1015 S 24th St · New Castle, IN 47362

$15,000

2 bd · 1.0 ba · 784 sqft · SingleFamily public records · 46 Days on market

Built 1900 4,792 sqft lot $19/sqft · 83% below area

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Investor Special!! 2 bedroom 1 bath house that's ready for a complete rehab. Home is boarded up and there's no inside access. Property is being sold as-is with no warranties made by the seller.

Key facts

• 4,792 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Wood siding; Crawl space foundation
• Exterior features: Lot under 1/4 acre (approximately 0.11 acre)

Interior

• Kitchen: No appliances included
• Bedrooms: Two bedrooms on the main level (12x12 and 8x10)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: No heating; No cooling
• Interior features: Attic access
• Laundry & utility: No heating or cooling systems listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($902 rent vs $15k).
• Recommended offer: $15k (3.0% below list) — sets the bar for market timing.
• Cap rate 51.7% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 18% 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 $104 of loan paydown is wiped out by about $450 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $4k; list at $15k implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $14,550 (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. 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. 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?
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: 6.01% ✓
• Cap rate: 51.67%
• Cash-on-cash: 162.05%
• DSCR: 8.21
• GRM: 1.4

CMA / ARV

• ARV (median comp): $87,659
• List price: $15,000
• Delta: -82.89%
• 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
1318 S 22nd St	0.25mi	2/1.0	780 (-0%)	2mo	$140,000	$179	86
2318 A Ave	0.14mi	2/1.0	728 (-7%)	4mo	$23,000	$32	78
2128 Grand Ave	0.17mi	2/1.0	861 (+10%)	0mo	$93,000	$108	75
944 S 21st St	0.21mi	2/1.0	728 (-7%)	6mo	$65,000	$89	74
919 S 23rd St	0.10mi	2/1.0	816 (+4%)	18mo	$100,000	$123	73
1516 S 20th St	0.41mi	2/1.0	756 (-4%)	7mo	$106,000	$140	69
1418 S 20th St	0.37mi	2/1.0	825 (+5%)	13mo	$85,400	$104	63
1914 G Ave	0.38mi	2/1.0	768 (-2%)	21mo	$74,000	$96	62
238 S 24th St	0.45mi	2/1.0	820 (+5%)	18mo	$76,000	$93	56
1302 S 23rd St	0.19mi	2/1.0	898 (+14%)	16mo	$52,000	$58	54
2118 Vine St	0.73mi	2/1.0	840 (+7%)	4mo	$128,000	$152	51
2003 Lincoln Ave	0.40mi	2/1.0	864 (+10%)	18mo	$101,000	$117	49

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: —
• Equity multiple: 9.38×
• Total profit: $35,198
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 20.89×
• Total profit: $83,537
• Equity at exit: $1,297

Cash invested: $4,200 (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: 1.4×

Monthly cashflow live

• Estimated rent: $902 high
• Mortgage (P&I): −$79
• Tax from tax record: −$60 /mo · $726/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $567

Break-even live

Break-even rent $184

Max offer price $15,000

Occupancy floor 32%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1216 S 19th St New Castle, IN	2.0	1.0	824	$1,000	$1.21	24d	1	0.38mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	2d	2	0.62mi
701 S 14th St Unit 4A New Castle, IN	1.0	1.0	600	$615	$1.02	12d	1	0.79mi
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	2d	1	0.95mi
417 S 12th St Unit D New Castle, IN	1.0	1.0	525	$685	$1.30	15d	1	1.00mi
1104 Thornburg St New Castle, IN	2.0	1.0	645	$685	$1.06	44d	1	1.27mi

Listing history 20 events

1. 2026-06-19
   days on market $15,000 Active 46 DOM
2. 2026-06-18
   days on market $15,000 Active 45 DOM
3. 2026-06-17
   days on market $15,000 Active 44 DOM
4. 2026-06-16
   days on market $15,000 Active 43 DOM
5. 2026-06-15
   days on market $15,000 Active 42 DOM
6. 2026-06-14
   days on market $15,000 Active 40 DOM
7. 2026-06-12
   days on market $15,000 Active 39 DOM
8. 2026-06-09
   days on market $15,000 Active 36 DOM
9. 2026-06-08
   days on market $15,000 Active 35 DOM
10. 2026-06-07
    days on market $15,000 Active 34 DOM
11. 2026-06-05
    days on market $15,000 Active 31 DOM
12. 2026-06-03
    days on market $15,000 Active 30 DOM
13. 2026-06-02
    days on market $15,000 Active 29 DOM
14. 2026-06-01
    days on market $15,000 Active 28 DOM
15. 2026-05-31
    days on market $15,000 Active 27 DOM
16. 2026-05-30
    days on market $15,000 Active 26 DOM
17. 2026-05-04
    listed $15,000 Active 228-char remark
18. 2022-09-06
    soldstatus $4,000 Closed 193-char remark

    Show marketing remark (193 chars)

    Investor Special!! 2 bedroom 1 bath house that's ready for a complete rehab. Home is boarded up and there's no inside access. Property is being sold as-is with no warranties made by the seller.

19. 2022-08-19
    status Pending 193-char remark

    Show marketing remark (193 chars)

    Investor Special!! 2 bedroom 1 bath house that's ready for a complete rehab. Home is boarded up and there's no inside access. Property is being sold as-is with no warranties made by the seller.

20. 2022-08-17
    listed $5,000 Active 193-char remark

    Show marketing remark (193 chars)

    Investor Special!! 2 bedroom 1 bath house that's ready for a complete rehab. Home is boarded up and there's no inside access. Property is being sold as-is with no warranties made by the seller.

ⓘ 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: $726 · $60/mo
• Projected year-2 tax: $726 · $60/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: $10,824
• − Mortgage interest: −$840
• − Property taxes: −$726
• − Insurance: −$75
• − Repairs & maintenance: −$866
• − Management: −$866
• − Depreciation: −$436
• Taxable income: $7,015
• Est. tax owed @ 24.0%: −$1,683
• After-tax cash flow: $5,123/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

+200.0% since first listed

4 events — show timeline

• 2026-05-04 Listed $15,000 MIBOR as Distributed by MLS Grid
• 2022-09-06 Sold (MLS) $4,000 MIBOR as Distributed by MLS Grid
• 2022-08-19 Pending — MIBOR as Distributed by MLS Grid
• 2022-08-17 Listed $5,000 MIBOR as Distributed by MLS Grid

Property tax history

-2.0%/yr

Latest (2024): $726 · +1.1% YoY. Source: county tax records.