224 Reddingdale Dr · New Castle, IN 47362

$105,000

2 bd · 1.0 ba · 902 sqft · SingleFamily public records · 144 Days on market

Built 1900 4,792 sqft lot $116/sqft · 51% above area Est $139k · 24% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +13.2/30.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.0/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

Key facts

• Covered front porch
• Eat-in kitchen
• Corner lot

Tags

• EAT-IN KITCHEN
• COVERED FRONT PORCH
• FULLY FENCED BACKYARD
• DETACHED GARAGE
• CONVENIENT ON-STREET PARKING
• CORNER LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $-3 ($-32/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (19.7% below list).
• Recommended offer: $84k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.8% in New Castle — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($60k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 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 144 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 4y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

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

Recommended offer $84,266 (19.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.11%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

• ARV (median comp): $138,921
• List price: $105,000
• Delta: -24.42%
• 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
2118 Vine St	0.14mi	2/1.0	840 (-7%)	4mo	$128,000	$152	79
2422 Spring St	0.36mi	2/1.0	853 (-5%)	0mo	$100,000	$117	74
830 N 16th St	0.56mi	2/1.5	864 (-4%)	3mo	$135,000	$156	63
1510 Michigan St	0.46mi	2/—	810 (-10%)	4mo	$20,000	$25	58
2519 Spring St	0.41mi	1/1.0 (-1)	936 (+4%)	15mo	$83,000	$89	57
2003 Lincoln Ave	0.49mi	2/1.0	864 (-4%)	18mo	$101,000	$117	55
740 N 26th St	0.58mi	2/1.0	864 (-4%)	14mo	$138,400	$160	55
615 N Main St	0.69mi	2/1.0	927 (+3%)	12mo	$121,000	$131	54
1321 Woodward Ave	0.48mi	2/2.0	996 (+10%)	7mo	$74,000	$74	51
1429 Illinois St	0.40mi	2/1.0	768 (-15%)	9mo	$99,900	$130	49
318 S 25th St	0.58mi	3/1.0 (+1)	960 (+6%)	14mo	$139,900	$146	46
1424 Illinois St	0.43mi	2/1.0	768 (-15%)	17mo	$115,000	$150	41

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: -14.9%
• Equity multiple: 0.46×
• Total profit: $-15,838
• Equity at exit: $15,656

10-year hold

• IRR: -4.0%
• Equity multiple: 0.72×
• Total profit: $-8,298
• Equity at exit: $9,078

Cash invested: $29,400 (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: 10.4×

Monthly cashflow live

• Estimated rent: $843 high
• Mortgage (P&I): −$551
• Tax from tax record: −$74 /mo · $888/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $-3

Break-even live

Break-even rent $846

Max offer price $104,527

Occupancy floor 95%

Sensitivity live

Price	-10% $57	-5% $27	+0% $-3	+5% $-32	+10% $-62
Rent	-10% $-69	-5% $-36	+0% $-3	+5% $31	+10% $64
Rate	-1.0pp $50	-0.5pp $24	base $-3	+0.5pp $-30	+1.0pp $-58

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1104 Thornburg St New Castle, IN	2.0	1.0	645	$685	$1.06	44d	1	0.61mi
417 S 12th St Unit D New Castle, IN	1.0	1.0	525	$685	$1.30	15d	1	0.66mi
701 S 14th St Unit 4A New Castle, IN	1.0	1.0	600	$615	$1.02	13d	1	0.70mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	2d	2	0.80mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	24d	1	0.84mi
1216 S 19th St New Castle, IN	2.0	1.0	824	$1,000	$1.21	24d	1	0.90mi

Listing history 28 events

1. 2026-05-31
   days on market $105,000 Active 144 DOM
2. 2026-05-30
   days on market $105,000 Active 143 DOM
3. 2026-02-23
   status Active 859-char remark

   Show marketing remark (859 chars)

   Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

4. 2026-02-23
   status Active 859-char remark

   Show marketing remark (859 chars)

   Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

5. 2026-01-07
   status Pending 859-char remark

   Show marketing remark (859 chars)

   Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

6. 2025-12-22
   status Pending 859-char remark

   Show marketing remark (859 chars)

   Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

7. 2025-11-18
   price $105,000 859-char remark

   Show marketing remark (859 chars)

   Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

8. 2025-11-07
   price $110,000 859-char remark

   Show marketing remark (859 chars)

   Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

9. 2025-11-07
   price $110,000 859-char remark

   Show marketing remark (859 chars)

   Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

10. 2025-11-05
    listed $100,000 Active 859-char remark

    Show marketing remark (859 chars)

    Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

11. 2025-11-05
    listed $100,000 Active 859-char remark

    Show marketing remark (859 chars)

    Affordable opportunity in the heart of New Castle! This 2-bedroom, 1-bath ranch offers 902 sq. ft. of main-level living plus a full unfinished basement for storage or future potential. The home is livable in its current condition and offers plenty of opportunity for cosmetic improvements to build equity over time. Many major items have already been updated, including the roof (6 years old), A/C unit (5 years old), furnace (3 years old), and main sewer line (replaced 3 years ago). Features include an eat-in kitchen with included appliances, a spacious living room with great natural light, and a covered front porch. Outside, enjoy the fully fenced backyard, detached garage with storage area, and convenient on-street parking on this corner lot. Located near schools, shopping, and parks. Sale subject to lender approval as part of a short sale process.

12. 2025-07-28
    historical
13. 2025-07-23
    price $110,000
14. 2025-07-23
    price $110,000
15. 2025-07-23
    price $110,000
16. 2025-06-20
    price $114,000
17. 2025-06-20
    price $114,000
18. 2025-06-20
    price $114,000
19. 2025-05-02
    listed $119,500 Active
20. 2025-05-02
    listed $119,500 Active
21. 2022-11-09
    soldstatus $100,000 Closed
22. 2022-11-09
    soldstatus $100,000
23. 2022-11-09
    soldstatus $100,000 Closed
24. 2022-09-26
    status Pending
25. 2022-09-26
    status Pending
26. 2022-09-19
    listed $95,000 Active
27. 2022-09-19
    listed $95,000
28. 2022-09-19
    listed $95,000 Active

ⓘ 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: $888 · $74/mo
• Projected year-2 tax: $890 · $74/mo
• Expected delta: +$2/yr ($0/mo · 0.3%)

ⓘ 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: $10,112
• − Mortgage interest: −$5,882
• − Property taxes: −$888
• − Insurance: −$525
• − Repairs & maintenance: −$809
• − Management: −$809
• − Depreciation: −$3,055
• Taxable loss: −$1,855
• Est. tax savings @ 24.0%: +$445
• After-tax cash flow: $413/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

+10.5% since first listed

26 events — show timeline

• 2026-02-23 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-23 Relisted — IRMLS
• 2026-01-07 Pending — IRMLS
• 2025-12-22 Pending — MIBOR as Distributed by MLS Grid
• 2025-11-18 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2025-11-07 Price Changed $110,000 IRMLS
• 2025-11-07 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2025-11-05 Listed $100,000 IRMLS
• 2025-11-05 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2025-07-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-07-23 Price Changed $110,000 IRMLS
• 2025-07-23 Price Changed $110,000 RRELMS
• 2025-07-23 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2025-06-20 Price Changed $114,000 RRELMS
• 2025-06-20 Price Changed $114,000 IRMLS
• 2025-06-20 Price Changed $114,000 MIBOR as Distributed by MLS Grid
• 2025-05-02 Listed $119,500 IRMLS
• 2025-05-02 Listed $119,500 MIBOR as Distributed by MLS Grid
• 2022-11-09 Sold (MLS) $100,000 IRMLS
• 2022-11-09 Sold (MLS) $100,000 RRELMS
• 2022-11-09 Sold (MLS) $100,000 MIBOR as Distributed by MLS Grid
• 2022-09-26 Pending — IRMLS
• 2022-09-26 Pending — MIBOR as Distributed by MLS Grid
• 2022-09-19 Listed $95,000 IRMLS
• 2022-09-19 Listed $95,000 RRELMS
• 2022-09-19 Listed $95,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.9%/yr

Latest (2024): $888 · +5.7% YoY. Source: county tax records.