6405 W Bethel Ave · Muncie, IN 47304

$154,900

3 bd · 1.0 ba · 1,768 sqft · SingleFamily public records · 133 Days on market

Built 1945 0.38 ac lot $88/sqft · 23% below area Est $200k · 23% under

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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 +16.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for move-in ready maintenance-free home? Super location located in popular WesDel school system. Maint.-free vinyl siding, replacement windows & new ext. doors. Wonderful welcoming front porch w/treated wood floors & posts. Home has convenient entry w/sconces & coat closet. Opens to large Living Room. All new Kitchen has been enlarged & features gorgeous wood cabs, new dishwasher & mwave plus a gas stove for serious cooks! Utility room,W/D remain. 2 BR's on first floor, 1 BR on main.

Key facts

• 0.38 acre lot
• Garage
• Built 1945

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (15.8% below list).
• Recommended offer: $130k (15.8% below list) — sets the bar for 1% rule.

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.
• Wes-Del Community Schools (rural): math 27% / reading 38% proficiency, ranked #209 of 301 in IN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+8.1%/yr); 202 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $155k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,424 (15.8% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — 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: 0.84% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.37%
• DSCR: 1.11
• GRM: 9.9

CMA / ARV

• ARV (median comp): $199,900
• List price: $154,900
• Delta: -22.51%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6308 W Mcarthur Ln	0.15mi	3/1.5	1,588 (-10%)	9mo	$205,000	$129	66
3609 N Burgess Rd	0.47mi	3/2.0	1,902 (+8%)	14mo	$275,000	$145	50
3308 N Burgess Rd	0.66mi	3/1.5	1,676 (-5%)	15mo	$193,000	$115	46
5413 Westminster Blvd	0.66mi	2/2.0 (-1)	1,785 (+1%)	15mo	$240,000	$134	46

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.70×
• Total profit: $-12,802
• Equity at exit: $23,096

10-year hold

• IRR: 6.9%
• Equity multiple: 1.62×
• Total profit: $27,025
• Equity at exit: $13,393

Cash invested: $43,372 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,304 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$68 /mo · $812/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $86

Break-even live

Break-even rent $1,196

Max offer price $154,900

Occupancy floor 88%

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4500 W Bethel Ave Muncie, IN	2.0–4.0	2.0–4.0	1207	$674	$0.56	43d	26	1.27mi

Listing history 19 events

1. 2026-06-19
   days on market $154,900 Active 133 DOM
2. 2026-06-18
   days on market $154,900 Active 132 DOM
3. 2026-06-17
   days on market $154,900 Active 131 DOM
4. 2026-06-16
   days on market $154,900 Active 130 DOM
5. 2026-06-15
   days on market $154,900 Active 129 DOM
6. 2026-06-14
   days on market $154,900 Active 127 DOM
7. 2026-06-13
   days on market $154,900 Active 126 DOM
8. 2026-06-10
   days on market $154,900 Active 124 DOM
9. 2026-06-09
   days on market $154,900 Active 123 DOM
10. 2026-06-08
    days on market $154,900 Active 122 DOM
11. 2026-06-07
    days on market $154,900 Active 121 DOM
12. 2026-06-02
    days on market $154,900 Active 116 DOM
13. 2026-06-01
    days on market $154,900 Active 115 DOM
14. 2026-05-31
    days on market $154,900 Active 114 DOM
15. 2026-05-30
    days on market $154,900 Active 113 DOM
16. 2026-04-28
    price $159,900
17. 2026-02-06
    listed $164,900 Active
18. 2014-01-09
    soldstatus $67,000 516-char remark

    Show marketing remark (516 chars)

    Looking for move-in ready maintenance-free home? Super location located in popular WesDel school system. Maint.-free vinyl siding, replacement windows & new ext. doors. Wonderful welcoming front porch w/treated wood floors & posts. Home has convenient entry w/sconces & coat closet. Opens to large Living Room. All new Kitchen has been enlarged & features gorgeous wood cabs, new dishwasher & mwave plus a gas stove for serious cooks! Utility room,W/D remain. 2 BR's on first floor, 1 BR on main.

19. 2013-10-02
    listed $75,000 516-char remark

    Show marketing remark (516 chars)

    Looking for move-in ready maintenance-free home? Super location located in popular WesDel school system. Maint.-free vinyl siding, replacement windows & new ext. doors. Wonderful welcoming front porch w/treated wood floors & posts. Home has convenient entry w/sconces & coat closet. Opens to large Living Room. All new Kitchen has been enlarged & features gorgeous wood cabs, new dishwasher & mwave plus a gas stove for serious cooks! Utility room,W/D remain. 2 BR's on first floor, 1 BR on main.

ⓘ 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: $812 · $68/mo
• Projected year-2 tax: $1,065 · $89/mo
• Expected delta: +$252/yr (+$21/mo · 31.0%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,651
• − Mortgage interest: −$8,677
• − Property taxes: −$812
• − Insurance: −$774
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − Depreciation: −$4,506
• Taxable loss: −$1,623
• Est. tax savings @ 24.0%: +$390
• After-tax cash flow: $1,419/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: Wes-Del Community Schools
• NCES district ID: 1804500
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $50,271
• Composite: 28.26/100
• National rank: #6795
• State rank: #209 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

• County: Delaware County · 84,658 people
• City population: 84,658
• Metro: Muncie, IN
• Population (ZIP): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

+113.2% since first listed

4 events — show timeline

• 2026-04-28 Price Changed $159,900 IRMLS
• 2026-02-06 Listed $164,900 IRMLS
• 2014-01-09 Sold (MLS) $67,000 MIBOR as Distributed by MLS Grid
• 2013-10-02 Listed $75,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2024): $812 · +21.9% YoY. Source: county tax records.