2004 S Walnut St · Muncie, IN 47302

$119,900

3 bd · 2.0 ba · 1,792 sqft · MultiFamily public records · 54 Days on market

Built 1902 4,792 sqft lot $67/sqft · 123% above area

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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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This beautifully updated duplex features a spacious main floor unit with 2 bedrooms and a Jack and Jill bathroom, perfect for comfortable living. The home has been fully renovated with a new roof, fresh paint, modern flooring, and a completely updated kitchen featuring brand-new cabinets and range. Enjoy the generous living and dining rooms, a large utility room, and an attached 2-car garage for added convenience. The upstairs unit offers a bright and airy space with fresh interior paint and is equipped with 2 wall heaters, 1 bedroom and 1 bathroom making it a cozy retreat. Don’t miss this move-in-ready property—ideal for multi-generational living or rental income! The Garage does not have electric and is being sold "As Is". Water and Sewage are combined for both units.

Key facts

• Modern flooring
• Updated duplex
• Attached garage

Tags

• UPDATED DUPLEX
• NEW ROOF
• MODERN FLOORING
• UPDATED KITCHEN
• BRAND NEW CABINETS
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $854 ($10k/yr) — positive. Per door: $427/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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: 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; 7 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).
• At $2,050/mo this rent would consume 51% of the median local household income ($48k/yr) (locally 1150% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.71% ✓
• Cap rate: 14.84%
• Cash-on-cash: 30.54%
• DSCR: 2.36
• GRM: 4.9

CMA / ARV

• ARV (median comp): $53,655
• List price: $119,900
• Delta: 123.46%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 28.6%
• Equity multiple: 2.24×
• Total profit: $41,587
• Equity at exit: $17,877

10-year hold

• IRR: 37.7%
• Equity multiple: 5.03×
• Total profit: $135,175
• Equity at exit: $10,367

Cash invested: $33,572 (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: 9.7×

Monthly cashflow live

• Estimated rent: $2,050 high
• Mortgage (P&I): −$629
• Tax from tax record: −$86 /mo · $1,038/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $854

Break-even live

Break-even rent $969

Max offer price $119,900

Occupancy floor 53%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,050
Total (2 units)			$2,050

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	43d	1	0.41mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	43d	1	0.46mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	43d	1	0.75mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	43d	1	0.96mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	43d	2	1.16mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	43d	1	1.32mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	43d	1	1.49mi

Listing history 9 events

1. 2026-05-30
   statusdays on market $119,900 Pending 54 DOM
2. 2026-05-05
   price $119,900 803-char remark

   Show marketing remark (803 chars)

   This beautifully updated duplex features a spacious main floor unit with 2 bedrooms and a Jack and Jill bathroom, perfect for comfortable living. The home has been fully renovated with a new roof, fresh paint, modern flooring, and a completely updated kitchen featuring brand-new cabinets and range. Enjoy the generous living and dining rooms, a large utility room, and an attached 2-car garage for added convenience. The upstairs unit offers a bright and airy space with fresh interior paint and is equipped with 2 wall heaters, 1 bedroom and 1 bathroom making it a cozy retreat. Don’t miss this move-in-ready property—ideal for multi-generational living or rental income! The Garage does not have electric and is being sold "As Is". Water and Sewage are combined for both units.

3. 2026-04-24
   status Active 803-char remark

   Show marketing remark (803 chars)

   This beautifully updated duplex features a spacious main floor unit with 2 bedrooms and a Jack and Jill bathroom, perfect for comfortable living. The home has been fully renovated with a new roof, fresh paint, modern flooring, and a completely updated kitchen featuring brand-new cabinets and range. Enjoy the generous living and dining rooms, a large utility room, and an attached 2-car garage for added convenience. The upstairs unit offers a bright and airy space with fresh interior paint and is equipped with 2 wall heaters, 1 bedroom and 1 bathroom making it a cozy retreat. Don’t miss this move-in-ready property—ideal for multi-generational living or rental income! The Garage does not have electric and is being sold "As Is". Water and Sewage are combined for both units.

4. 2026-04-17
   status Pending 803-char remark

   Show marketing remark (803 chars)

   This beautifully updated duplex features a spacious main floor unit with 2 bedrooms and a Jack and Jill bathroom, perfect for comfortable living. The home has been fully renovated with a new roof, fresh paint, modern flooring, and a completely updated kitchen featuring brand-new cabinets and range. Enjoy the generous living and dining rooms, a large utility room, and an attached 2-car garage for added convenience. The upstairs unit offers a bright and airy space with fresh interior paint and is equipped with 2 wall heaters, 1 bedroom and 1 bathroom making it a cozy retreat. Don’t miss this move-in-ready property—ideal for multi-generational living or rental income! The Garage does not have electric and is being sold "As Is". Water and Sewage are combined for both units.

5. 2026-03-30
   listed $124,900 Active 803-char remark

   Show marketing remark (803 chars)

   This beautifully updated duplex features a spacious main floor unit with 2 bedrooms and a Jack and Jill bathroom, perfect for comfortable living. The home has been fully renovated with a new roof, fresh paint, modern flooring, and a completely updated kitchen featuring brand-new cabinets and range. Enjoy the generous living and dining rooms, a large utility room, and an attached 2-car garage for added convenience. The upstairs unit offers a bright and airy space with fresh interior paint and is equipped with 2 wall heaters, 1 bedroom and 1 bathroom making it a cozy retreat. Don’t miss this move-in-ready property—ideal for multi-generational living or rental income! The Garage does not have electric and is being sold "As Is". Water and Sewage are combined for both units.

6. 2025-11-12
   listed $129,900 Active
7. 2025-10-19
   historical Active Under Contract
8. 2025-10-10
   listed $129,900 Active
9. 2017-08-15
   listed $19,900

ⓘ 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: $1,038 · $86/mo
• Projected year-2 tax: $1,038 · $86/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 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: $24,600
• − Mortgage interest: −$6,716
• − Property taxes: −$1,038
• − Insurance: −$600
• − Repairs & maintenance: −$1,968
• − Management: −$1,968
• − Depreciation: −$3,488
• Taxable income: $8,822
• Est. tax owed @ 24.0%: −$2,117
• After-tax cash flow: $8,134/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

+502.5% since first listed

8 events — show timeline

• 2026-05-05 Price Changed $119,900 IRMLS
• 2026-04-24 Relisted — IRMLS
• 2026-04-17 Pending — IRMLS
• 2026-03-30 Listed $124,900 IRMLS
• 2025-11-12 Listed $129,900 IRMLS
• 2025-10-19 Contingent — IRMLS
• 2025-10-10 Listed $129,900 IRMLS
• 2017-08-15 Listed $19,900 IRMLS

Property tax history

-6.3%/yr

Latest (2024): $1,038 · +17.7% YoY. Source: county tax records.