2812 S Liberty St · Muncie, IN 47302

$98,000

3 bd · 1.0 ba · 1,007 sqft · SingleFamily public records · 17 Days on market

Built 1890 6,534 sqft lot Est $98k · at est.

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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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.4/15.0
• 1% rule +6.0/10.0
• 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

Welcome to 2812 S Liberty Street! This fully remodeled, move-in-ready gem offers 3 bedrooms and 1 bathroom across 1,007 sq ft of beautifully designed living space. Step inside to find a stunning, fully redone kitchen complete with brand-new cabinetry, complemented by fresh paint and stylish new flooring that flow seamlessly throughout the entire home. Every inch of this lovely property has been thoughtfully refinished, offering a bright, modern feel. Perfect for anyone looking for a true turnkey home.

Key facts

• Fully remodeled
• Fresh paint
• Stylish new flooring

Tags

• FULLY REMODELED
• FULLY REDONE KITCHEN
• BRAND-NEW CABINETRY
• FRESH PAINT
• STYLISH NEW FLOORING
• THOUGHTFULLY REFINISHED

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Parking: Gravel parking
• Utilities: Public sewer
• Home design: Single-family residential, site-built home; Single-story
• Construction: Vinyl siding; Shingle roof; Concrete perimeter foundation; Built as site-built construction
• Exterior features: Covered porch; Level lot

Interior

• Kitchen: Kitchen island; Laminate counters
• Bedrooms: Bedrooms located on main level
• Flooring: Laminate flooring
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Kitchen island; Laminate countertops; One fireplace (no fireplace features specified)
• Laundry & utility: Laundry on main level; Gas water heater / water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $97k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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: 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: Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $678 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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,530 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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 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: 1.10% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.48%
• DSCR: 1.51
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $97,679
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2316 S Walnut St	0.40mi	3/1.0	956 (-5%)	5mo	$35,000	$37	69
226 E 16th St	0.48mi	2/1.0 (-1)	960 (-5%)	6mo	$50,000	$52	60
904 W 15th St	0.61mi	2/1.0 (-1)	1,012 (+0%)	10mo	$99,000	$98	58
3201 S Elm St	0.41mi	2/1.5 (-1)	1,073 (+7%)	6mo	$61,000	$57	58
2812 S Jefferson St	0.30mi	2/1.0 (-1)	1,110 (+10%)	8mo	$128,500	$116	58
802 W 13th St	0.68mi	2/1.0 (-1)	1,040 (+3%)	2mo	$92,000	$88	56
805 W 15th St	0.55mi	3/1.0	896 (-11%)	0mo	$91,000	$102	55
2004 S High St	0.60mi	3/1.0	1,092 (+8%)	5mo	$72,000	$66	54
617 W 15th St	0.51mi	2/1.0 (-1)	1,092 (+8%)	5mo	$108,000	$99	53
2107 S Elm St	0.60mi	2/1.0 (-1)	1,072 (+6%)	8mo	$40,000	$37	50
2823 S Vine St	0.52mi	3/1.0	1,157 (+15%)	2mo	$112,500	$97	50
2710 S Hackley St	0.67mi	2/1.0 (-1)	876 (-13%)	2mo	$109,900	$125	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: 3.9%
• Equity multiple: 1.16×
• Total profit: $4,270
• Equity at exit: $14,612

10-year hold

• IRR: 15.9%
• Equity multiple: 2.47×
• Total profit: $40,275
• Equity at exit: $8,473

Cash invested: $27,440 (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: $1,076 high
• Mortgage (P&I): −$514
• Tax from tax record: −$33 /mo · $396/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $262

Break-even live

Break-even rent $744

Max offer price $98,000

Occupancy floor 71%

Sensitivity live

Price	-10% $318	-5% $290	+0% $262	+5% $235	+10% $207
Rent	-10% $177	-5% $220	+0% $262	+5% $305	+10% $347
Rate	-1.0pp $312	-0.5pp $287	base $262	+0.5pp $237	+1.0pp $211

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	45d	1	0.37mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	45d	1	0.55mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	45d	1	0.56mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	45d	1	0.58mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	45d	1	0.58mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	45d	1	0.60mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	45d	1	0.68mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	45d	1	0.69mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	45d	1	0.71mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	45d	1	0.73mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	45d	1	0.77mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	45d	1	0.79mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	45d	1	0.83mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	45d	1	0.85mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	45d	1	0.86mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	45d	1	0.89mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	45d	1	1.00mi
4609 S Madison St Muncie, IN	3.0	1.0	1100	$1,150	$1.05	45d	1	1.18mi
4613 S Madison St Muncie, IN	2.0	1.0	772	$975	$1.26	45d	1	1.19mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	45d	1	1.27mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	45d	1	1.28mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	45d	1	1.29mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	45d	1	1.35mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	45d	1	1.42mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	45d	1	1.48mi

Listing history 7 events

1. 2026-06-19
   statusdays on market $98,000 Active 17 DOM
2. 2026-06-03
   statusdays on market $98,000 Pending 16 DOM
3. 2026-06-02
   days on market $98,000 Active Under Contract 15 DOM
4. 2026-06-01
   days on market $98,000 Active Under Contract 14 DOM
5. 2026-05-31
   days on market $98,000 Active Under Contract 13 DOM
6. 2026-05-30
   days on market $98,000 Active Under Contract 12 DOM
7. 2026-05-18
   listed $98,000 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: $396 · $33/mo
• Projected year-2 tax: $614 · $51/mo
• Expected delta: +$219/yr (+$18/mo · 55.2%)

ⓘ 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 ≥101°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: $12,915
• − Mortgage interest: −$5,490
• − Property taxes: −$396
• − Insurance: −$490
• − Repairs & maintenance: −$1,033
• − Management: −$1,033
• − Depreciation: −$2,851
• Taxable income: $1,622
• Est. tax owed @ 24.0%: −$389
• After-tax cash flow: $2,760/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

1 event — show timeline

• 2026-05-18 Listed $98,000 IRMLS

Property tax history

+3.9%/yr

Latest (2024): $396 · -0.0% YoY. Source: county tax records.