709 W Riverside Ave · Muncie, IN 47303

$134,900

4 bd · 2.0 ba · 3,428 sqft · MultiFamily public records · 550 Days on market

Built 1904 7,750 sqft lot $39/sqft · 7% below area Est $145k · 7% 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 +10.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

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

Listing remarks MLS

Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

Key facts

• 7,750 sq ft lot
• Built 1904
• Listed 550 days

Tags

• SPACIOUS MAIN LEVEL ROOMS
• SECOND SMALL KITCHEN UPSTAIRS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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 (+7.8%/yr); 112 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• At $2,221/mo this rent would consume 56% of the median local household income ($48k/yr) (locally 1434% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 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.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 550 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago; this cycle's ask is 10277% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $80k; list at $135k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 550 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.65% ✓
• Cap rate: 12.16%
• Cash-on-cash: 20.96%
• DSCR: 1.93
• GRM: 5.1

CMA / ARV

• ARV (median comp): $144,751
• List price: $134,900
• Delta: -6.81%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
419 W Howard St	0.71mi	4/3.0	3,667 (+7%)	19mo	$89,500	$24	36
211 S Liberty St	0.56mi	4/4.0	2,928 (-15%)	10mo	$190,000	$65	34
802 W Charles St	0.60mi	3/4.0 (-1)	3,900 (+14%)	10mo	$86,228	$22	28
511 W Charles St	0.64mi	4/4.0	3,854 (+12%)	21mo	$140,000	$36	24

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: 19.3%
• Equity multiple: 1.83×
• Total profit: $31,531
• Equity at exit: $20,114

10-year hold

• IRR: 31.0%
• Equity multiple: 4.52×
• Total profit: $133,064
• Equity at exit: $11,664

Cash invested: $37,772 (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: 10.1×

Monthly cashflow live

• Estimated rent: $2,221 high
• Mortgage (P&I): −$707
• Tax from tax record: −$331 /mo · $3,976/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $660

Break-even live

Break-even rent $1,386

Max offer price $134,900

Occupancy floor 65%

Sensitivity live

Price	-10% $736	-5% $698	+0% $660	+5% $621	+10% $583
Rent	-10% $484	-5% $572	+0% $660	+5% $747	+10% $835
Rate	-1.0pp $728	-0.5pp $694	base $660	+0.5pp $625	+1.0pp $589

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,222
Total (2 units)			$2,221

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-05
   days on market $134,900 Active 550 DOM
2. 2026-06-03
   days on market $134,900 Active 549 DOM
3. 2026-06-02
   days on market $134,900 Active 548 DOM
4. 2026-06-01
   days on market $134,900 Active 547 DOM
5. 2026-05-31
   days on market $134,900 Active 546 DOM
6. 2026-05-30
   days on market $134,900 Active 545 DOM
7. 2025-11-05
   historical $1,300
8. 2025-10-28
   listed $1,300
9. 2025-07-14
   price $134,900 570-char remark

   Show marketing remark (570 chars)

   Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

10. 2025-04-08
    status Active 570-char remark

    Show marketing remark (570 chars)

    Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

11. 2025-04-08
    price $139,900 570-char remark

    Show marketing remark (570 chars)

    Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

12. 2025-03-08
    historical $1,375
13. 2025-03-06
    status Pending 570-char remark

    Show marketing remark (570 chars)

    Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

14. 2025-02-20
    listed $1,375
15. 2025-02-11
    price $144,900 570-char remark

    Show marketing remark (570 chars)

    Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

16. 2024-12-12
    price $149,900 570-char remark

    Show marketing remark (570 chars)

    Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

17. 2024-11-07
    price $184,900 570-char remark

    Show marketing remark (570 chars)

    Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

18. 2024-10-29
    listed $189,900 Active 570-char remark

    Show marketing remark (570 chars)

    Less than a mile from Campus, this charming 3 bed 2 bath home is perfect for college students or a family ready to move. The parking area for this property can fit multiple cars comfortably and the front porch is perfect for enjoying a quiet evening outside! The main level rooms are spacious with plenty of room for recreation or lounging. There is a second small kitchen with a stove and sink upstairs as an added bonus. The bedrooms are large with plenty of space for your bed and desks to fit comfortably. This house is BIG living! Please note this is an as-is sale!

19. 2024-09-29
    historical $1,375
20. 2024-09-26
    price $1,375
21. 2024-08-23
    price $1,275
22. 2024-07-26
    listed $1,300
23. 2023-05-29
    historical
24. 2016-09-30
    soldstatus $80,000 589-char remark

    Show marketing remark (589 chars)

    LOCATION! LOCATION! LOCATION! BSU student rental property located on Riverside Ave along fraternity row at the corner of Riverside and Reserve. Some redevelopment and new construction in this block. Solid house with newer roof, vinyl siding, some replacement windows, updated furnace and central air conditioning. This appears to have been 2 units with two kitchen areas. Rental income in 2014-2015 was $1500 month with tenants paying utilities. This property can be purchased separately or as a 5 property package together with MLS #'s: 201612287, 201612272, 201612308, and 201612333.

25. 2016-03-25
    listed $125,000 589-char remark

    Show marketing remark (589 chars)

    LOCATION! LOCATION! LOCATION! BSU student rental property located on Riverside Ave along fraternity row at the corner of Riverside and Reserve. Some redevelopment and new construction in this block. Solid house with newer roof, vinyl siding, some replacement windows, updated furnace and central air conditioning. This appears to have been 2 units with two kitchen areas. Rental income in 2014-2015 was $1500 month with tenants paying utilities. This property can be purchased separately or as a 5 property package together with MLS #'s: 201612287, 201612272, 201612308, and 201612333.

ⓘ 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: $3,976 · $331/mo
• Projected year-2 tax: $3,976 · $331/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: $26,652
• − Mortgage interest: −$7,556
• − Property taxes: −$3,976
• − Insurance: −$674
• − Repairs & maintenance: −$2,132
• − Management: −$2,132
• − Depreciation: −$3,924
• Taxable income: $6,256
• Est. tax owed @ 24.0%: −$1,502
• After-tax cash flow: $6,414/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

-99.0% since first listed

19 events — show timeline

• 2025-11-05 Rental Removed $1,300 SHOWMOJO
• 2025-10-28 Listed for Rent $1,300 SHOWMOJO
• 2025-07-14 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2025-04-08 Relisted — MIBOR as Distributed by MLS Grid
• 2025-04-08 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2025-03-08 Rental Removed $1,375 SHOWMOJO
• 2025-03-06 Pending — MIBOR as Distributed by MLS Grid
• 2025-02-20 Listed for Rent $1,375 SHOWMOJO
• 2025-02-11 Price Changed $144,900 MIBOR as Distributed by MLS Grid
• 2024-12-12 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2024-11-07 Price Changed $184,900 MIBOR as Distributed by MLS Grid
• 2024-10-29 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2024-09-29 Rental Removed $1,375 SHOWMOJO
• 2024-09-26 Price Changed $1,375 SHOWMOJO
• 2024-08-23 Price Changed $1,275 SHOWMOJO
• 2024-07-26 Listed for Rent $1,300 SHOWMOJO
• 2023-05-29 Rental Removed — RENT.
• 2016-09-30 Sold (MLS) $80,000 IRMLS
• 2016-03-25 Listed $125,000 IRMLS

Property tax history

-1.8%/yr

Latest (2024): $3,976 · +10.6% YoY. Source: county tax records.