1001 W 1st St · Muncie, IN 47305

$100,000

3 bd · 3.0 ba · 1,657 sqft · MultiFamily public records · 7 Days on market

Built 1895 5,250 sqft lot Est $128k · 22% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Multi-family units

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

Listing remarks MLS

Looking for a great investment property look no further. This DUPLEX is section 8 approved with 3-bedroom 1.5 bath downstairs and 1-bedroom 1bath upstairs. DUPLEX is fully occupied with utilities paid by tenants except water/sewage ($100/month on average). NEW WINDOWS, NEW DOORS, NEW SUMP PUMP, NEW ELECTRIC WIRING, NEW WATER HEATER, NEW FURNACE, NEW PLUMBING, AND PARTIAL METAL ROOF. Rent is under rent market and there is room for possible rent increase. Rent paid by tenants are as follow: $700/month and $450/month.

Key facts

• Fully occupied
• Consistent cash flow
• Spacious layout

Tags

• INCOME PRODUCING PROPERTY
• FULLY OCCUPIED
• CONSISTENT CASH FLOW
• SPACIOUS LAYOUT
• WELL EQUIPPED KITCHEN
• ABUNDANT CABINET STORAGE

Property features AI

Finance

• Financial info: Gross monthly income reported at $1,500; Monthly expenses reported at $6,221; Two-unit property with reported rents: $900/month for the 3-bedroom unit and $600/month for the 1-bedroom unit

Exterior

• Utilities: Solid waste service available
• Home design: Duplex (residential income property)
• Exterior features: Lot under 1/4 acre (0.12 acre); Road access: Not applicable

Interior

• Kitchen: Unit 1 kitchen approximately 10 x 11; Unit 2 kitchen approximately 9 x 7
• Bedrooms: One unit with 3 bedrooms (2 levels); One unit with 1 bedroom (single level)
• Interior features: Residential use

🏷️ Possibly a rental listed for sale. The $100,000 price doesn't fit this home's estimated sale value (~$127,589) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive. Per door: $374/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 15.3% 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 (+3.3%/yr); 26 active listings in the ZIP; 22 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).
• At $1,773/mo this rent would consume 58% of the median local household income ($36k/yr) (locally 336% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $6k of equity ($691 loan paydown + $5k 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 19y 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.
• Current owner paid $68k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.77% ✓
• Cap rate: 15.26%
• Cash-on-cash: 32.03%
• DSCR: 2.42
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $127,589
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1421-1423 S Perkins Ave	0.53mi	4/2.0 (+1)	1,630 (-2%)	10mo	$125,000	$77	55
500 S Proud St	0.17mi	4/2.0 (+1)	1,880 (+14%)	10mo	$50,000	$27	52
817 W Main St	0.42mi	4/3.0 (+1)	1,792 (+8%)	14mo	$135,000	$75	50
826 W Main St	0.44mi	3/3.0	1,828 (+10%)	18mo	$260,000	$142	47

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: 41.7%
• Equity multiple: 3.60×
• Total profit: $72,703
• Equity at exit: $58,343

10-year hold

• IRR: 39.6%
• Equity multiple: 7.39×
• Total profit: $178,900
• Equity at exit: $102,105

Cash invested: $28,000 (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: 9.4×

Monthly cashflow live

• Estimated rent: $1,773 high
• Mortgage (P&I): −$524
• Tax from tax record: −$87 /mo · $1,048/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $747

Break-even live

Break-even rent $827

Max offer price $100,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,772
Total (2 units)			$1,773

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	43d	1	0.03mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	43d	1	0.31mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	43d	1	0.37mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	43d	1	0.38mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	0.41mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	43d	1	0.53mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	43d	1	0.56mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	43d	1	0.57mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	43d	1	0.59mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	43d	1	0.74mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	43d	1	0.80mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	43d	7	0.83mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	43d	10	0.92mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	43d	1	0.93mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	43d	1	0.97mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	43d	1	0.98mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	43d	1	1.11mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	43d	2	1.19mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	43d	1	1.33mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	43d	13	1.39mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	43d	2	1.44mi
711 W Centennial Ave Muncie, IN	3.0	2.0	1372	$1,200	$0.87	43d	1	1.44mi

Listing history 7 events

1. 2026-06-19
   days on market $100,000 Active 7 DOM
2. 2026-06-18
   days on market $100,000 Active 6 DOM
3. 2026-06-17
   days on market $100,000 Active 5 DOM
4. 2026-06-16
   days on market $100,000 Active 4 DOM
5. 2026-06-15
   days on market $100,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $100,000 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: $1,048 · $87/mo
• Projected year-2 tax: $1,048 · $87/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 3/10 Moderate FEMA zone X (unshaded) · 10% 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 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: $21,276
• − Mortgage interest: −$5,602
• − Property taxes: −$1,048
• − Insurance: −$500
• − Repairs & maintenance: −$1,702
• − Management: −$1,702
• − Depreciation: −$2,909
• Taxable income: $7,813
• Est. tax owed @ 24.0%: −$1,875
• After-tax cash flow: $7,092/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

+185.7% since first listed

6 events — show timeline

• 2026-06-10 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2022-12-15 Sold (MLS) $68,000 MIBOR as Distributed by MLS Grid
• 2022-11-15 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-09 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2007-09-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-05-29 Listed $35,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2024): $1,048 · +89.9% YoY. Source: county tax records.