555 Elliott Ave · New Castle, IN 47362

$99,000

2 bd · 1.5 ba · 1,152 sqft · SingleFamily public records · 1 Days on market

Built 1900 0.52 ac lot Est $99k · at est.

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 2 bedroom home with a large garage and a large yard. The home needs some finish work, but has character. The room off the kitchen is plumbed for a second bath. Separate utility room. Nice front porch and back deck. Central air unit is not that old. Sold AS IS

Key facts

• 0.52 acre lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Attached garage; 2 garage spaces; Circular driveway
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Wood siding and asbestos exterior materials; Block foundation
• Exterior features: Covered porch/patio; Level lot

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Total of 6 rooms (includes bedrooms and living spaces); Laundry located on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Refrigerator; Washer; Electric range; Dryer; Unfinished basement
• Laundry & utility: Washer and dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $146 ($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 $95k (3.9% below list).
• Recommended offer: $95k (3.9% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 4.7% in New Castle — 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 75/100 on livability (#64 in IN, #4,219 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• New Castle Community School Corporation (town): math 30% / reading 35% proficiency, ranked #229 of 301 in IN (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Parker Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 258 students, 79% FRL); New Castle Middle School (math 20% / reading 31%, grade F, #243 of 330 statewide, top 74%, 666 students, 61% FRL); New Castle High School (math 27% / reading 52%, grade F, #221 of 369 statewide, top 63%, 836 students, 56% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 217 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Henry County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 24y 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.
• Current owner paid $50k; list at $99k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,187 (3.9% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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.
5. 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.
6. 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: 0.96% ✗
• Cap rate: 8.06%
• Cash-on-cash: 6.32%
• DSCR: 1.28
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $99,072
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
555 Elliott Ave	0.00mi	2/1.0	1,152 (0%)	1mo	$99,000	$86	97
1616 Carpenter Ct	0.69mi	2/1.0	1,152 (0%)	10mo	$68,500	$59	58
1603 C Ave	0.72mi	2/1.0	1,204 (+4%)	1mo	$47,500	$39	56
999 Church St	0.30mi	2/1.0	1,066 (-8%)	21mo	$151,650	$142	54
149 S 6th St	0.24mi	3/1.0 (+1)	1,028 (-11%)	14mo	$74,900	$73	52
301 Park Ave	0.60mi	2/1.0	1,062 (-8%)	12mo	$112,500	$106	47
508 Cedar Dr	0.65mi	2/1.0	1,255 (+9%)	7mo	$164,900	$131	47
1035 Jameson Ct	0.70mi	3/1.5 (+1)	1,152 (0%)	20mo	$169,900	$147	45
324 Park Ave	0.66mi	2/1.0	1,296 (+12%)	9mo	$45,700	$35	39
1141 S Main St	0.62mi	2/1.0	1,322 (+15%)	15mo	$155,000	$117	32
929 S 16th St	0.68mi	2/1.0	988 (-14%)	18mo	$20,000	$20	27

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 · 4.59% rent growth · sell at horizon

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-5,231
• Equity at exit: $14,761

10-year hold

• IRR: 6.3%
• Equity multiple: 1.50×
• Total profit: $13,838
• Equity at exit: $8,560

Cash invested: $27,720 (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 47362

• Home prices YoY: -16.0%
• Rents YoY: 4.6%
• Active inventory: 217
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $952 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$46 /mo · $547/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$200
• Net cashflow: $146

Break-even live

Break-even rent $767

Max offer price $99,000

Occupancy floor 80%

Sensitivity live

Price	-10% $202	-5% $174	+0% $146	+5% $118	+10% $90
Rent	-10% $71	-5% $108	+0% $146	+5% $184	+10% $221
Rate	-1.0pp $196	-0.5pp $171	base $146	+0.5pp $120	+1.0pp $94

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	0d	2	0.68mi
1216 S 19th St New Castle, IN	2.0	1.0	824	$1,000	$1.21	25d	1	1.00mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	25d	1	1.23mi
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	3d	1	1.32mi

Listing history 12 events

1. 2026-05-13
   status Pending
2. 2026-05-13
   listed $99,000 Active
3. 2021-12-08
   soldstatus $49,900 274-char remark

   Show marketing remark (268 chars)

   Spacious 2 bedroom home with a large garage and a large yard. The home needs some finish work, but has character. The room off the kitchen is plumbed for a second bath. Separate utility room. Nice front porch and back deck. Central air unit is not that old. Sold AS IS

4. 2021-12-08
   soldstatus $49,900 268-char remark

   Show marketing remark (268 chars)

   Spacious 2 bedroom home with a large garage and a large yard. The home needs some finish work, but has character. The room off the kitchen is plumbed for a second bath. Separate utility room. Nice front porch and back deck. Central air unit is not that old. Sold AS IS

5. 2021-12-08
   soldstatus $49,900

   Show marketing remark (268 chars)

   Spacious 2 bedroom home with a large garage and a large yard. The home needs some finish work, but has character. The room off the kitchen is plumbed for a second bath. Separate utility room. Nice front porch and back deck. Central air unit is not that old. Sold AS IS

6. 2021-09-03
   listed $49,900 274-char remark

   Show marketing remark (268 chars)

   Spacious 2 bedroom home with a large garage and a large yard. The home needs some finish work, but has character. The room off the kitchen is plumbed for a second bath. Separate utility room. Nice front porch and back deck. Central air unit is not that old. Sold AS IS

7. 2021-09-03
   listed $49,900

   Show marketing remark (268 chars)

   Spacious 2 bedroom home with a large garage and a large yard. The home needs some finish work, but has character. The room off the kitchen is plumbed for a second bath. Separate utility room. Nice front porch and back deck. Central air unit is not that old. Sold AS IS

8. 2021-09-03
   listed $49,900 268-char remark

   Show marketing remark (268 chars)

   Spacious 2 bedroom home with a large garage and a large yard. The home needs some finish work, but has character. The room off the kitchen is plumbed for a second bath. Separate utility room. Nice front porch and back deck. Central air unit is not that old. Sold AS IS

9. 2010-09-21
   historical
10. 2010-04-30
    listed $39,900
11. 2003-12-30
    historical
12. 2002-12-30
    listed $74,900

ⓘ 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: $547 · $46/mo
• Projected year-2 tax: $694 · $58/mo
• Expected delta: +$147/yr (+$12/mo · 26.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,422
• − Mortgage interest: −$5,546
• − Property taxes: −$547
• − Insurance: −$495
• − Repairs & maintenance: −$914
• − Management: −$914
• − Depreciation: −$2,880
• Taxable income: $127
• Est. tax owed @ 24.0%: −$31
• After-tax cash flow: $1,721/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: New Castle Community School Corporation
• NCES district ID: 1807440
• Math proficiency: 30% ▼ -13.00%
• Reading proficiency: 35% ▼ -9.00%
• Median HH income: $36,717
• Composite: 26.99/100
• National rank: #7067
• State rank: #229 of 301 in IN

Livability — New Castle

• Score: 75/100
• State rank: #64
• US rank: #4219

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D- Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Castle, IN
• County: Henry County · 29,337 people
• City population: 29,337
• Metro: New Castle, IN
• Population (ZIP): 29,337
• Household income: $60,258
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 545.0

Population outlook (Henry County) Hauer SSP2

• Today (2025): 48,028 people
• By 2030: 47,125 · -1.9%
• By 2040: 44,820 · -6.7%
• By 2050: 42,207 · -12.1%
• By 2075: 35,814 · -25.4%
• By 2100: 26,779 · -44.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 3% Black 3% Hispanic / Latino 3%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+47.7) · D 25.3% · R 73.0% · Other 1.7%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.9pp · 2024: -47.7pp
• All cycles: 2024: R+47.7 2020: R+45.2 2016: R+43.7 2012: R+17.0 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.70%
• Current HPI: 228.8885
• Rent YoY: ▲ 4.59%
• Metro: New Castle, 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

+32.2% since first listed

12 events — show timeline

• 2026-05-13 Pending — IRMLS
• 2026-05-13 Listed $99,000 IRMLS
• 2021-12-08 Sold (MLS) $49,900 RRELMS
• 2021-12-08 Sold (MLS) $49,900 IRMLS
• 2021-12-08 Sold (MLS) $49,900 MIBOR as Distributed by MLS Grid
• 2021-09-03 Listed $49,900 RRELMS
• 2021-09-03 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2021-09-03 Listed $49,900 IRMLS
• 2010-09-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-04-30 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2003-12-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-12-30 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

-10.6%/yr

Latest (2024): $547 · +6.6% YoY. Source: county tax records.