1303 S Liberty St · Muncie, IN 47302

$79,988

3 bd · 1.0 ba · 1,130 sqft · SingleFamily public records · 66 Days on market

Built 1890 1,904 sqft lot $71/sqft · 34% above area Est $60k · 34% over

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +8.2/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained with some updates that include newer gas furnace, some replacement windows, and some flooring. Easy access to a number of amenities including but not limited to public transit systems, retail commercial, downtown Muncie, and possible employment options. Nice sized covered front porch, fenced rear yard. Kitchen is an eat in and also has washer/dryer hookup. New HEG furnace installed 10/2025. Third room upstairs off of the smaller second bedroom. The 2 smaller rooms are great for extra space and storage.

Key facts

• Gas furnace
• Covered front porch
• Eat in kitchen

Tags

• GAS FURNACE
• REPLACEMENT WINDOWS
• COVERED FRONT PORCH
• FENCED REAR YARD
• EAT IN KITCHEN
• WASHER DRYER HOOKUP

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 40 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 $553 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 $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y 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 $80k implies a 344% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $75,188 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. 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.
8. 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.
9. 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: 1.32% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.84%
• DSCR: 1.57
• GRM: 6.3

CMA / ARV

• ARV (median comp): $59,588
• List price: $79,988
• Delta: 34.24%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1702 S High St	0.29mi	2/1.0 (-1)	1,096 (-3%)	3mo	$59,000	$54	74
1710 S Gharkey St	0.31mi	2/1.0 (-1)	1,160 (+3%)	8mo	$59,900	$52	69
2004 S High St	0.47mi	3/1.0	1,092 (-3%)	5mo	$72,000	$66	68
1400 W 13th St	0.73mi	3/1.5	1,124 (-0%)	0mo	$104,900	$93	63
1014 W 10th St	0.45mi	2/1.0 (-1)	1,081 (-4%)	6mo	$64,000	$59	62
617 W 15th St	0.57mi	2/1.0 (-1)	1,092 (-3%)	5mo	$108,000	$99	59
802 W 13th St	0.48mi	2/1.0 (-1)	1,040 (-8%)	2mo	$92,000	$88	57
2107 S Elm St	0.64mi	2/1.0 (-1)	1,072 (-5%)	8mo	$40,000	$37	50
1609 S Gharkey St	0.28mi	4/2.0 (+1)	1,288 (+14%)	6mo	$65,000	$50	50
721 South Hackley St	0.74mi	2/1.0 (-1)	1,080 (-4%)	7mo	$39,000	$36	47
1437 W 10th St	0.73mi	4/1.0 (+1)	1,240 (+10%)	4mo	$124,900	$101	42
226 E 16th St	0.70mi	2/1.0 (-1)	960 (-15%)	6mo	$50,000	$52	32

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: 6.4%
• Equity multiple: 1.26×
• Total profit: $5,757
• Equity at exit: $11,926

10-year hold

• IRR: 18.5%
• Equity multiple: 2.78×
• Total profit: $39,761
• Equity at exit: $6,916

Cash invested: $22,397 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,057 high
• Mortgage (P&I): −$419
• Tax from tax record: −$143 /mo · $1,712/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $240

Break-even live

Break-even rent $754

Max offer price $79,988

Occupancy floor 72%

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: $19,997
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	0.18mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	44d	1	0.21mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	44d	1	0.26mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	44d	1	0.27mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	44d	1	0.30mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.43mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	0.44mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	0.45mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	0.47mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	0.48mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	0.49mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	44d	1	0.49mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	0.50mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	0.51mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	0.52mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	0.58mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	0.73mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	0.73mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	0.74mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	0.76mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	0.77mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	0.87mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	44d	1	0.91mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	44d	1	0.96mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	44d	1	0.97mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	1.00mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.02mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	1.03mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	1.09mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	44d	1	1.10mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	44d	2	1.11mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	1.11mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	44d	2	1.17mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$1,125	$1.42	44d	1	1.18mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	44d	3	1.21mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	44d	5	1.26mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	1.26mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	44d	1	1.27mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	44d	1	1.28mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.29mi

Listing history 36 events

1. 2026-06-19
   days on market $79,988 Active 66 DOM
2. 2026-06-18
   days on market $79,988 Active 65 DOM
3. 2026-06-17
   days on market $79,988 Active 64 DOM
4. 2026-06-16
   days on market $79,988 Active 63 DOM
5. 2026-06-15
   days on market $79,988 Active 62 DOM
6. 2026-06-14
   days on market $79,988 Active 60 DOM
7. 2026-06-13
   days on market $79,988 Active 59 DOM
8. 2026-06-10
   days on market $79,988 Active 57 DOM
9. 2026-06-09
   days on market $79,988 Active 56 DOM
10. 2026-06-08
    days on market $79,988 Active 55 DOM
11. 2026-06-07
    days on market $79,988 Active 54 DOM
12. 2026-06-05
    days on market $79,988 Active 51 DOM
13. 2026-06-03
    days on market $79,988 Active 50 DOM
14. 2026-06-02
    days on market $79,988 Active 49 DOM
15. 2026-06-01
    days on market $79,988 Active 48 DOM
16. 2026-05-31
    days on market $79,988 Active 47 DOM
17. 2026-05-30
    days on market $79,988 Active 46 DOM
18. 2026-04-13
    listed $79,988 Active 523-char remark

    Show marketing remark (523 chars)

    Well maintained with some updates that include newer gas furnace, some replacement windows, and some flooring. Easy access to a number of amenities including but not limited to public transit systems, retail commercial, downtown Muncie, and possible employment options. Nice sized covered front porch, fenced rear yard. Kitchen is an eat in and also has washer/dryer hookup. New HEG furnace installed 10/2025. Third room upstairs off of the smaller second bedroom. The 2 smaller rooms are great for extra space and storage.

19. 2026-04-10
    historical
20. 2026-04-08
    status Active
21. 2026-04-08
    status Active
22. 2026-04-07
    historical
23. 2026-04-03
    price $79,900
24. 2026-04-02
    price $79,900
25. 2025-10-24
    status Active
26. 2025-10-24
    status Active
27. 2025-10-13
    status Pending
28. 2025-10-13
    status Pending
29. 2025-10-07
    listed $84,900 Active
30. 2025-10-07
    listed $84,900 Active
31. 2014-01-21
    soldstatus $18,000
32. 2013-05-18
    listed $22,900
33. 2009-06-10
    historical
34. 2008-08-13
    listed $17,500
35. 2003-10-20
    historical
36. 2003-04-20
    listed $32,900

ⓘ 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: $1,712 · $143/mo
• Projected year-2 tax: $1,712 · $143/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: $12,686
• − Mortgage interest: −$4,481
• − Property taxes: −$1,712
• − Insurance: −$400
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$2,327
• Taxable income: $1,737
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $2,459/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

+143.1% since first listed

19 events — show timeline

• 2026-04-13 Listed $79,988 IRMLS
• 2026-04-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-08 Relisted — IRMLS
• 2026-04-08 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-03 Price Changed $79,900 IRMLS
• 2026-04-02 Price Changed $79,900 MIBOR as Distributed by MLS Grid
• 2025-10-24 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-24 Relisted — IRMLS
• 2025-10-13 Pending — MIBOR as Distributed by MLS Grid
• 2025-10-13 Pending — IRMLS
• 2025-10-07 Listed $84,900 IRMLS
• 2025-10-07 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2014-01-21 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2013-05-18 Listed $22,900 MIBOR as Distributed by MLS Grid
• 2009-06-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-08-13 Listed $17,500 MIBOR as Distributed by MLS Grid
• 2003-10-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-04-20 Listed $32,900 MIBOR as Distributed by MLS Grid

Property tax history

+23.4%/yr

Latest (2024): $1,712 · +61.2% YoY. Source: county tax records.