907 W Main St · Muncie, IN 47305

$165,000

3 bd · 3.0 ba · 2,832 sqft · MultiFamily public records · 122 Days on market

Built 1904 6,750 sqft lot $58/sqft · 70% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Recently updated triplex in downtown Muncie with strong income potential. Property includes three units: Two 2-bedroom units and One 1-bedroom unit. Two units are currently leased (2BR at $850/month and 1BR at $725/month). The remaining updated 2-bedroom unit is currently available for rent at $725/month. Convenient downtown location with consistent rental demand. Ideal opportunity for investors seeking immediate and stable cash flow.

Key facts

• 6,750 sq ft lot
• Built 1904
• Listed 121 days

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $335/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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: 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 (+3.3%/yr); 26 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• At $2,670/mo this rent would consume 88% of the median local household income ($36k/yr) (locally 336% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $9k 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 $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 19 sale attempts since 20y ago 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: flood insurance adds $56/mo; built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.62% ✓
• Cap rate: 14.01%
• Cash-on-cash: 27.57%
• DSCR: 2.23
• GRM: 5.1

CMA / ARV

• ARV (median comp): $102,617
• List price: $165,000
• Delta: 60.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
800 W Charles St	0.17mi	3/3.0	2,500 (-12%)	10mo	$75,536	$30	64
211 S Liberty St	0.31mi	4/4.0 (+1)	2,928 (+3%)	10mo	$190,000	$65	62
100 N Calvert St	0.56mi	4/5.0 (+1)	3,068 (+8%)	7mo	$261,000	$85	41

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: 36.4%
• Equity multiple: 3.28×
• Total profit: $105,449
• Equity at exit: $96,267

10-year hold

• IRR: 34.5%
• Equity multiple: 6.71×
• Total profit: $263,699
• Equity at exit: $168,474

Cash invested: $46,200 (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 47305

• Home prices YoY: 2.0%
• Rents YoY: 3.3%
• Active inventory: 26
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,670 high
• Mortgage (P&I): −$865
• Tax from tax record: −$114 /mo · $1,364/yr
• Insurance: −$69
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $1,006

Break-even live

Break-even rent $1,397

Max offer price $165,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,099	-5% $1,053	+0% $1,006	+5% $959	+10% $913
Rent	-10% $795	-5% $901	+0% $1,006	+5% $1,112	+10% $1,217
Rate	-1.0pp $1,089	-0.5pp $1,048	base $1,006	+0.5pp $963	+1.0pp $920

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,836
1× unit	1	1	$833
Total (3 units)			$2,670

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
614 W Charles St Muncie, IN	2.0	1.0	3266	$775	$0.24	44d	1	0.25mi

Listing history 50 events

1. 2026-06-19
   days on market $165,000 Active 122 DOM
2. 2026-06-18
   days on market $165,000 Active 121 DOM
3. 2026-06-17
   days on market $165,000 Active 120 DOM
4. 2026-06-16
   days on market $165,000 Active 119 DOM
5. 2026-06-15
   days on market $165,000 Active 118 DOM
6. 2026-06-14
   days on market $165,000 Active 116 DOM
7. 2026-06-13
   days on market $165,000 Active 115 DOM
8. 2026-06-10
   days on market $165,000 Active 113 DOM
9. 2026-06-09
   days on market $165,000 Active 112 DOM
10. 2026-06-08
    days on market $165,000 Active 111 DOM
11. 2026-06-07
    days on market $165,000 Active 110 DOM
12. 2026-06-05
    days on market $165,000 Active 107 DOM
13. 2026-06-03
    days on market $165,000 Active 106 DOM
14. 2026-06-02
    days on market $165,000 Active 105 DOM
15. 2026-06-01
    days on market $165,000 Active 104 DOM
16. 2026-05-31
    days on market $165,000 Active 103 DOM
17. 2026-05-30
    days on market $165,000 Active 102 DOM
18. 2026-05-12
    status Pending 438-char remark

    Show marketing remark (438 chars)

    Recently updated triplex in downtown Muncie with strong income potential. Property includes three units: Two 2-bedroom units and One 1-bedroom unit. Two units are currently leased (2BR at $850/month and 1BR at $725/month). The remaining updated 2-bedroom unit is currently available for rent at $725/month. Convenient downtown location with consistent rental demand. Ideal opportunity for investors seeking immediate and stable cash flow.

19. 2026-02-01
    listed $165,000 Active 438-char remark

    Show marketing remark (438 chars)

    Recently updated triplex in downtown Muncie with strong income potential. Property includes three units: Two 2-bedroom units and One 1-bedroom unit. Two units are currently leased (2BR at $850/month and 1BR at $725/month). The remaining updated 2-bedroom unit is currently available for rent at $725/month. Convenient downtown location with consistent rental demand. Ideal opportunity for investors seeking immediate and stable cash flow.

20. 2025-07-14
    historical $725
21. 2025-02-28
    listed $725
22. 2025-01-30
    listed $1,435,000 Active
23. 2024-11-28
    historical $725
24. 2024-11-28
    historical $725
25. 2024-11-27
    listed $725
26. 2024-11-27
    listed $725
27. 2024-11-13
    historical $725
28. 2024-11-13
    historical $725
29. 2024-11-13
    listed $725
30. 2024-11-04
    listed $725
31. 2024-10-23
    historical $725
32. 2024-09-12
    listed $725
33. 2024-09-12
    historical $725
34. 2024-06-12
    listed $725
35. 2024-06-12
    historical $725
36. 2024-05-30
    listed $725
37. 2024-05-30
    historical
38. 2024-05-08
    listed
39. 2024-04-27
    historical
40. 2024-02-11
    listed
41. 2023-12-25
    historical
42. 2023-12-24
    listed
43. 2023-12-20
    historical
44. 2023-12-20
    listed
45. 2023-12-14
    historical
46. 2023-12-13
    listed
47. 2023-10-20
    historical
48. 2023-10-16
    listed
49. 2023-10-07
    historical
50. 2023-10-06
    listed

ⓘ 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: $1,364 · $114/mo
• Projected year-2 tax: $1,383 · $115/mo
• Expected delta: +$19/yr (+$2/mo · 1.4%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% 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: $32,040
• − Mortgage interest: −$9,243
• − Property taxes: −$1,364
• − Insurance: −$1,492
• − Repairs & maintenance: −$2,563
• − Management: −$2,563
• − Depreciation: −$4,800
• Taxable income: $10,016
• Est. tax owed @ 24.0%: −$2,404
• After-tax cash flow: $9,669/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

+200.5% since first listed

38 events — show timeline

• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-01 Listed $165,000 MIBOR as Distributed by MLS Grid
• 2025-07-14 Rental Removed $725 LEASESTAR
• 2025-02-28 Listed for Rent $725 LEASESTAR
• 2025-01-30 Listed $1,435,000 IRMLS
• 2024-11-28 Rental Removed $725 LEASESTAR
• 2024-11-28 Rental Removed $725 BUILDIUM
• 2024-11-27 Listed for Rent $725 LEASESTAR
• 2024-11-27 Listed for Rent $725 BUILDIUM
• 2024-11-13 Rental Removed $725 LEASESTAR
• 2024-11-13 Rental Removed $725 BUILDIUM
• 2024-11-13 Listed for Rent $725 BUILDIUM
• 2024-11-04 Listed for Rent $725 LEASESTAR
• 2024-10-23 Rental Removed $725 LEASESTAR
• 2024-09-12 Listed for Rent $725 LEASESTAR
• 2024-09-12 Rental Removed $725 LEASESTAR
• 2024-06-12 Listed for Rent $725 LEASESTAR
• 2024-06-12 Rental Removed $725 LEASESTAR
• 2024-05-30 Listed for Rent $725 LEASESTAR
• 2024-05-30 Rental Removed — LEASESTAR
• 2024-05-08 Listed for Rent — LEASESTAR
• 2024-04-27 Rental Removed — LEASESTAR
• 2024-02-11 Listed for Rent — LEASESTAR
• 2023-12-25 Rental Removed — LEASESTAR
• 2023-12-24 Listed for Rent — LEASESTAR
• 2023-12-20 Rental Removed — LEASESTAR
• 2023-12-20 Listed for Rent — LEASESTAR
• 2023-12-14 Rental Removed — LEASESTAR
• 2023-12-13 Listed for Rent — LEASESTAR
• 2023-10-20 Rental Removed — LEASESTAR
• 2023-10-16 Listed for Rent — LEASESTAR
• 2023-10-07 Rental Removed — LEASESTAR
• 2023-10-06 Listed for Rent — LEASESTAR
• 2023-07-16 Rental Removed — LEASESTAR
• 2008-03-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-03-15 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2006-12-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-06-03 Listed $54,900 MIBOR as Distributed by MLS Grid

Property tax history

+0.4%/yr

Latest (2024): $1,364 · +18.2% YoY. Source: county tax records.