?? Investor Overview: 1821-1823 W 8th St, Muncie, IN 47302 Duplex + ADU | 6 Bed / 3 Bath Total (Current: 4 Bed / 3 Bath) Sqft: ~2,200 | Lot: ~6,000 | Yr Built: 1920s Occupancy: Vacant Asking Price: $50,000–$70,000 ARV: $273,882 Rehab: $60–$80K (heavy gut) | All-In (4-unit): $110–$150K Equity Potential: $123–$163K ?? Property Snapshot Classic 1920s duplex + above-garage ADU (currently 2×2/1 + 1×2/1) Garage has full utility hookups ? easy conversion to 4th unit Condition: Poor — heavy vandalism/gutted interiors, graffiti, exposed studs, debris, water damage Structurally sound (no obvious foundation/roof collapse) ?? Cash Flow Summary Current (3 units post-rehab): $3,450/mo gross ($41,400/yr) Stabilized (4 units): $4,600/mo gross ($55,200/yr) Expenses: ~25–30% (tenant-paid utilities) NOI (4 units): ~$41,400/yr ?? Valuation & Max-Rent Potential ARV: $273,882 (expansion + market comps) Current rent: $1,150/unit × 3 = $3,450/mo Max long-term rent (4 units): $1,100–$1,200/unit = $4,400–$4,800/mo Rent-by-room upside: Convert to 6–8 beds + shared baths ? $600–$750/room = $4,800–$6,000/mo possible Airbnb / STR potential: 2–3 units short-term near Ball State ? $80–$140/night/unit, 55–70% occupancy ? $6,000–$9,000/mo peak (seasonal) ?? Value-Add Opportunities Garage ? 4th unit (already plumbed/electric) Rent-by-room / sober living / halfway house conversion (high demand near Ball State) Section 8 / VASH / rapid rehousing eligible (strong subsidy demand in Muncie) Utility bill-backs (tenants already pay utilities) Add parking spots, storage lockers, coin laundry, exterior cameras Cosmetic upgrades: LVP, modern fixtures, fresh paint ?? Nearby Demand Drivers Ball State University (major employer + student housing demand) IU Health Ball Memorial Hospital Muncie downtown redevelopment zone White River + Cardinal Greenway trails/parks Entertainment districts & transit access ?? Quick Numbers Recap Purchase: $50–$70K Rehab: $60–$80K All-In: $110–$150K ARV: $273,882 Equity: $123–$163K NOI (4 units): ~$41,400/yr Cap Rate (4 units): 31.8–37.6% on all-in Cash-on-Cash ROI: 25–40%+ (20% down DSCR) ?? Why This Is a FOMO Deal 32–38% cap rate potential at $110–$150K all-in — rare in today’s market $123K+ equity day-one post-rehab Multi-unit expansion + rent-by-room upside near Ball State Low entry + high cash flow + subsidy compatibility Off-market gem — won’t last at this price point ?? Looking for More Off-Market Inventory? ?? Single-Family Rentals ?? Duplexes, Triplexes, & Quads ?? Turnkey Cash Flow Properties ?? Light-to-Heavy Rehab Projects ?? Creative Financing & Seller Carry Deals ?? www.reioffer.net ?? Jamie Franklin | Acquire JDF Corp | 317-610-9834
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