1513 E Cromer Ave · Muncie, IN 47303

$58,500

2 bd · 1.0 ba · 937 sqft · SingleFamily public records · 36 Days on market

Built 1948 4,800 sqft lot $62/sqft · 16% above area Est $57k · at est.

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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 +6.5/15.0
• 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

Nice 3 bedroom 1.5 bathroom with a little TLC would make a perfect home for a 1st-Time Home Buyer or nice rental to add to an investors' portfolio.

Key facts

• 4,800 sq ft lot
• Built 1948
• Listed 35 days

Property features AI

Finance

• Other: Annual tax amount listed

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-story, site-built single family home; Residential property
• Construction: Built with other/unspecified materials
• Exterior features: Level lot; Lot dimensions approx. 400 x 1200

Interior

• Bedrooms: Total of 6 rooms (bedrooms not itemized)
• Flooring: Hardwood
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Hot water heating; No central cooling
• Interior features: Hardwood flooring; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($935 rent vs $58k).
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: 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: Longfellow Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 324 students, 86% FRL); Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL).
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 15 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 $404 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 $16k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $6k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $58k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,745 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1948 — 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: 1.60% ✓
• Cap rate: 13.39%
• Cash-on-cash: 25.34%
• DSCR: 2.13
• GRM: 5.2

CMA / ARV

• ARV (median comp): $57,255
• List price: $58,500
• Delta: 2.17%
• 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
2414 N Blaine St	0.26mi	2/1.0	936 (-0%)	12mo	$109,900	$117	78
2317 N Turner St	0.23mi	2/1.0	1,004 (+7%)	6mo	$65,000	$65	72
1512 E Waid Ave	0.10mi	2/1.0	832 (-11%)	13mo	$90,000	$108	66
1601 N Elm St	0.66mi	2/1.0	896 (-4%)	1mo	$53,000	$59	61
2107 N Brady St	0.05mi	2/1.0	816 (-13%)	18mo	$33,750	$41	61
1809 E Hines St	0.42mi	2/1.0	896 (-4%)	17mo	$35,500	$40	59
1901 N Turner St	0.14mi	3/1.0 (+1)	1,064 (+14%)	11mo	$46,000	$43	57
627 E Pine St	0.65mi	3/1.0 (+1)	962 (+3%)	6mo	$115,000	$120	55
2413 N Macedonia Ave	0.24mi	1/1.0 (-1)	825 (-12%)	11mo	$46,000	$56	55
2804 N Westwood Rd	0.63mi	3/1.0 (+1)	925 (-1%)	13mo	$114,000	$123	53
2905 N Barr St	0.63mi	3/1.0 (+1)	925 (-1%)	15mo	$65,000	$70	51
1512 E Dartmouth Ave	0.73mi	3/2.0 (+1)	1,024 (+9%)	2mo	$127,500	$125	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: 24.1%
• Equity multiple: 2.06×
• Total profit: $17,294
• Equity at exit: $8,723

10-year hold

• IRR: 34.9%
• Equity multiple: 4.96×
• Total profit: $64,911
• Equity at exit: $5,058

Cash invested: $16,380 (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: 5.2×

Monthly cashflow live

• Estimated rent: $935 high
• Mortgage (P&I): −$307
• Tax from tax record: −$61 /mo · $736/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$196
• Net cashflow: $346

Break-even live

Break-even rent $497

Max offer price $58,500

Occupancy floor 58%

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: $14,625
• Closing costs: $1,755
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	43d	1	0.19mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	43d	1	0.51mi
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$999	$0.96	43d	4	0.53mi
2125 E Harvard Ave Muncie, IN	3.0	2.0	1040	$1,200	$1.15	43d	1	0.83mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	43d	1	0.90mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$799	$0.98	43d	3	0.94mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	43d	1	1.06mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	43d	1	1.16mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,112	$1.26	43d	7	1.22mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	43d	1	1.37mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$799	$0.77	43d	1	1.37mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$964	$1.10	43d	5	1.38mi
3906 N Franklin St Apt 1 Muncie, IN	2.0	1.0	972	$972	$1.00	43d	1	1.44mi
3910 N Franklin St Muncie, IN	2.0	1.5	1008	$999	$0.99	43d	2	1.46mi
520 N Alameda Ave Unit A Muncie, IN	1.0	1.0	750	$895	$1.19	43d	1	1.47mi

Listing history 21 events

1. 2026-06-19
   days on market $58,500 Active 36 DOM
2. 2026-06-18
   days on market $58,500 Active 35 DOM
3. 2026-06-17
   days on market $58,500 Active 34 DOM
4. 2026-06-16
   days on market $58,500 Active 33 DOM
5. 2026-06-15
   days on market $58,500 Active 32 DOM
6. 2026-06-14
   days on market $58,500 Active 30 DOM
7. 2026-06-13
   days on market $58,500 Active 29 DOM
8. 2026-06-10
   days on market $58,500 Active 27 DOM
9. 2026-06-09
   days on market $58,500 Active 26 DOM
10. 2026-06-08
    days on market $58,500 Active 25 DOM
11. 2026-06-07
    days on market $58,500 Active 24 DOM
12. 2026-06-05
    pricedays on market $58,500 Active 21 DOM
13. 2026-06-03
    days on market $65,000 Active 20 DOM
14. 2026-06-02
    days on market $65,000 Active 19 DOM
15. 2026-06-01
    days on market $65,000 Active 18 DOM
16. 2026-05-31
    days on market $65,000 Active 17 DOM
17. 2026-05-30
    days on market $65,000 Active 16 DOM
18. 2026-05-14
    listed $65,000 Active 403-char remark
19. 2022-03-18
    price $695
20. 2022-01-06
    soldstatus $35,000 147-char remark

    Show marketing remark (147 chars)

    Nice 3 bedroom 1.5 bathroom with a little TLC would make a perfect home for a 1st-Time Home Buyer or nice rental to add to an investors' portfolio.

21. 2021-07-03
    listed $42,000 147-char remark

    Show marketing remark (147 chars)

    Nice 3 bedroom 1.5 bathroom with a little TLC would make a perfect home for a 1st-Time Home Buyer or nice rental to add to an investors' 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: $736 · $61/mo
• Projected year-2 tax: $736 · $61/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: $11,217
• − Mortgage interest: −$3,277
• − Property taxes: −$736
• − Insurance: −$292
• − Repairs & maintenance: −$897
• − Management: −$897
• − Depreciation: −$1,702
• Taxable income: $3,415
• Est. tax owed @ 24.0%: −$820
• After-tax cash flow: $3,332/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

+39.3% since first listed

5 events — show timeline

• 2026-06-04 Price Changed $58,500 IRMLS
• 2026-05-14 Listed $65,000 IRMLS
• 2022-03-18 Price Changed $695 RENT.
• 2022-01-06 Sold (MLS) $35,000 MIBOR as Distributed by MLS Grid
• 2021-07-03 Listed $42,000 MIBOR as Distributed by MLS Grid

Property tax history

-2.3%/yr

Latest (2024): $736 · +12.0% YoY. Source: county tax records.