715 S 21st St · New Castle, IN 47362

$89,900

3 bd · 1.5 ba · 2,218 sqft · SingleFamily public records · 3 Days on market

Built 1900 6,970 sqft lot Est $133k · 32% under

---

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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• 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

2 Story Traditional home with loads of potential, This home has the space you need with some of the old world charm, Natural woodwork throughout the home, the living room has an electric fireplace and built in bookshelves, Formal dining room, main level bedroom with half bath attached, nice sized kitchen with a dining area or use as a sitting room. 2 large bedrooms upstairs. Fenced rear yard and a oversized one car garage all on a corner lot. Don't miss this great opportunity at a great price to put your own personality stamp on it.

Key facts

• 6,970 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Annual tax amount listed

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Aluminum siding; Asphalt shingle roof
• Exterior features: Chain link fencing; Lot on approximately 0.16 acres; Residential zoning

Interior

• Kitchen: Electric range
• Bedrooms: 6 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Window cooling units
• Interior features: Electric range; Gas water heater; Basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 10.7% 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; 1 comparable units currently listed for rent nearby; 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 $622 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.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

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 $89,900

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: 1.26% ✓
• Cap rate: 10.66%
• Cash-on-cash: 15.60%
• DSCR: 1.69
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $133,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 S 18th St	0.29mi	3/1.5	2,269 (+2%)	4mo	$107,000	$47	80
418 S 25th St	0.32mi	3/2.0	2,112 (-5%)	3mo	$69,800	$33	73
2102 Plum St	0.13mi	3/1.5	1,962 (-12%)	5mo	$150,000	$76	71
1608 Indiana Ave	0.41mi	2/1.5 (-1)	2,176 (-2%)	5mo	$116,500	$54	69
1425 S 19th St	0.50mi	2/1.5 (-1)	2,156 (-3%)	1mo	$110,000	$51	66
1225 Southern Ave	0.66mi	3/1.0	2,244 (+1%)	0mo	$165,000	$74	65
1534 A Ave	0.35mi	2/1.0 (-1)	2,058 (-7%)	5mo	$132,000	$64	60
1122 S 14th St	0.53mi	3/1.0	2,053 (-7%)	1mo	$161,000	$78	60
944 S Main St	0.60mi	2/1.0 (-1)	2,190 (-1%)	6mo	$130,000	$59	58
723 S 15th St	0.44mi	2/1.0 (-1)	2,080 (-6%)	6mo	$125,000	$60	57
1005 S 14th St	0.52mi	2/1.0 (-1)	2,385 (+8%)	6mo	$83,000	$35	52
420 N 20th St	0.72mi	3/2.0	1,922 (-13%)	5mo	$221,000	$115	38

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: 8.1%
• Equity multiple: 1.32×
• Total profit: $8,099
• Equity at exit: $13,404

10-year hold

• IRR: 18.6%
• Equity multiple: 2.65×
• Total profit: $41,626
• Equity at exit: $7,773

Cash invested: $25,172 (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: 6.6×

Monthly cashflow live

• Estimated rent: $1,132 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$58 /mo · $702/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $327

Break-even live

Break-even rent $718

Max offer price $89,900

Occupancy floor 66%

Sensitivity live

Price	-10% $378	-5% $353	+0% $327	+5% $302	+10% $276
Rent	-10% $238	-5% $283	+0% $327	+5% $372	+10% $417
Rate	-1.0pp $373	-0.5pp $350	base $327	+0.5pp $304	+1.0pp $280

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	44d	1	0.35mi

Listing history 4 events

1. 2026-06-19
   days on market $89,900 Active 3 DOM
2. 2026-06-18
   days on market $89,900 Active 2 DOM
3. 2026-06-17
   remarks 538-char remark
4. 2026-06-17
   listed $89,900 Active 1 DOM

ⓘ 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: $702 · $58/mo
• Projected year-2 tax: $733 · $61/mo
• Expected delta: +$31/yr (+$3/mo · 4.5%)

ⓘ 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) · 69% 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: $13,589
• − Mortgage interest: −$5,036
• − Property taxes: −$702
• − Insurance: −$450
• − Repairs & maintenance: −$1,087
• − Management: −$1,087
• − Depreciation: −$2,615
• Taxable income: $2,613
• Est. tax owed @ 24.0%: −$627
• After-tax cash flow: $3,300/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

1 event — show timeline

• 2026-06-16 Listed $89,900 RRELMS

Property tax history

+0.2%/yr

Latest (2024): $702 · -27.8% YoY. Source: county tax records.