620 S Gharkey St · Muncie, IN 47305

$64,900

2 bd · 1.0 ba · 756 sqft · SingleFamily public records · 100 Days on market

Built 1951 2,439 sqft lot Est $64k · 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
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Appreciation +7.6/10.0
• ARV discount +7.1/15.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Listing remarks

Welcome to the quiet end of a dead-end street, where peace meets convenience. This completely renovated 2-bedroom, 1-bath home offers 756 square feet of efficient, thoughtfully updated living space. Every inch has been refreshed, giving you a move-in-ready home with modern comfort and low-maintenance living. Whether you’re starting out, downsizing, or investing, this little gem is solid, simple, and exactly what you need.

Key facts

• Modern appliances
• Updated home
• 2,439 sq ft lot

Tags

• UPDATED HOME
• MODERN APPLIANCES
• COMPACT EFFICIENT LAYOUT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($873 rent vs $65k).
• Recommended offer: $59k (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) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.3%/yr); 26 active listings in the ZIP; 40 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; lower-income renter base — watch delinquency; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($449 loan paydown + $3k appreciation (5.3% local appreciation)).
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.3% appreciation + 3.3% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $20k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 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 1951 — 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: 1.35% ✓
• Cap rate: 11.60%
• Cash-on-cash: 18.97%
• DSCR: 1.84
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $64,260
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 W 11th St	0.62mi	2/1.0	688 (-9%)	6mo	$22,000	$32	51
709 W 11th St	0.65mi	2/1.0	780 (+3%)	18mo	$54,000	$69	50
1605 W Main St	0.74mi	2/1.0	864 (+14%)	0mo	$100,000	$116	41
702 E Kirby Ave	0.72mi	2/1.0	820 (+8%)	23mo	$70,000	$85	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.27% appreciation · 3.27% rent growth · sell at horizon

5-year hold

• IRR: 30.0%
• Equity multiple: 2.90×
• Total profit: $34,497
• Equity at exit: $37,865

10-year hold

• IRR: 28.6%
• Equity multiple: 5.87×
• Total profit: $88,458
• Equity at exit: $66,266

Cash invested: $18,172 (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 47305

• Home prices YoY: 2.0%
• Rents YoY: 3.3%
• Active inventory: 26
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $873 high
• Mortgage (P&I): −$340
• Tax from tax record: −$35 /mo · $420/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $287

Break-even live

Break-even rent $509

Max offer price $64,900

Occupancy floor 62%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	43d	1	0.10mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	43d	1	0.20mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	43d	1	0.24mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	43d	1	0.29mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	0.31mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	43d	2	0.41mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	43d	1	0.42mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	0.43mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	43d	3	0.44mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	43d	1	0.48mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	43d	1	0.48mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	0.49mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	0.50mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	43d	1	0.50mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	43d	1	0.57mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	43d	1	0.57mi
1408 W White River Blvd Muncie, IN	1.0	1.0	610	$938	$1.54	43d	1	0.58mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	43d	1	0.61mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	43d	1	0.69mi
520 N Alameda Ave Unit A Muncie, IN	1.0	1.0	750	$895	$1.19	43d	1	0.73mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	0.76mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	0.78mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	0.79mi
210 N Martin St Muncie, IN	1.0	1.0	640	$742	$1.16	43d	3	0.83mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	43d	1	0.83mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$900	$1.13	43d	1	0.87mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	43d	2	0.88mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	43d	7	0.90mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	43d	3	0.92mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	43d	1	0.93mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	43d	1	0.94mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	43d	5	0.95mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	43d	7	0.95mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	43d	1	0.97mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	43d	2	0.98mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	43d	1	0.98mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	43d	10	0.98mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	43d	1	0.99mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	43d	1	1.00mi
824 W Wayne St Muncie, IN	1.0	1.0	710	$795	$1.12	43d	1	1.01mi

Listing history 9 events

1. 2026-04-21
   status Pending
2. 2026-04-06
   price $64,900
3. 2026-03-04
   price $69,900
4. 2026-02-15
   price $74,900
5. 2026-01-31
   status Active
6. 2026-01-21
   status Pending
7. 2025-12-31
   listed $84,900 Active
8. 2022-03-24
   historical
9. 2022-03-15
   listed $60,000

ⓘ 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: $420 · $35/mo
• Projected year-2 tax: $486 · $40/mo
• Expected delta: +$66/yr (+$5/mo · 15.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% 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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,475
• − Mortgage interest: −$3,635
• − Property taxes: −$420
• − Insurance: −$324
• − Repairs & maintenance: −$838
• − Management: −$838
• − Depreciation: −$1,888
• Taxable income: $2,531
• Est. tax owed @ 24.0%: −$607
• After-tax cash flow: $2,839/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): 3,556
• Household income: $36,389
• Rent vs Own: 64.7% rent · 35.3% own
• Severe rent burden: 336.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 62% Two or more races 24% Black 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Iranian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 96% English-only · Spanish 2% Arabic 1% Other Asian/Pacific 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: ▲ 5.27%
• Current HPI: 269.888
• Rent YoY: ▲ 3.27%
• 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

+8.2% since first listed

9 events — show timeline

• 2026-04-21 Pending — IRMLS
• 2026-04-06 Price Changed $64,900 IRMLS
• 2026-03-04 Price Changed $69,900 IRMLS
• 2026-02-15 Price Changed $74,900 IRMLS
• 2026-01-31 Relisted — IRMLS
• 2026-01-21 Pending — IRMLS
• 2025-12-31 Listed $84,900 IRMLS
• 2022-03-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-03-15 Listed $60,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.8%/yr

Latest (2024): $420 · +103.9% YoY. Source: county tax records.