2309 S Grant St · Muncie, IN 47304

$119,900

2 bd · 1.0 ba · 1,752 sqft · SingleFamily public records · 6 Days on market

Built 1927 0.25 ac lot Est $102k · 18% over

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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 +21.2/30.0
• DSCR +6.7/10.0
• 1% rule +4.9/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready 3-bedroom home on a double lot featuring a 15x6 covered front porch and numerous updates. Kitchen features stainless steel appliances. New roof and water heater, with forced air furnace and central a/c. Spacious main-level utility/laundry room. Partially fenced in back yard. Owner is a licensed real estate broker and the listing agent. Taxes will be less with a homestead exemption.

Key facts

• Covered front porch
• Water heater
• Central a/c

Tags

• COVERED FRONT PORCH
• STAINLESS STEEL APPLIANCES
• NEW ROOF
• WATER HEATER
• FORCED AIR FURNACE
• CENTRAL A/C

Property features AI

Finance

• Other: Lot dimensions approximately 80 x 136 (about 0.25 acre)

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Single-story
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Partial fencing including chain link and barbed wire; Shed(s) on the property; Level lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Electric range
• Bedrooms: 6 total rooms (includes bedrooms and living spaces); Laundry located on the main level
• Flooring: Vinyl
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Dishwasher; Microwave; Refrigerator; Electric Range; Vinyl flooring; Full basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (1.4% below list).
• Recommended offer: $118k (1.4% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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: 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.
• Zoned schools: Grissom Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 450 students, 85% FRL); Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Muncie Community Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 5 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; 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 $829 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 + 8.0% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,274 (1.4% below list)

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.99% ✗
• Cap rate: 8.02%
• Cash-on-cash: 6.17%
• DSCR: 1.27
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $101,616
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2112 S Beacon St	0.14mi	2/1.0	1,632 (-7%)	4mo	$95,000	$58	79
1724 S Elm St	0.60mi	2/1.0	1,746 (-0%)	9mo	$67,000	$38	64
2815 S Hackley St	0.39mi	3/1.0 (+1)	1,648 (-6%)	13mo	$85,000	$52	56
1901 E 14th St	0.49mi	3/2.0 (+1)	1,621 (-8%)	1mo	$167,000	$103	55
2111 S Mulberry St	0.63mi	3/1.0 (+1)	1,680 (-4%)	8mo	$29,900	$18	53
2001 S Jefferson St	0.60mi	3/2.0 (+1)	1,804 (+3%)	8mo	$165,000	$91	52
202 E 13th St	0.64mi	3/1.5 (+1)	1,890 (+8%)	7mo	$124,900	$66	44
1805 E 18th St	0.47mi	2/2.0	1,506 (-14%)	9mo	$114,900	$76	43
1614 E 24th St	0.57mi	2/1.0	1,985 (+13%)	10mo	$51,000	$26	43
1911 S Walnut St	0.72mi	2/1.0	2,004 (+14%)	5mo	$84,900	$42	38
1801 E 23rd St	0.62mi	2/1.0	1,496 (-15%)	14mo	$68,000	$45	35
3202 S Pershing St	0.64mi	3/2.0 (+1)	1,575 (-10%)	13mo	$150,000	$95	34

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.7%
• Equity multiple: 0.93×
• Total profit: $-2,206
• Equity at exit: $17,877

10-year hold

• IRR: 12.5%
• Equity multiple: 2.21×
• Total profit: $40,591
• Equity at exit: $10,367

Cash invested: $33,572 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,183 high
• Mortgage (P&I): −$629
• Tax from tax record: −$83 /mo · $996/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $173

Break-even live

Break-even rent $964

Max offer price $119,900

Occupancy floor 80%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	1.01mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	1.07mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	1.11mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	1.43mi
4412 S Clubhouse Rd Muncie, IN	3.0	2.0	1248	$1,210	$0.97	44d	2	1.44mi

Listing history 7 events

1. 2026-06-03
   statusdays on market $119,900 Pending 6 DOM
2. 2026-06-02
   days on market $119,900 Active 5 DOM
3. 2026-06-01
   status $119,900 Active 4 DOM
4. 2026-05-01
   status Pending
5. 2026-04-26
   listed $119,900 Active
6. 2015-09-03
   historical
7. 2015-04-03
   listed $22,000

ⓘ 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: $996 · $83/mo
• Projected year-2 tax: $1,008 · $84/mo
• Expected delta: +$12/yr (+$1/mo · 1.2%)

ⓘ 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 ≥101°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: $14,193
• − Mortgage interest: −$6,716
• − Property taxes: −$996
• − Insurance: −$600
• − Repairs & maintenance: −$1,135
• − Management: −$1,135
• − Depreciation: −$3,488
• Taxable income: $122
• Est. tax owed @ 24.0%: −$29
• After-tax cash flow: $2,042/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): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

+445.0% since first listed

4 events — show timeline

• 2026-05-01 Pending — IRMLS
• 2026-04-26 Listed $119,900 IRMLS
• 2015-09-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-04-03 Listed $22,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2024): $996 · +2.5% YoY. Source: county tax records.