308 E Berkley Ave · Muncie, IN 47303

$89,900

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 39 Days on market

Built 1938 6,647 sqft lot $144/sqft · 13% above area Est $79k · 13% over

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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 +23.6/30.0
• DSCR +7.6/10.0
• 1% rule +5.5/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

CUTE 2 BEDROOM HOME WITH DETACHED GARAGE. NEEDS FURNACE & WATER HEATER. AS IS. PRE-APPROVAL OR PROOF OF CASH FUNDS W/ALL OFFERS.

Key facts

• New water heater
• Gas heat
• Refrigerator

Tags

• NEW WATER HEATER
• UPDATED BATHROOM
• GAS HEAT
• CENTRAL AIR
• 100-AMP SERVICE
• REFRIGERATOR

Property features AI

Finance

• Other: Directions: turn off of McGalliard onto Jefferson St, then onto Berkley until arrival
• HOA & community: No association amenities; Subdivision: Fairfax

Exterior

• Parking: Detached off-street garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story; Vinyl siding
• Construction: Asphalt roof
• Exterior features: Level lot; Publicly maintained road; No fencing

Interior

• Kitchen: Refrigerator; Gas range
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 6 total rooms; Crawl space basement; 1 fireplace
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $170 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($941 rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: 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: Longfellow Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 324 students, 86% FRL); Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL).
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 10 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 $622 of loan paydown is wiped out by about $3k 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 + 7.8% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $90k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — 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: 1.05% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.10%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

• ARV (median comp): $79,220
• List price: $89,900
• Delta: 13.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 E Andover Ave	0.12mi	2/1.0	624 (0%)	2mo	$85,000	$136	93

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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,001
• Equity at exit: $13,404

10-year hold

• IRR: 14.7%
• Equity multiple: 2.44×
• Total profit: $36,344
• Equity at exit: $7,773

Cash invested: $25,172 (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 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $941 high
• Mortgage (P&I): −$471
• Tax from tax record: −$65 /mo · $780/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $170

Break-even live

Break-even rent $726

Max offer price $89,900

Occupancy floor 77%

Sensitivity live

Price	-10% $221	-5% $195	+0% $170	+5% $144	+10% $119
Rent	-10% $95	-5% $133	+0% $170	+5% $207	+10% $244
Rate	-1.0pp $215	-0.5pp $193	base $170	+0.5pp $147	+1.0pp $123

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,112	$1.26	44d	7	0.18mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$964	$1.10	44d	5	0.36mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$799	$0.98	44d	3	0.51mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	44d	1	0.56mi
1010 W Bethel Ave Muncie, IN	1.0	1.0	700	$874	$1.25	44d	13	1.16mi
1204 W Bethel Ave Muncie, IN	1.0	1.0	504	$795	$1.58	44d	14	1.20mi
1000 W Rex St Unit 1000 Muncie, IN	1.0	1.0	480	$790	$1.65	44d	1	1.26mi
1701 N Rosewood Ave Muncie, IN	2.0	1.0	750	$1,405	$1.87	44d	1	1.40mi
824 W Wayne St Muncie, IN	1.0	1.0	710	$795	$1.12	44d	1	1.42mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	44d	1	1.46mi

Listing history 17 events

1. 2026-06-10
   status $89,900 Pending 39 DOM
2. 2026-06-09
   days on market $89,900 Active 39 DOM
3. 2026-06-08
   days on market $89,900 Active 38 DOM
4. 2026-06-07
   days on market $89,900 Active 37 DOM
5. 2026-06-05
   days on market $89,900 Active 34 DOM
6. 2026-06-03
   days on market $89,900 Active 33 DOM
7. 2026-06-02
   days on market $89,900 Active 32 DOM
8. 2026-06-01
   days on market $89,900 Active 31 DOM
9. 2026-05-31
   days on market $89,900 Active 30 DOM
10. 2026-05-30
    days on market $89,900 Active 29 DOM
11. 2026-05-01
    listed $94,900 Active 398-char remark
12. 2024-09-17
    soldstatus $30,000
13. 2024-02-05
    historical $780
14. 2023-12-15
    price $780
15. 2023-11-02
    listed $800
16. 2007-08-30
    soldstatus $25,000 132-char remark

    Show marketing remark (132 chars)

    CUTE 2 BEDROOM HOME WITH DETACHED GARAGE. NEEDS FURNACE & WATER HEATER. AS IS. PRE-APPROVAL OR PROOF OF CASH FUNDS W/ALL OFFERS.

17. 2007-07-02
    listed $34,900 132-char remark

    Show marketing remark (132 chars)

    CUTE 2 BEDROOM HOME WITH DETACHED GARAGE. NEEDS FURNACE & WATER HEATER. AS IS. PRE-APPROVAL OR PROOF OF CASH FUNDS W/ALL OFFERS.

ⓘ 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: $780 · $65/mo
• Projected year-2 tax: $780 · $65/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 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: $11,297
• − Mortgage interest: −$5,036
• − Property taxes: −$780
• − Insurance: −$450
• − Repairs & maintenance: −$904
• − Management: −$904
• − Depreciation: −$2,615
• Taxable income: $609
• Est. tax owed @ 24.0%: −$146
• After-tax cash flow: $1,892/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): 24,392
• Household income: $47,674
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1434.0

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 (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -50.45%
• Current HPI: 229.8654
• Rent YoY: ▲ 7.80%
• 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

+157.6% since first listed

9 events — show timeline

• 2026-06-09 Pending — IRMLS
• 2026-05-21 Price Changed $89,900 IRMLS
• 2026-05-01 Listed $94,900 IRMLS
• 2024-09-17 Sold (Public Records) $30,000 Public Records
• 2024-02-05 Rental Removed $780 APPFOLIO
• 2023-12-15 Price Changed $780 APPFOLIO
• 2023-11-02 Listed for Rent $800 APPFOLIO
• 2007-08-30 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2007-07-02 Listed $34,900 MIBOR as Distributed by MLS Grid

Property tax history

-6.5%/yr

Latest (2024): $780 · -0.0% YoY. Source: county tax records.