313 W 10th St · Muncie, IN 47302

$125,000

3 bd · 1.0 ba · 1,273 sqft · SingleFamily public records · 86 Days on market

Built 1905 7,200 sqft lot Est $88k · 42% over ↓ 3% since listing

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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 +20.6/30.0
• DSCR +6.5/10.0
• 1% rule +4.1/10.0
• 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

Listing remarks

Renovated & Move In Ready! 3 Bed 1 Bath. Fully updated top to bottom. Large backyard with private alley access parking area. Spacious rooms throughout! Formal dining room, main floor laundry, new roof, windows, doors, flooring, kitchen, bath, plumbing, electrical, HVAC: Furnace & Central Air. .etc!

Key facts

• Formal dining room
• Large backyard
• Private alley access

Tags

• LARGE BACKYARD
• PRIVATE ALLEY ACCESS
• FORMAL DINING ROOM
• MAIN FLOOR LAUNDRY
• NEW ROOF
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/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 $114k (8.8% below list).
• Recommended offer: $114k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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 fast (+6.1%/yr); 148 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $864 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

• It's been on market 86 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,944 (8.8% below list)

Questions for the listing agent

1. It's been on market 86 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 1905 — 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. 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?
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 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: 0.91% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $87,837
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1609 S Gharkey St	0.26mi	4/2.0 (+1)	1,288 (+1%)	6mo	$65,000	$50	72
1702 S High St	0.10mi	2/1.0 (-1)	1,096 (-14%)	3mo	$59,000	$54	65
2004 S High St	0.23mi	3/1.0	1,092 (-14%)	5mo	$72,000	$66	62
2307 S Jefferson St	0.49mi	2/1.0 (-1)	1,328 (+4%)	6mo	$40,000	$30	59
124 E 8th St	0.24mi	3/1.0	1,456 (+14%)	8mo	$97,150	$67	58
1206 W 15th St	0.65mi	4/1.0 (+1)	1,326 (+4%)	1mo	$122,400	$92	57
1437 W 10th St	0.74mi	4/1.0 (+1)	1,240 (-3%)	4mo	$124,900	$101	53
1921 S Hackley St	0.64mi	3/2.0	1,372 (+8%)	2mo	$95,000	$69	52
617 W 15th St	0.37mi	2/1.0 (-1)	1,092 (-14%)	5mo	$108,000	$99	50
2224 S Hoyt Ave	0.74mi	3/1.0	1,152 (-10%)	0mo	$26,500	$23	49
1400 W 13th St	0.68mi	3/1.5	1,124 (-12%)	0mo	$104,900	$93	47
2409 S Elliott St	0.61mi	3/2.0	1,456 (+14%)	3mo	$120,000	$82	41

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-6,076
• Equity at exit: $18,638

10-year hold

• IRR: 8.1%
• Equity multiple: 1.69×
• Total profit: $24,143
• Equity at exit: $10,808

Cash invested: $35,000 (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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,139 high
• Mortgage (P&I): −$656
• Tax from tax record: −$27 /mo · $320/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $166

Break-even live

Break-even rent $929

Max offer price $125,000

Occupancy floor 80%

Sensitivity live

Price	-10% $237	-5% $201	+0% $166	+5% $131	+10% $95
Rent	-10% $76	-5% $121	+0% $166	+5% $211	+10% $256
Rate	-1.0pp $229	-0.5pp $198	base $166	+0.5pp $134	+1.0pp $101

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	0.17mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	0.18mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	0.19mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	0.22mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	0.30mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	0.31mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	0.45mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	0.56mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.67mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	0.72mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	0.76mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	0.79mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	0.86mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	0.92mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	0.95mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.00mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	44d	1	1.01mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.04mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	1.10mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	44d	1	1.15mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	44d	2	1.16mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.22mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	44d	1	1.23mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	1.24mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	44d	1	1.27mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	1.28mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	1.29mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	44d	1	1.37mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	44d	1	1.38mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	44d	2	1.39mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	44d	3	1.44mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	44d	5	1.50mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	44d	1	1.50mi

Listing history 17 events

1. 2026-06-19
   days on market $125,000 Active 86 DOM
2. 2026-06-18
   days on market $125,000 Active 85 DOM
3. 2026-06-17
   days on market $125,000 Active 84 DOM
4. 2026-06-16
   days on market $125,000 Active 83 DOM
5. 2026-06-15
   days on market $125,000 Active 82 DOM
6. 2026-06-14
   days on market $125,000 Active 80 DOM
7. 2026-06-13
   days on market $125,000 Active 79 DOM
8. 2026-06-10
   days on market $125,000 Active 77 DOM
9. 2026-06-09
   days on market $125,000 Active 76 DOM
10. 2026-06-08
    days on market $125,000 Active 75 DOM
11. 2026-06-07
    days on market $125,000 Active 74 DOM
12. 2026-06-05
    status $125,000 Active 71 DOM
13. 2026-03-18
    status Pending
14. 2026-03-12
    status Active
15. 2026-02-24
    status Pending
16. 2026-01-28
    price $125,000
17. 2025-12-21
    listed $129,000 Active

ⓘ 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: $320 · $27/mo
• Projected year-2 tax: $691 · $58/mo
• Expected delta: +$371/yr (+$31/mo · 116.0%)

ⓘ 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: $13,673
• − Mortgage interest: −$7,002
• − Property taxes: −$320
• − Insurance: −$625
• − Repairs & maintenance: −$1,094
• − Management: −$1,094
• − Depreciation: −$3,636
• Taxable loss: −$98
• Est. tax savings @ 24.0%: +$23
• After-tax cash flow: $2,014/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

-3.1% since first listed

5 events — show timeline

• 2026-03-18 Pending — IRMLS
• 2026-03-12 Relisted — IRMLS
• 2026-02-24 Pending — IRMLS
• 2026-01-28 Price Changed $125,000 IRMLS
• 2025-12-21 Listed $129,000 IRMLS

Property tax history

+4.9%/yr

Latest (2024): $320 · +0.0% YoY. Source: county tax records.