5362 S Old State Road 103 · New Castle, IN 47362

$145,000

4 bd · 2.0 ba · 1,568 sqft · SingleFamily public records · 307 Days on market

Built 1967 0.64 ac lot $92/sqft · 64% below area

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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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

Key facts

• Large garage
• Plenty of storage
• 0.64 acre lot

Tags

• LARGE GARAGE
• PLENTY OF STORAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $196 ($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 $136k (6.2% below list).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 4.8% 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: schools D+, amenities F, commute F.
• South Henry School Corporation (rural): math 25% / reading 27% proficiency, ranked #258 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.6%/yr); 214 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $4k 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

• It's been on market 307 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $145k implies a 134% gain — meaningful room to come down on a strong offer.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 307 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 0.94% ✗
• Cap rate: 7.91%
• Cash-on-cash: 5.79%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

• ARV (median comp): $404,109
• List price: $145,000
• Delta: -64.12%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1075 E County Rd 500 Rd S	0.55mi	3/2.0 (-1)	1,568 (0%)	24mo	$365,100	$233	50

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-8,874
• Equity at exit: $21,620

10-year hold

• IRR: 5.5%
• Equity multiple: 1.43×
• Total profit: $17,472
• Equity at exit: $12,537

Cash invested: $40,600 (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: 214
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,360 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$58 /mo · $696/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $196

Break-even live

Break-even rent $1,112

Max offer price $145,000

Occupancy floor 81%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $145,000 Active 307 DOM
2. 2026-06-18
   days on market $145,000 Active 306 DOM
3. 2026-06-17
   days on market $145,000 Active 305 DOM
4. 2026-06-16
   days on market $145,000 Active 304 DOM
5. 2026-06-15
   days on market $145,000 Active 303 DOM
6. 2026-06-14
   days on market $145,000 Active 301 DOM
7. 2026-06-12
   days on market $145,000 Active 300 DOM
8. 2026-06-09
   days on market $145,000 Active 297 DOM
9. 2026-06-08
   days on market $145,000 Active 296 DOM
10. 2026-06-07
    days on market $145,000 Active 295 DOM
11. 2026-06-03
    days on market $145,000 Active 291 DOM
12. 2026-06-02
    days on market $145,000 Active 290 DOM
13. 2026-06-01
    days on market $145,000 Active 289 DOM
14. 2026-05-31
    days on market $145,000 Active 288 DOM
15. 2026-05-30
    days on market $145,000 Active 287 DOM
16. 2026-04-11
    price $145,000 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

17. 2026-02-17
    status Active 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

18. 2026-02-17
    price $165,000 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

19. 2026-01-31
    historical 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

20. 2025-09-06
    status Active 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

21. 2025-09-06
    price $170,000 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

22. 2025-08-25
    status Pending 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

23. 2025-07-17
    listed $175,000 Active 364-char remark

    Show marketing remark (364 chars)

    Here is the opportunity to get a home that you can make it how you want it in a great location with an amazing view. The home is located not far from the interstate and this blank canvas allows you to update how you wish. There is a large garage out back that allows for all kinds of hobbies and plenty of storage up above in the loft. Don't let this one get away.

24. 2011-03-29
    soldstatus $62,000 110-char remark

    Show marketing remark (110 chars)

    Well kept 4 bedroom home in Tri Schools, Large lot with view of lake. Large outbuilding with heat. New Carpet.

25. 2009-10-26
    listed $70,000 110-char remark

    Show marketing remark (110 chars)

    Well kept 4 bedroom home in Tri Schools, Large lot with view of lake. Large outbuilding with heat. New Carpet.

ⓘ 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: $696 · $58/mo
• Projected year-2 tax: $964 · $80/mo
• Expected delta: +$268/yr (+$22/mo · 38.5%)

ⓘ 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 ≥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: $16,323
• − Mortgage interest: −$8,122
• − Property taxes: −$696
• − Insurance: −$725
• − Repairs & maintenance: −$1,306
• − Management: −$1,306
• − Depreciation: −$4,218
• Taxable loss: −$51
• Est. tax savings @ 24.0%: +$12
• After-tax cash flow: $2,361/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: South Henry School Corporation
• NCES district ID: 1810380
• Math proficiency: 25% ▼ -15.00%
• Reading proficiency: 27% ▼ -14.00%
• Median HH income: $47,772
• Composite: 22.67/100
• National rank: #8045
• State rank: #258 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

• 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

+107.1% since first listed

10 events — show timeline

• 2026-04-11 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2026-02-17 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-17 Price Changed $165,000 MIBOR as Distributed by MLS Grid
• 2026-01-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-09-06 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-06 Price Changed $170,000 MIBOR as Distributed by MLS Grid
• 2025-08-25 Pending — MIBOR as Distributed by MLS Grid
• 2025-07-17 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2011-03-29 Sold (MLS) $62,000 MIBOR as Distributed by MLS Grid
• 2009-10-26 Listed $70,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.9%/yr

Latest (2024): $696 · -25.5% YoY. Source: county tax records.