2300 W 9th St · Muncie, IN 47302

$159,900

2 bd · 1.0 ba · 977 sqft · MultiFamily public records · 94 Days on market

Built 1890 5,000 sqft lot $164/sqft · 164% above area ↓ 20% 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 +26.5/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• 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

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

Unique investment opportunity with two separate homes on one lot-two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

Key facts

• Water heaters
• Recently remodeled
• Brand new roof

Tags

• TWO SEPARATE HOMES
• BASEMENT FOR STORAGE
• RECENTLY REMODELED
• BRAND NEW ROOF
• HVAC SYSTEMS
• WATER HEATERS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $146k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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; 33 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).
• This rent runs 44% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 + 6.1% rent growth), your $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $145,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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 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: 1.10% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.34%
• DSCR: 1.50
• GRM: 7.6

CMA / ARV

• ARV (median comp): $92,141
• List price: $159,900
• Delta: 73.54%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1818-1820 W 7th St	0.35mi	1/2.0 (-1)	976 (-0%)	17mo	$50,000	$51	61
1419 W 16th St	0.70mi	2/2.0	944 (-3%)	15mo	$46,000	$49	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: 3.7%
• Equity multiple: 1.15×
• Total profit: $6,667
• Equity at exit: $23,842

10-year hold

• IRR: 15.8%
• Equity multiple: 2.45×
• Total profit: $65,134
• 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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $1,761 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$63 /mo · $754/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $423

Break-even live

Break-even rent $1,225

Max offer price $159,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,760
Total (2 units)			$1,761

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: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 W Memorial Dr Muncie, IN	1.0	1.0	525	$705	$1.34	44d	8	0.27mi
715 S Cole Ave Muncie, IN	1.0–2.0	1.0	462	$995	$2.15	44d	6	0.52mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	0.52mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	0.59mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	0.79mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	44d	1	0.91mi
1408 W White River Blvd Muncie, IN	1.0	1.0	610	$938	$1.54	44d	1	0.95mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	44d	1	0.96mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	44d	2	0.97mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.98mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	44d	1	0.98mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	44d	1	1.00mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	44d	3	1.03mi
210 N Martin St Muncie, IN	1.0	1.0	640	$742	$1.16	44d	3	1.07mi
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	44d	1	1.07mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	1.13mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	44d	5	1.16mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	44d	1	1.18mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	44d	1	1.19mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$900	$1.13	44d	1	1.24mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	44d	1	1.25mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	1.26mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	1.28mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.28mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	1.29mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.34mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	1.34mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.37mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.38mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.38mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	44d	2	1.38mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	44d	1	1.39mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	1.42mi

Listing history 29 events

1. 2026-06-19
   days on market $159,900 Active 94 DOM
2. 2026-06-18
   days on market $159,900 Active 93 DOM
3. 2026-06-17
   days on market $159,900 Active 92 DOM
4. 2026-06-16
   days on market $159,900 Active 91 DOM
5. 2026-06-15
   days on market $159,900 Active 90 DOM
6. 2026-06-14
   days on market $159,900 Active 88 DOM
7. 2026-06-13
   days on market $159,900 Active 87 DOM
8. 2026-06-10
   days on market $159,900 Active 85 DOM
9. 2026-06-09
   days on market $159,900 Active 84 DOM
10. 2026-06-08
    days on market $159,900 Active 83 DOM
11. 2026-06-07
    days on market $159,900 Active 82 DOM
12. 2026-06-05
    days on market $159,900 Active 79 DOM
13. 2026-06-03
    days on market $159,900 Active 78 DOM
14. 2026-06-02
    days on market $159,900 Active 77 DOM
15. 2026-06-01
    days on market $159,900 Active 76 DOM
16. 2026-05-31
    days on market $159,900 Active 75 DOM
17. 2026-05-30
    days on market $159,900 Active 74 DOM
18. 2026-05-15
    price $159,900 686-char remark

    Show marketing remark (691 chars)

    Unique investment opportunity with two separate homes on one lot—two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

19. 2026-05-15
    price $159,900 691-char remark

    Show marketing remark (691 chars)

    Unique investment opportunity with two separate homes on one lot—two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

20. 2026-04-30
    price $163,900 691-char remark

    Show marketing remark (686 chars)

    Unique investment opportunity with two separate homes on one lot-two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

21. 2026-04-30
    price $163,900 686-char remark

    Show marketing remark (686 chars)

    Unique investment opportunity with two separate homes on one lot-two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

22. 2026-04-02
    price $164,900 691-char remark

    Show marketing remark (686 chars)

    Unique investment opportunity with two separate homes on one lot-two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

23. 2026-04-02
    price $164,900 686-char remark

    Show marketing remark (686 chars)

    Unique investment opportunity with two separate homes on one lot-two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

24. 2026-03-18
    listed $169,900 Active 691-char remark

    Show marketing remark (691 chars)

    Unique investment opportunity with two separate homes on one lot—two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

25. 2026-03-17
    listed $169,900 Active 686-char remark

    Show marketing remark (686 chars)

    Unique investment opportunity with two separate homes on one lot-two for the price of one! The front home offers 2 bedrooms, 1 bath, 977 sq ft, and includes a basement for additional storage or potential living space. The second home features 2 bedrooms, 1 bath, 756 sq ft, and has been recently remodeled. Both homes have separate electric and gas meters, with shared water and sewage. Major updates include brand new roof, HVAC systems, and water heaters for both properties. New toilets in each home in 2026 as well. Each home also includes its own laundry area. Ideal for investors, multi-generational living, or owner-occupants looking to offset their mortgage with rental income.

26. 2026-03-10
    historical
27. 2026-01-13
    price $179,900
28. 2025-12-02
    price $189,900
29. 2025-11-10
    listed $199,900 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: $754 · $63/mo
• Projected year-2 tax: $1,057 · $88/mo
• Expected delta: +$303/yr (+$25/mo · 40.1%)

ⓘ 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 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: $21,132
• − Mortgage interest: −$8,957
• − Property taxes: −$754
• − Insurance: −$800
• − Repairs & maintenance: −$1,691
• − Management: −$1,691
• − Depreciation: −$4,652
• Taxable income: $2,589
• Est. tax owed @ 24.0%: −$621
• After-tax cash flow: $4,457/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

-20.0% since first listed

12 events — show timeline

• 2026-05-15 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2026-05-15 Price Changed $159,900 IRMLS
• 2026-04-30 Price Changed $163,900 IRMLS
• 2026-04-30 Price Changed $163,900 MIBOR as Distributed by MLS Grid
• 2026-04-02 Price Changed $164,900 IRMLS
• 2026-04-02 Price Changed $164,900 MIBOR as Distributed by MLS Grid
• 2026-03-18 Listed $169,900 IRMLS
• 2026-03-17 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2026-03-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-01-13 Price Changed $179,900 MIBOR as Distributed by MLS Grid
• 2025-12-02 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2025-11-10 Listed $199,900 MIBOR as Distributed by MLS Grid

Property tax history

-4.9%/yr

Latest (2024): $754 · +17.1% YoY. Source: county tax records.