1319 W Kilgore Ave · Muncie, IN 47305

$145,000

3 bd · 3.0 ba · 1,512 sqft · MultiFamily public records · 151 Days on market

Built 1920 5,625 sqft lot Est $116k · 25% over

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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
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Seize the chance to own a cash-flowing, 3-unit investment property in the thriving Muncie, Indiana market. This is an ideal addition to any investor's portfolio, offering stable income and long-term appreciation potential in a city with a strong rental demand. With recent renovations to 1 unit and to the exterior of the property. You will not need to invest any additional funds into renovations or repairs. Investment Highlights: This well-maintained 3-unit property is located in a desirable area of Muncie, providing tenants with convenient access to key city amenities. Each unit is designed for maximum rentability, with features that appeal to today's renters. Whether you're a seasoned inv

Key facts

• Recent renovations
• Convenient access
• Well maintained

Tags

• 3 UNIT INVESTMENT PROPERTY
• RECENT RENOVATIONS
• WELL MAINTAINED
• DESIRABLE AREA
• CONVENIENT ACCESS
• FULLY OCCUPIED BUILDING

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.7% 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; 22 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; lower-income renter base — watch delinquency; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• At $3,213/mo this rent would consume 106% 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 $9k of equity ($1k loan paydown + $8k 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 $41k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 151 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y ago; this cycle's ask is 23670% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 151 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.22% ✓
• Cap rate: 19.67%
• Cash-on-cash: 47.77%
• DSCR: 3.13
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $116,424
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1421-1423 S Perkins Ave	0.44mi	4/2.0 (+1)	1,630 (+8%)	10mo	$125,000	$77	49

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: 56.1%
• Equity multiple: 4.44×
• Total profit: $139,509
• Equity at exit: $84,598

10-year hold

• IRR: 53.7%
• Equity multiple: 9.21×
• Total profit: $333,467
• Equity at exit: $148,053

Cash invested: $40,600 (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: 11.3×

Monthly cashflow live

• Estimated rent: $3,213 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$675
• Net cashflow: $1,616

Break-even live

Break-even rent $1,167

Max offer price $145,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$3,213
Total (3 units)			$3,213

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.23mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	44d	1	0.39mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	0.40mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	0.49mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	44d	1	0.54mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	0.55mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	0.57mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	0.58mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	0.65mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	0.70mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	0.74mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	44d	1	0.78mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	44d	1	0.86mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	44d	10	0.90mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	44d	1	0.98mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	1.14mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	44d	1	1.15mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.30mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	44d	13	1.39mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	1.40mi
2201 W Euclid Ave Muncie, IN	3.0	1.0	1844	$1,200	$0.65	44d	1	1.43mi
711 W Centennial Ave Muncie, IN	3.0	2.0	1372	$1,200	$0.87	44d	1	1.47mi

Listing history 2 events

1. 2026-06-09
   remarks 699-char remark
2. 2026-06-09
   listed $145,000 Pending 151 DOM

ⓘ 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: $1,216 · $101/mo
• Projected year-2 tax: $1,224 · $102/mo
• Expected delta: +$8/yr (+$1/mo · 0.7%)

ⓘ 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: $38,556
• − Mortgage interest: −$8,122
• − Property taxes: −$1,216
• − Insurance: −$725
• − Repairs & maintenance: −$3,084
• − Management: −$3,084
• − Depreciation: −$4,218
• Taxable income: $18,106
• Est. tax owed @ 24.0%: −$4,345
• After-tax cash flow: $15,048/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

17 events — show timeline

• 2026-06-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-10 Rental Removed $610 TURBOTENANT
• 2026-01-05 Relisted — MIBOR as Distributed by MLS Grid
• 2025-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-04 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-30 Listed for Rent $610 TURBOTENANT
• 2025-10-24 Pending — MIBOR as Distributed by MLS Grid
• 2025-10-23 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-10 Pending — MIBOR as Distributed by MLS Grid
• 2025-10-01 Relisted — MIBOR as Distributed by MLS Grid
• 2025-08-18 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-12 Rental Removed $610 TURBOTENANT
• 2025-08-07 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2025-07-12 Listed for Rent $610 TURBOTENANT
• 2024-11-21 Rental Removed $610 TURBOTENANT
• 2024-10-20 Listed for Rent $610 TURBOTENANT
• 2022-08-08 Price Changed $540 TURBOTENANT

Property tax history

+2.9%/yr

Latest (2024): $1,216 · +17.6% YoY. Source: county tax records.