1804 E 25th St · Muncie, IN 47302

$110,000

3 bd · 1.0 ba · 1,232 sqft · SingleFamily public records · 18 Days on market

Built 1950 7,280 sqft lot Est $140k · 22% under

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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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +4.8/10.0
• 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

3 bedroom 1 bath home located close to schools, parks and shopping. All appliances stay. Being sold as-is.

Key facts

• 7,280 sq ft lot
• Garage
• Built 1950

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Parking: Detached garage (1 car); Off-street parking
• Utilities: Public water; Public sewer; Electric service available; Natural gas
• Home design: Single-family residence, site-built; 1 story
• Construction: Vinyl siding; Shingle roof; Built on crawl space
• Exterior features: Covered porch; Deck; Porch; Level lot

Interior

• Kitchen: Refrigerator; Electric oven and electric range; Eat-in kitchen layout
• Bedrooms: Total of 6 rooms (bedrooms included) — 1 main-level bathroom
• Flooring: Laminate countertops noted (flooring material not specified)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Ceiling fans for cooling
• Interior features: Ceiling fans; Eat-in kitchen; Laminate countertops; Gas log freestanding fireplace in family room; Crawl space
• Laundry & utility: Washer hookup on main level; Electric dryer hookup; Washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $206 ($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 $108k (1.6% below list).
• Recommended offer: $108k (1.6% below list) — sets the bar for 1% rule.
• Cap rate 8.5% 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 (+6.1%/yr); 148 active listings in the ZIP; 19 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 $761 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 + 6.1% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,255 (1.6% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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.
6. 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.
7. 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: 0.98% ✗
• Cap rate: 8.54%
• Cash-on-cash: 8.03%
• DSCR: 1.36
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $140,448
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1706 E 23rd St	0.13mi	3/1.0	1,240 (+1%)	3mo	$137,000	$110	90
3215 S Southwest Dr	0.10mi	2/1.0 (-1)	1,130 (-8%)	1mo	$141,500	$125	76
2505 E 26th St	0.49mi	3/1.5	1,272 (+3%)	2mo	$145,000	$114	68
2604 E 27th St	0.57mi	3/1.5	1,268 (+3%)	1mo	$179,900	$142	66
1500 E 26th St	0.24mi	3/1.5	1,104 (-10%)	4mo	$139,900	$127	66
908 E 26th St	0.59mi	3/1.0	1,226 (-0%)	8mo	$138,000	$113	65
1530 E 26th St	0.21mi	3/1.5	1,104 (-10%)	10mo	$160,000	$145	63
1908 E 18th St	0.47mi	3/1.0	1,145 (-7%)	8mo	$90,000	$79	60
1804 E 19th St	0.37mi	3/1.0	1,075 (-13%)	2mo	$155,000	$144	60
1902 E 21 St	0.25mi	2/1.0 (-1)	1,105 (-10%)	8mo	$124,000	$112	59
2717 S Meeker Ave	0.48mi	3/1.5	1,062 (-14%)	2mo	$110,000	$104	51
2432 E 16th St	0.74mi	2/2.0 (-1)	1,254 (+2%)	10mo	$114,900	$92	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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,258
• Equity at exit: $16,401

10-year hold

• IRR: 11.3%
• Equity multiple: 2.00×
• Total profit: $30,875
• Equity at exit: $9,511

Cash invested: $30,800 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,083 high
• Mortgage (P&I): −$577
• Tax from tax record: −$26 /mo · $317/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $206

Break-even live

Break-even rent $822

Max offer price $110,000

Occupancy floor 76%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	44d	1	0.20mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	44d	1	0.45mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	44d	1	0.65mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	44d	1	0.66mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	44d	1	0.69mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	0.70mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	44d	1	0.81mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	44d	1	0.84mi
4412 S Clubhouse Rd Muncie, IN	3.0	2.0	1248	$1,210	$0.97	44d	2	0.88mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	1.00mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	44d	1	1.02mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	1.20mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	1.26mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	1.30mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	44d	1	1.34mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	44d	1	1.37mi
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$1,091	$1.06	44d	7	1.41mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	1.42mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	1.44mi

Listing history 15 events

1. 2026-06-19
   days on market $110,000 Active 18 DOM
2. 2026-06-18
   days on market $110,000 Active 17 DOM
3. 2026-06-17
   days on market $110,000 Active 16 DOM
4. 2026-06-16
   days on market $110,000 Active 15 DOM
5. 2026-06-15
   days on market $110,000 Active 14 DOM
6. 2026-06-14
   days on market $110,000 Active 12 DOM
7. 2026-06-13
   days on market $110,000 Active 11 DOM
8. 2026-06-10
   days on market $110,000 Active 9 DOM
9. 2026-06-09
   days on market $110,000 Active 8 DOM
10. 2026-06-08
    days on market $110,000 Active 7 DOM
11. 2026-06-07
    days on market $110,000 Active 6 DOM
12. 2026-06-05
    days on market $110,000 Active 3 DOM
13. 2026-06-03
    days on market $110,000 Active 2 DOM
14. 2026-06-02
    remarks 106-char remark
15. 2026-06-02
    listed $110,000 Active 1 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: $317 · $26/mo
• Projected year-2 tax: $626 · $52/mo
• Expected delta: +$309/yr (+$26/mo · 97.3%)

ⓘ 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: $12,991
• − Mortgage interest: −$6,162
• − Property taxes: −$317
• − Insurance: −$550
• − Repairs & maintenance: −$1,039
• − Management: −$1,039
• − Depreciation: −$3,200
• Taxable income: $683
• Est. tax owed @ 24.0%: −$164
• After-tax cash flow: $2,309/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): 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

1 event — show timeline

• 2026-06-01 Listed $110,000 IRMLS

Property tax history

+16.2%/yr

Latest (2024): $317 · -10.6% YoY. Source: county tax records.