2234 W Memorial Dr · Muncie, IN 47302

$239,900

3 bd · 2.0 ba · 1,878 sqft · MultiFamily public records · 4 Days on market

Built 1941 0.34 ac lot

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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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

4 units, 2 units each bldg 2 lots 2200 memorial Dr. sold as is. Long tern tenants. Gross monthly rent $2150 all currently month to month. 3 electric meters, 4 gas meters and 2 water meters.

Key facts

• Renovated bathroom
• New siding
• Brand new roof

Tags

• BRAND NEW ROOF
• NEW SIDING
• LUXURY VINYL PLANK FLOORING
• RENOVATED BATHROOM

Property features AI

Finance

• Other: Current use: Apartments (fewer than 20 units); Lot size approximately 0.34 acre
• Financial info: Four total rental units; Gross income approximately $40,620; Net operating income approximately $31,888; Operating expenses approximately $8,732; Typical monthly rents shown: $750, $745, $945, $945

Exterior

• Security: Smoke detector(s)
• Utilities: Solid waste service available; Owner pays gas, water, sewer and trash collection
• Home design: Residential income property (quadruplex)
• Exterior features: Low-maintenance property; Access road to the lot

Interior

• Kitchen: Unit kitchens (sizes vary: approximately 10x10 and 8x8)
• Bedrooms: Three 2-bedroom units; One 1-bedroom unit
• Interior features: Smoke detectors installed

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive. Per door: $262/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 8.9% 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 (+6.1%/yr); 148 active listings in the ZIP; 6 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).
• At $2,525/mo this rent would consume 63% of the median local household income ($48k/yr) (locally 1150% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $60k; list at $240k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.05% ✓
• Cap rate: 8.92%
• Cash-on-cash: 9.37%
• DSCR: 1.42
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $144,606
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1421-1423 S Perkins Ave	0.54mi	4/2.0 (+1)	1,630 (-13%)	10mo	$125,000	$77	40

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,595
• Equity at exit: $35,770

10-year hold

• IRR: 13.3%
• Equity multiple: 2.20×
• Total profit: $80,591
• Equity at exit: $20,742

Cash invested: $67,172 (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: 15.8×

Monthly cashflow live

• Estimated rent: $2,525 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$112 /mo · $1,348/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$530
• Net cashflow: $524

Break-even live

Break-even rent $1,861

Max offer price $239,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$2,526
Total (2 units)			$2,525

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	43d	1	0.13mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	43d	1	0.89mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	43d	1	0.94mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	43d	1	1.07mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	43d	1	1.09mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	43d	1	1.43mi

Listing history 5 events

1. 2026-06-19
   days on market $239,900 Active 4 DOM
2. 2026-06-18
   days on market $239,900 Active 3 DOM
3. 2026-06-17
   days on market $239,900 Active 2 DOM
4. 2026-06-15
   remarks 578-char remark
5. 2026-06-15
   listed $239,900 Active 1 DOM

ⓘ 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: $1,348 · $112/mo
• Projected year-2 tax: $1,694 · $141/mo
• Expected delta: +$346/yr (+$29/mo · 25.6%)

ⓘ 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 (shaded) · 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: $30,300
• − Mortgage interest: −$13,438
• − Property taxes: −$1,348
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,424
• − Management: −$2,424
• − Depreciation: −$6,979
• Taxable income: $2,487
• Est. tax owed @ 24.0%: −$597
• After-tax cash flow: $5,696/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

+283.8% since first listed

3 events — show timeline

• 2026-06-13 Listed $239,900 MIBOR as Distributed by MLS Grid
• 2021-04-08 Sold (MLS) $60,000 MIBOR as Distributed by MLS Grid
• 2021-03-15 Listed $62,500 MIBOR as Distributed by MLS Grid

Property tax history

-7.8%/yr

Latest (2024): $1,348 · +0.0% YoY. Source: county tax records.