1101 W Ashland Ave · Muncie, IN 47303

$140,000

4 bd · 2.0 ba · 1,444 sqft · MultiFamily public records · 1 Days on market

Built 1849 5,625 sqft lot Est $152k · 8% under

---

Why this score? — see what drove the D 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 +11.2/30.0
• ARV discount +10.9/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Discover a unique living experience in this single-family residence that presents an inviting home ready for immediate enjoyment. Downstairs offers a cozy two bedroom unit, with a large kitchen. The upstairs is a one bedroom that offers the warmth and character of hardwood flooring, creating a comfortable and classic atmosphere. This property provides ample space for both indoor comfort and outdoor possibilities.

Key facts

• 5,625 sq ft lot
• Built 1849

Property features AI

Exterior

• Security: Smoke detectors
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Concrete perimeter foundation
• Exterior features: Covered patio/porch; Lot under 1/4 acre (approximately 0.13 acre)

Interior

• Kitchen: Electric oven; Microwave; Disposal; Refrigerator; Dishwasher
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Natural gas heat; Central air conditioning
• Interior features: High ceilings; Finished basement
• Laundry & utility: Washer and dryer; Water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $-54 ($-648/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (14.0% below list).
• Recommended offer: $120k (14.0% below list) — sets the bar for 1% rule.

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 fast (+7.8%/yr); 112 active listings in the ZIP; 20 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; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 30% 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 $968 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1849 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,464 (14.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1849 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.65%
• DSCR: 0.93
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $151,620
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1119 W Bethel Ave	0.63mi	4/2.0	1,434 (-1%)	7mo	$150,000	$105	64
822 N Walnut St	0.70mi	4/2.0	1,604 (+11%)	16mo	$33,000	$21	35

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: -13.6%
• Equity multiple: 0.49×
• Total profit: $-19,985
• Equity at exit: $20,874

10-year hold

• IRR: 1.8%
• Equity multiple: 1.15×
• Total profit: $5,982
• Equity at exit: $12,105

Cash invested: $39,200 (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 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,205 high
• Mortgage (P&I): −$734
• Tax from tax record: −$213 /mo · $2,558/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $-54

Break-even live

Break-even rent $1,273

Max offer price $130,459

Occupancy floor 99%

Sensitivity live

Price	-10% $25	-5% $-14	+0% $-54	+5% $-94	+10% $-133
Rent	-10% $-149	-5% $-102	+0% $-54	+5% $-6	+10% $41
Rate	-1.0pp $16	-0.5pp $-18	base $-54	+0.5pp $-90	+1.0pp $-127

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 20 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	0.19mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,450	$1.21	44d	10	0.25mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	44d	1	0.28mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	0.59mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	44d	1	0.62mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	0.66mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	44d	13	0.70mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.72mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	44d	1	0.73mi
711 W Centennial Ave Muncie, IN	3.0	2.0	1372	$1,200	$0.87	44d	1	0.77mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$1,099	$1.06	44d	1	0.84mi
2201 W Euclid Ave Muncie, IN	3.0	1.0	1844	$1,200	$0.65	44d	1	0.96mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.04mi
2600 N Wheeling Ave Muncie, IN	2.0–3.0	1.0	1024	$1,035	$1.01	44d	1	1.14mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	1.17mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	1.21mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$999	$1.22	44d	3	1.25mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	1.26mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	1.41mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	44d	1	1.44mi

Listing history 2 events

1. 2026-05-20
   status Pending
2. 2026-05-17
   listed $140,000 Active

ⓘ 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: $2,558 · $213/mo
• Projected year-2 tax: $2,558 · $213/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 6/10 Major FEMA zone X (unshaded) · 67% 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: $14,456
• − Mortgage interest: −$7,842
• − Property taxes: −$2,558
• − Insurance: −$700
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − Depreciation: −$4,073
• Taxable loss: −$3,030
• Est. tax savings @ 24.0%: +$727
• After-tax cash flow: $79/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

2 events — show timeline

• 2026-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-17 Listed $140,000 MIBOR as Distributed by MLS Grid

Property tax history

-1.9%/yr

Latest (2024): $2,558 · +10.7% YoY. Source: county tax records.