2006 S Walnut St · Muncie, IN 47302

$59,900

3 bd · 1.0 ba · 1,196 sqft · SingleFamily public records · 21 Days on market

Built 1912 5,000 sqft lot Est $83k · 27% under

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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 MLS

Opportunity awaits with this 3 bedroom, 1 bath home ready for your personal touch! Featuring a main level laundry room, partial basement, front porch, and rear parking, this property offers plenty of potential for an owner-occupant or investor. Bring your ideas and make this home your own!

Key facts

• Rear parking
• Partial basement
• Front porch

Tags

• MAIN LEVEL LAUNDRY ROOM
• PARTIAL BASEMENT
• FRONT PORCH
• REAR PARKING

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One-level home
• Construction: Aluminum siding; Block and brick/mortar foundation
• Exterior features: Less than 1/4 acre lot (0.12 acre)

Interior

• Kitchen: No appliances reported
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); No cooling reported
• Interior features: Attic access; Basement present
• Laundry & utility: Main-level laundry room (8x8)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: South View Elementary School (math 8% / reading 11%, grade F, #932 of 994 statewide, top 94%, 445 students, 92% FRL) — zoned schools average 92% FRL vs 68% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Muncie Community Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 36 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 $414 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 3 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 $17k; list at $60k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1912 — 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: 1.76% ✓
• Cap rate: 14.60%
• Cash-on-cash: 29.68%
• DSCR: 2.32
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $82,524
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2004 S High St	0.06mi	3/1.0	1,092 (-9%)	5mo	$72,000	$66	78
1702 S High St	0.22mi	2/1.0 (-1)	1,096 (-8%)	3mo	$59,000	$54	68
2107 S Elm St	0.16mi	2/1.0 (-1)	1,072 (-10%)	8mo	$40,000	$37	64
2823 S Vine St	0.68mi	3/1.0	1,157 (-3%)	1mo	$112,500	$97	62
2307 S Jefferson St	0.22mi	2/1.0 (-1)	1,328 (+11%)	6mo	$40,000	$30	61
617 W 15th St	0.37mi	2/1.0 (-1)	1,092 (-9%)	5mo	$108,000	$99	59
2005 S Beacon St	0.58mi	3/1.0	1,068 (-11%)	6mo	$115,875	$108	50
1609 S Gharkey St	0.50mi	4/2.0 (+1)	1,288 (+8%)	6mo	$65,000	$50	50
802 W 13th St	0.47mi	2/1.0 (-1)	1,040 (-13%)	2mo	$92,000	$88	49
1921 S Hackley St	0.46mi	3/2.0	1,372 (+15%)	2mo	$95,000	$69	49
1014 W 10th St	0.65mi	2/1.0 (-1)	1,081 (-10%)	6mo	$64,000	$59	44
1206 W 15th St	0.75mi	4/1.0 (+1)	1,326 (+11%)	0mo	$122,400	$92	42

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: 27.7%
• Equity multiple: 2.20×
• Total profit: $20,136
• Equity at exit: $8,931

10-year hold

• IRR: 37.0%
• Equity multiple: 4.97×
• Total profit: $66,509
• Equity at exit: $5,179

Cash invested: $16,772 (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: 4.7×

Monthly cashflow live

• Estimated rent: $1,054 high
• Mortgage (P&I): −$314
• Tax from tax record: −$79 /mo · $944/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $415

Break-even live

Break-even rent $529

Max offer price $59,900

Occupancy floor 56%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	0.12mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	0.13mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	0.16mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	0.21mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	0.23mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	44d	1	0.28mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	44d	1	0.29mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	0.34mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	44d	1	0.36mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	0.45mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	44d	1	0.50mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	44d	1	0.50mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	44d	1	0.52mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	44d	1	0.75mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	44d	1	0.82mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	0.85mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	44d	1	0.92mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.93mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	0.96mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	0.98mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	1.00mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	1.00mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	44d	1	1.01mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.03mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	1.04mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.10mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	44d	1	1.15mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	44d	2	1.16mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	44d	1	1.21mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.23mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	44d	1	1.26mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	1.26mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.29mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	44d	1	1.33mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.36mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	44d	1	1.40mi

Listing history 20 events

1. 2026-06-19
   days on market $59,900 Active 21 DOM
2. 2026-06-18
   days on market $59,900 Active 20 DOM
3. 2026-06-17
   days on market $59,900 Active 19 DOM
4. 2026-06-16
   days on market $59,900 Active 18 DOM
5. 2026-06-15
   days on market $59,900 Active 17 DOM
6. 2026-06-14
   days on market $59,900 Active 15 DOM
7. 2026-06-13
   days on market $59,900 Active 14 DOM
8. 2026-06-10
   days on market $59,900 Active 12 DOM
9. 2026-06-09
   days on market $59,900 Active 11 DOM
10. 2026-06-08
    days on market $59,900 Active 10 DOM
11. 2026-06-07
    days on market $59,900 Active 9 DOM
12. 2026-06-05
    days on market $59,900 Active 6 DOM
13. 2026-06-03
    days on market $59,900 Active 5 DOM
14. 2026-06-02
    days on market $59,900 Active 4 DOM
15. 2026-06-01
    days on market $59,900 Active 3 DOM
16. 2026-05-31
    days on market $59,900 Active 2 DOM
17. 2026-05-29
    listed $59,900 Active

    Show marketing remark (290 chars)

    Opportunity awaits with this 3 bedroom, 1 bath home ready for your personal touch! Featuring a main level laundry room, partial basement, front porch, and rear parking, this property offers plenty of potential for an owner-occupant or investor. Bring your ideas and make this home your own!

18. 2026-05-29
    listed $59,900 Active 290-char remark

    Show marketing remark (290 chars)

    Opportunity awaits with this 3 bedroom, 1 bath home ready for your personal touch! Featuring a main level laundry room, partial basement, front porch, and rear parking, this property offers plenty of potential for an owner-occupant or investor. Bring your ideas and make this home your own!

19. 2019-04-15
    soldstatus $17,000 203-char remark

    Show marketing remark (203 chars)

    Move in now! Priced under $25,000. Clean Large 1 story 3 bedroom home. This home has many updates, hardwood floors and some new windows and doors. The basement offers easy access to plumbing and systems.

20. 2019-01-25
    listed $24,900 203-char remark

    Show marketing remark (203 chars)

    Move in now! Priced under $25,000. Clean Large 1 story 3 bedroom home. This home has many updates, hardwood floors and some new windows and doors. The basement offers easy access to plumbing and systems.

ⓘ 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: $944 · $79/mo
• Projected year-2 tax: $944 · $79/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 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: $12,648
• − Mortgage interest: −$3,355
• − Property taxes: −$944
• − Insurance: −$300
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$1,743
• Taxable income: $4,283
• Est. tax owed @ 24.0%: −$1,028
• After-tax cash flow: $3,951/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

+140.6% since first listed

4 events — show timeline

• 2026-05-29 Listed $59,900 IRMLS
• 2026-05-29 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2019-04-15 Sold (MLS) $17,000 IRMLS
• 2019-01-25 Listed $24,900 IRMLS

Property tax history

-6.0%/yr

Latest (2024): $944 · +17.4% YoY. Source: county tax records.