2802 S Hackley St · Muncie, IN 47302

$95,000

4 bd · 2.0 ba · 1,649 sqft · MultiFamily public records · 13 Days on market

Built 1900 6,534 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
• ARV discount +7.5/15.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investment opportunity featuring one occupied unit and one vacant unit ready for lease-up. Unit 2802 is currently rented at $650/month with tenant paying gas/electric, while Unit 2804 has a prospective Section 8 tenant approved at $800/month and expected to move in next month, bringing projected gross monthly income to $1,450/month. Tenants have historically paid their own utilities, helping keep operating expenses low. Recent improvements include updated flooring and interior finishes, along with a newer sump pump and gas heaters replaced within the last five years. This property offers additional value-add potential through future rent increases, operational efficiencies, and continued po

Key facts

• Newer sump pump
• Interior finishes
• Updated flooring

Tags

• UPDATED FLOORING
• INTERIOR FINISHES
• NEWER SUMP PUMP
• GAS HEATERS

Property features AI

Finance

• Financial info: Total of 2 units; Reported gross rental income: $1,200 per month; Reported expenses: $84 (frequency not specified); Unit rents: 1-bedroom unit $650/month, 2-bedroom unit $800/month

Exterior

• Utilities: Municipal storm sewer connection; Separate gas meters; Water service
• Home design: Duplex residential income property; Converted property; Two-story building
• Construction: Block and stone foundation
• Exterior features: Property currently used as apartments (fewer than 20 units); Frontage road access; Low-maintenance not indicated

Interior

• Kitchen: Each unit includes a kitchen
• Bedrooms: One 1-bedroom unit (single level); One 2-bedroom unit (single level)
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Finished basement
• Laundry & utility: Sump pump

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $95k.

Deal economics

• At list price, monthly cash flow is $999 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 18.9% 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; 10 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 $2,080/mo this rent would consume 52% 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 $657 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 7y 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 $18k; list at $95k implies a 428% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $95,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.19% ✓
• Cap rate: 18.92%
• Cash-on-cash: 45.09%
• DSCR: 3.01
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 45.7%
• Equity multiple: 3.07×
• Total profit: $54,995
• Equity at exit: $14,165

10-year hold

• IRR: 52.8%
• Equity multiple: 6.99×
• Total profit: $159,306
• Equity at exit: $8,214

Cash invested: $26,600 (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: 7.6×

Monthly cashflow live

• Estimated rent: $2,080 high
• Mortgage (P&I): −$498
• Tax from tax record: −$106 /mo · $1,272/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $999

Break-even live

Break-even rent $815

Max offer price $95,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,053	-5% $1,026	+0% $999	+5% $973	+10% $946
Rent	-10% $835	-5% $917	+0% $999	+5% $1,082	+10% $1,164
Rate	-1.0pp $1,047	-0.5pp $1,024	base $999	+0.5pp $975	+1.0pp $950

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,080
Total (2 units)			$2,080

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	44d	1	0.09mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	0.24mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	0.72mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	1.12mi
4412 S Clubhouse Rd Muncie, IN	3.0	2.0	1248	$1,210	$0.97	44d	2	1.15mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	1.18mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	44d	1	1.29mi
4609 S Madison St Muncie, IN	3.0	1.0	1100	$1,150	$1.05	44d	1	1.33mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	1.33mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,500	$1.54	44d	2	1.38mi

Listing history 12 events

1. 2026-06-19
   days on market $95,000 Active 13 DOM
2. 2026-06-18
   days on market $95,000 Active 12 DOM
3. 2026-06-17
   days on market $95,000 Active 11 DOM
4. 2026-06-16
   days on market $95,000 Active 10 DOM
5. 2026-06-15
   days on market $95,000 Active 9 DOM
6. 2026-06-14
   days on market $95,000 Active 7 DOM
7. 2026-06-13
   days on market $95,000 Active 6 DOM
8. 2026-06-10
   days on market $95,000 Active 4 DOM
9. 2026-06-09
   days on market $95,000 Active 3 DOM
10. 2026-06-08
    days on market $95,000 Active 2 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $95,000 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: $1,272 · $106/mo
• Projected year-2 tax: $1,272 · $106/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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $24,960
• − Mortgage interest: −$5,321
• − Property taxes: −$1,272
• − Insurance: −$475
• − Repairs & maintenance: −$1,997
• − Management: −$1,997
• − Depreciation: −$2,764
• Taxable income: $11,134
• Est. tax owed @ 24.0%: −$2,672
• After-tax cash flow: $9,321/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

+253.2% since first listed

11 events — show timeline

• 2026-06-06 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2020-05-14 Sold (MLS) $18,000 IRMLS
• 2020-02-12 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2020-02-12 Sold (MLS) $18,000 IRMLS
• 2019-12-11 Listed $26,900 MIBOR as Distributed by MLS Grid
• 2019-12-11 Listed $26,900 IRMLS
• 2019-12-11 Listed $26,900 IRMLS
• 2019-12-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-06-10 Listed $26,900 MIBOR as Distributed by MLS Grid
• 2019-06-06 Listed $26,900 IRMLS
• 2019-06-06 Listed $26,900 IRMLS

Property tax history

-3.5%/yr

Latest (2024): $1,272 · +0.8% YoY. Source: county tax records.