1109 W Ashland Ave · Muncie, IN 47303

$209,000

3 bd · 2.0 ba · 1,622 sqft · MultiFamily public records · 1 Days on market

Built 1895 5,625 sqft lot Est $170k · 23% over

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Why this score? — see what drove the F 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 +4.5/30.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• 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

A captivating single-family residence built in 1895 offers 1622 square feet of living space, ready for its next chapter. The living room provides a welcoming atmosphere, thoughtfully appointed with built-in shelves, perfect for displaying cherished collections or housing a personal library. One of the full bathrooms features a walk-in shower, offering convenience and a contemporary touch. The upstairs primary bedroom and second bedroom showcase elegant hardwood flooring, adding warmth and character. The property also includes a charming porch, providing an inviting space for relaxation and enjoyment of the outdoors. This distinctive property invites you to envision a life of comfort and cha

Key facts

• 5,625 sq ft lot
• Built 1895

Property features AI

Finance

• Other: Property on approximately 0.13 acre (< 1/4 acre)

Exterior

• Utilities: Public water; Municipal sewer
• Home design: Single family residence; Two levels
• Construction: Vinyl siding; Concrete perimeter foundation
• Exterior features: Wrap-around porch

Interior

• Kitchen: Dishwasher; Gas oven; Microwave with hood; Refrigerator
• Bedrooms: 5 bedrooms total (3 on the main level, 2 on the upper level)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms (1 on the main level, 1 on the upper level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Hardwood floors; Finished basement
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $209k.

Deal economics

• At list price, monthly cash flow is $-538 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (45.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (46.4% below list).
• Recommended offer: $112k (46.4% below list) — sets the bar for 1% rule.
• Cap rate 3.2% vs local median 6.0% in Muncie — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+7.8%/yr); 112 active listings in the ZIP; 25 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 $1k of loan paydown is wiped out by about $6k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $111,952 (46.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.54% ✗
• Cap rate: 3.20%
• Cash-on-cash: -11.03%
• DSCR: 0.51
• GRM: 15.6

CMA / ARV

• ARV (on-the-fly): $170,310
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
822 N Walnut St	0.71mi	4/2.0 (+1)	1,604 (-1%)	16mo	$33,000	$21	46
817 W Main St	0.37mi	4/3.0 (+1)	1,792 (+10%)	14mo	$135,000	$75	45
826 W Main St	0.33mi	3/3.0	1,828 (+13%)	18mo	$260,000	$142	44
1119 W Bethel Ave	0.63mi	4/2.0 (+1)	1,434 (-12%)	7mo	$150,000	$105	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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: -31.4%
• Equity multiple: -0.07×
• Total profit: $-62,451
• Equity at exit: $31,163

10-year hold

• IRR: -19.8%
• Equity multiple: -0.24×
• Total profit: $-72,786
• Equity at exit: $18,071

Cash invested: $58,520 (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 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $1,120 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$239 /mo · $2,870/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-538

Break-even live

Break-even rent $1,800

Max offer price $113,987

Occupancy floor —

Sensitivity live

Price	-10% $-420	-5% $-479	+0% $-538	+5% $-597	+10% $-656
Rent	-10% $-626	-5% $-582	+0% $-538	+5% $-494	+10% $-449
Rate	-1.0pp $-433	-0.5pp $-485	base $-538	+0.5pp $-592	+1.0pp $-647

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	44d	1	0.19mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	44d	10	0.25mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	44d	1	0.28mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	0.36mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	0.51mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	0.57mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	0.59mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	0.61mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	44d	1	0.62mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	0.66mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	44d	13	0.70mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.72mi
711 W Centennial Ave Muncie, IN	3.0	2.0	1372	$1,200	$0.87	44d	1	0.77mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	44d	1	0.77mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$1,099	$1.06	44d	1	0.84mi
1801 N Glenwood Ave Muncie, IN	2.0	1.0	1096	$1,250	$1.14	44d	1	0.91mi
2201 W Euclid Ave Muncie, IN	3.0	1.0	1844	$1,200	$0.65	44d	1	0.96mi
1901 N Maplewood Ave Muncie, IN	4.0	1.5	1887	$1,700	$0.90	44d	1	0.99mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.04mi
2600 N Wheeling Ave Muncie, IN	2.0–3.0	1.0	1024	$1,035	$1.01	44d	1	1.14mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	1.21mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	1.26mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	1.41mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	44d	1	1.44mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	44d	1	1.48mi

Listing history 2 events

1. 2026-05-20
   status Pending
2. 2026-05-17
   listed $209,000 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: $2,870 · $239/mo
• Projected year-2 tax: $2,870 · $239/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 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $13,434
• − Mortgage interest: −$11,707
• − Property taxes: −$2,870
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,075
• − Management: −$1,075
• − Depreciation: −$6,080
• Taxable loss: −$10,417
• Est. tax savings @ 24.0%: +$2,500
• After-tax cash flow: $-3,954/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): 24,392
• Household income: $47,674
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1434.0

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 (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -50.45%
• Current HPI: 229.8654
• Rent YoY: ▲ 7.80%
• 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

2 events — show timeline

• 2026-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-17 Listed $209,000 MIBOR as Distributed by MLS Grid

Property tax history

-1.1%/yr

Latest (2024): $2,870 · +19.1% YoY. Source: county tax records.