610 S Council St · Muncie, IN 47305

$97,000

3 bd · 3.0 ba · 3,023 sqft · MultiFamily public records · 32 Days on market

Built 1892 4,356 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Triplex Just a few blocks from Downtown Muncie and Ivy Tech! This home includes 1-two bedroom unit and 2-one bedroom units. A Small room in the upstairs apartment could be used as an office or additional bedroom. Roof is approximately 5 years old and water heater and sump pump replaced in 2021. This is agreat opportunity to own an investment property with lots of potential. Some repairs are needed and property is Sold AS-IS.

Key facts

• 4,356 sq ft lot
• Built 1892
• Listed 32 days

Property features AI

Finance

• Financial info: Gross income and expenses not reported

Exterior

• Utilities: No information listed for solid waste service
• Home design: Residential income property (Triplex); One and one-half story structure; Lot approximately 0.1 acre
• Exterior features: Current use: Vacant; Street access with street cuts

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: Three 1-bedroom units (each unit is one level)
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $97k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $469/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $97k).
• Recommended offer: $94k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.7% 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: South View Elementary School (math 8% / reading 11%, grade F, #932 of 994 statewide, top 94%, 445 students, 92% 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; 1 comparable units currently listed for rent nearby; 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 $6k of equity ($671 loan paydown + $5k 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 $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 4y 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 $82k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,090 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.68% ✓
• Cap rate: 23.71%
• Cash-on-cash: 62.20%
• DSCR: 3.77
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $196,495
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 S Liberty St	0.25mi	4/4.0 (+1)	2,928 (-3%)	10mo	$190,000	$65	66
621 E Main St	0.71mi	2/5.0 (-1)	2,653 (-12%)	10mo	$50,000	$19	25

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: 69.6%
• Equity multiple: 5.21×
• Total profit: $114,283
• Equity at exit: $56,593

10-year hold

• IRR: 67.3%
• Equity multiple: 10.89×
• Total profit: $268,732
• Equity at exit: $99,042

Cash invested: $27,160 (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: 8.8×

Monthly cashflow live

• Estimated rent: $2,602 high
• Mortgage (P&I): −$509
• Tax from tax record: −$99 /mo · $1,184/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $1,408

Break-even live

Break-even rent $820

Max offer price $97,000

Occupancy floor 41%

Sensitivity live

Price	-10% $1,463	-5% $1,435	+0% $1,408	+5% $1,380	+10% $1,353
Rent	-10% $1,202	-5% $1,305	+0% $1,408	+5% $1,511	+10% $1,613
Rate	-1.0pp $1,457	-0.5pp $1,432	base $1,408	+0.5pp $1,383	+1.0pp $1,357

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$922
▸ 2× units	1	1	$1,680
Total (3 units)			$2,602

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
614 W Charles St Muncie, IN	2.0	1.0	3266	$775	$0.24	45d	1	0.17mi

Listing history 35 events

1. 2026-06-22
   days on market $97,000 Active 32 DOM
2. 2026-06-19
   days on market $97,000 Active 30 DOM
3. 2026-06-18
   days on market $97,000 Active 29 DOM
4. 2026-06-17
   days on market $97,000 Active 28 DOM
5. 2026-06-16
   days on market $97,000 Active 27 DOM
6. 2026-06-15
   days on market $97,000 Active 26 DOM
7. 2026-06-14
   days on market $97,000 Active 24 DOM
8. 2026-06-13
   days on market $97,000 Active 23 DOM
9. 2026-06-10
   days on market $97,000 Active 21 DOM
10. 2026-06-09
    days on market $97,000 Active 20 DOM
11. 2026-06-08
    days on market $97,000 Active 19 DOM
12. 2026-06-07
    days on market $97,000 Active 18 DOM
13. 2026-06-05
    days on market $97,000 Active 15 DOM
14. 2026-06-03
    days on market $97,000 Active 14 DOM
15. 2026-06-02
    days on market $97,000 Active 13 DOM
16. 2026-06-01
    days on market $97,000 Active 12 DOM
17. 2026-05-31
    days on market $97,000 Active 11 DOM
18. 2026-05-30
    days on market $97,000 Active 10 DOM
19. 2026-05-19
    listed $97,000 Active

    Show marketing remark (428 chars)

    Triplex Just a few blocks from Downtown Muncie and Ivy Tech! This home includes 1-two bedroom unit and 2-one bedroom units. A Small room in the upstairs apartment could be used as an office or additional bedroom. Roof is approximately 5 years old and water heater and sump pump replaced in 2021. This is agreat opportunity to own an investment property with lots of potential. Some repairs are needed and property is Sold AS-IS.

20. 2026-05-19
    listed $97,000 Active 428-char remark

    Show marketing remark (428 chars)

    Triplex Just a few blocks from Downtown Muncie and Ivy Tech! This home includes 1-two bedroom unit and 2-one bedroom units. A Small room in the upstairs apartment could be used as an office or additional bedroom. Roof is approximately 5 years old and water heater and sump pump replaced in 2021. This is agreat opportunity to own an investment property with lots of potential. Some repairs are needed and property is Sold AS-IS.

21. 2026-04-23
    historical
22. 2026-03-19
    listed $99,000 Active
23. 2026-03-19
    listed $99,000 Active
24. 2023-05-25
    soldstatus $82,500 Closed
25. 2023-05-25
    soldstatus $82,500 Closed
26. 2023-02-16
    status Pending
27. 2023-02-16
    status Pending
28. 2022-12-12
    status Active
29. 2022-12-12
    status Active
30. 2022-10-15
    status Pending
31. 2022-10-15
    status Pending
32. 2022-07-08
    price $89,900
33. 2022-07-08
    price $89,900
34. 2022-06-10
    listed $95,000 Active
35. 2022-06-10
    listed $95,000 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: $1,184 · $99/mo
• Projected year-2 tax: $1,184 · $99/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,224
• − Mortgage interest: −$5,434
• − Property taxes: −$1,184
• − Insurance: −$485
• − Repairs & maintenance: −$2,498
• − Management: −$2,498
• − Depreciation: −$2,822
• Taxable income: $16,304
• Est. tax owed @ 24.0%: −$3,913
• After-tax cash flow: $12,981/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

+2.1% since first listed

17 events — show timeline

• 2026-05-19 Listed $97,000 IRMLS
• 2026-05-19 Listed $97,000 MIBOR as Distributed by MLS Grid
• 2026-04-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-19 Listed $99,000 IRMLS
• 2026-03-19 Listed $99,000 MIBOR as Distributed by MLS Grid
• 2023-05-25 Sold (MLS) $82,500 MIBOR as Distributed by MLS Grid
• 2023-05-25 Sold (MLS) $82,500 IRMLS
• 2023-02-16 Pending — IRMLS
• 2023-02-16 Pending — MIBOR as Distributed by MLS Grid
• 2022-12-12 Relisted — IRMLS
• 2022-12-12 Relisted — MIBOR as Distributed by MLS Grid
• 2022-10-15 Pending — MIBOR as Distributed by MLS Grid
• 2022-10-15 Pending — IRMLS
• 2022-07-08 Price Changed $89,900 IRMLS
• 2022-07-08 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2022-06-10 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2022-06-10 Listed $95,000 IRMLS

Property tax history

-0.4%/yr

Latest (2024): $1,184 · +17.7% YoY. Source: county tax records.