4413 W Garver Dr · Muncie, IN 47304

$169,000

4 bd · 1.5 ba · 1,634 sqft · SingleFamily public records · 105 Days on market

Built 1937 0.30 ac lot $103/sqft · at area comps Est $172k · 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 +20.6/30.0
• ARV discount +8.3/15.0
• DSCR +6.6/10.0
• 1% rule +4.5/10.0
• 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

Listing remarks MLS

Enjoy this spacious home offering over 1,597 square feet of comfortable living space. This 3-bedroom, 1.5-bath property features a functional layout with two separate living areas, providing flexibility for entertaining, relaxing, or creating a dedicated office, playroom, or second family room. Major updates offer peace of mind, including new windows and siding in 2024, a new roof in 2021, and a new furnace in 2017. These improvements enhance both efficiency and long-term value. The generous bedrooms provide comfortable retreats with convenient access to the full and half baths. A partial basement adds valuable storage space and offers potential for a hobby area. Situated in an established neighborhood with easy access to shopping, dining, schools, and everyday amenities, this home combines space, functionality, and key updates. A fantastic opportunity to own a well-maintained property with room to grow.

Key facts

• New furnace
• Partial basement
• New roof

Tags

• TWO SEPARATE LIVING AREAS
• NEW WINDOWS AND SIDING
• NEW ROOF
• NEW FURNACE
• PARTIAL BASEMENT
• ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $227 ($3k/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 $160k (5.1% below list).
• Recommended offer: $154k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 (+8.1%/yr); 202 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 30% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $47k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $124k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,790 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1937 — 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: 0.95% ✗
• Cap rate: 7.90%
• Cash-on-cash: 5.75%
• DSCR: 1.26
• GRM: 8.8

CMA / ARV

• ARV (median comp): $172,050
• List price: $169,000
• Delta: -1.77%
• 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
4801 W Peachtree Ln	0.26mi	4/2.0	1,679 (+3%)	1mo	$210,000	$125	80
4412 W Garver Dr	0.05mi	4/2.0	1,768 (+8%)	6mo	$220,000	$124	77
4208 W Gilbert St	0.27mi	3/2.0 (-1)	1,646 (+1%)	8mo	$250,000	$152	73
408 S Harvey Rd	0.34mi	4/2.0	1,794 (+10%)	0mo	$225,000	$125	66
607 N Shellbark Rd	0.55mi	3/2.0 (-1)	1,636 (+0%)	2mo	$200,000	$122	66
4111 W Peachtree Ln	0.24mi	3/2.0 (-1)	1,806 (+10%)	4mo	$200,000	$111	61
4200 W Palomino Ct	0.55mi	3/2.0 (-1)	1,710 (+5%)	1mo	$325,000	$190	59
4208 W Thornwood Ln	0.59mi	3/2.0 (-1)	1,520 (-7%)	2mo	$287,500	$189	52
4204 W Beechwood Ave	0.43mi	3/2.0 (-1)	1,814 (+11%)	7mo	$290,000	$160	49
4300 Whispering Way Ct	0.58mi	3/2.0 (-1)	1,523 (-7%)	7mo	$280,000	$184	49
615 N Kylewood Dr	0.37mi	3/2.0 (-1)	1,412 (-14%)	5mo	$160,000	$113	48
3400 W Godman Ave	0.69mi	4/1.0	1,392 (-15%)	8mo	$173,000	$124	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.90×
• Total profit: $-4,527
• Equity at exit: $25,198

10-year hold

• IRR: 11.7%
• Equity multiple: 2.12×
• Total profit: $52,994
• Equity at exit: $14,612

Cash invested: $47,320 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,603 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$83 /mo · $999/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $227

Break-even live

Break-even rent $1,316

Max offer price $169,000

Occupancy floor 81%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5124 W Canterbury Dr Muncie, IN	2.0–3.0	1.5	1050	$1,438	$1.37	43d	2	0.61mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	43d	1	1.40mi

Listing history 29 events

1. 2026-06-18
   status $169,000 Pending 105 DOM
2. 2026-06-18
   days on market $169,000 Active 105 DOM
3. 2026-06-17
   days on market $169,000 Active 104 DOM
4. 2026-06-16
   days on market $169,000 Active 103 DOM
5. 2026-06-15
   days on market $169,000 Active 102 DOM
6. 2026-06-14
   days on market $169,000 Active 100 DOM
7. 2026-06-13
   days on market $169,000 Active 99 DOM
8. 2026-06-10
   days on market $169,000 Active 97 DOM
9. 2026-06-09
   days on market $169,000 Active 96 DOM
10. 2026-06-08
    days on market $169,000 Active 95 DOM
11. 2026-06-07
    days on market $169,000 Active 94 DOM
12. 2026-06-05
    pricedays on market $169,000 Active 91 DOM
13. 2026-06-03
    days on market $179,000 Active 90 DOM
14. 2026-06-02
    days on market $179,000 Active 89 DOM
15. 2026-06-01
    days on market $179,000 Active 88 DOM
16. 2026-05-31
    days on market $179,000 Active 87 DOM
17. 2026-05-30
    days on market $179,000 Active 86 DOM
18. 2026-05-07
    price $179,000 917-char remark

    Show marketing remark (917 chars)

    Enjoy this spacious home offering over 1,597 square feet of comfortable living space. This 3-bedroom, 1.5-bath property features a functional layout with two separate living areas, providing flexibility for entertaining, relaxing, or creating a dedicated office, playroom, or second family room. Major updates offer peace of mind, including new windows and siding in 2024, a new roof in 2021, and a new furnace in 2017. These improvements enhance both efficiency and long-term value. The generous bedrooms provide comfortable retreats with convenient access to the full and half baths. A partial basement adds valuable storage space and offers potential for a hobby area. Situated in an established neighborhood with easy access to shopping, dining, schools, and everyday amenities, this home combines space, functionality, and key updates. A fantastic opportunity to own a well-maintained property with room to grow.

19. 2026-04-07
    price $189,000 917-char remark

    Show marketing remark (917 chars)

    Enjoy this spacious home offering over 1,597 square feet of comfortable living space. This 3-bedroom, 1.5-bath property features a functional layout with two separate living areas, providing flexibility for entertaining, relaxing, or creating a dedicated office, playroom, or second family room. Major updates offer peace of mind, including new windows and siding in 2024, a new roof in 2021, and a new furnace in 2017. These improvements enhance both efficiency and long-term value. The generous bedrooms provide comfortable retreats with convenient access to the full and half baths. A partial basement adds valuable storage space and offers potential for a hobby area. Situated in an established neighborhood with easy access to shopping, dining, schools, and everyday amenities, this home combines space, functionality, and key updates. A fantastic opportunity to own a well-maintained property with room to grow.

20. 2026-03-05
    listed $199,000 Active 917-char remark

    Show marketing remark (917 chars)

    Enjoy this spacious home offering over 1,597 square feet of comfortable living space. This 3-bedroom, 1.5-bath property features a functional layout with two separate living areas, providing flexibility for entertaining, relaxing, or creating a dedicated office, playroom, or second family room. Major updates offer peace of mind, including new windows and siding in 2024, a new roof in 2021, and a new furnace in 2017. These improvements enhance both efficiency and long-term value. The generous bedrooms provide comfortable retreats with convenient access to the full and half baths. A partial basement adds valuable storage space and offers potential for a hobby area. Situated in an established neighborhood with easy access to shopping, dining, schools, and everyday amenities, this home combines space, functionality, and key updates. A fantastic opportunity to own a well-maintained property with room to grow.

21. 2025-10-10
    price $199,900
22. 2025-09-26
    price $210,000
23. 2025-08-29
    listed $220,000 Active
24. 2021-10-25
    soldstatus $124,000
25. 2021-10-25
    soldstatus $124,000
26. 2021-09-17
    listed $124,000
27. 2021-09-17
    listed $124,000
28. 2015-08-17
    soldstatus $64,000
29. 2015-05-24
    listed $69,000

ⓘ 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: $999 · $83/mo
• Projected year-2 tax: $1,218 · $101/mo
• Expected delta: +$219/yr (+$18/mo · 21.9%)

ⓘ 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: $19,240
• − Mortgage interest: −$9,467
• − Property taxes: −$999
• − Insurance: −$845
• − Repairs & maintenance: −$1,539
• − Management: −$1,539
• − Depreciation: −$4,916
• Taxable loss: −$65
• Est. tax savings @ 24.0%: +$16
• After-tax cash flow: $2,736/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

+159.4% since first listed

12 events — show timeline

• 2026-05-07 Price Changed $179,000 IRMLS
• 2026-04-07 Price Changed $189,000 IRMLS
• 2026-03-05 Listed $199,000 IRMLS
• 2025-10-10 Price Changed $199,900 IRMLS
• 2025-09-26 Price Changed $210,000 IRMLS
• 2025-08-29 Listed $220,000 IRMLS
• 2021-10-25 Sold (MLS) $124,000 MIBOR as Distributed by MLS Grid
• 2021-10-25 Sold (MLS) $124,000 IRMLS
• 2021-09-17 Listed $124,000 MIBOR as Distributed by MLS Grid
• 2021-09-17 Listed $124,000 IRMLS
• 2015-08-17 Sold (MLS) $64,000 IRMLS
• 2015-05-24 Listed $69,000 IRMLS

Property tax history

+3.8%/yr

Latest (2024): $999 · +0.0% YoY. Source: county tax records.