709 Wheeling Ave · Muncie, IN 47303

$189,900

4 bd · 2.0 ba · 2,846 sqft · MultiFamily public records · 224 Days on market

Built 1900 6,250 sqft lot $67/sqft · 27% above area Est $171k · 11% over ↓ 17% since listing

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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 +23.0/30.0
• DSCR +7.4/10.0
• 1% rule +6.3/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• ARV discount +2.7/15.0
• 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 MLS

Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

Key facts

• Two kitchens
• Private balcony
• Den with fireplace

Tags

• PRIVATE BALCONY
• TWO KITCHENS
• ENCLOSED FRONT PORCH
• DEN WITH FIREPLACE
• AMPLE ON-SITE PARKING
• REAR CONCRETE PARKING PAD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 (+7.8%/yr); 112 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• At $2,154/mo this rent would consume 54% of the median local household income ($48k/yr) (locally 1434% 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 $1k of loan paydown is wiped out by about $6k 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 + 7.8% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $21k (10%) 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 $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.13% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.61%
• DSCR: 1.34
• GRM: 7.3

CMA / ARV

• ARV (median comp): $171,455
• List price: $189,900
• Delta: 10.76%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 S Liberty St	0.54mi	4/4.0	2,928 (+3%)	10mo	$190,000	$65	54
705 W Riverside Ave	0.10mi	5/2.0 (+1)	2,448 (-14%)	24mo	$218,000	$89	47
800 W Charles St	0.62mi	3/3.0 (-1)	2,500 (-12%)	10mo	$75,536	$30	34

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $1,664
• Equity at exit: $28,315

10-year hold

• IRR: 14.9%
• Equity multiple: 2.48×
• Total profit: $78,781
• Equity at exit: $16,419

Cash invested: $53,172 (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 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,154 high
• Mortgage (P&I): −$996
• Tax from tax record: −$290 /mo · $3,476/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $337

Break-even live

Break-even rent $1,727

Max offer price $189,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,108
1× unit	2	1	$1,047
Total (2 units)			$2,154

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-15
   status $189,900 Pending 224 DOM
2. 2026-06-15
   days on market $189,900 Active 224 DOM
3. 2026-06-14
   days on market $189,900 Active 222 DOM
4. 2026-06-13
   days on market $189,900 Active 221 DOM
5. 2026-06-10
   days on market $189,900 Active 219 DOM
6. 2026-06-09
   days on market $189,900 Active 218 DOM
7. 2026-06-08
   days on market $189,900 Active 217 DOM
8. 2026-06-07
   days on market $189,900 Active 216 DOM
9. 2026-06-05
   days on market $189,900 Active 213 DOM
10. 2026-06-03
    days on market $189,900 Active 212 DOM
11. 2026-06-02
    days on market $189,900 Active 211 DOM
12. 2026-06-01
    days on market $189,900 Active 210 DOM
13. 2026-05-31
    days on market $189,900 Active 209 DOM
14. 2026-05-30
    days on market $189,900 Active 208 DOM
15. 2026-05-11
    status Active 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

16. 2026-05-11
    price $189,900 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

17. 2026-05-11
    status Active 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

18. 2026-05-11
    price $189,900 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

19. 2026-04-24
    status Pending 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

20. 2026-04-24
    status Pending 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

21. 2026-01-07
    price $200,000 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

22. 2026-01-07
    price $200,000 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

23. 2025-10-29
    listed $210,900 Active 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

24. 2025-08-06
    listed $210,900 Active 867-char remark

    Show marketing remark (867 chars)

    Spacious 5-bedroom, 2-bath home offering excellent flexibility near Ball State University and Downtown Muncie. Ideal for an owner-occupant seeking generous living space or for investors pursuing student-housing potential. The upper-level bedroom with a private balcony overlooks the White River and can serve as a guest room, additional bedroom, or versatile living area. Interior features include two kitchens, an enclosed front porch, a den with fireplace, and expansive living and dining areas that accommodate a variety of uses. Ample on-site parking includes a driveway from Wheeling Avenue connecting to a rear concrete parking pad with additional alley access. Conveniently situated near Ball State University, Downtown Muncie, restaurants, museums, shopping, and essential services-an excellent opportunity to build equity in a prime, well-connected location.

25. 2023-06-23
    soldstatus $195,000 Closed
26. 2023-05-22
    status Pending
27. 2023-05-08
    price $199,900
28. 2023-05-08
    price $199,900
29. 2023-04-28
    price $214,900
30. 2023-04-17
    listed $229,900 Active
31. 2023-04-17
    listed $229,900 Active
32. 2023-04-17
    listed $229,900 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: $3,476 · $290/mo
• Projected year-2 tax: $3,476 · $290/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 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: $25,848
• − Mortgage interest: −$10,637
• − Property taxes: −$3,476
• − Insurance: −$950
• − Repairs & maintenance: −$2,068
• − Management: −$2,068
• − Depreciation: −$5,524
• Taxable income: $1,125
• Est. tax owed @ 24.0%: −$270
• After-tax cash flow: $3,774/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

-17.4% since first listed

18 events — show timeline

• 2026-05-11 Relisted — IRMLS
• 2026-05-11 Price Changed $189,900 IRMLS
• 2026-05-11 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-11 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2026-04-24 Pending — IRMLS
• 2026-04-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-07 Price Changed $200,000 IRMLS
• 2026-01-07 Price Changed $200,000 MIBOR as Distributed by MLS Grid
• 2025-10-29 Listed $210,900 IRMLS
• 2025-08-06 Listed $210,900 MIBOR as Distributed by MLS Grid
• 2023-06-23 Sold (MLS) $195,000 IRMLS
• 2023-05-22 Pending — IRMLS
• 2023-05-08 Price Changed $199,900 IRMLS
• 2023-05-08 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2023-04-28 Price Changed $214,900 IRMLS
• 2023-04-17 Listed $229,900 IRMLS
• 2023-04-17 Listed $229,900 MIBOR as Distributed by MLS Grid
• 2023-04-17 Listed $229,900 IRMLS

Property tax history

-3.4%/yr

Latest (2024): $3,476 · +10.6% YoY. Source: county tax records.