409 N Pershing Dr · Muncie, IN 47305

$75,000

4 bd · 2.0 ba · 1,444 sqft · SingleFamily public records · 82 Days on market

Built 1900 4,792 sqft lot $52/sqft · 21% below area Est $95k · 21% under ↓ 4% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 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

Listing remarks MLS

Great investment opportunity with this fully occupied multi-unit rental, featuring both front and back units. The front unit offers three bedrooms, while the rear unit includes one bedroom, providing flexible rental options. Both tenants are currently in place and have expressed interest in staying, allowing for immediate rental income from day one. This property is ideal for investors seeking steady cash flow with the added potential to increase value over time, through gradual updates and renovations. Professionally managed and well-maintained, this has proven to be a successful investment opportunity. Whether you’re expanding your portfolio or entering the investment market, this property offers both income and upside potential.

Key facts

• 4,792 sq ft lot
• Built 1900
• Listed 82 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $375 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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); Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL); Muncie Central High School (math 20% / reading 39%, 1,326 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 27 active listings in the ZIP; 21 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).
• This rent runs 38% 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 ($519 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 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 1900 — 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: 1.55% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.40%
• DSCR: 1.95
• GRM: 5.4

CMA / ARV

• ARV (median comp): $94,768
• List price: $75,000
• Delta: -20.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
405 N Pershing Dr	0.01mi	4/1.5	1,600 (+11%)	8mo	$104,000	$65	73
809 E Main St	0.21mi	3/1.5 (-1)	1,484 (+3%)	18mo	$55,000	$37	64
409 S Pershing Dr	0.40mi	3/2.0 (-1)	1,400 (-3%)	12mo	$90,000	$64	61
901 E 1st St	0.62mi	3/2.0 (-1)	1,425 (-1%)	5mo	$140,000	$98	59
801 E Charles St	0.39mi	3/1.5 (-1)	1,541 (+7%)	8mo	$27,500	$18	56
215 N Monroe St	0.15mi	3/1.0 (-1)	1,228 (-15%)	13mo	$137,000	$112	48
1322 E Jackson St	0.45mi	3/1.0 (-1)	1,525 (+6%)	16mo	$13,200	$9	47

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: 32.2%
• Equity multiple: 3.03×
• Total profit: $42,670
• Equity at exit: $43,758

10-year hold

• IRR: 30.6%
• Equity multiple: 6.17×
• Total profit: $108,529
• Equity at exit: $76,579

Cash invested: $21,000 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,159 high
• Mortgage (P&I): −$393
• Tax from tax record: −$116 /mo · $1,398/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $375

Break-even live

Break-even rent $685

Max offer price $75,000

Occupancy floor 63%

Sensitivity live

Price	-10% $417	-5% $396	+0% $375	+5% $353	+10% $332
Rent	-10% $283	-5% $329	+0% $375	+5% $420	+10% $466
Rate	-1.0pp $412	-0.5pp $394	base $375	+0.5pp $355	+1.0pp $335

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	45d	1	0.02mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	45d	2	0.58mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,500	$1.54	45d	2	0.72mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	45d	1	0.72mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	45d	1	0.80mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	45d	1	0.87mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	45d	1	0.98mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	45d	1	1.08mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	45d	1	1.10mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,450	$1.21	45d	10	1.18mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	45d	1	1.19mi
711 W Centennial Ave Muncie, IN	3.0	2.0	1372	$1,200	$0.87	45d	1	1.20mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	45d	1	1.27mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	45d	1	1.27mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$1,099	$1.06	45d	1	1.28mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$999	$1.22	45d	3	1.29mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	45d	1	1.31mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	45d	13	1.37mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	45d	1	1.38mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	45d	1	1.48mi
3001 N Westwood Rd Muncie, IN	3.0	1.0	1837	$1,200	$0.65	45d	1	1.49mi

Listing history 27 events

1. 2026-06-22
   days on market $75,000 Active 82 DOM
2. 2026-06-19
   days on market $75,000 Active 80 DOM
3. 2026-06-18
   days on market $75,000 Active 79 DOM
4. 2026-06-17
   days on market $75,000 Active 78 DOM
5. 2026-06-16
   days on market $75,000 Active 77 DOM
6. 2026-06-15
   days on market $75,000 Active 76 DOM
7. 2026-06-14
   days on market $75,000 Active 74 DOM
8. 2026-06-13
   days on market $75,000 Active 73 DOM
9. 2026-06-10
   days on market $75,000 Active 71 DOM
10. 2026-06-09
    days on market $75,000 Active 70 DOM
11. 2026-06-08
    days on market $75,000 Active 69 DOM
12. 2026-06-07
    days on market $75,000 Active 68 DOM
13. 2026-06-05
    days on market $75,000 Active 65 DOM
14. 2026-06-03
    days on market $75,000 Active 64 DOM
15. 2026-06-02
    days on market $75,000 Active 63 DOM
16. 2026-06-01
    days on market $75,000 Active 62 DOM
17. 2026-05-31
    days on market $75,000 Active 61 DOM
18. 2026-05-30
    days on market $75,000 Active 60 DOM
19. 2026-04-30
    price $75,000 747-char remark

    Show marketing remark (747 chars)

    Great investment opportunity with this fully occupied multi-unit rental, featuring both front and back units. The front unit offers three bedrooms, while the rear unit includes one bedroom, providing flexible rental options. Both tenants are currently in place and have expressed interest in staying, allowing for immediate rental income from day one. This property is ideal for investors seeking steady cash flow with the added potential to increase value over time, through gradual updates and renovations. Professionally managed and well-maintained, this has proven to be a successful investment opportunity. Whether you’re expanding your portfolio or entering the investment market, this property offers both income and upside potential.

20. 2026-04-30
    price $75,000

    Show marketing remark (747 chars)

    Great investment opportunity with this fully occupied multi-unit rental, featuring both front and back units. The front unit offers three bedrooms, while the rear unit includes one bedroom, providing flexible rental options. Both tenants are currently in place and have expressed interest in staying, allowing for immediate rental income from day one. This property is ideal for investors seeking steady cash flow with the added potential to increase value over time, through gradual updates and renovations. Professionally managed and well-maintained, this has proven to be a successful investment opportunity. Whether you’re expanding your portfolio or entering the investment market, this property offers both income and upside potential.

21. 2026-03-31
    listed $78,000 Active 747-char remark

    Show marketing remark (747 chars)

    Great investment opportunity with this fully occupied multi-unit rental, featuring both front and back units. The front unit offers three bedrooms, while the rear unit includes one bedroom, providing flexible rental options. Both tenants are currently in place and have expressed interest in staying, allowing for immediate rental income from day one. This property is ideal for investors seeking steady cash flow with the added potential to increase value over time, through gradual updates and renovations. Professionally managed and well-maintained, this has proven to be a successful investment opportunity. Whether you’re expanding your portfolio or entering the investment market, this property offers both income and upside potential.

22. 2026-03-31
    listed $78,000 Active

    Show marketing remark (747 chars)

    Great investment opportunity with this fully occupied multi-unit rental, featuring both front and back units. The front unit offers three bedrooms, while the rear unit includes one bedroom, providing flexible rental options. Both tenants are currently in place and have expressed interest in staying, allowing for immediate rental income from day one. This property is ideal for investors seeking steady cash flow with the added potential to increase value over time, through gradual updates and renovations. Professionally managed and well-maintained, this has proven to be a successful investment opportunity. Whether you’re expanding your portfolio or entering the investment market, this property offers both income and upside potential.

23. 2024-12-26
    historical $650
24. 2024-12-07
    listed $650
25. 2024-07-03
    historical $650
26. 2024-06-19
    listed $650
27. 2022-05-12
    price $625

ⓘ 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: $1,398 · $116/mo
• Projected year-2 tax: $1,398 · $116/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) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $13,908
• − Mortgage interest: −$4,201
• − Property taxes: −$1,398
• − Insurance: −$375
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − Depreciation: −$2,182
• Taxable income: $3,527
• Est. tax owed @ 24.0%: −$846
• After-tax cash flow: $3,648/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

-3.8% since first listed

9 events — show timeline

• 2026-04-30 Price Changed $75,000 IRMLS
• 2026-04-30 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Listed $78,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Listed $78,000 IRMLS
• 2024-12-26 Rental Removed $650 APPFOLIO
• 2024-12-07 Listed for Rent $650 APPFOLIO
• 2024-07-03 Rental Removed $650 APPFOLIO
• 2024-06-19 Listed for Rent $650 APPFOLIO
• 2022-05-12 Price Changed $625 RENT.

Property tax history

+0.3%/yr

Latest (2024): $1,398 · +53.0% YoY. Source: county tax records.