***** Investor Overview: 1821-1823 W 8th St, Muncie, IN 47302 Property Type: Duplex + ADU (2 Units: 2 Bed/1 Bath each + 1 ADU: 2 Bed/1 Bath; Potential for 4 Units with Garage Conversion) Beds/Baths: 6 Bed / 3 Bath Total (Current: 4 Bed / 3 Bath) Sqft: 2,200 (est. total; Duplex 1,400 + ADU 800) | Lot: 6,000 (est.) | Year Built: 1920s Occupancy: Vacant ARV: $273,882 Est. Rent (3 Units): $3,450/mo ($1,150/unit + utilities) | Est. Rent (4 Units): $4,600/mo Price/Sqft (ARV): $124/sqft Rehab Estimate: $60,000–$80,000 (heavy gut rehab for duplex; $10K–$15K additional for garage/ADU expansion; rental-grade, min scope for cap optimization) **Rehab Scope (Rental-Grade Finish, Min Scope for Max Cap) Full trash-out + deep cleaning (extreme debris/clutter in all rooms, garage, ADU—piles of drywall, furniture, junk; est. 5-7 days with dumpsters): $5,000–$7,000 Drywall/ceiling repairs (major holes, sagging/vandalized ceilings, exposed studs throughout duplex/ADU; full rehang/insulation): $15,000–$20,000 Paint interior/exterior (peeling/graffiti-covered walls, faded white siding on house/garage—neutral rental tones): $4,000–$5,000 Flooring updates (damaged subfloors, worn tile/carpet remnants; full LVP install in high-traffic areas): $6,000–$8,000 Rental-grade kitchen/bath updates (stripped cabinets/fixtures in duplex units/ADU; new laminate counters, basic appliances, vanities, tile surrounds): $12,000–$15,000 Electrical/plumbing/HVAC (rewiring exposed junctions, check forced air systems; full hookups in garage for conversion): $8,000–$10,000 Roof/exterior/landscaping (aged shingles on house/garage, porch repairs, yard cleanup—overgrown with debris): $5,000–$7,000 ADU/Garage Expansion (framing for bottom unit or 2-story build; add egress, utilities already hooked—min scope for quick conversion): $5,000–$8,000 Safety/code compliance (smoke detectors, egress windows, stairs/handrails): $2,000–$3,000 MLS Flip-Ready Add-Ons (+$15K–$20K): Premium quartz, hardwood LVP, updated lighting, staging for max resale. Visual notes from photos: Classic 1920s duplex with attached garage/ADU—exterior white clapboard with covered porch, structurally sound but weathered siding/porch steps; interiors heavily vandalized/gutted (graffiti on walls "MICS," holes punched through drywall/ceilings, exposed wiring/plumbing, water stains in baths/kitchens, stripped to studs in bedrooms/living areas, heavy debris in ADU/garage with plywood floors; stairs intact but damaged; basement rough; overall "poor" condition—focus on demo/structural fixes first, then cosmetics for multi-unit rental potential. *Why This Deal Works for Investors ** High value-add: Current duplex + ADU setup; expand garage to 4 units for 30%+ rent boost ($4,600/mo potential) at min rehab scope ** Cash-flowing post-rehab in stable Muncie rental market (low 5% vacancy); Section 8-friendly for 2/1 units ** Massive equity spread: $178K+ at ARV after low all-in ($110K–$150K)—35%+ cap on 4-unit stabilized with $50K–$70K entry ** Full utility hookups in garage = easy, low-cost conversion (confirm zoning for additional units) ** Residential zoning supports multi-family; clean title, no major structural red flags (no roof sags/foundation cracks visible) ** Off-market gem near Ball State with 7% YoY comp growth—upside in student/family demand ** Phased rehab possible (duplex first, ADU second); absentee owner potential—fits buy-box for high-cap rentals/flips *** Quick Numbers Recap Rehab: $60–$80K (3-unit rent-ready) | $70–$95K (4-unit flip-ready, min scope) ARV: $273K Equity Potential: $123–$163K 3 Units Post-Rehab: Gross Income: $41,400/yr ($1,150/unit + utilities) Operating Expenses: $12,420/yr (~30% of gross; taxes/ins/maint—tenant-paid utilities) NOI: $28,980/yr Cap Rate: 19.3–26.3% on all-in 4 Units Stabilized (Max Cap Scenario): Market Rent: $4,600/mo = $55,200/yr Operating Expenses: $13,800/yr (~25% optimized) NOI: $41,400/yr Cap Rate: 31.8–37.6% on all-in ($110K–$130K entry) ROI Range: 25–40%+ (cash-on-cash; higher for BRRRR/1031 with unit expansion) **Top 3 Sold Comps (Verified MLS Data; Multi-Family Focus in 47302) **Rent (3 Units): $3,450/mo | Est. Rent (4 Units): $4,600/mo Rehab Estimate: $60,000–$80,000 (heavy gut; +$10K–$15K for expansion, min scope) ** Rehab Scope (Rental-Grade Finish, Min Scope) Trash-out/demo ($5–7K) Drywall/ceilings ($15–20K) Paint/flooring ($10–13K) Kitchens/baths ($12–15K) Electrical/plumbing/HVAC ($8–10K) Roof/exterior/landscaping ($5–7K) ADU expansion ($5–8K) Safety/code ($2–3K) ** Why This Deal Works for Investors * Duplex + ADU base; garage conversion to 4 units = 33% rent increase at min rehab * $123K+ equity post-rehab in low-vacancy Muncie market * 19–26% cap (3 units) | 32–38% (4 units) on low all-in ($110K–$150K) * Full utilities in garage = simple, low-cost expansion (zoning confirm) * Near Ball State—student demand, 7% YoY growth * Phased rehab; clean title—high-cap rental/flip fit *** Quick Numbers Recap Rehab: $60–80K (3-unit) | $70–95K (4-unit) ARV: $273K Equity: $123–163K 3 Units: $41K gross, $29K NOI, 19–26% cap 4 Units: $55K gross, $41K NOI, 32–38% cap ROI: 25–40%+ (rental) | 30–45% (flip) * Looking for More Off-Market Inventory? We offer: * Single-Family Rentals * Duplexes, Triplexes, & Quads * Turnkey Cash Flow Properties * Light-to-Heavy Rehab Projects * Creative Financing & Seller Carry Deals * Browse full inventory at: www.reioffer.net * Contact Jamie Franklin | Acquire JDF Corp | 317-610-9834