1600 S Port Ave · Muncie, IN 47302

$145,000

4 bd · 2.0 ba · 5,060 sqft · SingleFamily public records · 13 Days on market

Built 1978 Poor condition 0.30 ac lot

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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 +23.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.1/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Schools +1.7/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Live/Work Flex space with Variety Business Zoning and extra lot for parking. What will you do with 4500sqft?! 3-Phase 400 AMP power! Restaurant/Bar? Daycare? Martial Arts Studio? Gym? OR just Big Loft Living? 1978 Class A Commercial building is 48 years young, so Never had lead or asbestos. Open Span metal trusses and 10ft drop ceilings. Space is divided into three primary areas. Main studio workshop is 70x45 feet!! Block fire wall separates the south 30x45 feet which contains bathrooms, kitchen, mechanical room, and conference room with several exits. This area was used as a living quarters for former owners and had a full bath. Additional 500 sqft of storage rooms on back are not lis

Key facts

• 10ft drop ceilings
• Live work flex space
• 0.3 acre lot

Tags

• LIVE WORK FLEX SPACE
• VARIETY BUSINESS ZONING
• EXTRA LOT FOR PARKING
• 3 PHASE 400 AMP POWER
• OPEN SPAN METAL TRUSSES
• 10FT DROP CEILINGS

Property features AI

Finance

• Financial info: Annual tax amount listed (financial details excluded per instructions)

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family, site-built residential property; Above-grade finished area listed (data withheld per instructions)
• Construction: Block construction; Slab foundation
• Exterior features: Level lot; Lot dimensions approximately 100 x 125 plus 40 x 125; Approximately 0.3 acre; Zoned BV Variety Business Zone

Interior

• Kitchen: No appliance details provided
• Bedrooms: Bedrooms included in total room count
• Bathrooms: One full bathroom and one half bathroom; Two main-level bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning with multiple units
• Interior features: Gas-log fireplace in the living room; Total of 8 rooms
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $145k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $145k).
• Cap rate 8.4% 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: Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 37% 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 $4k 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 $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $145,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.59%
• DSCR: 1.34
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.11% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-2,435
• Equity at exit: $21,620

10-year hold

• IRR: 11.0%
• Equity multiple: 1.97×
• Total profit: $39,511
• Equity at exit: $12,537

Cash invested: $40,600 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,468 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$82 /mo · $982/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $257

Break-even live

Break-even rent $1,143

Max offer price $145,000

Occupancy floor 78%

Sensitivity live

Price	-10% $339	-5% $298	+0% $257	+5% $216	+10% $175
Rent	-10% $141	-5% $199	+0% $257	+5% $315	+10% $373
Rate	-1.0pp $330	-0.5pp $294	base $257	+0.5pp $219	+1.0pp $181

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $145,000 Active 13 DOM
2. 2026-06-18
   days on market $145,000 Active 12 DOM
3. 2026-06-17
   days on market $145,000 Active 11 DOM
4. 2026-06-16
   days on market $145,000 Active 10 DOM
5. 2026-06-15
   days on market $145,000 Active 9 DOM
6. 2026-06-14
   days on market $145,000 Active 7 DOM
7. 2026-06-13
   pricedays on market $145,000 Active 6 DOM
8. 2026-06-10
   days on market $155,000 Active 4 DOM
9. 2026-06-09
   days on market $155,000 Active 3 DOM
10. 2026-06-08
    days on market $155,000 Active 2 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $155,000 Active 1 DOM

ⓘ 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: $982 · $82/mo
• Projected year-2 tax: $1,107 · $92/mo
• Expected delta: +$125/yr (+$10/mo · 12.8%)

ⓘ 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: $17,614
• − Mortgage interest: −$8,122
• − Property taxes: −$982
• − Insurance: −$725
• − Repairs & maintenance: −$1,409
• − Management: −$1,409
• − Depreciation: −$4,218
• Taxable income: $748
• Est. tax owed @ 24.0%: −$180
• After-tax cash flow: $2,904/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This 4500 sq ft commercial property requires extensive repairs and improvements to be considered move-in ready. Immediate focus should be on structural repairs, debris removal, and landscaping to enhance its curb appeal and marketability.

Repairs flagged

• Major Exposed framing — Structural integrity compromised
• Major Debris — Obstructs view and access
• Major Overgrown vegetation — Reduces curb appeal

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability
• Both Structural repairs and framing — Restores structural integrity and prepares for future use
• Both Flooring and subfloor repair — Prepares for future use and enhances property's visual appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed framing · Structural integrity compromised	Major	$15,000–50,000
Debris · Obstructs view and access	Major	$15,000–50,000
Overgrown vegetation · Reduces curb appeal	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and marketability ↑
• Both Structural repairs and framing — Restores structural integrity and prepares for future use ↑
• Both Flooring and subfloor repair — Prepares for future use and enhances property's visual appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-07 Listed $155,000 IRMLS

Property tax history

+13.0%/yr

Latest (2024): $982 · +2.7% YoY. Source: county tax records.