1311 E Kirby Ave · Muncie, IN 47302

$155,000

2 bd · 2.0 ba · 351 sqft · MultiFamily public records · 113 Days on market

Built 1955 6,098 sqft lot $442/sqft · 1477% above area Est $104k · 48% over ↓ 13% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to this beautifully renovated 3-bedroom, 2 full bathroom home offering modern updates and comfortable living throughout. This move-in ready property features a spacious loft-style primary suite complete with dual vanities, providing both style and functionality. Enjoy the fresh feel of vinyl hardwood flooring, brand-new carpet, and updated ceiling fans throughout the home. The kitchen shines with updated backsplash details, creating a clean and modern cooking space. Major mechanical updates include a new roof, new gutters, new windows, new ductwork, new water heater, and a furnace that is only 3 years old. The A/C system is in great working condition, ensuring year-round comfort. Additional highlights include a 1-car garage, a welcoming front porch, and a fully fenced backyard for relaxing outdoors. This home combines thoughtful upgrades with practical improvements, making it a fantastic opportunity for its next owner!

Key facts

• Dual vanities
• Updated backsplash
• New roof

Tags

• LOFT-STYLE PRIMARY SUITE
• DUAL VANITIES
• VINYL HARDWOOD FLOORING
• UPDATED CEILING FANS
• UPDATED BACKSPLASH
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $687 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $141k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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: Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL); Muncie Central High School (math 20% / reading 39%, 1,326 students, 70% FRL).
• Market conditions: Rents rising fast (+6.1%/yr); 149 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• At $2,063/mo this rent would consume 52% 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 $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.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $141,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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 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: 1.33% ✓
• Cap rate: 11.61%
• Cash-on-cash: 18.98%
• DSCR: 1.84
• GRM: 6.3

CMA / ARV

• ARV (median comp): $104,475
• List price: $155,000
• Delta: 48.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 14.0%
• Equity multiple: 1.58×
• Total profit: $25,217
• Equity at exit: $23,111

10-year hold

• IRR: 24.9%
• Equity multiple: 3.47×
• Total profit: $107,185
• Equity at exit: $13,402

Cash invested: $43,400 (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: 149
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $2,063 high
• Mortgage (P&I): −$813
• Tax from tax record: −$66 /mo · $790/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $687

Break-even live

Break-even rent $1,194

Max offer price $155,000

Occupancy floor 62%

Sensitivity live

Price	-10% $774	-5% $730	+0% $687	+5% $643	+10% $599
Rent	-10% $524	-5% $605	+0% $687	+5% $768	+10% $849
Rate	-1.0pp $765	-0.5pp $726	base $687	+0.5pp $646	+1.0pp $605

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,064
Total (2 units)			$2,063

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-22
   days on market $155,000 Active 113 DOM
2. 2026-06-19
   days on market $155,000 Active 111 DOM
3. 2026-06-18
   days on market $155,000 Active 110 DOM
4. 2026-06-17
   days on market $155,000 Active 109 DOM
5. 2026-06-16
   days on market $155,000 Active 108 DOM
6. 2026-06-15
   days on market $155,000 Active 107 DOM
7. 2026-06-14
   days on market $155,000 Active 105 DOM
8. 2026-06-13
   days on market $155,000 Active 104 DOM
9. 2026-06-10
   days on market $155,000 Active 102 DOM
10. 2026-06-09
    days on market $155,000 Active 101 DOM
11. 2026-06-08
    days on market $155,000 Active 100 DOM
12. 2026-06-07
    days on market $155,000 Active 99 DOM
13. 2026-06-05
    days on market $155,000 Active 96 DOM
14. 2026-06-03
    days on market $155,000 Active 95 DOM
15. 2026-06-02
    days on market $155,000 Active 94 DOM
16. 2026-06-01
    days on market $155,000 Active 93 DOM
17. 2026-05-31
    days on market $155,000 Active 92 DOM
18. 2026-05-30
    days on market $155,000 Active 91 DOM
19. 2026-05-14
    price $155,000 940-char remark

    Show marketing remark (940 chars)

    Welcome to this beautifully renovated 3-bedroom, 2 full bathroom home offering modern updates and comfortable living throughout. This move-in ready property features a spacious loft-style primary suite complete with dual vanities, providing both style and functionality. Enjoy the fresh feel of vinyl hardwood flooring, brand-new carpet, and updated ceiling fans throughout the home. The kitchen shines with updated backsplash details, creating a clean and modern cooking space. Major mechanical updates include a new roof, new gutters, new windows, new ductwork, new water heater, and a furnace that is only 3 years old. The A/C system is in great working condition, ensuring year-round comfort. Additional highlights include a 1-car garage, a welcoming front porch, and a fully fenced backyard for relaxing outdoors. This home combines thoughtful upgrades with practical improvements, making it a fantastic opportunity for its next owner!

20. 2026-04-11
    price $169,000 940-char remark

    Show marketing remark (940 chars)

    Welcome to this beautifully renovated 3-bedroom, 2 full bathroom home offering modern updates and comfortable living throughout. This move-in ready property features a spacious loft-style primary suite complete with dual vanities, providing both style and functionality. Enjoy the fresh feel of vinyl hardwood flooring, brand-new carpet, and updated ceiling fans throughout the home. The kitchen shines with updated backsplash details, creating a clean and modern cooking space. Major mechanical updates include a new roof, new gutters, new windows, new ductwork, new water heater, and a furnace that is only 3 years old. The A/C system is in great working condition, ensuring year-round comfort. Additional highlights include a 1-car garage, a welcoming front porch, and a fully fenced backyard for relaxing outdoors. This home combines thoughtful upgrades with practical improvements, making it a fantastic opportunity for its next owner!

21. 2026-02-28
    listed $179,000 Active 940-char remark

    Show marketing remark (940 chars)

    Welcome to this beautifully renovated 3-bedroom, 2 full bathroom home offering modern updates and comfortable living throughout. This move-in ready property features a spacious loft-style primary suite complete with dual vanities, providing both style and functionality. Enjoy the fresh feel of vinyl hardwood flooring, brand-new carpet, and updated ceiling fans throughout the home. The kitchen shines with updated backsplash details, creating a clean and modern cooking space. Major mechanical updates include a new roof, new gutters, new windows, new ductwork, new water heater, and a furnace that is only 3 years old. The A/C system is in great working condition, ensuring year-round comfort. Additional highlights include a 1-car garage, a welcoming front porch, and a fully fenced backyard for relaxing outdoors. This home combines thoughtful upgrades with practical improvements, making it a fantastic opportunity for its next owner!

ⓘ 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: $790 · $66/mo
• Projected year-2 tax: $1,054 · $88/mo
• Expected delta: +$264/yr (+$22/mo · 33.4%)

ⓘ 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: $24,756
• − Mortgage interest: −$8,682
• − Property taxes: −$790
• − Insurance: −$775
• − Repairs & maintenance: −$1,980
• − Management: −$1,980
• − Depreciation: −$4,509
• Taxable income: $6,039
• Est. tax owed @ 24.0%: −$1,449
• After-tax cash flow: $6,789/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

-13.4% since first listed

3 events — show timeline

• 2026-05-14 Price Changed $155,000 MIBOR as Distributed by MLS Grid
• 2026-04-11 Price Changed $169,000 MIBOR as Distributed by MLS Grid
• 2026-02-28 Listed $179,000 MIBOR as Distributed by MLS Grid

Property tax history

-4.4%/yr

Latest (2024): $790 · +5.1% YoY. Source: county tax records.