1222 Webster Ave · New Castle, IN 47362

$57,900

3 bd · 1.0 ba · 1,470 sqft · SingleFamily public records · 77 Days on market

Built 1925 5,489 sqft lot $39/sqft · 49% below area Est $108k · 46% under ↓ 3% since listing

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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

This is a 2-bedroom, 1-bathroom home with a 1-car garage. It is conveniently located near parks, an aquatic center, and ball fields. Please note that this property is a fixer-upper that needs TLC and is being sold "as is"

Key facts

• Near ball fields
• Near parks
• Near aquatic center

Tags

• NEAR PARKS
• NEAR AQUATIC CENTER
• NEAR BALL FIELDS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $54k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $400 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 $16k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago; this cycle's ask has dropped $107k (65%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,426 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
8. 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.
9. 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: 1.74% ✓
• Cap rate: 12.85%
• Cash-on-cash: 23.40%
• DSCR: 2.04
• GRM: 4.8

CMA / ARV

• ARV (median comp): $107,959
• List price: $57,900
• Delta: -46.37%
• 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
917 S 15th St	0.24mi	3/1.5	1,396 (-5%)	2mo	$74,900	$54	76
316 Park Ave	0.18mi	4/2.0 (+1)	1,402 (-5%)	1mo	$167,000	$119	74
926 I Ave	0.35mi	2/1.0 (-1)	1,412 (-4%)	6mo	$113,000	$80	67
729 I Ave	0.42mi	3/1.5	1,568 (+7%)	2mo	$230,000	$147	66
1410 H Ave	0.32mi	2/1.0 (-1)	1,568 (+7%)	7mo	$97,500	$62	63
324 Park Ave	0.19mi	2/1.0 (-1)	1,296 (-12%)	9mo	$45,700	$35	59
1363 Short St	0.33mi	3/1.0	1,682 (+14%)	9mo	$137,000	$81	53
804 S 20th St	0.62mi	3/1.0	1,616 (+10%)	5mo	$123,000	$76	50
2014 Roosevelt Ave	0.65mi	2/1.0 (-1)	1,344 (-9%)	0mo	$138,000	$103	50
2017 Cherrywood Ave	0.69mi	4/1.0 (+1)	1,408 (-4%)	8mo	$45,000	$32	49
508 Cedar Dr	0.51mi	2/1.0 (-1)	1,255 (-15%)	7mo	$164,900	$131	41
626 S 21st St	0.72mi	2/1.0 (-1)	1,288 (-12%)	7mo	$138,000	$107	35

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: 18.5%
• Equity multiple: 1.77×
• Total profit: $12,452
• Equity at exit: $8,633

10-year hold

• IRR: 28.1%
• Equity multiple: 3.71×
• Total profit: $43,958
• Equity at exit: $5,006

Cash invested: $16,212 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,006 medium
• Mortgage (P&I): −$304
• Tax from tax record: −$151 /mo · $1,808/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $316

Break-even live

Break-even rent $606

Max offer price $57,900

Occupancy floor 64%

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: $14,475
• Closing costs: $1,737
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	1d	2	0.28mi
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	43d	1	0.32mi
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	1d	1	0.86mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	23d	1	1.49mi

Listing history 25 events

1. 2026-06-19
   days on market $57,900 Active 77 DOM
2. 2026-06-18
   days on market $57,900 Active 76 DOM
3. 2026-06-17
   days on market $57,900 Active 75 DOM
4. 2026-06-16
   days on market $57,900 Active 74 DOM
5. 2026-06-15
   days on market $57,900 Active 73 DOM
6. 2026-06-14
   days on market $57,900 Active 71 DOM
7. 2026-06-12
   days on market $57,900 Active 70 DOM
8. 2026-06-09
   days on market $57,900 Active 67 DOM
9. 2026-06-08
   days on market $57,900 Active 66 DOM
10. 2026-06-07
    days on market $57,900 Active 65 DOM
11. 2026-06-05
    days on market $57,900 Active 62 DOM
12. 2026-06-03
    days on market $57,900 Active 61 DOM
13. 2026-06-02
    days on market $57,900 Active 60 DOM
14. 2026-06-01
    days on market $57,900 Active 59 DOM
15. 2026-05-31
    days on market $57,900 Active 58 DOM
16. 2026-05-30
    days on market $57,900 Active 57 DOM
17. 2026-05-04
    price $57,900 231-char remark

    Show marketing remark (231 chars)

    This is a 2-bedroom, 1-bathroom home with a 1-car garage. It is conveniently located near parks, an aquatic center, and ball fields. Please note that this property is a fixer-upper that needs TLC and is being sold "as is"

18. 2026-04-10
    price $64,900 231-char remark

    Show marketing remark (231 chars)

    This is a 2-bedroom, 1-bathroom home with a 1-car garage. It is conveniently located near parks, an aquatic center, and ball fields. Please note that this property is a fixer-upper that needs TLC and is being sold "as is"

19. 2026-04-03
    listed $164,900 Active 231-char remark

    Show marketing remark (231 chars)

    This is a 2-bedroom, 1-bathroom home with a 1-car garage. It is conveniently located near parks, an aquatic center, and ball fields. Please note that this property is a fixer-upper that needs TLC and is being sold "as is"

20. 2009-01-11
    historical
21. 2008-02-25
    historical
22. 2008-01-11
    listed $5,500
23. 2007-05-10
    listed $91,000
24. 2001-12-06
    historical
25. 2001-06-06
    listed $59,900

ⓘ 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: $1,808 · $151/mo
• Projected year-2 tax: $1,808 · $151/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: $12,070
• − Mortgage interest: −$3,243
• − Property taxes: −$1,808
• − Insurance: −$290
• − Repairs & maintenance: −$966
• − Management: −$966
• − Depreciation: −$1,684
• Taxable income: $3,113
• Est. tax owed @ 24.0%: −$747
• After-tax cash flow: $3,047/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

-3.3% since first listed

9 events — show timeline

• 2026-05-04 Price Changed $57,900 MIBOR as Distributed by MLS Grid
• 2026-04-10 Price Changed $64,900 MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $164,900 MIBOR as Distributed by MLS Grid
• 2009-01-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-02-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-01-11 Listed $5,500 MIBOR as Distributed by MLS Grid
• 2007-05-10 Listed $91,000 MIBOR as Distributed by MLS Grid
• 2001-12-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-06-06 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

-0.8%/yr

Latest (2024): $1,808 · +18.0% YoY. Source: county tax records.