1114 Spring St · New Castle, IN 47362

$35,000

4 bd · 2.0 ba · 1,360 sqft · SingleFamily public records · 57 Days on market

Built 1900 0.30 ac lot $26/sqft · 70% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 New Castle property offers a solid value-add opportunity for investors or renovators looking to bring a home back to life. With 4 bedrooms, 2 baths, and over 1,300 square feet, the layout provides plenty of flexibility for a full redesign. Key improvements are already underway, including a new roof with only a small section left to complete. The home is being sold as-is, giving buyers the freedom to customize the remaining updates to their vision. Convenient utilities, a metal exterior, and a first-floor laundry add to the long-term potential. A great chance to build equity with a project that has clear upside.

Key facts

• Metal exterior
• New roof
• First-floor laundry

Tags

• NEW ROOF
• METAL EXTERIOR
• FIRST-FLOOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $683 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.7% vs local median 4.6% 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; 2 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 $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $20k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $4k; list at $35k implies a 900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.55% ✓
• Cap rate: 29.71%
• Cash-on-cash: 83.64%
• DSCR: 4.72
• GRM: 2.3

CMA / ARV

• ARV (median comp): $118,112
• List price: $35,000
• Delta: -70.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1114 Spring St	0.00mi	4/2.0	1,360 (0%)	0mo	$22,500	$17	100
716 N 14th St	0.42mi	3/2.0 (-1)	1,196 (-12%)	0mo	$162,900	$136	55
514 Broad St	0.35mi	3/1.0 (-1)	1,408 (+4%)	18mo	$50,000	$36	54
1135 Mourer St	0.58mi	4/2.5	1,412 (+4%)	20mo	$153,500	$109	48
1207 Bower Ct	0.71mi	4/1.5	1,560 (+15%)	19mo	$111,800	$72	24
731 N Main St	0.67mi	3/1.0 (-1)	1,159 (-15%)	23mo	$139,900	$121	16

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: 86.0%
• Equity multiple: 5.07×
• Total profit: $39,911
• Equity at exit: $5,219

10-year hold

• IRR: 89.5%
• Equity multiple: 11.16×
• Total profit: $99,567
• Equity at exit: $3,026

Cash invested: $9,800 (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: 2.3×

Monthly cashflow live

• Estimated rent: $1,244 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $683

Break-even live

Break-even rent $379

Max offer price $35,000

Occupancy floor 40%

Sensitivity live

Price	-10% $703	-5% $693	+0% $683	+5% $673	+10% $663
Rent	-10% $585	-5% $634	+0% $683	+5% $732	+10% $781
Rate	-1.0pp $701	-0.5pp $692	base $683	+0.5pp $674	+1.0pp $665

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	46d	1	0.69mi
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	46d	1	1.15mi

Listing history 12 events

1. 2026-05-19
   status Pending 623-char remark

   Show marketing remark (623 chars)

   This New Castle property offers a solid value-add opportunity for investors or renovators looking to bring a home back to life. With 4 bedrooms, 2 baths, and over 1,300 square feet, the layout provides plenty of flexibility for a full redesign. Key improvements are already underway, including a new roof with only a small section left to complete. The home is being sold as-is, giving buyers the freedom to customize the remaining updates to their vision. Convenient utilities, a metal exterior, and a first-floor laundry add to the long-term potential. A great chance to build equity with a project that has clear upside.

2. 2026-05-11
   price $35,000 623-char remark

   Show marketing remark (623 chars)

   This New Castle property offers a solid value-add opportunity for investors or renovators looking to bring a home back to life. With 4 bedrooms, 2 baths, and over 1,300 square feet, the layout provides plenty of flexibility for a full redesign. Key improvements are already underway, including a new roof with only a small section left to complete. The home is being sold as-is, giving buyers the freedom to customize the remaining updates to their vision. Convenient utilities, a metal exterior, and a first-floor laundry add to the long-term potential. A great chance to build equity with a project that has clear upside.

3. 2026-04-30
   price $43,900 623-char remark

   Show marketing remark (623 chars)

   This New Castle property offers a solid value-add opportunity for investors or renovators looking to bring a home back to life. With 4 bedrooms, 2 baths, and over 1,300 square feet, the layout provides plenty of flexibility for a full redesign. Key improvements are already underway, including a new roof with only a small section left to complete. The home is being sold as-is, giving buyers the freedom to customize the remaining updates to their vision. Convenient utilities, a metal exterior, and a first-floor laundry add to the long-term potential. A great chance to build equity with a project that has clear upside.

4. 2026-04-22
   price $48,900 623-char remark

   Show marketing remark (623 chars)

   This New Castle property offers a solid value-add opportunity for investors or renovators looking to bring a home back to life. With 4 bedrooms, 2 baths, and over 1,300 square feet, the layout provides plenty of flexibility for a full redesign. Key improvements are already underway, including a new roof with only a small section left to complete. The home is being sold as-is, giving buyers the freedom to customize the remaining updates to their vision. Convenient utilities, a metal exterior, and a first-floor laundry add to the long-term potential. A great chance to build equity with a project that has clear upside.

5. 2026-04-14
   price $49,900 623-char remark

   Show marketing remark (623 chars)

   This New Castle property offers a solid value-add opportunity for investors or renovators looking to bring a home back to life. With 4 bedrooms, 2 baths, and over 1,300 square feet, the layout provides plenty of flexibility for a full redesign. Key improvements are already underway, including a new roof with only a small section left to complete. The home is being sold as-is, giving buyers the freedom to customize the remaining updates to their vision. Convenient utilities, a metal exterior, and a first-floor laundry add to the long-term potential. A great chance to build equity with a project that has clear upside.

6. 2026-03-24
   listed $54,900 Active 623-char remark

   Show marketing remark (623 chars)

   This New Castle property offers a solid value-add opportunity for investors or renovators looking to bring a home back to life. With 4 bedrooms, 2 baths, and over 1,300 square feet, the layout provides plenty of flexibility for a full redesign. Key improvements are already underway, including a new roof with only a small section left to complete. The home is being sold as-is, giving buyers the freedom to customize the remaining updates to their vision. Convenient utilities, a metal exterior, and a first-floor laundry add to the long-term potential. A great chance to build equity with a project that has clear upside.

7. 2003-10-20
   soldstatus $3,500 276-char remark

   Show marketing remark (276 chars)

   Bank-owned home. All offers must be presented with proof of funds and pre-approval letter and $1000 em. No fha/va offers please. Room sizes are approximate. 2bd, 1ba per side. Needs repairs and cosmetics. Property is sold 'AS-IS'. All offers must be submitted through Ebay.

8. 2003-07-23
   historical
9. 2003-06-29
   listed $6,000 276-char remark

   Show marketing remark (276 chars)

   Bank-owned home. All offers must be presented with proof of funds and pre-approval letter and $1000 em. No fha/va offers please. Room sizes are approximate. 2bd, 1ba per side. Needs repairs and cosmetics. Property is sold 'AS-IS'. All offers must be submitted through Ebay.

10. 2003-06-07
    listed $12,000
11. 2003-05-07
    historical
12. 2003-02-07
    listed $20,900

ⓘ 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: $1,220 · $102/mo
• Projected year-2 tax: $1,220 · $102/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $14,930
• − Mortgage interest: −$1,961
• − Property taxes: −$1,220
• − Insurance: −$175
• − Repairs & maintenance: −$1,194
• − Management: −$1,194
• − Depreciation: −$1,018
• Taxable income: $8,167
• Est. tax owed @ 24.0%: −$1,960
• After-tax cash flow: $6,237/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

+67.5% since first listed

12 events — show timeline

• 2026-05-19 Pending — IRMLS
• 2026-05-11 Price Changed $35,000 IRMLS
• 2026-04-30 Price Changed $43,900 IRMLS
• 2026-04-22 Price Changed $48,900 IRMLS
• 2026-04-14 Price Changed $49,900 IRMLS
• 2026-03-24 Listed $54,900 IRMLS
• 2003-10-20 Sold (MLS) $3,500 MIBOR as Distributed by MLS Grid
• 2003-07-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-06-29 Listed $6,000 MIBOR as Distributed by MLS Grid
• 2003-06-07 Listed $12,000 MIBOR as Distributed by MLS Grid
• 2003-05-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-02-07 Listed $20,900 MIBOR as Distributed by MLS Grid

Property tax history

-4.7%/yr

Latest (2024): $1,220 · +4.5% YoY. Source: county tax records.