408 W Centennial Ave · Muncie, IN 47303

$155,000

2 bd · 1.0 ba · 750 sqft · SingleFamily public records · 12 Days on market

Built 1937 6,534 sqft lot $207/sqft · 214% above area Est $194k · 20% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +6.2/30.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• 1% rule +1.1/10.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity. !! This nice property features 2 separate homes on one parcel conveniently located near BSU, IU Health, Minnetrista, Farmers market, Cardinal Greenway and Downtown Muncie. Both homes have 2 Bedrooms, 1 Bath and a Laundry Room. Vinyl plank flooring, updated kitchens and baths make these properties move-in ready. There is plenty of parking, a fenced-in yard, and a nice corner lot. Each unit is currently leased until 7/26/26. One unit is leased at $800 monthly and the second unit is $850 monthly. Tenants pay all utilities. Great property, great price!

Key facts

• Updated baths
• 2 separate homes
• Updated kitchens

Tags

• 2 SEPARATE HOMES
• FENCED-IN YARD
• CORNER LOT
• UPDATED KITCHENS
• UPDATED BATHS
• VINYL PLANK FLOORING

Property features AI

Finance

• Financial info: Gross annual income reported: $19,800; Expenses reported: $0; Two rental units with monthly rents of $800 and $850

Exterior

• Utilities: No solid waste service (per listing)
• Home design: Duplex (residential income property); Converted property
• Construction: Block foundation and crawl space; One-story
• Exterior features: Frontage road access

Interior

• Kitchen: Unit 1 kitchen (area listed); Unit 2 kitchen (area listed)
• Bedrooms: Two 2-bedroom units (each on one level)
• Heating & cooling: Electric baseboard heating
• Interior features: Partial, unfinished basement; Laundry room
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-285 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (32.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (38.8% below list).
• Recommended offer: $95k (38.8% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 6.0% in Muncie — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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) — zoned schools at 70% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 22% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Muncie Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 40 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 $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.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $45k; list at $155k implies a 244% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $94,802 (38.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.61% ✗
• Cap rate: 4.08%
• Cash-on-cash: -7.89%
• DSCR: 0.65
• GRM: 13.6

CMA / ARV

• ARV (median comp): $193,752
• List price: $155,000
• Delta: -20.00%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 W Weber Dr	0.09mi	2/1.0	832 (+11%)	2mo	$108,000	$130	76
404 W Centennial Ave	0.01mi	2/1.0	720 (-4%)	24mo	$91,900	$128	73
1625 N New York Ave	0.56mi	2/1.0	752 (+0%)	1mo	$90,000	$120	73
3005 N Pauline Ave	0.64mi	2/1.0	780 (+4%)	8mo	$106,000	$136	57
2016 N Ball Ave	0.68mi	2/1.0	720 (-4%)	8mo	$80,000	$111	55
2216 N Milton St	0.29mi	2/1.0	824 (+10%)	23mo	$92,700	$113	51
2304 N Northwood Ave	0.53mi	2/1.0	780 (+4%)	23mo	$130,000	$167	49
1801 N New York Ave	0.57mi	3/1.0 (+1)	728 (-3%)	22mo	$115,000	$158	45
3009 N Reserve St	0.63mi	2/1.0	816 (+9%)	21mo	$55,000	$67	39

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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: -25.2%
• Equity multiple: 0.11×
• Total profit: $-38,507
• Equity at exit: $23,111

10-year hold

• IRR: -11.4%
• Equity multiple: 0.19×
• Total profit: $-35,223
• Equity at exit: $13,402

Cash invested: $43,400 (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 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $948 high
• Mortgage (P&I): −$813
• Tax from tax record: −$157 /mo · $1,884/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $-285

Break-even live

Break-even rent $1,309

Max offer price $104,568

Occupancy floor —

Sensitivity live

Price	-10% $-198	-5% $-242	+0% $-285	+5% $-329	+10% $-373
Rent	-10% $-360	-5% $-323	+0% $-285	+5% $-248	+10% $-211
Rate	-1.0pp $-207	-0.5pp $-246	base $-285	+0.5pp $-326	+1.0pp $-367

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	44d	1	0.12mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$799	$0.77	44d	1	0.22mi
1010 W Bethel Ave Muncie, IN	1.0	1.0	700	$874	$1.25	44d	13	0.37mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	44d	1	0.39mi
1403 N Linden St Muncie, IN	1.0	1.0	760	$890	$1.17	44d	1	0.39mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$799	$0.98	44d	3	0.41mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	44d	13	0.45mi
824 W Wayne St Muncie, IN	1.0	1.0	710	$795	$1.12	44d	1	0.51mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	44d	1	0.56mi
2600 N Wheeling Ave Muncie, IN	2.0–3.0	1.0	1024	$915	$0.89	44d	1	0.58mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	44d	1	0.60mi
520 N Alameda Ave Unit A Muncie, IN	1.0	1.0	750	$895	$1.19	44d	1	0.72mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	44d	10	0.73mi
1801 N Glenwood Ave Muncie, IN	2.0	1.0	1096	$1,250	$1.14	44d	1	0.74mi
1701 N Rosewood Ave Muncie, IN	2.0	1.0	750	$1,405	$1.87	44d	1	0.80mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	0.92mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	0.93mi
2000 N Oakwood Ave Muncie, IN	2.0	1.0	626	$825	$1.32	44d	1	0.98mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	44d	1	1.00mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.00mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,112	$1.26	44d	7	1.03mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	1.03mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$900	$1.13	44d	1	1.04mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	44d	2	1.04mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.06mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	1.09mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	44d	1	1.11mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.12mi
3906 N Franklin St Apt 1 Muncie, IN	2.0	1.0	972	$972	$1.00	44d	1	1.15mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.15mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	44d	5	1.17mi
3910 N Franklin St Muncie, IN	2.0	1.5	1008	$999	$0.99	44d	2	1.18mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$964	$1.10	44d	5	1.18mi
210 N Martin St Muncie, IN	1.0	1.0	640	$742	$1.16	44d	3	1.21mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.22mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	1.22mi
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	44d	1	1.25mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	44d	1	1.28mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	44d	3	1.28mi
1408 W White River Blvd Muncie, IN	1.0	1.0	610	$938	$1.54	44d	1	1.31mi

Listing history 11 events

1. 2026-05-14
   listed $155,000 Active 584-char remark

   Show marketing remark (584 chars)

   Great investment opportunity. !! This nice property features 2 separate homes on one parcel conveniently located near BSU, IU Health, Minnetrista, Farmers market, Cardinal Greenway and Downtown Muncie. Both homes have 2 Bedrooms, 1 Bath and a Laundry Room. Vinyl plank flooring, updated kitchens and baths make these properties move-in ready. There is plenty of parking, a fenced-in yard, and a nice corner lot. Each unit is currently leased until 7/26/26. One unit is leased at $800 monthly and the second unit is $850 monthly. Tenants pay all utilities. Great property, great price!

2. 2026-05-14
   listed $155,000 Active 585-char remark

   Show marketing remark (584 chars)

   Great investment opportunity. !! This nice property features 2 separate homes on one parcel conveniently located near BSU, IU Health, Minnetrista, Farmers market, Cardinal Greenway and Downtown Muncie. Both homes have 2 Bedrooms, 1 Bath and a Laundry Room. Vinyl plank flooring, updated kitchens and baths make these properties move-in ready. There is plenty of parking, a fenced-in yard, and a nice corner lot. Each unit is currently leased until 7/26/26. One unit is leased at $800 monthly and the second unit is $850 monthly. Tenants pay all utilities. Great property, great price!

3. 2023-10-08
   historical $800
4. 2023-10-02
   listed $800
5. 2023-04-05
   soldstatus $45,000 Closed

   Show marketing remark (214 chars)

   Looking for a great investment opportunity? Here is your chance. New flooring, faucets, paint and trim in 2022. Water Heater new 7/2021. Chimney and foundation repair completed. Laundry has been added to bedroom 1.

6. 2023-02-25
   status Pending

   Show marketing remark (214 chars)

   Looking for a great investment opportunity? Here is your chance. New flooring, faucets, paint and trim in 2022. Water Heater new 7/2021. Chimney and foundation repair completed. Laundry has been added to bedroom 1.

7. 2023-01-17
   price $59,900

   Show marketing remark (214 chars)

   Looking for a great investment opportunity? Here is your chance. New flooring, faucets, paint and trim in 2022. Water Heater new 7/2021. Chimney and foundation repair completed. Laundry has been added to bedroom 1.

8. 2022-11-03
   price $67,000

   Show marketing remark (214 chars)

   Looking for a great investment opportunity? Here is your chance. New flooring, faucets, paint and trim in 2022. Water Heater new 7/2021. Chimney and foundation repair completed. Laundry has been added to bedroom 1.

9. 2022-10-10
   price $72,500

   Show marketing remark (214 chars)

   Looking for a great investment opportunity? Here is your chance. New flooring, faucets, paint and trim in 2022. Water Heater new 7/2021. Chimney and foundation repair completed. Laundry has been added to bedroom 1.

10. 2022-10-01
    price $75,000

    Show marketing remark (214 chars)

    Looking for a great investment opportunity? Here is your chance. New flooring, faucets, paint and trim in 2022. Water Heater new 7/2021. Chimney and foundation repair completed. Laundry has been added to bedroom 1.

11. 2022-09-23
    listed $80,000 Active

    Show marketing remark (214 chars)

    Looking for a great investment opportunity? Here is your chance. New flooring, faucets, paint and trim in 2022. Water Heater new 7/2021. Chimney and foundation repair completed. Laundry has been added to bedroom 1.

ⓘ 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: $1,884 · $157/mo
• Projected year-2 tax: $1,884 · $157/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: $11,376
• − Mortgage interest: −$8,682
• − Property taxes: −$1,884
• − Insurance: −$775
• − Repairs & maintenance: −$910
• − Management: −$910
• − Depreciation: −$4,509
• Taxable loss: −$6,294
• Est. tax savings @ 24.0%: +$1,511
• After-tax cash flow: $-1,915/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): 24,392
• Household income: $47,674
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1434.0

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 (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -50.45%
• Current HPI: 229.8654
• Rent YoY: ▲ 7.80%
• 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

+93.8% since first listed

13 events — show timeline

• 2026-05-27 Pending — IRMLS
• 2026-05-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $155,000 IRMLS
• 2023-10-08 Rental Removed $800 APPFOLIO
• 2023-10-02 Listed for Rent $800 APPFOLIO
• 2023-04-05 Sold (MLS) $45,000 IRMLS
• 2023-02-25 Pending — IRMLS
• 2023-01-17 Price Changed $59,900 IRMLS
• 2022-11-03 Price Changed $67,000 IRMLS
• 2022-10-10 Price Changed $72,500 IRMLS
• 2022-10-01 Price Changed $75,000 IRMLS
• 2022-09-23 Listed $80,000 IRMLS

Property tax history

+29.5%/yr

Latest (2024): $1,884 · +4.3% YoY. Source: county tax records.