $65,000 Active 29 DOM
15. 2026-05-01
    listed $70,000 Active 302-char remark
16. 2022-05-10
    soldstatus $50,000 252-char remark

    Show marketing remark (252 chars)

    Nice 2 bedroom 1 bath corner lot on the southside of town. Kitchen features lots of cabinets for storage, range and refrigerator stay. Large basement with utility as well as a nice sun room on the back of the house. Comes with 2 storage sheds out back.

17. 2022-04-08
    listed $54,500 252-char remark

    Show marketing remark (252 chars)

    Nice 2 bedroom 1 bath corner lot on the southside of town. Kitchen features lots of cabinets for storage, range and refrigerator stay. Large basement with utility as well as a nice sun room on the back of the house. Comes with 2 storage sheds out back.

18. 2006-10-11
    soldstatus $20,000

    Show marketing remark (213 chars)

    2 BR 'FIXER UPPER' BUNGALOW ON A LARGE CORNER LOT. POTENTIAL TO BE A CHARMING HOME. THIS BEING SOLD 'AS-IS' BY A BANKRUPTCY TRUSTEE WHO HAS NO INFO ON IT'S CONDITION. ** NO DISCLOSURES ** GARAGE IS A UTILITY SHED.

19. 2006-08-11
    listed $29,900

    Show marketing remark (213 chars)

    2 BR 'FIXER UPPER' BUNGALOW ON A LARGE CORNER LOT. POTENTIAL TO BE A CHARMING HOME. THIS BEING SOLD 'AS-IS' BY A BANKRUPTCY TRUSTEE WHO HAS NO INFO ON IT'S CONDITION. ** NO DISCLOSURES ** GARAGE IS A UTILITY SHED.

ⓘ 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: $990 · $82/mo
• Projected year-2 tax: $990 · $82/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 ≥101°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: $9,715
• − Mortgage interest: −$3,641
• − Property taxes: −$990
• − Insurance: −$325
• − Repairs & maintenance: −$777
• − Management: −$777
• − Depreciation: −$1,891
• Taxable income: $1,314
• Est. tax owed @ 24.0%: −$315
• After-tax cash flow: $1,954/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

+117.4% since first listed

7 events — show timeline

• 2026-06-15 Pending — IRMLS
• 2026-05-19 Price Changed $65,000 IRMLS
• 2026-05-01 Listed $70,000 IRMLS
• 2022-05-10 Sold (MLS) $50,000 IRMLS
• 2022-04-08 Listed $54,500 IRMLS
• 2006-10-11 Sold (MLS) $20,000 MIBOR as Distributed by MLS Grid
• 2006-08-11 Listed $29,900 MIBOR as Distributed by MLS Grid

Property tax history

-6.0%/yr

Latest (2024): $990 · -1.3% YoY. Source: county tax records.