1916 W White River Blvd · Muncie, IN 47303

$114,000

2 bd · 1.0 ba · 1,344 sqft · MultiFamily · 49 Days on market

Built 1951 Fair condition 5,000 sqft lot $85/sqft · 14% below area Est $133k · 14% 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 +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• 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

Nice investment property across from White River! This 2 Bedroom home has the perfect location near BSU, the Hospital, and Walking trails! The two-story home features the living space upstairs and the two-car garage downstairs. Features include Vinyl Plank flooring throughout and an open Living area and Kitchen. There is a large front yard and parking in back. All appliances are included. Great location and Great Price.

Key facts

• Large front yard
• Investment property
• Open living area

Tags

• INVESTMENT PROPERTY
• WALKING TRAILS
• VINYL PLANK FLOORING
• OPEN LIVING AREA
• LARGE FRONT YARD
• PARKING IN BACK

Property features AI

Exterior

• Parking: Attached 2-car garage (672 garage sq. ft.)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; Two levels
• Construction: Aluminum siding; Slab foundation
• Exterior features: Approximately 0.12-acre lot (less than 1/4 acre)

Interior

• Kitchen: Electric oven; Microwave
• Bedrooms: Two upper-level bedrooms
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Washer and dryer included; Microwave; Electric oven; Water heater
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $114k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $114k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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; 36 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 43% 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 $788 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y 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.
• Current owner paid $80k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,580 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.50% ✓
• Cap rate: 12.25%
• Cash-on-cash: 21.29%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $132,603
• List price: $114,000
• Delta: -14.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 1.82×
• Total profit: $26,295
• Equity at exit: $16,998

10-year hold

• IRR: 30.6%
• Equity multiple: 4.41×
• Total profit: $108,774
• Equity at exit: $9,857

Cash invested: $31,920 (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: 11.1×

Monthly cashflow live

• Estimated rent: $1,714 high
• Mortgage (P&I): −$598
• Tax est. 1.5%: −$142 /mo · $1,710/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $566

Break-even live

Break-even rent $997

Max offer price $114,000

Occupancy floor 62%

Sensitivity live

Price	-10% $645	-5% $606	+0% $566	+5% $527	+10% $487
Rent	-10% $431	-5% $499	+0% $566	+5% $634	+10% $702
Rate	-1.0pp $624	-0.5pp $595	base $566	+0.5pp $537	+1.0pp $507

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,714
Total (2 units)			$1,714

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	45d	1	0.06mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	45d	1	0.10mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	45d	1	0.11mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	45d	1	0.12mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	45d	7	0.16mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	45d	2	0.24mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	45d	1	0.26mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	45d	3	0.30mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	45d	5	0.42mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	45d	7	0.54mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	45d	1	0.64mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	45d	1	0.64mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	45d	1	0.64mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	45d	3	0.67mi
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	45d	1	0.73mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	45d	10	0.81mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	45d	1	0.81mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	45d	1	0.83mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	45d	6	0.86mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	45d	1	0.87mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	45d	1	0.93mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	45d	1	0.93mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	45d	1	0.98mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	45d	1	0.98mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	45d	1	1.03mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	45d	1	1.05mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	45d	1	1.06mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	45d	1	1.07mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	45d	1	1.11mi
2201 W Euclid Ave Muncie, IN	3.0	1.0	1844	$1,200	$0.65	45d	1	1.12mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	45d	13	1.26mi
1010 W Bethel Ave Muncie, IN	1.0	1.0	700	$874	$1.25	45d	13	1.29mi
1801 N Glenwood Ave Muncie, IN	2.0	1.0	1096	$1,250	$1.14	45d	1	1.33mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	45d	1	1.40mi
711 W Centennial Ave Muncie, IN	3.0	2.0	1372	$1,200	$0.87	45d	1	1.42mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$799	$0.77	45d	1	1.47mi

Listing history 23 events

1. 2026-06-13
   statusdays on market $114,000 Pending 49 DOM
2. 2026-06-10
   days on market $114,000 Active 47 DOM
3. 2026-06-09
   days on market $114,000 Active 46 DOM
4. 2026-06-08
   days on market $114,000 Active 45 DOM
5. 2026-06-07
   days on market $114,000 Active 44 DOM
6. 2026-06-05
   days on market $114,000 Active 41 DOM
7. 2026-06-03
   days on market $114,000 Active 40 DOM
8. 2026-06-02
   days on market $114,000 Active 39 DOM
9. 2026-06-01
   days on market $114,000 Active 38 DOM
10. 2026-05-31
    days on market $114,000 Active 37 DOM
11. 2026-05-30
    days on market $114,000 Active 36 DOM
12. 2026-04-30
    historical $825
13. 2026-04-24
    listed $114,000 Active 423-char remark

    Show marketing remark (423 chars)

    Nice investment property across from White River! This 2 Bedroom home has the perfect location near BSU, the Hospital, and Walking trails! The two-story home features the living space upstairs and the two-car garage downstairs. Features include Vinyl Plank flooring throughout and an open Living area and Kitchen. There is a large front yard and parking in back. All appliances are included. Great location and Great Price.

14. 2026-04-24
    listed $114,000 Active 422-char remark

    Show marketing remark (423 chars)

    Nice investment property across from White River! This 2 Bedroom home has the perfect location near BSU, the Hospital, and Walking trails! The two-story home features the living space upstairs and the two-car garage downstairs. Features include Vinyl Plank flooring throughout and an open Living area and Kitchen. There is a large front yard and parking in back. All appliances are included. Great location and Great Price.

15. 2026-04-02
    listed $825
16. 2026-03-20
    listed $114,000 Active
17. 2023-12-18
    historical $825
18. 2023-12-13
    price $825
19. 2023-11-10
    listed $800
20. 2023-10-15
    historical $800
21. 2023-10-02
    listed $800
22. 2022-05-02
    soldstatus $80,000
23. 2022-01-18
    listed $90,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $20,568
• − Mortgage interest: −$6,386
• − Property taxes: −$1,710
• − Insurance: −$570
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$3,316
• Taxable income: $5,295
• Est. tax owed @ 24.0%: −$1,271
• After-tax cash flow: $5,524/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-story multi-family home requires moderate renovations to update the kitchen and bathroom, and improve the landscaping. With these updates, it has the potential to increase its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — The cabinets are dated and could be updated for a fresh look.
• Minor Bathroom fixtures — The fixtures are dated and could be replaced for a more modern look.
• Minor Landscaping — The landscaping could be improved with some trimming and planting.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance and value.
• Resale Replace kitchen cabinets — New cabinets can greatly enhance the kitchen's functionality and appeal.
• Resale Replace bathroom fixtures — Modern fixtures can improve the bathroom's functionality and appeal.
• Both Landscaping improvements — Improved landscaping can enhance curb appeal and add value to the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are dated and could be updated for a fresh look.	Minor	$500–3,000
Bathroom fixtures · The fixtures are dated and could be replaced for a more modern look.	Minor	$500–3,000
Landscaping · The landscaping could be improved with some trimming and planting.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can make a significant difference in the home's appearance and value. ↑
• Resale Replace kitchen cabinets — New cabinets can greatly enhance the kitchen's functionality and appeal. ↑
• Resale Replace bathroom fixtures — Modern fixtures can improve the bathroom's functionality and appeal. ↑
• Both Landscaping improvements — Improved landscaping can enhance curb appeal and add value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+26.7% since first listed

14 events — show timeline

• 2026-06-12 Pending — IRMLS
• 2026-06-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Rental Removed $825 APPFOLIO
• 2026-04-24 Listed $114,000 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $114,000 IRMLS
• 2026-04-02 Listed for Rent $825 APPFOLIO
• 2026-03-20 Listed $114,000 IRMLS
• 2023-12-18 Rental Removed $825 APPFOLIO
• 2023-12-13 Price Changed $825 APPFOLIO
• 2023-11-10 Listed for Rent $800 APPFOLIO
• 2023-10-15 Rental Removed $800 APPFOLIO
• 2023-10-02 Listed for Rent $800 APPFOLIO
• 2022-05-02 Sold (MLS) $80,000 IRMLS
• 2022-01-18 Listed $90,000 IRMLS