1324 Thornburg St · New Castle, IN 47362

$89,000

2 bd · 1.0 ba · 1,400 sqft · SingleFamily public records · 45 Days on market

Built 1900 6,534 sqft lot $64/sqft · 26% above area Est $141k · 37% under ↓ 19% since listing

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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 +22.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +6.7/10.0
• 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

1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

Key facts

• 6,534 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Attached garage with garage door opener; 1-car garage
• Utilities: Public water; Municipal sewer connection; Municipal solid waste service
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot of approximately 0.15 acres (under 1/4 acre)

Interior

• Kitchen: Kitchen (main level)
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Masonry fireplace in the living room; Finished basement
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• 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.
• Market conditions: Rents rising fast (+4.6%/yr); 214 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $615 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

• It's been on market 45 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.94%
• DSCR: 1.31
• GRM: 7.1

CMA / ARV

• ARV (median comp): $141,432
• List price: $89,000
• Delta: -37.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
711 N 14th St	0.23mi	2/1.0	1,536 (+10%)	3mo	$80,000	$52	70
306 N 14th St	0.08mi	2/1.0	1,514 (+8%)	23mo	$125,000	$83	64
920 Church St	0.41mi	2/1.0	1,482 (+6%)	17mo	$129,900	$88	57
514 Broad St	0.53mi	3/1.0 (+1)	1,408 (+1%)	18mo	$50,000	$36	54
716 N 14th St	0.28mi	3/2.0 (+1)	1,196 (-15%)	0mo	$162,900	$136	54
600 Spring St	0.48mi	3/1.0 (+1)	1,572 (+12%)	0mo	$139,900	$89	52
222 N 21st St	0.55mi	2/1.5	1,587 (+13%)	3mo	$115,000	$72	48
2007 Lincoln Ave	0.75mi	2/1.0	1,326 (-5%)	11mo	$127,000	$96	47
2021 Indiana Ave	0.63mi	2/2.0	1,256 (-10%)	18mo	$45,000	$36	34
1505 Garner St	0.48mi	2/1.0	1,191 (-15%)	23mo	$115,000	$97	34
511 N 24th St	0.73mi	3/1.5 (+1)	1,592 (+14%)	12mo	$131,900	$83	26

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: -3.7%
• Equity multiple: 0.86×
• Total profit: $-3,502
• Equity at exit: $13,270

10-year hold

• IRR: 7.9%
• Equity multiple: 1.65×
• Total profit: $16,135
• Equity at exit: $7,695

Cash invested: $24,920 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,038 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$172 /mo · $2,060/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $144

Break-even live

Break-even rent $855

Max offer price $89,000

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	23d	1	0.58mi
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	43d	1	0.77mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	1d	2	0.89mi
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	43d	1	0.96mi

Listing history 25 events

1. 2026-06-19
   days on market $89,000 Active 45 DOM
2. 2026-06-18
   days on market $89,000 Active 44 DOM
3. 2026-06-17
   price $89,000 Active 43 DOM

   Show marketing remark (842 chars)

   1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

4. 2026-06-17
   days on market $104,499 Active 43 DOM

   Show marketing remark (842 chars)

   1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

5. 2026-06-16
   days on market $104,499 Active 42 DOM
6. 2026-06-15
   days on market $104,499 Active 41 DOM
7. 2026-06-14
   days on market $104,499 Active 39 DOM
8. 2026-06-12
   days on market $104,499 Active 38 DOM
9. 2026-06-09
   days on market $104,499 Active 35 DOM
10. 2026-06-08
    days on market $104,499 Active 34 DOM
11. 2026-06-07
    days on market $104,499 Active 33 DOM
12. 2026-06-05
    days on market $104,499 Active 30 DOM
13. 2026-06-03
    days on market $104,499 Active 29 DOM
14. 2026-06-02
    days on market $104,499 Active 28 DOM
15. 2026-06-01
    days on market $104,499 Active 27 DOM
16. 2026-05-31
    days on market $104,499 Active 26 DOM
17. 2026-05-30
    days on market $104,499 Active 25 DOM
18. 2026-05-04
    listed $104,499 Active 778-char remark
19. 2026-01-02
    status Active 870-char remark

    Show marketing remark (842 chars)

    1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

20. 2026-01-01
    historical 870-char remark

    Show marketing remark (842 chars)

    1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

21. 2025-11-18
    price $104,499 870-char remark

    Show marketing remark (842 chars)

    1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

22. 2025-06-23
    status Active 870-char remark

    Show marketing remark (842 chars)

    1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

23. 2025-06-17
    historical 870-char remark

    Show marketing remark (842 chars)

    1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

24. 2025-04-12
    price $104,500 870-char remark

    Show marketing remark (842 chars)

    1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

25. 2025-03-29
    listed $110,000 Active 870-char remark

    Show marketing remark (842 chars)

    1324 Thornburg Street in New Castle, Indiana, presents an outstanding opportunity for homeowners and investors alike. Sold * * as-is * * , this home does require repairs, but it holds remarkable potential to become a charming residence or a profitable investment property. Packed with amenities, the house features a gas fireplace, new pex plumbing, and a convenient laundry chute. The spacious basement, complete with a pull-in garage, provides ample storage and versatile space for workshop projects or recreation. The home offers a layout ideal for customization to suit your needs. Located in a well-established neighborhood, the property enjoys proximity to local schools, parks, and essential services. Whether you’re seeking a place to call your own or looking to make a strategic investment. Call Brian Ingle at 765-960-0533.

ⓘ 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: $2,060 · $172/mo
• Projected year-2 tax: $2,060 · $172/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: $12,450
• − Mortgage interest: −$4,985
• − Property taxes: −$2,060
• − Insurance: −$445
• − Repairs & maintenance: −$996
• − Management: −$996
• − Depreciation: −$2,589
• Taxable income: $379
• Est. tax owed @ 24.0%: −$91
• After-tax cash flow: $1,639/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

-19.1% since first listed

10 events — show timeline

• 2026-06-17 Price Changed $89,000 RRELMS
• 2026-06-17 Price Changed $89,000 MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $104,499 MIBOR as Distributed by MLS Grid
• 2026-01-02 Relisted — RRELMS
• 2026-01-01 Delisted — RRELMS
• 2025-11-18 Price Changed $104,499 RRELMS
• 2025-06-23 Relisted — RRELMS
• 2025-06-17 Delisted — RRELMS
• 2025-04-12 Price Changed $104,500 RRELMS
• 2025-03-29 Listed $110,000 RRELMS

Property tax history

+10.2%/yr

Latest (2024): $2,060 · +3.8% YoY. Source: county tax records.