1225 E Adams St · Muncie, IN 47305

$125,000

4 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 44 Days on market

Built 1890 3,485 sqft lot $87/sqft · 121% above area Est $89k · 40% over

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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 +20.9/30.0
• Appreciation +7.6/10.0
• DSCR +6.6/10.0
• 1% rule +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Great fixer-upper opportunity with lots of potential on this 3-bed, 1 bath, 1.5 story home!

Key facts

• New flooring
• Stylish kitchen
• Granite countertops

Tags

• OPEN-CONCEPT LAYOUT
• NEW FLOORING
• FRESH CARPET
• UPDATED LIGHT FIXTURES
• STYLISH KITCHEN
• GRANITE COUNTERTOPS

Property features AI

Finance

• Other: Lot size approximately 0.08 acres (< 1/4 acre)

Exterior

• Parking: No garage square footage listed
• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Single-family residence; One-and-a-half story home; Property type: Residential
• Construction: Built with other construction materials; Foundation includes block and crawl space (partial)
• Exterior features: Covered porch; Fully fenced yard

Interior

• Kitchen: Kitchen with island
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Flooring: Luxury vinyl plank in multiple rooms
• Bathrooms: One full bathroom and one half bathroom (both on the main level)
• Heating & cooling: Forced-air heating; Wall air conditioning unit(s); no central air
• Interior features: Attic access; Breakfast bar; Kitchen island; Walk-in closet(s)
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $173 ($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 $117k (6.4% below list).
• Recommended offer: $117k (6.4% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 5.9% 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: East Washington Academy (math 41% / reading 42%, grade F, #478 of 994 statewide, top 49%, 468 students, 70% FRL); Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL); Muncie Central High School (math 20% / reading 39%, 1,326 students, 70% FRL).
• Market conditions: Rents rising (+3.3%/yr); 27 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($864 loan paydown + $7k appreciation (5.3% local appreciation)).
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.3% appreciation + 3.3% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.
• Current owner paid $13k; list at $125k implies a 869% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,977 (6.4% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.94%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

• ARV (median comp): $89,095
• List price: $125,000
• Delta: 40.30%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 E 1st St	0.35mi	3/2.0 (-1)	1,425 (-1%)	5mo	$140,000	$98	68
1322 E Jackson St	0.12mi	3/1.0 (-1)	1,525 (+6%)	16mo	$13,200	$9	66
409 S Pershing Dr	0.31mi	3/2.0 (-1)	1,400 (-3%)	12mo	$90,000	$64	62
801 E Charles St	0.29mi	3/1.5 (-1)	1,541 (+7%)	8mo	$27,500	$18	61
809 E Main St	0.29mi	3/1.5 (-1)	1,484 (+3%)	18mo	$55,000	$37	60
405 N Pershing Dr	0.44mi	4/1.5	1,600 (+11%)	8mo	$104,000	$65	52
526 S Shipley St	0.42mi	3/2.0 (-1)	1,232 (-14%)	5mo	$35,000	$28	44
215 N Monroe St	0.47mi	3/1.0 (-1)	1,228 (-15%)	13mo	$137,000	$112	38
700 E 8th St	0.71mi	3/1.5 (-1)	1,343 (-7%)	15mo	$139,000	$103	37
1118 S Walling Ave	0.65mi	3/1.0 (-1)	1,275 (-12%)	14mo	$99,500	$78	34
803 S Luick Ave	0.73mi	3/1.5 (-1)	1,232 (-14%)	18mo	$104,900	$85	20

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.27% appreciation · 3.27% rent growth · sell at horizon

5-year hold

• IRR: 18.7%
• Equity multiple: 2.20×
• Total profit: $42,076
• Equity at exit: $72,929

10-year hold

• IRR: 18.6%
• Equity multiple: 4.35×
• Total profit: $117,322
• Equity at exit: $127,632

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 47305

• Home prices YoY: 2.0%
• Rents YoY: 3.3%
• Active inventory: 27
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,170 high
• Mortgage (P&I): −$656
• Tax from tax record: −$43 /mo · $520/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $173

Break-even live

Break-even rent $951

Max offer price $125,000

Occupancy floor 80%

Sensitivity live

Price	-10% $244	-5% $209	+0% $173	+5% $138	+10% $102
Rent	-10% $81	-5% $127	+0% $173	+5% $219	+10% $266
Rate	-1.0pp $236	-0.5pp $205	base $173	+0.5pp $141	+1.0pp $108

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 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	45d	2	0.27mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,500	$1.54	45d	2	0.31mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	45d	1	0.40mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	45d	1	0.56mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	45d	1	0.93mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	45d	1	1.03mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	45d	1	1.12mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	45d	1	1.16mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	45d	1	1.22mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	45d	1	1.27mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	45d	1	1.29mi
609 N Waldemere Ave Muncie, IN	4.0	1.0	1664	$1,300	$0.78	45d	1	1.30mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	45d	1	1.30mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	45d	1	1.32mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	45d	1	1.43mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	45d	1	1.48mi

Listing history 22 events

1. 2026-06-22
   days on market $125,000 Active 44 DOM
2. 2026-06-19
   days on market $125,000 Active 42 DOM
3. 2026-06-18
   days on market $125,000 Active 41 DOM
4. 2026-06-17
   days on market $125,000 Active 40 DOM
5. 2026-06-16
   days on market $125,000 Active 39 DOM
6. 2026-06-15
   days on market $125,000 Active 38 DOM
7. 2026-06-14
   days on market $125,000 Active 36 DOM
8. 2026-06-13
   days on market $125,000 Active 35 DOM
9. 2026-06-10
   pricedays on market $125,000 Active 33 DOM
10. 2026-06-09
    days on market $129,999 Active 32 DOM
11. 2026-06-08
    days on market $129,999 Active 31 DOM
12. 2026-06-07
    days on market $129,999 Active 30 DOM
13. 2026-06-05
    days on market $129,999 Active 27 DOM
14. 2026-06-03
    days on market $129,999 Active 26 DOM
15. 2026-06-02
    days on market $129,999 Active 25 DOM
16. 2026-06-01
    days on market $129,999 Active 24 DOM
17. 2026-05-31
    days on market $129,999 Active 23 DOM
18. 2026-05-30
    days on market $129,999 Active 22 DOM
19. 2026-05-08
    listed $129,999 Active 843-char remark
20. 2024-08-28
    soldstatus $12,900 Closed 91-char remark

    Show marketing remark (91 chars)

    Great fixer-upper opportunity with lots of potential on this 3-bed, 1 bath, 1.5 story home!

21. 2024-08-17
    status Pending 91-char remark

    Show marketing remark (91 chars)

    Great fixer-upper opportunity with lots of potential on this 3-bed, 1 bath, 1.5 story home!

22. 2024-07-22
    listed $13,900 Active 91-char remark

    Show marketing remark (91 chars)

    Great fixer-upper opportunity with lots of potential on this 3-bed, 1 bath, 1.5 story home!

ⓘ 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: $520 · $43/mo
• Projected year-2 tax: $791 · $66/mo
• Expected delta: +$271/yr (+$23/mo · 52.2%)

ⓘ 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: $14,037
• − Mortgage interest: −$7,002
• − Property taxes: −$520
• − Insurance: −$625
• − Repairs & maintenance: −$1,123
• − Management: −$1,123
• − Depreciation: −$3,636
• Taxable income: $8
• Est. tax owed @ 24.0%: −$2
• After-tax cash flow: $2,076/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): 3,556
• Household income: $36,389
• Rent vs Own: 64.7% rent · 35.3% own
• Severe rent burden: 336.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 62% Two or more races 24% Black 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Iranian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 96% English-only · Spanish 2% Arabic 1% Other Asian/Pacific 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: ▲ 5.27%
• Current HPI: 269.888
• Rent YoY: ▲ 3.27%
• 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

+799.3% since first listed

5 events — show timeline

• 2026-06-10 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $129,999 MIBOR as Distributed by MLS Grid
• 2024-08-28 Sold (MLS) $12,900 MIBOR as Distributed by MLS Grid
• 2024-08-17 Pending — MIBOR as Distributed by MLS Grid
• 2024-07-22 Listed $13,900 MIBOR as Distributed by MLS Grid

Property tax history

+24.6%/yr

Latest (2024): $520 · -60.3% YoY. Source: county tax records.