1901 W Riggin Rd · Muncie, IN 47304

$159,900

6 bd · 3.0 ba · 2,672 sqft · MultiFamily public records · 17 Days on market

Built 1953 0.29 ac lot $60/sqft · 8% below area Est $173k · 8% 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 +10.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• 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: 3 units. confirmed

Listing remarks

Great rental opportunity! This triplex offers a main Unit that has new Vinyl Plank Flooring, New paint, New toilet, sink and tub surround. The main unit also has 2 bedrooms, Large Living Room, Kitchen, Laundry area and walk in pantry. There is an addition room that could be a family room or you could use it as a 3rd bedroom (Closet right outside the door). This unit also has access to the 2 car attached garage and large fenced back yard. Upstairs unit #2 has a large living room/dining room space, small Kitchen, 1 bedroom and bathroom with vinyl flooring. Downstairs back unit #3 is a studio apartment with a small Kitchen and Bathroom. Each unit has their own utilities. Appliances in the unit

Key facts

• Fenced back yard
• Attached garage
• New paint

Tags

• VINYL PLANK FLOORING
• NEW PAINT
• FENCED BACK YARD
• ATTACHED GARAGE
• OWN UTILITIES

Property features AI

Finance

• Other: Pets allowed with breed restrictions

Exterior

• Parking: Garage; Off-street parking; Gravel parking; Approximately 7 open parking spaces
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property (triplex); Single-story; Entry level: main level
• Construction: Aluminum siding and block construction; Shingle roof; Slab foundation; Built as a triplex
• Exterior features: Patio; Porch; Corner lot; Level lot

Interior

• Kitchen: Eat-in kitchen
• Flooring: Vinyl flooring
• Bathrooms: Three full bathrooms; Five main-level bathrooms
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Eat-in kitchen
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2×5bd/3.0ba + 1×1bd/1.0ba units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $599/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 23.0% 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: Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• At $4,131/mo this rent would consume 78% of the median local household income ($63k/yr) (locally 1141% 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 $5k 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 + 8.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,501 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.58% ✓
• Cap rate: 22.98%
• Cash-on-cash: 59.60%
• DSCR: 3.65
• GRM: 3.2

CMA / ARV

• ARV (median comp): $172,896
• List price: $159,900
• Delta: -5.20%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 52.0%
• Equity multiple: 3.47×
• Total profit: $110,675
• Equity at exit: $23,842

10-year hold

• IRR: 59.5%
• Equity multiple: 8.69×
• Total profit: $344,292
• Equity at exit: $13,825

Cash invested: $44,772 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $4,131 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$134 /mo · $1,614/yr
• Insurance: −$67
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$868
• Net cashflow: $1,797

Break-even live

Break-even rent $1,856

Max offer price $159,900

Occupancy floor 51%

Sensitivity live

Price	-10% $1,888	-5% $1,843	+0% $1,797	+5% $1,752	+10% $1,707
Rent	-10% $1,471	-5% $1,634	+0% $1,797	+5% $1,960	+10% $2,124
Rate	-1.0pp $1,878	-0.5pp $1,838	base $1,797	+0.5pp $1,756	+1.0pp $1,714

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	3	$3,264
1× unit	1	1	$867
Total (3 units)			$4,131

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $159,900 Active 17 DOM
2. 2026-06-18
   days on market $159,900 Active 16 DOM
3. 2026-06-17
   days on market $159,900 Active 15 DOM
4. 2026-06-16
   days on market $159,900 Active 14 DOM
5. 2026-06-15
   days on market $159,900 Active 13 DOM
6. 2026-06-14
   days on market $159,900 Active 11 DOM
7. 2026-06-13
   days on market $159,900 Active 10 DOM
8. 2026-06-10
   days on market $159,900 Active 8 DOM
9. 2026-06-09
   days on market $159,900 Active 7 DOM
10. 2026-06-08
    days on market $159,900 Active 6 DOM
11. 2026-06-07
    days on market $159,900 Active 5 DOM
12. 2026-06-05
    days on market $159,900 Active 2 DOM
13. 2026-06-03
    remarks 699-char remark
14. 2026-06-03
    pricestatusdays on marketlisting id $159,900 Active 1 DOM
15. 2026-04-01
    listed $163,900 Active
16. 2025-09-24
    listed $169,900 Active
17. 2021-04-28
    historical
18. 2021-01-11
    listed $119,900
19. 2021-01-11
    listed $119,900
20. 2007-10-12
    historical
21. 2007-04-12
    listed $99,900
22. 2007-02-08
    historical
23. 2006-08-08
    listed $99,900

ⓘ 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: $1,614 · $134/mo
• Projected year-2 tax: $1,614 · $134/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 6/10 Major FEMA zone AE · 75% 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: $49,572
• − Mortgage interest: −$8,957
• − Property taxes: −$1,614
• − Insurance: −$5,918
• − Repairs & maintenance: −$3,966
• − Management: −$3,966
• − Depreciation: −$4,652
• Taxable income: $20,500
• Est. tax owed @ 24.0%: −$4,920
• After-tax cash flow: $16,648/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): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

+60.1% since first listed

10 events — show timeline

• 2026-06-02 Listed $159,900 IRMLS
• 2026-04-01 Listed $163,900 IRMLS
• 2025-09-24 Listed $169,900 IRMLS
• 2021-04-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-01-11 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2021-01-11 Listed $119,900 IRMLS
• 2007-10-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-04-12 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2007-02-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-08-08 Listed $99,900 MIBOR as Distributed by MLS Grid

Property tax history

-7.1%/yr

Latest (2024): $1,614 · -9.6% YoY. Source: county tax records.