1821-1823 Grand Ave · New Castle, IN 47362

$150,000

4 bd · 3.0 ba · 5,560 sqft · MultiFamily · 62 Days on market

Built 1900 Good condition 7,797 sqft lot $27/sqft · 17% below area Est $180k · 17% 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 +29.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Excellent investment property to add to your portfolio with established leases in place. Fully renovated in 2024 with new siding, windows, paint, flooring, cabinets, water heater, furnace, AC, plumbing, electrical and sewer main connection. All appliances new in 2024 including refrigerator, oven, washer and dryer in each unit stay making this an easy turn key investment. Each unit offer 2 bedrooms 1.5 baths, kitchen, dining area, living room, basement with laundry area and large attic space perfect for storage. Add this to the MUST SEE list!

Key facts

• Fully renovated
• New siding
• New flooring

Tags

• FULLY RENOVATED
• NEW SIDING
• NEW WINDOWS
• NEW PAINT
• NEW FLOORING
• NEW CABINETS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive. Per door: $278/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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; 47 units permitted in Henry County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $15k (9%) 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 $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.86%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (median comp): $180,077
• List price: $150,000
• Delta: -16.70%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.59% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.34×
• Total profit: $14,362
• Equity at exit: $22,365

10-year hold

• IRR: 19.1%
• Equity multiple: 2.72×
• Total profit: $72,045
• Equity at exit: $12,969

Cash invested: $42,000 (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: 12.4×

Monthly cashflow live

• Estimated rent: $2,015 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $555

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 67%

Sensitivity live

Price	-10% $659	-5% $607	+0% $555	+5% $503	+10% $452
Rent	-10% $396	-5% $476	+0% $555	+5% $635	+10% $714
Rate	-1.0pp $631	-0.5pp $593	base $555	+0.5pp $516	+1.0pp $477

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,016
Total (2 units)			$2,015

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-13
   status Active 547-char remark

   Show marketing remark (547 chars)

   Excellent investment property to add to your portfolio with established leases in place. Fully renovated in 2024 with new siding, windows, paint, flooring, cabinets, water heater, furnace, AC, plumbing, electrical and sewer main connection. All appliances new in 2024 including refrigerator, oven, washer and dryer in each unit stay making this an easy turn key investment. Each unit offer 2 bedrooms 1.5 baths, kitchen, dining area, living room, basement with laundry area and large attic space perfect for storage. Add this to the MUST SEE list!

2. 2026-05-04
   status Pending 547-char remark

   Show marketing remark (547 chars)

   Excellent investment property to add to your portfolio with established leases in place. Fully renovated in 2024 with new siding, windows, paint, flooring, cabinets, water heater, furnace, AC, plumbing, electrical and sewer main connection. All appliances new in 2024 including refrigerator, oven, washer and dryer in each unit stay making this an easy turn key investment. Each unit offer 2 bedrooms 1.5 baths, kitchen, dining area, living room, basement with laundry area and large attic space perfect for storage. Add this to the MUST SEE list!

3. 2026-04-06
   price $150,000 547-char remark

   Show marketing remark (547 chars)

   Excellent investment property to add to your portfolio with established leases in place. Fully renovated in 2024 with new siding, windows, paint, flooring, cabinets, water heater, furnace, AC, plumbing, electrical and sewer main connection. All appliances new in 2024 including refrigerator, oven, washer and dryer in each unit stay making this an easy turn key investment. Each unit offer 2 bedrooms 1.5 baths, kitchen, dining area, living room, basement with laundry area and large attic space perfect for storage. Add this to the MUST SEE list!

4. 2026-03-20
   status Active 547-char remark

   Show marketing remark (547 chars)

   Excellent investment property to add to your portfolio with established leases in place. Fully renovated in 2024 with new siding, windows, paint, flooring, cabinets, water heater, furnace, AC, plumbing, electrical and sewer main connection. All appliances new in 2024 including refrigerator, oven, washer and dryer in each unit stay making this an easy turn key investment. Each unit offer 2 bedrooms 1.5 baths, kitchen, dining area, living room, basement with laundry area and large attic space perfect for storage. Add this to the MUST SEE list!

5. 2026-03-04
   status Pending 547-char remark

   Show marketing remark (547 chars)

   Excellent investment property to add to your portfolio with established leases in place. Fully renovated in 2024 with new siding, windows, paint, flooring, cabinets, water heater, furnace, AC, plumbing, electrical and sewer main connection. All appliances new in 2024 including refrigerator, oven, washer and dryer in each unit stay making this an easy turn key investment. Each unit offer 2 bedrooms 1.5 baths, kitchen, dining area, living room, basement with laundry area and large attic space perfect for storage. Add this to the MUST SEE list!

6. 2026-02-27
   listed $165,000 Active 547-char remark

   Show marketing remark (547 chars)

   Excellent investment property to add to your portfolio with established leases in place. Fully renovated in 2024 with new siding, windows, paint, flooring, cabinets, water heater, furnace, AC, plumbing, electrical and sewer main connection. All appliances new in 2024 including refrigerator, oven, washer and dryer in each unit stay making this an easy turn key investment. Each unit offer 2 bedrooms 1.5 baths, kitchen, dining area, living room, basement with laundry area and large attic space perfect for storage. Add this to the MUST SEE list!

7. 2026-01-22
   historical $1,050
8. 2025-12-12
   listed $1,050
9. 2025-07-03
   historical $895
10. 2025-05-27
    listed $895

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $24,180
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,934
• − Management: −$1,934
• − Depreciation: −$4,364
• Taxable income: $4,545
• Est. tax owed @ 24.0%: −$1,091
• After-tax cash flow: $5,572/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab

This multi-family home is in excellent condition with recent renovations, making it a great investment opportunity.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants.
• Both Painting exterior and interior — Fresh paint can improve the home's appearance and value.
• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants. ↑
• Both Painting exterior and interior — Fresh paint can improve the home's appearance and value. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and could attract more tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+14185.7% since first listed

10 events — show timeline

• 2026-05-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-06 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2026-03-20 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-27 Listed $165,000 MIBOR as Distributed by MLS Grid
• 2026-01-22 Rental Removed $1,050 RENTALBEAST
• 2025-12-12 Listed for Rent $1,050 RENTALBEAST
• 2025-07-03 Rental Removed $895 TENANTTURNER2
• 2025-05-27 Listed for Rent $895 TENANTTURNER2