422 S 18th St · New Castle, IN 47362

$65,000

4 bd · 2.0 ba · 1,744 sqft · SingleFamily public records · 46 Days on market

Built 1900 8,886 sqft lot $37/sqft · 32% below area Est $126k · 48% under ↓ 19% since listing

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Introducing a fantastic opportunity at 422 S 18th St, New Castle! This versatile property is perfect for a family home or a duplex investment. Situated on a corner lot, the house is in great overall condition and boasts spacious, well-lit rooms that provide a warm and inviting atmosphere. The massive 44x44 garage is ideal for mechanics, storage, or even a small independent business. The home features a stairway to the upper unit, which is also accessible from the first floor inside the lower unit, offering flexibility in how the property can be used. The location is superb, with a nice-sized yard perfect for hanging out and enjoying outdoor activities. Sold as-is but in great shape, this exceptional deal is a fantastic opportunity for anyone looking for a valuable investment or a cozy family home. For more details, contact Brian Ingle with F. C. Tucker Richmond at 765-960-0533 or Brian. [email protected]. Don’t miss out on this incredible opportunity—act fast!

Key facts

• Nice-sized yard
• Corner lot
• Massive garage

Tags

• CORNER LOT
• MASSIVE GARAGE
• STAIRWAY TO UPPER UNIT
• NICE-SIZED YARD

Property features AI

Exterior

• Parking: Combination of attached and detached garage; Three garage spaces
• Utilities: Public water; Municipal sewer connected; Electric with circuit breakers; Solid waste service available
• Home design: Single-family residence; Two levels
• Construction: Block foundation; Other construction materials noted
• Exterior features: Balcony; Has a view; Lot under 1/4 acre (approximately 0.2 acres)

Interior

• Kitchen: No appliances listed
• Bedrooms: Five bedrooms total (2 on main level, 3 on upper level); Bedroom sizes include: 10.5 x 15.26 (Main), 15.54 x 12.24 (Upper), 11.9 x 11.49 (Upper), 12.10 x 13.7 (Upper)
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; No central air listed
• Interior features: Finished basement present; Balcony
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $449 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 27y ago; this cycle's ask has dropped $15k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $65k implies a 442% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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: 1.64% ✓
• Cap rate: 13.40%
• Cash-on-cash: 25.39%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

• ARV (median comp): $125,767
• List price: $65,000
• Delta: -48.32%
• 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
121 N 21st St	0.36mi	4/2.0	1,780 (+2%)	4mo	$175,000	$98	76
822 S 15th St	0.35mi	3/2.0 (-1)	1,804 (+3%)	2mo	$175,000	$97	71
218 S 21st St	0.25mi	3/1.0 (-1)	1,810 (+4%)	3mo	$162,000	$90	70
404 N 20th St	0.50mi	3/2.0 (-1)	1,750 (+0%)	2mo	$165,000	$94	70
220 Bundy Ave	0.49mi	3/2.0 (-1)	1,792 (+3%)	0mo	$209,900	$117	67
804 S 20th St	0.26mi	3/1.0 (-1)	1,616 (-7%)	5mo	$123,000	$76	62
2102 Plum St	0.19mi	3/1.5 (-1)	1,962 (+12%)	5mo	$150,000	$76	59
1123 S 22nd St	0.50mi	3/1.0 (-1)	1,872 (+7%)	0mo	$150,000	$80	55
1324 S 21st St	0.61mi	3/1.0 (-1)	1,842 (+6%)	1mo	$140,000	$76	52
1506 Kentucky Ave	0.65mi	4/2.0	1,880 (+8%)	6mo	$134,000	$71	52
420 N 20th St	0.58mi	3/2.0 (-1)	1,922 (+10%)	5mo	$221,000	$115	47
2406 C Ave	0.53mi	5/1.0 (+1)	1,512 (-13%)	6mo	$170,000	$112	39

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: 20.8%
• Equity multiple: 1.87×
• Total profit: $15,753
• Equity at exit: $9,692

10-year hold

• IRR: 30.0%
• Equity multiple: 3.90×
• Total profit: $52,747
• Equity at exit: $5,620

Cash invested: $18,200 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,068 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$91 /mo · $1,088/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $385

Break-even live

Break-even rent $581

Max offer price $65,000

Occupancy floor 59%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	43d	1	0.28mi
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	1d	1	1.13mi
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	43d	1	1.42mi

Listing history 43 events

1. 2026-06-19
   days on market $65,000 Active 46 DOM
2. 2026-06-18
   days on market $65,000 Active 45 DOM
3. 2026-06-17
   price $65,000 Active 44 DOM

   Show marketing remark (991 chars)

   Introducing a fantastic opportunity at 422 S 18th St, New Castle! This versatile property is perfect for a family home or a duplex investment. Situated on a corner lot, the house is in great overall condition and boasts spacious, well-lit rooms that provide a warm and inviting atmosphere. The massive 44x44 garage is ideal for mechanics, storage, or even a small independent business. The home features a stairway to the upper unit, which is also accessible from the first floor inside the lower unit, offering flexibility in how the property can be used. The location is superb, with a nice-sized yard perfect for hanging out and enjoying outdoor activities. Sold as-is but in great shape, this exceptional deal is a fantastic opportunity for anyone looking for a valuable investment or a cozy family home. For more details, contact Brian Ingle with F. C. Tucker Richmond at 765-960-0533 or Brian. [email protected]. Don’t miss out on this incredible opportunity—act fast!

4. 2026-06-17
   days on market $79,799 Active 44 DOM

   Show marketing remark (991 chars)

   Introducing a fantastic opportunity at 422 S 18th St, New Castle! This versatile property is perfect for a family home or a duplex investment. Situated on a corner lot, the house is in great overall condition and boasts spacious, well-lit rooms that provide a warm and inviting atmosphere. The massive 44x44 garage is ideal for mechanics, storage, or even a small independent business. The home features a stairway to the upper unit, which is also accessible from the first floor inside the lower unit, offering flexibility in how the property can be used. The location is superb, with a nice-sized yard perfect for hanging out and enjoying outdoor activities. Sold as-is but in great shape, this exceptional deal is a fantastic opportunity for anyone looking for a valuable investment or a cozy family home. For more details, contact Brian Ingle with F. C. Tucker Richmond at 765-960-0533 or Brian. [email protected]. Don’t miss out on this incredible opportunity—act fast!

5. 2026-06-16
   days on market $79,799 Active 43 DOM
6. 2026-06-15
   days on market $79,799 Active 42 DOM
7. 2026-06-14
   days on market $79,799 Active 40 DOM
8. 2026-06-12
   days on market $79,799 Active 39 DOM
9. 2026-06-09
   days on market $79,799 Active 36 DOM
10. 2026-06-08
    days on market $79,799 Active 35 DOM
11. 2026-06-07
    days on market $79,799 Active 34 DOM
12. 2026-06-05
    days on market $79,799 Active 31 DOM
13. 2026-06-03
    days on market $79,799 Active 30 DOM
14. 2026-06-02
    days on market $79,799 Active 29 DOM
15. 2026-06-01
    days on market $79,799 Active 28 DOM
16. 2026-05-31
    days on market $79,799 Active 27 DOM
17. 2026-05-30
    days on market $79,799 Active 26 DOM
18. 2026-05-04
    listed $79,799 Active 991-char remark

    Show marketing remark (991 chars)

    Introducing a fantastic opportunity at 422 S 18th St, New Castle! This versatile property is perfect for a family home or a duplex investment. Situated on a corner lot, the house is in great overall condition and boasts spacious, well-lit rooms that provide a warm and inviting atmosphere. The massive 44x44 garage is ideal for mechanics, storage, or even a small independent business. The home features a stairway to the upper unit, which is also accessible from the first floor inside the lower unit, offering flexibility in how the property can be used. The location is superb, with a nice-sized yard perfect for hanging out and enjoying outdoor activities. Sold as-is but in great shape, this exceptional deal is a fantastic opportunity for anyone looking for a valuable investment or a cozy family home. For more details, contact Brian Ingle with F. C. Tucker Richmond at 765-960-0533 or Brian. [email protected]. Don’t miss out on this incredible opportunity—act fast!

19. 2026-05-04
    listed $79,799 Active 789-char remark

    Show marketing remark (991 chars)

    Introducing a fantastic opportunity at 422 S 18th St, New Castle! This versatile property is perfect for a family home or a duplex investment. Situated on a corner lot, the house is in great overall condition and boasts spacious, well-lit rooms that provide a warm and inviting atmosphere. The massive 44x44 garage is ideal for mechanics, storage, or even a small independent business. The home features a stairway to the upper unit, which is also accessible from the first floor inside the lower unit, offering flexibility in how the property can be used. The location is superb, with a nice-sized yard perfect for hanging out and enjoying outdoor activities. Sold as-is but in great shape, this exceptional deal is a fantastic opportunity for anyone looking for a valuable investment or a cozy family home. For more details, contact Brian Ingle with F. C. Tucker Richmond at 765-960-0533 or Brian. [email protected]. Don’t miss out on this incredible opportunity—act fast!

20. 2025-11-18
    price $79,799
21. 2025-04-09
    price $79,800
22. 2024-11-13
    historical
23. 2024-10-22
    status Active
24. 2024-10-22
    price $79,000
25. 2024-10-22
    status Active
26. 2024-10-22
    price $79,000
27. 2024-10-18
    status Active
28. 2024-08-28
    status Pending
29. 2024-08-28
    status Pending
30. 2024-08-28
    status Pending
31. 2024-04-08
    listed $69,000 Active
32. 2024-04-08
    listed $69,000 Active
33. 2024-03-11
    price $69,000
34. 2024-02-02
    listed $79,000 Active
35. 2020-04-04
    historical
36. 2019-10-04
    listed $27,000
37. 2019-10-04
    listed $27,000
38. 2014-08-22
    soldstatus $12,000
39. 2014-08-22
    soldstatus $12,000
40. 2013-09-05
    listed $19,900
41. 2013-09-05
    listed $19,900
42. 2000-03-29
    historical
43. 1999-09-29
    listed $79,900

ⓘ 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: $1,088 · $91/mo
• Projected year-2 tax: $1,088 · $91/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 0% 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: $12,816
• − Mortgage interest: −$3,641
• − Property taxes: −$1,088
• − Insurance: −$325
• − Repairs & maintenance: −$1,025
• − Management: −$1,025
• − Depreciation: −$1,891
• Taxable income: $3,821
• Est. tax owed @ 24.0%: −$917
• After-tax cash flow: $3,704/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

-18.6% since first listed

28 events — show timeline

• 2026-06-17 Price Changed $65,000 RRELMS
• 2026-06-17 Price Changed $65,000 MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $79,799 MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $79,799 RRELMS
• 2025-11-18 Price Changed $79,799 RRELMS
• 2025-04-09 Price Changed $79,800 RRELMS
• 2024-11-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-10-22 Relisted — THAAR
• 2024-10-22 Price Changed $79,000 THAAR
• 2024-10-22 Relisted — IRMLS
• 2024-10-22 Price Changed $79,000 IRMLS
• 2024-10-18 Relisted — MIBOR as Distributed by MLS Grid
• 2024-08-28 Pending — THAAR
• 2024-08-28 Pending — IRMLS
• 2024-08-28 Pending — MIBOR as Distributed by MLS Grid
• 2024-04-08 Listed $69,000 IRMLS
• 2024-04-08 Listed $69,000 THAAR
• 2024-03-11 Price Changed $69,000 MIBOR as Distributed by MLS Grid
• 2024-02-02 Listed $79,000 MIBOR as Distributed by MLS Grid
• 2020-04-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-10-04 Listed $27,000 MIBOR as Distributed by MLS Grid
• 2019-10-04 Listed $27,000 IRMLS
• 2014-08-22 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2014-08-22 Sold (MLS) $12,000 IRMLS
• 2013-09-05 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2013-09-05 Listed $19,900 IRMLS
• 2000-03-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 1999-09-29 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

-6.9%/yr

Latest (2024): $1,088 · +1.1% YoY. Source: county tax records.