27 W Orchard Pl · Muncie, IN 47305

$69,900

4 bd · 2.0 ba · 2,808 sqft · SingleFamily public records · 6 Days on market

Built 1906 4,792 sqft lot $25/sqft · 14% below area Est $54k · 29% over ↓ 29% since listing

---

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
• Appreciation +7.6/10.0
• 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

Lots of space in this 3 bedroom 2 full bath home with a large detached garage. This home has tons of potential and is a great location in downtown Muncie only one block from the Horizon Convention Center. Day of closing possession.

Key facts

• Great location
• Detached garage
• 4,792 sq ft lot

Tags

• DETACHED GARAGE
• GREAT LOCATION

Property features AI

Exterior

• Parking: Detached garage with about 2.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; 2 stories
• Construction: Brick construction
• Exterior features: Level lot; Lot dimensions approximately 45 x 111

Interior

• Bedrooms: Total of 6 rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Fireplace in the family room; Full basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 14.7% 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 (+3.3%/yr); 26 active listings in the ZIP; lower-income renter base — watch delinquency; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 42% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($483 loan paydown + $4k 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $55k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,900

Questions for the listing agent

1. Built in 1906 — 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: 1.84% ✓
• Cap rate: 14.69%
• Cash-on-cash: 30.01%
• DSCR: 2.34
• GRM: 4.5

CMA / ARV

• ARV (median comp): $54,142
• List price: $69,900
• Delta: 29.10%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
725 W Charles St	0.21mi	3/2.0 (-1)	2,548 (-9%)	6mo	$140,000	$55	65
517 E Charles St	0.53mi	4/1.5	2,794 (-0%)	17mo	$189,900	$68	58
1201 S Elm St	0.52mi	5/1.5 (+1)	2,524 (-10%)	12mo	$90,000	$36	42
610 W Beechwood Ave	0.73mi	4/2.0	2,632 (-6%)	18mo	$135,000	$51	41
625 N Mulberry St	0.72mi	4/3.5	2,700 (-4%)	18mo	$210,000	$78	39

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: 39.9%
• Equity multiple: 3.49×
• Total profit: $48,775
• Equity at exit: $40,782

10-year hold

• IRR: 37.9%
• Equity multiple: 7.17×
• Total profit: $120,790
• Equity at exit: $71,372

Cash invested: $19,572 (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: 26
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,283 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$128 /mo · $1,542/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $489

Break-even live

Break-even rent $664

Max offer price $69,900

Occupancy floor 57%

Sensitivity live

Price	-10% $529	-5% $509	+0% $489	+5% $470	+10% $450
Rent	-10% $388	-5% $439	+0% $489	+5% $540	+10% $591
Rate	-1.0pp $525	-0.5pp $507	base $489	+0.5pp $471	+1.0pp $453

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-07
   status Pending 231-char remark
2. 2026-04-30
   listed $69,900 Active 231-char remark
3. 2026-01-05
   status Pending
4. 2025-09-27
   listed $77,900 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: $1,542 · $128/mo
• Projected year-2 tax: $1,542 · $128/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,396
• − Mortgage interest: −$3,915
• − Property taxes: −$1,542
• − Insurance: −$350
• − Repairs & maintenance: −$1,232
• − Management: −$1,232
• − Depreciation: −$2,033
• Taxable income: $5,092
• Est. tax owed @ 24.0%: −$1,222
• After-tax cash flow: $4,651/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

-29.4% since first listed

5 events — show timeline

• 2026-06-01 Sold (MLS) $55,000 IRMLS
• 2026-05-07 Pending — IRMLS
• 2026-04-30 Listed $69,900 IRMLS
• 2026-01-05 Pending — IRMLS
• 2025-09-27 Listed $77,900 IRMLS

Property tax history

-0.5%/yr

Latest (2024): $1,542 · +9.8% YoY. Source: county tax records.