2104 Hunter Ave · New Castle, IN 47362

$70,000

3 bd · 2.0 ba · 1,320 sqft · SingleFamily public records · 128 Days on market

Built 1955 0.83 ac lot $53/sqft · 53% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• 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

Attention investors: Opportunity alert! This partially completed single family home presents a strong opportunity to control final costs and maximize returns. The property is currently at the drywall stage, with core construction and layout already completed - saving months of build time. With major structural and mechanical components in place, the remaining work centers on interior finishes and final installations, making this an efficient project for a flip or long-term rental strategy. The modern layout is designed to meet current buyer and tenant preferences, supporting solid resale and rental potential.

Key facts

• Rental potential
• Modern layout
• Resale potential

Tags

• MODERN LAYOUT
• RESALE POTENTIAL
• RENTAL POTENTIAL

🏷️ Possibly a rental listed for sale. The $70,000 price doesn't fit this home's estimated sale value (~$150,460) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: New Castle Middle School (math 20% / reading 31%, grade F, #243 of 330 statewide, top 74%, 666 students, 61% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 217 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 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 $484 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $30k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $70k implies a 193% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 1955 — 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. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.87%
• DSCR: 1.93
• GRM: 5.7

CMA / ARV

• ARV (median comp): $150,460
• List price: $70,000
• Delta: -53.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2601 Maple Dr	0.30mi	3/2.0	1,332 (+1%)	5mo	$172,000	$129	80
2302 I Ave	0.45mi	3/1.5	1,216 (-8%)	6mo	$144,900	$119	58
2514 S 23rd St	0.41mi	3/1.0	1,164 (-12%)	2mo	$90,000	$77	56
2537 S 23rd St	0.47mi	3/2.0	1,188 (-10%)	13mo	$169,900	$143	50
3031 Brentwood Rd	0.69mi	3/2.0	1,473 (+12%)	2mo	$198,000	$134	46
2721 Sunnyside Ave	0.61mi	2/1.0 (-1)	1,300 (-2%)	19mo	$85,000	$65	44
2806 Greenview Ave	0.53mi	2/1.0 (-1)	1,370 (+4%)	21mo	$154,000	$112	43
1213 S 25th St	0.57mi	2/1.0 (-1)	1,284 (-3%)	21mo	$109,000	$85	42
2116 S 18th St	0.65mi	2/1.0 (-1)	1,272 (-4%)	15mo	$89,900	$71	42
2202 S 19th St	0.58mi	3/1.0	1,200 (-9%)	18mo	$126,000	$105	39
1007 S 24th St	0.73mi	2/1.0 (-1)	1,150 (-13%)	6mo	$30,000	$26	30
2403 C Ave	0.74mi	3/1.0	1,208 (-8%)	21mo	$110,000	$91	30

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: 15.0%
• Equity multiple: 1.61×
• Total profit: $12,023
• Equity at exit: $10,437

10-year hold

• IRR: 24.8%
• Equity multiple: 3.32×
• Total profit: $45,437
• Equity at exit: $6,052

Cash invested: $19,600 (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: 217
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,016 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$66 /mo · $790/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $341

Break-even live

Break-even rent $585

Max offer price $70,000

Occupancy floor 61%

Sensitivity live

Price	-10% $381	-5% $361	+0% $341	+5% $321	+10% $301
Rent	-10% $261	-5% $301	+0% $341	+5% $381	+10% $421
Rate	-1.0pp $376	-0.5pp $359	base $341	+0.5pp $323	+1.0pp $304

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	3d	1	0.75mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	0d	2	1.09mi
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	45d	1	1.17mi

Listing history 29 events

1. 2026-06-21
   days on market $70,000 Active 128 DOM
2. 2026-06-19
   days on market $70,000 Active 126 DOM
3. 2026-06-18
   price $70,000 Active 125 DOM
4. 2026-06-18
   days on market $80,000 Active 125 DOM
5. 2026-06-17
   days on market $80,000 Active 124 DOM
6. 2026-06-16
   days on market $80,000 Active 123 DOM
7. 2026-06-15
   days on market $80,000 Active 122 DOM
8. 2026-06-14
   days on market $80,000 Active 120 DOM
9. 2026-06-12
   days on market $80,000 Active 119 DOM
10. 2026-06-09
    days on market $80,000 Active 116 DOM
11. 2026-06-08
    days on market $80,000 Active 115 DOM
12. 2026-06-07
    days on market $80,000 Active 114 DOM
13. 2026-06-05
    days on market $80,000 Active 111 DOM
14. 2026-06-03
    days on market $80,000 Active 110 DOM
15. 2026-06-02
    days on market $80,000 Active 109 DOM
16. 2026-06-01
    days on market $80,000 Active 108 DOM
17. 2026-05-31
    days on market $80,000 Active 107 DOM
18. 2026-05-30
    days on market $80,000 Active 106 DOM
19. 2026-05-01
    price $80,000 619-char remark

    Show marketing remark (619 chars)

    Attention investors: Opportunity alert! This partially completed single family home presents a strong opportunity to control final costs and maximize returns. The property is currently at the drywall stage, with core construction and layout already completed - saving months of build time. With major structural and mechanical components in place, the remaining work centers on interior finishes and final installations, making this an efficient project for a flip or long-term rental strategy. The modern layout is designed to meet current buyer and tenant preferences, supporting solid resale and rental potential.

20. 2026-03-16
    price $90,000 619-char remark

    Show marketing remark (619 chars)

    Attention investors: Opportunity alert! This partially completed single family home presents a strong opportunity to control final costs and maximize returns. The property is currently at the drywall stage, with core construction and layout already completed - saving months of build time. With major structural and mechanical components in place, the remaining work centers on interior finishes and final installations, making this an efficient project for a flip or long-term rental strategy. The modern layout is designed to meet current buyer and tenant preferences, supporting solid resale and rental potential.

21. 2026-02-13
    listed $100,000 Active 619-char remark

    Show marketing remark (619 chars)

    Attention investors: Opportunity alert! This partially completed single family home presents a strong opportunity to control final costs and maximize returns. The property is currently at the drywall stage, with core construction and layout already completed - saving months of build time. With major structural and mechanical components in place, the remaining work centers on interior finishes and final installations, making this an efficient project for a flip or long-term rental strategy. The modern layout is designed to meet current buyer and tenant preferences, supporting solid resale and rental potential.

22. 2022-05-10
    soldstatus $23,900
23. 2022-05-06
    soldstatus $23,900 102-char remark

    Show marketing remark (102 chars)

    Large wooded lot with circular driveway. Former two car garage now interior square footage. Sold as-is

24. 2022-03-19
    listed $24,900 102-char remark

    Show marketing remark (102 chars)

    Large wooded lot with circular driveway. Former two car garage now interior square footage. Sold as-is

25. 2022-01-14
    listed $24,900
26. 2015-08-12
    soldstatus $11,600
27. 2015-04-15
    listed $21,000
28. 2004-10-15
    soldstatus $10,500
29. 2004-08-04
    listed $20,000

ⓘ 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: $790 · $66/mo
• Projected year-2 tax: $790 · $66/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $12,197
• − Mortgage interest: −$3,921
• − Property taxes: −$790
• − Insurance: −$350
• − Repairs & maintenance: −$976
• − Management: −$976
• − Depreciation: −$2,036
• Taxable income: $3,148
• Est. tax owed @ 24.0%: −$756
• After-tax cash flow: $3,335/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

+300.0% since first listed

11 events — show timeline

• 2026-05-01 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2026-03-16 Price Changed $90,000 MIBOR as Distributed by MLS Grid
• 2026-02-13 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2022-05-10 Sold (Public Records) $23,900 Public Records
• 2022-05-06 Sold (MLS) $23,900 MIBOR as Distributed by MLS Grid
• 2022-03-19 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2022-01-14 Listed $24,900 IRMLS
• 2015-08-12 Sold (MLS) $11,600 MIBOR as Distributed by MLS Grid
• 2015-04-15 Listed $21,000 MIBOR as Distributed by MLS Grid
• 2004-10-15 Sold (MLS) $10,500 MIBOR as Distributed by MLS Grid
• 2004-08-04 Listed $20,000 MIBOR as Distributed by MLS Grid

Property tax history

-12.4%/yr

Latest (2024): $790 · +7.9% YoY. Source: county tax records.