3401 W 31st St · Muncie, IN 47302

$69,900

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 56 Days on market

Built 1955 0.25 ac lot $84/sqft · 6% above area Est $66k · 6% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +4.8/15.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

3401 W 31st ST, MUNCIE, IN, USA, is a single-family residence. This home stands ready for immediate occupancy. This residence features two well-proportioned bedrooms, providing comfortable private accommodations. Complementing these spaces is a full bathroom, designed for both convenience and utility. Encompassing an expansive lot, this single-story property offers considerable outdoor potential, complementing its interior living spaces. We invite you to schedule a private viewing to fully appreciate the distinctive qualities of this property.

Key facts

• Expansive lot
• 0.25 acre lot
• 2 garage spots

Tags

• EXPANSIVE LOT
• SINGLE STORY PROPERTY

Property features AI

Exterior

• Parking: Detached 2-car garage (about 432 sq ft)
• Utilities: Public water; Municipal sewer connected; 100-amp electric service
• Home design: Single-family residence; One story
• Construction: Brick construction; Crawl space foundation
• Exterior features: Patio; Approximately 0.25-acre lot

Interior

• Kitchen: Kitchen (approximately 11x10)
• Bedrooms: Two bedrooms on the main level (sizes include a 10x8 bedroom and a 10x9 room)
• Bathrooms: One full bathroom with a tub and shower
• Heating & cooling: Forced air heating; Natural gas heating; No central air
• Interior features: Attic access; Five main-level rooms
• Laundry & utility: Main-level laundry (approx. 4x6)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($887 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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 fast (+6.1%/yr); 148 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $483 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 + 6.1% rent growth), your $20k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1955 — 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: 1.27% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.63%
• DSCR: 1.74
• GRM: 6.6

CMA / ARV

• ARV (median comp): $65,895
• List price: $69,900
• Delta: 6.08%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3404 W 29th St	0.14mi	2/1.0	784 (-6%)	2mo	$93,000	$119	82
3408 S Willoughby St	0.23mi	2/1.0	716 (-14%)	23mo	$55,000	$77	46

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.45×
• Total profit: $8,784
• Equity at exit: $10,422

10-year hold

• IRR: 22.2%
• Equity multiple: 3.16×
• Total profit: $42,321
• Equity at exit: $6,044

Cash invested: $19,572 (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: 6.6×

Monthly cashflow live

• Estimated rent: $887 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$34 /mo · $403/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $271

Break-even live

Break-even rent $543

Max offer price $69,900

Occupancy floor 64%

Sensitivity live

Price	-10% $311	-5% $291	+0% $271	+5% $251	+10% $232
Rent	-10% $201	-5% $236	+0% $271	+5% $306	+10% $341
Rate	-1.0pp $306	-0.5pp $289	base $271	+0.5pp $253	+1.0pp $235

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 W Memorial Dr Muncie, IN	1.0	1.0	525	$705	$1.34	45d	8	1.42mi

Listing history 27 events

1. 2026-06-19
   days on market $69,900 Active 56 DOM
2. 2026-06-18
   days on market $69,900 Active 55 DOM
3. 2026-06-17
   price $69,900 Active 54 DOM
4. 2026-06-17
   days on market $79,900 Active 54 DOM
5. 2026-06-16
   days on market $79,900 Active 53 DOM
6. 2026-06-15
   days on market $79,900 Active 52 DOM
7. 2026-06-14
   days on market $79,900 Active 50 DOM
8. 2026-06-13
   days on market $79,900 Active 49 DOM
9. 2026-06-10
   days on market $79,900 Active 47 DOM
10. 2026-06-09
    days on market $79,900 Active 46 DOM
11. 2026-06-08
    days on market $79,900 Active 45 DOM
12. 2026-06-07
    days on market $79,900 Active 44 DOM
13. 2026-06-05
    days on market $79,900 Active 41 DOM
14. 2026-06-03
    days on market $79,900 Active 40 DOM
15. 2026-06-02
    days on market $79,900 Active 39 DOM
16. 2026-06-01
    days on market $79,900 Active 38 DOM
17. 2026-05-31
    days on market $79,900 Active 37 DOM
18. 2026-05-30
    days on market $79,900 Active 36 DOM
19. 2026-04-24
    listed $79,900 Active 550-char remark
20. 2026-01-20
    status Pending
21. 2026-01-10
    historical
22. 2025-12-15
    status Active
23. 2025-11-04
    status Pending
24. 2025-10-31
    price $45,000
25. 2025-10-13
    price $55,000
26. 2025-10-01
    price $65,000
27. 2025-09-20
    listed $70,000 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: $403 · $34/mo
• Projected year-2 tax: $498 · $42/mo
• Expected delta: +$96/yr (+$8/mo · 23.8%)

ⓘ 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 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: $10,639
• − Mortgage interest: −$3,915
• − Property taxes: −$403
• − Insurance: −$350
• − Repairs & maintenance: −$851
• − Management: −$851
• − Depreciation: −$2,033
• Taxable income: $2,236
• Est. tax owed @ 24.0%: −$537
• After-tax cash flow: $2,717/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

• 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

-0.1% since first listed

10 events — show timeline

• 2026-06-17 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2026-01-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-04 Pending — MIBOR as Distributed by MLS Grid
• 2025-10-31 Price Changed $45,000 MIBOR as Distributed by MLS Grid
• 2025-10-13 Price Changed $55,000 MIBOR as Distributed by MLS Grid
• 2025-10-01 Price Changed $65,000 MIBOR as Distributed by MLS Grid
• 2025-09-20 Listed $70,000 MIBOR as Distributed by MLS Grid

Property tax history

-8.2%/yr

Latest (2024): $403 · -44.9% YoY. Source: county tax records.