1807 N Elgin St · Muncie, IN 47303

$145,000

3 bd · 2.0 ba · 1,584 sqft · SingleFamily public records · 3 Days on market

Built 2000 0.32 ac lot Est $128k · 13% over

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Why this score? — see what drove the D- 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 +14.2/30.0
• Rent growth +4.5/5.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming 1-story 3-bedroom, 2-bath brick home on a double lot is ready for a new owner! This property features a spacious 2-car garage, a large lot with room to enjoy the outdoors, and a covered patio conveniently located just off the kitchen—perfect for relaxing or entertaining. The solid brick exterior provides timeless curb appeal, while the interior offers a functional layout ready for your personal touch. Located just off Mcgalliard, this property is near many dining options, shopping, and Ball State University. Property is being sold as-is. Sellers have limited knowledge of the home. Great opportunity for buyers looking to make a home their own or add to an investment portfolio!

Key facts

• Attached garage
• Kitchen peninsula
• Welcoming porch

Tags

• KITCHEN PENINSULA
• ATTACHED GARAGE
• WELCOMING PORCH
• SPACIOUS OUTDOOR ENVIRONMENT

Property features AI

Finance

• Other: Property sits on approximately 0.32 acre (1/4–1/2 acre)

Exterior

• Parking: Attached garage (2-car)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One level
• Construction: Brick construction; Crawl space foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Electric oven; Range hood
• Bedrooms: Three bedrooms on the main level (all bedrooms located on main level)
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Vaulted and cathedral ceilings; Satellite dish
• Laundry & utility: Laundry connections available (all connections)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $23 ($281/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 $115k (21.0% below list).
• Recommended offer: $115k (21.0% 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: 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); Muncie Central High School (math 20% / reading 39%, 1,326 students, 70% FRL).
• Market conditions: Rents rising fast (+7.8%/yr); 115 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $1k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $114,572 (21.0% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $128,304
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2107 N Turner St	0.16mi	4/2.0 (+1)	1,502 (-5%)	21mo	$89,000	$59	62
1816 E Highland Ave	0.38mi	3/1.0	1,484 (-6%)	11mo	$29,000	$20	58
1509 E Centennial Ave	0.25mi	3/2.0	1,773 (+12%)	12mo	$197,898	$112	58
1910 E Highland Ave	0.38mi	3/1.5	1,430 (-10%)	9mo	$142,000	$99	56
937 N Bellaire Ave	0.57mi	2/1.0 (-1)	1,352 (-15%)	15mo	$109,000	$81	27

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: -10.6%
• Equity multiple: 0.60×
• Total profit: $-16,262
• Equity at exit: $21,620

10-year hold

• IRR: 3.9%
• Equity multiple: 1.34×
• Total profit: $13,820
• Equity at exit: $12,537

Cash invested: $40,600 (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: 115
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,146 high
• Mortgage (P&I): −$760
• Tax from tax record: −$61 /mo · $731/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $23

Break-even live

Break-even rent $1,116

Max offer price $145,000

Occupancy floor 93%

Sensitivity live

Price	-10% $105	-5% $64	+0% $23	+5% $-18	+10% $-59
Rent	-10% $-67	-5% $-22	+0% $23	+5% $69	+10% $114
Rate	-1.0pp $96	-0.5pp $60	base $23	+0.5pp $-14	+1.0pp $-52

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	45d	1	0.45mi
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$1,199	$1.15	45d	4	0.66mi
3001 N Westwood Rd Muncie, IN	3.0	1.0	1837	$1,200	$0.65	45d	1	0.96mi
609 N Waldemere Ave Muncie, IN	4.0	1.0	1664	$1,300	$0.78	45d	1	1.08mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	45d	1	1.13mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	45d	5	1.31mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,325	$1.50	45d	7	1.43mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	45d	2	1.44mi

Listing history 4 events

1. 2026-06-22
   statusdays on market $145,000 Pending 3 DOM
2. 2026-06-19
   days on market $145,000 Active 2 DOM
3. 2026-06-18
   remarks 699-char remark
4. 2026-06-18
   listed $145,000 Active 1 DOM

ⓘ 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: $731 · $61/mo
• Projected year-2 tax: $982 · $82/mo
• Expected delta: +$251/yr (+$21/mo · 34.3%)

ⓘ 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: $13,749
• − Mortgage interest: −$8,122
• − Property taxes: −$731
• − Insurance: −$725
• − Repairs & maintenance: −$1,100
• − Management: −$1,100
• − Depreciation: −$4,218
• Taxable loss: −$2,248
• Est. tax savings @ 24.0%: +$539
• After-tax cash flow: $820/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

+0.0% since first listed

2 events — show timeline

• 2026-06-17 Listed $145,000 IRMLS
• 2026-06-17 Listed $145,000 MIBOR as Distributed by MLS Grid

Property tax history

-3.8%/yr

Latest (2024): $731 · +0.0% YoY. Source: county tax records.