311 N Biltmore Ave · Muncie, IN 47303

$79,900

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 83 Days on market

Built 1947 8,820 sqft lot $119/sqft · 74% above area Est $92k · 13% under ↓ 38% since listing

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Why this score? — see what drove the C+ 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 +24.3/30.0
• ARV discount +13.3/15.0
• DSCR +7.8/10.0
• 1% rule +6.1/10.0
• 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

Tenant is moving. Was rented for $850 per month. 2 bedroom, 1 bath home featuring a 2 car detached garage and plenty of parking. Enjoy the front deck, perfect for relaxing or entertaining.

Key facts

• Front deck
• Plenty of parking
• Detached garage

Tags

• FRONT DECK
• DETACHED GARAGE
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($887 rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 1 comparable units currently listed for rent nearby; 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 $552 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 + 7.8% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($75k) 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.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,106 (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 1947 — 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: 1.11% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.65%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

• ARV (median comp): $91,651
• List price: $79,900
• Delta: -12.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 N Biltmore Ave	0.03mi	2/1.0	720 (+7%)	22mo	$58,000	$81	68
3000 E Manor St	0.29mi	2/1.0	736 (+10%)	6mo	$125,000	$170	65
215 N Grafton Ave	0.20mi	2/1.0	760 (+13%)	16mo	$75,000	$99	55
707 S Luick Ave	0.62mi	1/1.0 (-1)	625 (-7%)	6mo	$24,000	$38	50
1008 N Bellaire Ave	0.63mi	2/1.0	768 (+14%)	8mo	$95,000	$124	40

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $1,821
• Equity at exit: $11,913

10-year hold

• IRR: 15.8%
• Equity multiple: 2.57×
• Total profit: $35,182
• Equity at exit: $6,908

Cash invested: $22,372 (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: 7.5×

Monthly cashflow live

• Estimated rent: $887 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$87 /mo · $1,042/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $161

Break-even live

Break-even rent $682

Max offer price $79,900

Occupancy floor 77%

Sensitivity live

Price	-10% $207	-5% $184	+0% $161	+5% $139	+10% $116
Rent	-10% $91	-5% $126	+0% $161	+5% $196	+10% $231
Rate	-1.0pp $202	-0.5pp $182	base $161	+0.5pp $141	+1.0pp $120

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	1.09mi

Listing history 21 events

1. 2026-06-19
   days on market $79,900 Active 83 DOM
2. 2026-06-18
   days on market $79,900 Active 82 DOM
3. 2026-06-17
   days on market $79,900 Active 81 DOM
4. 2026-06-16
   days on market $79,900 Active 80 DOM
5. 2026-06-15
   days on market $79,900 Active 79 DOM
6. 2026-06-14
   days on market $79,900 Active 77 DOM
7. 2026-06-13
   days on market $79,900 Active 76 DOM
8. 2026-06-10
   days on market $79,900 Active 74 DOM
9. 2026-06-09
   days on market $79,900 Active 73 DOM
10. 2026-06-08
    days on market $79,900 Active 72 DOM
11. 2026-06-07
    days on market $79,900 Active 71 DOM
12. 2026-06-05
    days on market $79,900 Active 68 DOM
13. 2026-06-03
    days on market $79,900 Active 67 DOM
14. 2026-06-02
    days on market $79,900 Active 66 DOM
15. 2026-06-01
    days on market $79,900 Active 65 DOM
16. 2026-05-31
    days on market $79,900 Active 64 DOM
17. 2026-05-30
    days on market $79,900 Active 63 DOM
18. 2026-03-27
    listed $79,900 Active 188-char remark

    Show marketing remark (188 chars)

    Tenant is moving. Was rented for $850 per month. 2 bedroom, 1 bath home featuring a 2 car detached garage and plenty of parking. Enjoy the front deck, perfect for relaxing or entertaining.

19. 2026-03-27
    listed $79,900 Active 188-char remark

    Show marketing remark (188 chars)

    Tenant is moving. Was rented for $850 per month. 2 bedroom, 1 bath home featuring a 2 car detached garage and plenty of parking. Enjoy the front deck, perfect for relaxing or entertaining.

20. 2017-01-26
    listed $22,500
21. 2016-04-04
    listed $127,900

ⓘ 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: $1,042 · $87/mo
• Projected year-2 tax: $1,042 · $87/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: $10,639
• − Mortgage interest: −$4,476
• − Property taxes: −$1,042
• − Insurance: −$400
• − Repairs & maintenance: −$851
• − Management: −$851
• − Depreciation: −$2,324
• Taxable income: $696
• Est. tax owed @ 24.0%: −$167
• After-tax cash flow: $1,769/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

-37.5% since first listed

4 events — show timeline

• 2026-03-27 Listed $79,900 IRMLS
• 2026-03-27 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2017-01-26 Listed $22,500 IRMLS
• 2016-04-04 Listed $127,900 IRMLS

Property tax history

-3.9%/yr

Latest (2024): $1,042 · +25.5% YoY. Source: county tax records.