1008 W 16th St · Muncie, IN 47302

$59,900

2 bd · 1.0 ba · 1,476 sqft · SingleFamily public records · 72 Days on market

Built 1932 9,583 sqft lot $41/sqft · 8% below area Est $65k · 8% under ↓ 4% since listing

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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
• ARV discount +10.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

You will love this home with plenty of living space and potential for a second bedroom. The home rests on a 80' X 125' double lot with a completely fenced in backyard perfect for pets. The property also includes off road parking and a utility shed for storage purposes. The dwelling rests on a full unfinished basement and some updates include: newer 200 Amp breaker box, replacement windows, newer sewer line installed 2-years ago, updated plumbing, newer furnace 3-years ago and enclosed back porch area.

Key facts

• Utility shed
• Fenced in backyard
• Double lot

Tags

• DOUBLE LOT
• FENCED IN BACKYARD
• OFF ROAD PARKING
• UTILITY SHED
• FULL UNFINISHED BASEMENT
• NEWER BREAKER BOX

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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: 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 (+6.1%/yr); 148 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $414 of loan paydown is wiped out by about $2k 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 + 6.1% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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 1932 — 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: 1.81% ✓
• Cap rate: 15.72%
• Cash-on-cash: 33.66%
• DSCR: 2.50
• GRM: 4.6

CMA / ARV

• ARV (median comp): $64,852
• List price: $59,900
• Delta: -7.64%
• 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
2409 S Elliott St	0.09mi	3/2.0 (+1)	1,456 (-1%)	3mo	$120,000	$82	82
1438 W 13th St	0.34mi	3/1.5 (+1)	1,462 (-1%)	2mo	$149,900	$103	73
1309 W Memorial Dr	0.29mi	3/2.0 (+1)	1,580 (+7%)	10mo	$120,000	$76	58
2823 S High St	0.69mi	3/1.0 (+1)	1,548 (+5%)	1mo	$18,500	$12	54
1712 W 15th St	0.45mi	2/1.0	1,663 (+13%)	5mo	$81,000	$49	54
605 W 10th St	0.44mi	3/1.0 (+1)	1,688 (+14%)	3mo	$73,500	$44	48
411 W Memorial Dr	0.42mi	2/1.5	1,656 (+12%)	13mo	$96,000	$58	47
2307 S Jefferson St	0.70mi	2/1.0	1,328 (-10%)	6mo	$40,000	$30	45
1442 W 15th St	0.29mi	3/3.0 (+1)	1,585 (+7%)	19mo	$104,000	$66	45
901 W 23 St	0.55mi	3/2.0 (+1)	1,337 (-9%)	12mo	$179,500	$134	40
2111 S Mulberry St	0.63mi	3/1.0 (+1)	1,680 (+14%)	8mo	$29,900	$18	36
1940 W 9th St	0.74mi	3/1.0 (+1)	1,656 (+12%)	15mo	$110,000	$66	28

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 32.3%
• Equity multiple: 2.42×
• Total profit: $23,762
• Equity at exit: $8,931

10-year hold

• IRR: 41.0%
• Equity multiple: 5.45×
• Total profit: $74,593
• Equity at exit: $5,179

Cash invested: $16,772 (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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,085 high
• Mortgage (P&I): −$314
• Tax from tax record: −$48 /mo · $572/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $471

Break-even live

Break-even rent $490

Max offer price $59,900

Occupancy floor 52%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	0.43mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	0.46mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	0.47mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	0.51mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	0.54mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	0.58mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	0.72mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	44d	1	0.79mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	0.79mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.87mi
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	44d	1	0.90mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	0.92mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	1.11mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	1.12mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	1.13mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.16mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	1.20mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	44d	1	1.20mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.23mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	44d	1	1.26mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	1.28mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	1.29mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.32mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	44d	1	1.34mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.40mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	44d	2	1.45mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	44d	2	1.50mi

Listing history 19 events

1. 2026-06-19
   days on market $59,900 Active 72 DOM
2. 2026-06-18
   days on market $59,900 Active 71 DOM
3. 2026-06-17
   days on market $59,900 Active 70 DOM
4. 2026-06-16
   days on market $59,900 Active 69 DOM
5. 2026-06-15
   days on market $59,900 Active 68 DOM
6. 2026-06-14
   days on market $59,900 Active 66 DOM
7. 2026-06-13
   days on market $59,900 Active 65 DOM
8. 2026-06-10
   days on market $59,900 Active 63 DOM
9. 2026-06-09
   days on market $59,900 Active 62 DOM
10. 2026-06-08
    days on market $59,900 Active 61 DOM
11. 2026-06-07
    days on market $59,900 Active 60 DOM
12. 2026-06-05
    days on market $59,900 Active 57 DOM
13. 2026-06-03
    days on market $59,900 Active 56 DOM
14. 2026-06-02
    days on market $59,900 Active 55 DOM
15. 2026-06-01
    days on market $59,900 Active 54 DOM
16. 2026-05-31
    days on market $59,900 Active 53 DOM
17. 2026-05-30
    days on market $59,900 Active 52 DOM
18. 2026-04-18
    price $59,900 506-char remark

    Show marketing remark (506 chars)

    You will love this home with plenty of living space and potential for a second bedroom. The home rests on a 80' X 125' double lot with a completely fenced in backyard perfect for pets. The property also includes off road parking and a utility shed for storage purposes. The dwelling rests on a full unfinished basement and some updates include: newer 200 Amp breaker box, replacement windows, newer sewer line installed 2-years ago, updated plumbing, newer furnace 3-years ago and enclosed back porch area.

19. 2026-04-08
    listed $62,500 Active 506-char remark

    Show marketing remark (506 chars)

    You will love this home with plenty of living space and potential for a second bedroom. The home rests on a 80' X 125' double lot with a completely fenced in backyard perfect for pets. The property also includes off road parking and a utility shed for storage purposes. The dwelling rests on a full unfinished basement and some updates include: newer 200 Amp breaker box, replacement windows, newer sewer line installed 2-years ago, updated plumbing, newer furnace 3-years ago and enclosed back porch area.

ⓘ 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: $572 · $48/mo
• Projected year-2 tax: $572 · $48/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 ≥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: $13,022
• − Mortgage interest: −$3,355
• − Property taxes: −$572
• − Insurance: −$300
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$1,743
• Taxable income: $4,969
• Est. tax owed @ 24.0%: −$1,193
• After-tax cash flow: $4,454/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): 25,473
• Household income: $47,837
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1150.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 4%
• Common ancestry: Italian 2% Slovak 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 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: ▼ -30.32%
• Current HPI: 210.431
• Rent YoY: ▲ 6.11%
• 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

-4.2% since first listed

2 events — show timeline

• 2026-04-18 Price Changed $59,900 IRMLS
• 2026-04-08 Listed $62,500 IRMLS

Property tax history

+3.3%/yr

Latest (2024): $572 · +7.7% YoY. Source: county tax records.