2318 E 8th St · Muncie, IN 47304

$89,900

2 bd · 1.0 ba · 976 sqft · SingleFamily public records · 4 Days on market

Built 1928 6,098 sqft lot Est $92k · at est.

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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 +25.0/30.0
• ARV discount +8.4/15.0
• DSCR +8.1/10.0
• 1% rule +6.4/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Cozy Home sitting on a corner lot with a large fenced in yard and large 2 car garage. The interior offers a big living room with a large front window, a roomy kitchen with lots of cabinets, 2 bedrooms, laundry room, and full bathroom.

Key facts

• Lots of cabinets
• Laundry room
• Roomy kitchen

Tags

• CORNER LOT
• FENCED IN YARD
• BIG LIVING ROOM
• ROOMY KITCHEN
• LOTS OF CABINETS
• LAUNDRY ROOM

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Parking: Detached garage with garage door opener (2 car); Asphalt parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable connected
• Home design: Single-family residence, site-built; One-story
• Construction: Metal siding
• Exterior features: Covered porch; Corner lot, level and landscaped; Chain link fencing; Shingle roof

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total rooms: 5 (includes bedrooms and living spaces)
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air; Ceiling fan(s); Natural gas forced air heating
• Interior features: Ceiling fans; Eat-in kitchen; Laminate countertops; One fireplace
• Laundry & utility: Washer hookup (main level); Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 8.9% 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: Grissom Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 450 students, 85% FRL); 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.
• Zoned-school proficiency averages 9% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Muncie Community Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 21 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 $622 of loan paydown is wiped out by about $3k 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 + 8.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.14% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $91,744
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1407 S Meeker Ave	0.06mi	2/1.0	980 (+0%)	5mo	$110,000	$112	92
1512 S Wall Ave	0.16mi	2/1.0	912 (-7%)	4mo	$62,500	$69	78
1103 S Jersey Ave	0.30mi	2/1.0	952 (-2%)	10mo	$69,900	$73	74
1501 S Biltmore Ave	0.45mi	2/1.0	980 (+0%)	8mo	$89,900	$92	72
2624 E Memorial Dr	0.33mi	2/1.0	940 (-4%)	12mo	$23,000	$24	69
2014 E 13th St	0.36mi	3/1.0 (+1)	958 (-2%)	10mo	$63,000	$66	67
1603 S Ribble Ave	0.13mi	2/1.0	1,092 (+12%)	13mo	$119,500	$109	63
1301 S Meeker Ave	0.12mi	2/1.0	848 (-13%)	13mo	$79,900	$94	62
2612 E Memorial Dr	0.30mi	2/1.0	852 (-13%)	6mo	$89,000	$104	60
907 S Tennessee Ave	0.41mi	3/1.0 (+1)	1,053 (+8%)	9mo	$106,000	$101	55
2511 E 13th St	0.40mi	3/1.0 (+1)	864 (-12%)	7mo	$70,000	$81	51
1806 E 18th St	0.71mi	3/1.0 (+1)	865 (-11%)	7mo	$92,500	$107	38

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.13×
• Total profit: $3,257
• Equity at exit: $13,404

10-year hold

• IRR: 17.0%
• Equity multiple: 2.73×
• Total profit: $43,517
• Equity at exit: $7,773

Cash invested: $25,172 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,026 high
• Mortgage (P&I): −$471
• Tax from tax record: −$107 /mo · $1,284/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $195

Break-even live

Break-even rent $780

Max offer price $89,900

Occupancy floor 76%

Sensitivity live

Price	-10% $245	-5% $220	+0% $195	+5% $169	+10% $144
Rent	-10% $114	-5% $154	+0% $195	+5% $235	+10% $276
Rate	-1.0pp $240	-0.5pp $217	base $195	+0.5pp $171	+1.0pp $148

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	44d	1	0.25mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	44d	1	0.31mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	44d	1	0.55mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	44d	1	0.66mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	44d	1	0.67mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	0.68mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	44d	1	0.71mi
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$429	$0.42	44d	7	0.79mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	44d	1	0.87mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	44d	2	0.88mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	44d	1	0.95mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	44d	1	1.02mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	44d	1	1.05mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	1.12mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	1.24mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	44d	1	1.30mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.37mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	44d	1	1.41mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	44d	1	1.45mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	44d	5	1.48mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	1.49mi

Listing history 5 events

1. 2026-06-19
   days on market $89,900 Active 4 DOM
2. 2026-06-18
   days on market $89,900 Active 3 DOM
3. 2026-06-17
   days on market $89,900 Active 2 DOM
4. 2026-06-16
   remarks 234-char remark
5. 2026-06-16
   listed $89,900 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: $1,284 · $107/mo
• Projected year-2 tax: $1,284 · $107/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 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 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: $12,311
• − Mortgage interest: −$5,036
• − Property taxes: −$1,284
• − Insurance: −$450
• − Repairs & maintenance: −$985
• − Management: −$985
• − Depreciation: −$2,615
• Taxable income: $956
• Est. tax owed @ 24.0%: −$230
• After-tax cash flow: $2,105/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): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

+80.2% since first listed

4 events — show timeline

• 2026-06-16 Listed $89,900 IRMLS
• 2019-07-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-12-18 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2018-12-17 Listed $49,900 IRMLS

Property tax history

-2.9%/yr

Latest (2024): $1,284 · +12.6% YoY. Source: county tax records.