3111 S Pershing Dr · Muncie, IN 47302

$83,900

2 bd · 1.0 ba · 948 sqft · SingleFamily public records · 314 Days on market

Built 1925 5,000 sqft lot $89/sqft · 93% above area Est $87k · 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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +9.1/15.0
• 1% rule +6.7/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* This property is part of a potential 11 property package. Please see the attached document for details. * This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

Key facts

• 5,000 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($985 rent vs $84k).
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 fast (+6.1%/yr); 148 active listings in the ZIP; 27 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; 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 $580 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 + 6.1% rent growth), your $23k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 314 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 10y ago; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $84k implies a 147% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,832 (12.0% below list)

Questions for the listing agent

1. It's been on market 314 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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. 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 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: 1.17% ✓
• Cap rate: 9.52%
• Cash-on-cash: 11.53%
• DSCR: 1.51
• GRM: 7.1

CMA / ARV

• ARV (median comp): $86,941
• List price: $83,900
• Delta: 2.25%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2710 S Hackley St	0.30mi	2/1.0	876 (-8%)	2mo	$109,900	$125	72
226 E 16th St	0.69mi	2/1.0	960 (+1%)	6mo	$50,000	$52	61
1401 E 24th St	0.36mi	3/1.0 (+1)	884 (-7%)	8mo	$92,500	$105	60
2310 S Hackley St	0.57mi	2/1.0	910 (-4%)	8mo	$60,000	$66	60
3201 S Elm St	0.25mi	2/1.5	1,073 (+13%)	6mo	$61,000	$57	59
3404 S Penn St	0.40mi	1/1.0 (-1)	1,008 (+6%)	9mo	$105,000	$104	59
2316 S Walnut St	0.69mi	3/1.0 (+1)	956 (+1%)	5mo	$35,000	$37	57
3812 S Ebright St	0.51mi	3/1.0 (+1)	1,000 (+6%)	10mo	$12,900	$13	54
1503 E 20th St	0.58mi	2/1.0	1,035 (+9%)	10mo	$32,000	$31	49
2210 S Penn St	0.70mi	2/1.0	840 (-11%)	6mo	$108,000	$129	43
2203 S Vine St	0.65mi	3/1.0 (+1)	1,048 (+10%)	11mo	$115,000	$110	38
2306 S Mulberry St	0.67mi	3/1.0 (+1)	1,052 (+11%)	10mo	$22,000	$21	37

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: 4.2%
• Equity multiple: 1.17×
• Total profit: $3,951
• Equity at exit: $12,510

10-year hold

• IRR: 16.3%
• Equity multiple: 2.53×
• Total profit: $35,837
• Equity at exit: $7,254

Cash invested: $23,492 (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: 7.1×

Monthly cashflow live

• Estimated rent: $985 high
• Mortgage (P&I): −$440
• Tax from tax record: −$78 /mo · $930/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $226

Break-even live

Break-even rent $699

Max offer price $83,900

Occupancy floor 72%

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: $20,975
• Closing costs: $2,517
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	43d	1	0.01mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	43d	1	0.05mi
2815 S Elm St Muncie, IN	2.0	1.0	672	$875	$1.30	43d	1	0.29mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	43d	1	0.57mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	43d	1	0.66mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	43d	1	0.69mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	43d	1	0.77mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	43d	1	0.79mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	43d	1	0.86mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	0.93mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	0.93mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	43d	1	0.94mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	0.96mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	43d	1	0.96mi
4609 S Madison St Muncie, IN	3.0	1.0	1100	$1,150	$1.05	43d	1	1.10mi
4613 S Madison St Muncie, IN	2.0	1.0	772	$975	$1.26	43d	1	1.11mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	43d	1	1.12mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	43d	1	1.13mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	1.20mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	43d	1	1.20mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	43d	1	1.20mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	43d	1	1.23mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	1.25mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	1.28mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	1.30mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	43d	1	1.36mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	43d	1	1.47mi

Listing history 36 events

1. 2026-06-19
   days on market $83,900 Active 314 DOM
2. 2026-06-18
   days on market $83,900 Active 313 DOM
3. 2026-06-17
   price $83,900 Active 312 DOM
4. 2026-06-17
   days on market $88,900 Active 312 DOM
5. 2026-06-16
   days on market $88,900 Active 311 DOM
6. 2026-06-15
   days on market $88,900 Active 310 DOM
7. 2026-06-14
   days on market $88,900 Active 308 DOM
8. 2026-06-13
   days on market $88,900 Active 307 DOM
9. 2026-06-10
   days on market $88,900 Active 305 DOM
10. 2026-06-09
    days on market $88,900 Active 304 DOM
11. 2026-06-08
    days on market $88,900 Active 303 DOM
12. 2026-06-07
    days on market $88,900 Active 302 DOM
13. 2026-06-05
    days on market $88,900 Active 299 DOM
14. 2026-06-03
    days on market $88,900 Active 298 DOM
15. 2026-06-02
    days on market $88,900 Active 297 DOM
16. 2026-06-01
    days on market $88,900 Active 296 DOM
17. 2026-05-31
    days on market $88,900 Active 295 DOM
18. 2026-05-30
    days on market $88,900 Active 294 DOM
19. 2025-10-09
    status Active 220-char remark

    Show marketing remark (217 chars)

    *This property is part of a potential 11 property package. Please see the attached document for details.* This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

20. 2025-10-09
    status Active 217-char remark

    Show marketing remark (217 chars)

    *This property is part of a potential 11 property package. Please see the attached document for details.* This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

21. 2025-09-24
    status Pending 217-char remark

    Show marketing remark (220 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

22. 2025-09-24
    status Pending 220-char remark

    Show marketing remark (220 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

23. 2025-09-07
    price $88,900 217-char remark

    Show marketing remark (220 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

24. 2025-09-07
    price $88,900 220-char remark

    Show marketing remark (220 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

25. 2025-07-25
    listed $89,900 Active 220-char remark

    Show marketing remark (217 chars)

    *This property is part of a potential 11 property package. Please see the attached document for details.* This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

26. 2025-07-25
    listed $89,900 Active 217-char remark

    Show marketing remark (217 chars)

    *This property is part of a potential 11 property package. Please see the attached document for details.* This property features 3 beds/1 bath, a front sunroom, a laundry room, and a detached 1 car garage. Now vacant.

27. 2019-02-07
    historical
28. 2018-12-21
    soldstatus $33,900
29. 2018-02-07
    listed $35,000
30. 2018-02-07
    listed $33,900
31. 2017-11-26
    historical
32. 2017-05-30
    listed $34,000
33. 2017-05-26
    listed $34,000
34. 2016-09-22
    historical
35. 2016-06-28
    listed $35,000
36. 2016-06-28
    listed $35,000

ⓘ 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: $930 · $78/mo
• Projected year-2 tax: $930 · $78/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: $11,819
• − Mortgage interest: −$4,700
• − Property taxes: −$930
• − Insurance: −$420
• − Repairs & maintenance: −$945
• − Management: −$945
• − Depreciation: −$2,441
• Taxable income: $1,438
• Est. tax owed @ 24.0%: −$345
• After-tax cash flow: $2,362/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

+154.0% since first listed

18 events — show timeline

• 2025-10-09 Relisted — IRMLS
• 2025-10-09 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-24 Pending — MIBOR as Distributed by MLS Grid
• 2025-09-24 Pending — IRMLS
• 2025-09-07 Price Changed $88,900 MIBOR as Distributed by MLS Grid
• 2025-09-07 Price Changed $88,900 IRMLS
• 2025-07-25 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2025-07-25 Listed $89,900 IRMLS
• 2019-02-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-12-21 Sold (Public Records) $33,900 Public Records
• 2018-02-07 Listed $33,900 MIBOR as Distributed by MLS Grid
• 2018-02-07 Listed $35,000 IRMLS
• 2017-11-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-05-30 Listed $34,000 MIBOR as Distributed by MLS Grid
• 2017-05-26 Listed $34,000 IRMLS
• 2016-09-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-06-28 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2016-06-28 Listed $35,000 IRMLS

Property tax history

+12.2%/yr

Latest (2024): $930 · +1.1% YoY. Source: county tax records.