805 W Harvard Ave · Muncie, IN 47304

$80,000

3 bd · 1.0 ba · 900 sqft · SingleFamily public records · 45 Days on market

Built 1952 8,450 sqft lot $89/sqft · 31% below area Est $115k · 31% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Bring your vision to this diamond in the rough! This property offers a fantastic head start with a new roof (only 1.5 years old), providing peace of mind while you customize the rest. The home is situated near local restaurants and a neighborhood elementary school, offering easy access to the best of the community. Whether you are looking for your next renovation project or a chance to build equity in a prime location, this fixer-upper is ready for its next chapter. Sold as-is.

Key facts

• Local restaurants
• Prime location
• New roof

Tags

• NEW ROOF
• LOCAL RESTAURANTS
• NEIGHBORHOOD ELEMENTARY SCHOOL
• PRIME LOCATION

Property features AI

Exterior

• Parking: Attached concrete garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); One story
• Construction: Vinyl siding; Shallow crawl space foundation
• Exterior features: Level lot; Shed(s) on property; Lot dimensions approximately 650 x 1300

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 6 total rooms (includes bedrooms and living spaces)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Refrigerator and gas range included; One fireplace; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 fast (+8.1%/yr); 202 active listings in the ZIP; 17 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 $553 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 + 8.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 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 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1952 — 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: 1.45% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.50%
• DSCR: 1.91
• GRM: 5.8

CMA / ARV

• ARV (median comp): $115,476
• List price: $80,000
• Delta: -30.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3508 N Milton St	0.17mi	2/1.0 (-1)	884 (-2%)	14mo	$104,000	$118	73
3500 N Reserve St	0.12mi	3/1.0	960 (+7%)	14mo	$80,000	$83	71
3310 N Cowing Park Ln	0.15mi	3/1.0	1,005 (+12%)	12mo	$119,900	$119	63
2409 N Janney Ave	0.66mi	2/1.0 (-1)	898 (-0%)	3mo	$150,000	$167	61
1513 W Stirling Dr	0.57mi	2/1.0 (-1)	912 (+1%)	8mo	$142,000	$156	60
2905 N Rosewood Ave	0.63mi	2/1.0 (-1)	900 (0%)	7mo	$115,000	$128	59
1612 W Stirling Dr	0.60mi	2/1.0 (-1)	912 (+1%)	12mo	$90,000	$99	55
3005 N Pauline Ave	0.30mi	2/1.0 (-1)	780 (-13%)	8mo	$106,000	$136	52
3001 N Pauline Ave	0.30mi	3/2.0	1,018 (+13%)	10mo	$124,900	$123	52
413 W Harvard Ave	0.23mi	2/1.0 (-1)	776 (-14%)	12mo	$95,000	$122	52
202 E Andover Ave	0.56mi	3/1.0	1,034 (+15%)	2mo	$146,500	$142	48
4011 N New York Ave	0.44mi	2/1.0 (-1)	992 (+10%)	16mo	$135,000	$136	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 1.78×
• Total profit: $17,530
• Equity at exit: $11,928

10-year hold

• IRR: 29.9%
• Equity multiple: 4.33×
• Total profit: $74,513
• Equity at exit: $6,917

Cash invested: $22,400 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,158 high
• Mortgage (P&I): −$420
• Tax from tax record: −$79 /mo · $950/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $383

Break-even live

Break-even rent $673

Max offer price $80,000

Occupancy floor 62%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3906 N Franklin St Apt 1 Muncie, IN	2.0	1.0	972	$972	$1.00	43d	1	0.46mi
3910 N Franklin St Muncie, IN	2.0	1.5	1008	$999	$0.99	43d	2	0.48mi
2600 N Wheeling Ave Muncie, IN	2.0–3.0	1.0	1024	$1,035	$1.01	43d	1	0.55mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,325	$1.50	43d	7	0.56mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$1,060	$1.20	43d	5	0.57mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$999	$1.22	43d	3	0.76mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	43d	1	0.82mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$1,099	$1.06	43d	1	0.84mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	43d	1	0.92mi
1801 N Glenwood Ave Muncie, IN	2.0	1.0	1096	$1,250	$1.14	43d	1	0.94mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	43d	13	0.98mi
1701 N Rosewood Ave Muncie, IN	2.0	1.0	750	$1,405	$1.87	43d	1	1.00mi
2000 N Oakwood Ave Muncie, IN	2.0	1.0	626	$825	$1.32	43d	1	1.04mi
2010 W Enterprise Ave Unit 2014 Muncie, IN	2.0	1.0	864	$800	$0.93	43d	1	1.33mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	43d	1	1.37mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	43d	1	1.38mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	43d	10	1.46mi

Listing history 19 events

1. 2026-06-19
   days on market $80,000 Active 45 DOM
2. 2026-06-18
   days on market $80,000 Active 44 DOM
3. 2026-06-17
   days on market $80,000 Active 43 DOM
4. 2026-06-16
   days on market $80,000 Active 42 DOM
5. 2026-06-15
   days on market $80,000 Active 41 DOM
6. 2026-06-14
   days on market $80,000 Active 39 DOM
7. 2026-06-13
   days on market $80,000 Active 38 DOM
8. 2026-06-10
   days on market $80,000 Active 36 DOM
9. 2026-06-09
   days on market $80,000 Active 35 DOM
10. 2026-06-08
    days on market $80,000 Active 34 DOM
11. 2026-06-07
    days on market $80,000 Active 33 DOM
12. 2026-06-05
    days on market $80,000 Active 30 DOM
13. 2026-06-03
    days on market $80,000 Active 29 DOM
14. 2026-06-02
    days on market $80,000 Active 28 DOM
15. 2026-06-01
    days on market $80,000 Active 27 DOM
16. 2026-05-31
    days on market $80,000 Active 26 DOM
17. 2026-05-30
    days on market $80,000 Active 25 DOM
18. 2026-05-08
    status Pending 484-char remark
19. 2026-04-24
    listed $80,000 Active 484-char remark

ⓘ 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: $950 · $79/mo
• Projected year-2 tax: $950 · $79/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 100% 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: $13,894
• − Mortgage interest: −$4,481
• − Property taxes: −$950
• − Insurance: −$400
• − Repairs & maintenance: −$1,111
• − Management: −$1,111
• − Depreciation: −$2,327
• Taxable income: $3,512
• Est. tax owed @ 24.0%: −$843
• After-tax cash flow: $3,749/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): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

3 events — show timeline

• 2026-05-19 Relisted — IRMLS
• 2026-05-08 Pending — IRMLS
• 2026-04-24 Listed $80,000 IRMLS

Property tax history

-8.5%/yr

Latest (2024): $950 · -0.2% YoY. Source: county tax records.