309 W 8th St · Muncie, IN 47302

$65,000

2 bd · 1.0 ba · 748 sqft · SingleFamily public records · 84 Days on market

Built 1890 7,750 sqft lot $87/sqft · 52% above area

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• 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

Welcome to this 2 bed, 1 bath home with great potential! This property features a covered front porch and a spacious backyard, offering plenty of room for outdoor activities. With a little TLC, this could make a great investment or personal residence.

Key facts

• Covered front porch
• Spacious backyard
• 7,750 sq ft lot

Tags

• COVERED FRONT PORCH
• SPACIOUS BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($815 rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: 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; 26 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 $449 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 $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $5k (7%) 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.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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: 1.25% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.25%
• DSCR: 1.68
• GRM: 6.6

CMA / ARV

• ARV (median comp): $42,790
• List price: $65,000
• Delta: 51.90%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 W 11th St	0.33mi	2/1.0	688 (-8%)	6mo	$22,000	$32	66
2101 S Pershing Dr	0.68mi	2/1.0	725 (-3%)	1mo	$53,000	$73	62
709 W 11th St	0.35mi	2/1.0	780 (+4%)	18mo	$54,000	$69	62
2210 S Mulberry St	0.54mi	2/1.0	725 (-3%)	14mo	$80,000	$110	58
1313 W Memorial Dr	0.69mi	2/1.0	744 (-0%)	10mo	$75,000	$101	58
2017 S Hackley St	0.72mi	2/1.0	744 (-0%)	13mo	$99,000	$133	55
1114 W 16th St	0.69mi	2/1.0	720 (-4%)	14mo	$68,000	$94	50
2213 S Vine St	0.71mi	2/1.0	720 (-4%)	14mo	$72,900	$101	49
1204 W 16th St	0.75mi	2/1.0	768 (+3%)	19mo	$58,900	$77	45
2220 S Birch St	0.65mi	2/1.0	696 (-7%)	21mo	$11,900	$17	40
702 E Kirby Ave	0.69mi	2/1.0	820 (+10%)	23mo	$70,000	$85	33

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: 9.2%
• Equity multiple: 1.37×
• Total profit: $6,815
• Equity at exit: $9,692

10-year hold

• IRR: 20.7%
• Equity multiple: 3.00×
• Total profit: $36,357
• Equity at exit: $5,620

Cash invested: $18,200 (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: 6.6×

Monthly cashflow live

• Estimated rent: $815 high
• Mortgage (P&I): −$341
• Tax from tax record: −$44 /mo · $532/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $231

Break-even live

Break-even rent $522

Max offer price $65,000

Occupancy floor 67%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	0.11mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	43d	1	0.11mi
219 W Memorial Dr Muncie, IN	1.0	1.0	450	$600	$1.33	43d	1	0.27mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	0.28mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	0.35mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	43d	1	0.68mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	0.73mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	43d	2	0.86mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	43d	1	0.87mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	43d	1	0.88mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	43d	3	0.91mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	43d	1	0.92mi
2815 S Elm St Muncie, IN	2.0	1.0	672	$875	$1.30	43d	1	0.97mi
1408 W White River Blvd Muncie, IN	1.0	1.0	610	$938	$1.54	43d	1	1.00mi
401 N Wheeling Ave Muncie, IN	1.0	1.0	450	$650	$1.44	43d	1	1.07mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	43d	2	1.10mi
218 S Martin Ave Unit 2 Muncie, IN	1.0	1.0	516	$695	$1.35	43d	1	1.13mi
520 N Alameda Ave Unit A Muncie, IN	1.0	1.0	750	$895	$1.19	43d	1	1.15mi
210 N Martin St Muncie, IN	1.0	1.0	640	$742	$1.16	43d	3	1.26mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$900	$1.13	43d	1	1.32mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	43d	3	1.34mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	43d	5	1.39mi
715 S Brittain Ave Muncie, IN	1.0	1.0	490	$765	$1.56	43d	2	1.40mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	43d	7	1.41mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	43d	1	1.44mi
824 W Wayne St Muncie, IN	1.0	1.0	710	$795	$1.12	43d	1	1.45mi

Listing history 24 events

1. 2026-06-19
   days on market $65,000 Active 84 DOM
2. 2026-06-18
   days on market $65,000 Active 83 DOM
3. 2026-06-17
   days on market $65,000 Active 82 DOM
4. 2026-06-16
   days on market $65,000 Active 81 DOM
5. 2026-06-15
   days on market $65,000 Active 80 DOM
6. 2026-06-14
   days on market $65,000 Active 78 DOM
7. 2026-06-13
   days on market $65,000 Active 77 DOM
8. 2026-06-10
   days on market $65,000 Active 75 DOM
9. 2026-06-09
   days on market $65,000 Active 74 DOM
10. 2026-06-08
    days on market $65,000 Active 73 DOM
11. 2026-06-07
    days on market $65,000 Active 72 DOM
12. 2026-06-05
    pricedays on market $65,000 Active 69 DOM
13. 2026-06-03
    days on market $70,000 Active 68 DOM
14. 2026-06-02
    days on market $70,000 Active 67 DOM
15. 2026-06-01
    days on market $70,000 Active 66 DOM
16. 2026-05-31
    days on market $70,000 Active 65 DOM
17. 2026-05-30
    days on market $70,000 Active 64 DOM
18. 2026-03-24
    listed $70,000 Active 251-char remark

    Show marketing remark (251 chars)

    Welcome to this 2 bed, 1 bath home with great potential! This property features a covered front porch and a spacious backyard, offering plenty of room for outdoor activities. With a little TLC, this could make a great investment or personal residence.

19. 2026-03-23
    listed $70,000 Active 251-char remark

    Show marketing remark (251 chars)

    Welcome to this 2 bed, 1 bath home with great potential! This property features a covered front porch and a spacious backyard, offering plenty of room for outdoor activities. With a little TLC, this could make a great investment or personal residence.

20. 2020-04-30
    historical
21. 2020-03-14
    listed $23,000
22. 2020-01-07
    historical
23. 2019-08-09
    listed $24,000
24. 2019-08-07
    listed $23,000

ⓘ 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: $532 · $44/mo
• Projected year-2 tax: $542 · $45/mo
• Expected delta: +$10/yr (+$1/mo · 1.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% 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: $9,776
• − Mortgage interest: −$3,641
• − Property taxes: −$532
• − Insurance: −$325
• − Repairs & maintenance: −$782
• − Management: −$782
• − Depreciation: −$1,891
• Taxable income: $1,823
• Est. tax owed @ 24.0%: −$437
• After-tax cash flow: $2,338/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

+204.3% since first listed

7 events — show timeline

• 2026-03-24 Listed $70,000 IRMLS
• 2026-03-23 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2020-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-03-14 Listed $23,000 MIBOR as Distributed by MLS Grid
• 2020-01-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-08-09 Listed $24,000 MIBOR as Distributed by MLS Grid
• 2019-08-07 Listed $23,000 IRMLS

Property tax history

+24.9%/yr

Latest (2024): $532 · +12.2% YoY. Source: county tax records.