1822 W 7th St · Muncie, IN 47302

$57,000

3 bd · 1.0 ba · 978 sqft · SingleFamily public records · 46 Days on market

Built 1900 4,792 sqft lot $58/sqft · 21% below area Est $73k · 21% under ↓ 18% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Perfect 2 bedroom starter home or investment property. With a little TLC this house could become the perfect home! Large lot with fenced in yard and shed. Outbuilding is in need of some work but has potential. Inside you will find a large living room dining room combo. 2 bedrooms. 3pc bathroom with large walk in shower. W/ D hook up.

Key facts

• Shed
• W d hook up
• Large lot

Tags

• LARGE LOT
• FENCED IN YARD
• SHED
• 3PC BATHROOM
• LARGE WALK IN SHOWER
• W D HOOK UP

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story single family residence; Site-built home; Entry faces W 7th St / corner of Rochester and W 7th
• Construction: Aluminum siding
• Exterior features: Enclosed porch; Chain link fencing; Shed on property; Corner lot

Interior

• Bedrooms: 5 total rooms
• Flooring: Hardwood; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Ceiling fan cooling (no central air)
• Interior features: Ceiling fans
• Laundry & utility: Laundry on the main level; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $55k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.7% 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; 34 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 $394 of loan paydown is wiped out by about $2k 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 $16k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $7k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $55,290 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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.
7. 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.
8. 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: 1.86% ✓
• Cap rate: 15.67%
• Cash-on-cash: 33.50%
• DSCR: 2.49
• GRM: 4.5

CMA / ARV

• ARV (median comp): $72,540
• List price: $57,000
• Delta: -21.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2320 W 10th St	0.40mi	3/1.0	960 (-2%)	3mo	$73,000	$76	76
1913 W 10th St	0.21mi	2/1.0 (-1)	1,052 (+8%)	4mo	$95,000	$90	69
2233 W 11th St	0.39mi	3/1.5	1,034 (+6%)	4mo	$125,000	$121	67
1436 W 14th St	0.47mi	2/1.0 (-1)	952 (-3%)	5mo	$95,000	$100	65
1800 W 13th St	0.36mi	2/1.0 (-1)	896 (-8%)	0mo	$97,000	$108	64
1514 W Memorial Dr	0.33mi	2/1.5 (-1)	1,056 (+8%)	0mo	$85,000	$80	64
1617 W 16th St	0.57mi	3/1.0	894 (-9%)	2mo	$100,000	$112	58
2504 W 8th St	0.43mi	3/1.0	1,116 (+14%)	3mo	$115,000	$103	54
1400 W 13th St	0.47mi	3/1.5	1,124 (+15%)	0mo	$104,900	$93	51
409 S Celia Ave	0.72mi	3/1.0	1,044 (+7%)	5mo	$126,000	$121	50
802 W 13th St	0.73mi	2/1.0 (-1)	1,040 (+6%)	2mo	$92,000	$88	48
2003 S Phillip Dr	0.69mi	3/1.0	1,100 (+12%)	3mo	$125,000	$114	45

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: 32.3%
• Equity multiple: 2.42×
• Total profit: $22,587
• Equity at exit: $8,499

10-year hold

• IRR: 41.0%
• Equity multiple: 5.47×
• Total profit: $71,275
• Equity at exit: $4,928

Cash invested: $15,960 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,063 high
• Mortgage (P&I): −$299
• Tax est. 1.5%: −$71 /mo · $855/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $446

Break-even live

Break-even rent $499

Max offer price $57,000

Occupancy floor 53%

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	43d	7	0.46mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	43d	1	0.49mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	43d	1	0.61mi
715 S Cole Ave Muncie, IN	1.0–2.0	1.0	462	$995	$2.15	43d	6	0.63mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	43d	1	0.63mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	0.70mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	43d	1	0.70mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	43d	1	0.71mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	43d	2	0.79mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	43d	1	0.79mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	0.81mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	43d	3	0.85mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	0.88mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	43d	1	0.94mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	43d	1	0.96mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	43d	3	0.96mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	43d	5	0.97mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	43d	1	1.00mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$1,125	$1.42	43d	1	1.02mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	1.03mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	1.03mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	43d	7	1.07mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	1.07mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	43d	1	1.08mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	43d	1	1.08mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	43d	1	1.16mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	43d	1	1.16mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	43d	1	1.20mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	43d	1	1.27mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	1.28mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	43d	10	1.30mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	43d	1	1.40mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	43d	1	1.43mi
1001 N Tillotson Ave Unit 6 Muncie, IN	2.0	1.0	650	$875	$1.35	43d	1	1.49mi

Listing history 22 events

1. 2026-06-09
   status $57,000 Pending 46 DOM
2. 2026-06-08
   days on market $57,000 Active 46 DOM
3. 2026-06-07
   days on market $57,000 Active 45 DOM
4. 2026-06-05
   days on market $57,000 Active 42 DOM
5. 2026-06-03
   days on market $57,000 Active 41 DOM
6. 2026-06-02
   pricedays on market $57,000 Active 40 DOM
7. 2026-06-01
   days on market $61,500 Active 39 DOM
8. 2026-05-31
   days on market $61,500 Active 38 DOM
9. 2026-05-30
   days on market $61,500 Active 37 DOM
10. 2026-05-11
    price $61,500 335-char remark
11. 2026-05-11
    price $61,500
12. 2026-04-23
    listed $63,900 Active 335-char remark
13. 2026-04-23
    listed $63,900 Active
14. 2026-04-10
    historical
15. 2026-01-28
    status Active
16. 2026-01-28
    price $64,900
17. 2026-01-28
    status Active
18. 2026-01-28
    price $64,900
19. 2026-01-14
    status Pending
20. 2026-01-14
    status Pending
21. 2025-10-10
    listed $69,900 Active
22. 2025-10-10
    listed $69,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $12,752
• − Mortgage interest: −$3,193
• − Property taxes: −$855
• − Insurance: −$285
• − Repairs & maintenance: −$1,020
• − Management: −$1,020
• − Depreciation: −$1,658
• Taxable income: $4,720
• Est. tax owed @ 24.0%: −$1,133
• After-tax cash flow: $4,214/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

-18.5% since first listed

16 events — show timeline

• 2026-06-08 Pending — IRMLS
• 2026-06-01 Price Changed $57,000 IRMLS
• 2026-06-01 Price Changed $57,000 MIBOR as Distributed by MLS Grid
• 2026-05-11 Price Changed $61,500 IRMLS
• 2026-05-11 Price Changed $61,500 MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $63,900 IRMLS
• 2026-04-23 Listed $63,900 MIBOR as Distributed by MLS Grid
• 2026-04-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-01-28 Relisted — IRMLS
• 2026-01-28 Price Changed $64,900 IRMLS
• 2026-01-28 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-28 Price Changed $64,900 MIBOR as Distributed by MLS Grid
• 2026-01-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-14 Pending — IRMLS
• 2025-10-10 Listed $69,900 IRMLS
• 2025-10-10 Listed $69,900 MIBOR as Distributed by MLS Grid

Property tax history

-22.3%/yr

Latest (2024): $108 · +0.0% YoY. Source: county tax records.