828 W Kilgore Ave · Muncie, IN 47305

$97,900

5 bd · 1.0 ba · 1,774 sqft · SingleFamily public records · 2 Days on market

Built 1910 1,742 sqft lot Est $83k · 17% over

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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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Appreciation +7.6/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Turn of century charm. Beamed ceiling in dining room. Lead glass windows. Open staircase. Two kitchens, two bathrooms and two electrical meters, two heating systems and two entrances. (Has been used as a two unit previously). Two detached garages. Sidewalks. On the city bus system route. Covered front porch.

Key facts

• Lead glass windows
• Open staircase
• Two kitchens

Tags

• BEAM CEILING
• LEAD GLASS WINDOWS
• OPEN STAIRCASE
• TWO KITCHENS
• TWO BATHROOMS
• TWO ELECTRICAL METERS

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Parking: Detached garage; 3 garage spaces; Off-street parking; Gravel parking areas
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Public power (standard)
• Home design: Single-family residence (site-built); 2 stories; R-1 residence zoning
• Construction: Wood siding; Asphalt shingle roof; Foundation: brick/mortar, block, stone; Built area above grade: 1,774 (finished)
• Exterior features: Covered porch; Porch; Partial chain-link fencing; Level lot; Asphalt road access; Publicly maintained road; Second garage (other structure)

Interior

• Kitchen: Refrigerator
• Bedrooms: Total of 9 rooms (bedroom count not specified)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Natural gas and electric heating; Baseboard, forced air and radiant heating types; Ceiling fan cooling
• Interior features: Ceiling fans; Eat-in kitchen; Natural woodwork; Beamed ceilings; Laminate countertops; One fireplace
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $457 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Cap rate 11.9% 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: 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 (+3.3%/yr); 26 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 43% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $6k of equity ($677 loan paydown + $5k appreciation (5.3% local appreciation)).
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.3% appreciation + 3.3% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,900

Questions for the listing agent

1. Built in 1910 — 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: 1.34% ✓
• Cap rate: 11.90%
• Cash-on-cash: 20.02%
• DSCR: 1.89
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $83,378
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
828 W Kilgore Ave	0.00mi	5/2.0	1,774 (0%)	1mo	$62,500	$35	95
960 W Main St	0.14mi	4/2.0 (-1)	1,901 (+7%)	8mo	$90,000	$47	66
316 N Meeks Ave	0.30mi	6/2.0 (+1)	1,986 (+12%)	23mo	$195,000	$98	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.27% appreciation · 3.27% rent growth · sell at horizon

5-year hold

• IRR: 30.9%
• Equity multiple: 2.95×
• Total profit: $53,552
• Equity at exit: $57,118

10-year hold

• IRR: 29.4%
• Equity multiple: 5.98×
• Total profit: $136,646
• Equity at exit: $99,961

Cash invested: $27,412 (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 47305

• Home prices YoY: 2.0%
• Rents YoY: 3.3%
• Active inventory: 26
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,308 medium
• Mortgage (P&I): −$513
• Tax from tax record: −$22 /mo · $260/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $457

Break-even live

Break-even rent $729

Max offer price $97,900

Occupancy floor 60%

Sensitivity live

Price	-10% $513	-5% $485	+0% $457	+5% $430	+10% $402
Rent	-10% $354	-5% $406	+0% $457	+5% $509	+10% $561
Rate	-1.0pp $507	-0.5pp $482	base $457	+0.5pp $432	+1.0pp $406

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: $24,475
• Closing costs: $2,937
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	44d	1	0.52mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,450	$1.21	44d	10	0.67mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,500	$1.54	44d	2	1.41mi
1901 N Maplewood Ave Muncie, IN	4.0	1.5	1887	$1,700	$0.90	44d	1	1.41mi

Listing history 4 events

1. 2026-05-07
   status Pending 310-char remark

   Show marketing remark (310 chars)

   Turn of century charm. Beamed ceiling in dining room. Lead glass windows. Open staircase. Two kitchens, two bathrooms and two electrical meters, two heating systems and two entrances. (Has been used as a two unit previously). Two detached garages. Sidewalks. On the city bus system route. Covered front porch.

2. 2026-05-07
   status Pending

   Show marketing remark (310 chars)

   Turn of century charm. Beamed ceiling in dining room. Lead glass windows. Open staircase. Two kitchens, two bathrooms and two electrical meters, two heating systems and two entrances. (Has been used as a two unit previously). Two detached garages. Sidewalks. On the city bus system route. Covered front porch.

3. 2026-05-04
   listed $97,900 Active 310-char remark

   Show marketing remark (310 chars)

   Turn of century charm. Beamed ceiling in dining room. Lead glass windows. Open staircase. Two kitchens, two bathrooms and two electrical meters, two heating systems and two entrances. (Has been used as a two unit previously). Two detached garages. Sidewalks. On the city bus system route. Covered front porch.

4. 2026-05-04
   listed $97,900 Active

   Show marketing remark (310 chars)

   Turn of century charm. Beamed ceiling in dining room. Lead glass windows. Open staircase. Two kitchens, two bathrooms and two electrical meters, two heating systems and two entrances. (Has been used as a two unit previously). Two detached garages. Sidewalks. On the city bus system route. Covered front porch.

ⓘ 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: $260 · $22/mo
• Projected year-2 tax: $546 · $45/mo
• Expected delta: +$286/yr (+$24/mo · 110.3%)

ⓘ 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: $15,695
• − Mortgage interest: −$5,484
• − Property taxes: −$260
• − Insurance: −$490
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$2,848
• Taxable income: $4,102
• Est. tax owed @ 24.0%: −$985
• After-tax cash flow: $4,504/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): 3,556
• Household income: $36,389
• Rent vs Own: 64.7% rent · 35.3% own
• Severe rent burden: 336.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 62% Two or more races 24% Black 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Iranian 1% Lithuanian 1%
• Foreign-born: 1%
• Languages at home: 96% English-only · Spanish 2% Arabic 1% Other Asian/Pacific 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: ▲ 5.27%
• Current HPI: 269.888
• Rent YoY: ▲ 3.27%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-07 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-07 Pending — IRMLS
• 2026-05-04 Listed $97,900 IRMLS
• 2026-05-04 Listed $97,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2024): $260 · +0.6% YoY. Source: county tax records.