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$70,000

For Sale - Active
1724 S Elm St, Muncie, IN 47302
2 Beds
1 Bath
1,134 Square Feet
0.34 Acres Lot
Built in 1910
For Sale - Active
Units n/a
Checked: 22 hours ago
Updated: Sep 14, 2025 at 12:24AM

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
$690
Cap Rate
11.8%
Cash-on-Cash Return
11.5%
Debt Coverage Ratio
n/a
Internal Rate of Return (5 years)
15.2%

Property Description


0.34 Acres Lot
Built in 1910
For Sale - Active
Units n/a

Charming Southside Cottage with Rare Double Lot! This adorable cottage on Muncie's Southside is full of potential and ready for its next owner. Offering 1,134 square feet of living space, the home features 2 bedrooms, 1 full bath, a detached garage, and a spacious covered front porch perfect for relaxing and entertaining. Situated on a rare double lot, this property provides extra outdoor space for gardening, play, or future expansion. The home has been inherited, and while the current heir has limited information, they do know that the roof is less than 10 years old, the furnace and A/C unit are under 3 years old, a new water softener was installed this year, and the garage includes an automatic opener. The windows are original, giving the home its classic charm. Please note: The county auditor's records incorrectly list part of the extra lot ownership. This is currently being corrected, and the seller does in fact own the entire extra lot to the south. Located with convenient access to Memorial Drive, Madison Street, shopping, dining, and other local amenities, this property offers both character and value. Immediate possession available. Estate Sale.

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Location


Property Details


Parking

  • Description: Detached
  • Details: Detached
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 1.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 1
  • Basement: Yes
  • Basement Description: Unfinished

Exterior Features

  • Foundation: Block

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 181115358016.000003
  • Lot Size: 14900 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Bungalow
  • Year Built: 1910

Tax Information

  • Annual Tax: $0

Utilities

  • Water & Sewer: Public
  • Heating: Forced Air, Natural Gas
  • Cooling: Central Air

Location

  • County: Delaware

Listing Details


Listed by:
Steve Slavin
Coldwell Banker Real Estate Group
(317) 701-5006

Source:
MIBOR Broker Listing Cooperative
MLS#: 22053838
MIBOR Broker Listing Cooperative

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
$690
Cap Rate
11.8%
Cash-on-Cash Return
11.5%
Debt Coverage Ratio
n/a
Internal Rate of Return (5 years)
15.2%

Purchase Details

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Purchase price:
$70,000
Amount financed:
$0
Down payment:
$70,000
Closing costs:
$2,100
Rehab costs:
$0
Initial cash invested:
$72,100
Square feet:
1,134
Cost per square foot:
$62
Monthly rent per square foot:
$0.88

Financing Details

Find a Lender

Loan amount:
$0

Financing is not included in this analysis because the purchase price is under $75,000. Most lenders have minimum loan amounts and typically do not provide financing for properties below this threshold. However, if you’d like to include financing, you can customize the value through the Customize Inputs tab.

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,000 $12,000
Vacancy loss: (6%)
6% -$60 -$720
Operating income:
$940 $11,280

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$70-$840
Property management: (8%)
8%-$80-$960
Repairs & maintenance: (5%)
5%-$50-$600
Capital expenditures: (5%)
5%-$50-$600
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$250-$3,000

Cash Flow


Monthly Yearly
Net operating income:
$690 $8,280
Mortgage payments:
$0 $0
Cash flow:
$690 $8,280