3509 W Godman Ave · Muncie, IN 47304

$64,900

3 bd · 1.0 ba · 1,388 sqft · MultiFamily public records · 3 Days on market

Built 1900 0.66 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

One address, two living spaces, and a detached garage apartment—this property offers rare flexibility for investors or anyone seeking extra space. The main house showcases vintage character with a large great room, parlor, and classic flagstone foundation, while the detached garage includes a 1-bedroom, 1-bath apartment with its own utilities and mailing address. Set on a generous 2/3 acre lot with mature trees, the property has a newer roof and plenty of room for outdoor living or expansion. Ready for your updates and personal touch, this is a standout opportunity in Muncie. Property is being sold As-Is

Key facts

• Newer roof
• Outdoor living
• Mature trees

Tags

• DETACHED GARAGE APARTMENT
• CLASSIC FLAGSTONE FOUNDATION
• GENEROUS 2/3 ACRE LOT
• MATURE TREES
• NEWER ROOF
• OUTDOOR LIVING

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One story
• Construction: Vinyl siding with asphalt elements
• Exterior features: Level lot; Lot dimensions approximately 99 x 288

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling system
• Interior features: Crawl space basement; Six total rooms
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $65k.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• 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: 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: Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 20 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

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

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1900 — 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 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: 1.92% ✓
• Cap rate: 15.27%
• Cash-on-cash: 32.07%
• DSCR: 2.43
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 33.0%
• Equity multiple: 2.49×
• Total profit: $27,069
• Equity at exit: $9,677

10-year hold

• IRR: 42.7%
• Equity multiple: 6.15×
• Total profit: $93,655
• Equity at exit: $5,611

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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,249 high
• Mortgage (P&I): −$340
• Tax from tax record: −$134 /mo · $1,604/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $486

Break-even live

Break-even rent $634

Max offer price $64,900

Occupancy floor 56%

Sensitivity live

Price	-10% $522	-5% $504	+0% $486	+5% $467	+10% $449
Rent	-10% $387	-5% $436	+0% $486	+5% $535	+10% $584
Rate	-1.0pp $518	-0.5pp $502	base $486	+0.5pp $469	+1.0pp $452

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 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 N Redwood Ln Muncie, IN	2.0	1.0	1120	$1,000	$0.89	44d	1	0.78mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	44d	1	0.82mi
405 S Morrison Rd Muncie, IN	1.0–2.0	1.0	800	$1,200	$1.50	44d	1	0.87mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	0.91mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	44d	1	0.92mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	44d	1	0.92mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	1.03mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	44d	1	1.09mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	44d	2	1.10mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	44d	1	1.10mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	1.10mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	44d	3	1.12mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	44d	5	1.22mi
5124 W Canterbury Dr Muncie, IN	2.0–3.0	1.5	1050	$1,438	$1.37	44d	2	1.23mi
5600 W Kilgore Ave Trlr 91 Muncie, IN	3.0	2.0	920	$995	$1.08	44d	1	1.33mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	1.34mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.44mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.45mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	1.45mi
2201 W Euclid Ave Muncie, IN	3.0	1.0	1844	$1,200	$0.65	44d	1	1.47mi

Listing history 4 events

1. 2026-06-19
   days on market $64,900 Active 3 DOM
2. 2026-06-18
   days on market $64,900 Active 2 DOM
3. 2026-06-17
   remarks 611-char remark
4. 2026-06-17
   listed $64,900 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: $1,604 · $134/mo
• Projected year-2 tax: $1,604 · $134/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 ≥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: $14,988
• − Mortgage interest: −$3,635
• − Property taxes: −$1,604
• − Insurance: −$324
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$1,888
• Taxable income: $5,138
• Est. tax owed @ 24.0%: −$1,233
• After-tax cash flow: $4,595/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

1 event — show timeline

• 2026-06-16 Listed $64,900 IRMLS

Property tax history

-3.0%/yr

Latest (2024): $1,604 · +38.2% YoY. Source: county tax records.