1621 R Ave · New Castle, IN 47362

$64,999

1 bd · 1.0 ba · 770 sqft · SingleFamily public records · 39 Days on market

Built 1945 9,845 sqft lot $84/sqft · 6% below area Est $116k · 44% under

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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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.9/10.0
• 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

Opportunity knocks with this property at 1621 R Avenue in New Castle! Sold * * as-is * * , this home offers a fantastic chance for investors or buyers ready to bring their vision to life. With some care and creativity, this property could be transformed into a cozy residence or a valuable addition to any investment portfolio. The standout feature of this home is the oversized yard, offering a wonderful space for outdoor living, gardening, or just relaxing in the fresh air. The possibilities are endless for those who value room to stretch out and customize their surroundings. If you’re looking for a project with great promise, 1621 R Avenue is the perfect canvas. Don’t miss the chance to explore all this home has to offer and turn it into something truly special. Call Brian Ingle at 765-960-0533.

Key facts

• Oversized yard
• 9,845 sq ft lot
• Built 1945

Tags

• OVERSIZED YARD

Property features AI

Exterior

• Parking: Detached parking (no garage spaces listed)
• Utilities: Public water; Municipal sewer connection; Trash/solid waste service available
• Home design: Single-family residence; One-story
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.23 acre)

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Two bedrooms (both on the main level)
• Bathrooms: One full bathroom (on the main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Basement present; No built-in appliances listed
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($773 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 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 15% 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 $449 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 $18k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y 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 $10k; list at $65k implies a 557% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,049 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.19% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.94%
• DSCR: 1.44
• GRM: 7.0

CMA / ARV

• ARV (median comp): $116,115
• List price: $64,999
• Delta: -44.02%
• 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
2605 Sunnyside Ave	0.30mi	2/1.0 (+1)	720 (-6%)	2mo	$90,000	$125	69
3000 S 12th St	0.52mi	2/1.0 (+1)	768 (-0%)	14mo	$143,000	$186	59
1103 I Ave	0.68mi	2/1.0 (+1)	768 (-0%)	6mo	$90,000	$117	58
1516 S 20th St	0.65mi	2/1.0 (+1)	756 (-2%)	7mo	$106,000	$140	56
1918 Roosevelt Ave	0.37mi	2/1.0 (+1)	704 (-9%)	10mo	$36,000	$51	55
2720 E Fairoaks Dr	0.68mi	2/1.0 (+1)	788 (+2%)	7mo	$137,500	$174	54
2125 Fairmont Ave	0.40mi	2/1.0 (+1)	837 (+9%)	18mo	$74,662	$89	47
1625 Irvin St	0.67mi	2/1.0 (+1)	726 (-6%)	9mo	$115,000	$158	47
3010 S 23rd St	0.54mi	2/1.0 (+1)	720 (-6%)	17mo	$94,000	$131	45
2105 P Ave	0.37mi	2/1.0 (+1)	864 (+12%)	17mo	$130,000	$150	43
1612 Irvin St	0.67mi	2/1.0 (+1)	672 (-13%)	2mo	$82,000	$122	40
1418 S 20th St	0.71mi	2/1.0 (+1)	825 (+7%)	13mo	$85,400	$104	39

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: 0.5%
• Equity multiple: 1.02×
• Total profit: $341
• Equity at exit: $9,692

10-year hold

• IRR: 11.7%
• Equity multiple: 1.99×
• Total profit: $18,053
• Equity at exit: $5,620

Cash invested: $18,200 (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: 7.0×

Monthly cashflow live

• Estimated rent: $773 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$92 /mo · $1,100/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$162
• Net cashflow: $151

Break-even live

Break-even rent $582

Max offer price $64,999

Occupancy floor 75%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	23d	1	0.78mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$695	$0.85	1d	2	0.92mi
701 S 14th St Unit 4A New Castle, IN	1.0	1.0	600	$615	$1.02	12d	1	1.13mi
417 S 12th St Unit D New Castle, IN	1.0	1.0	525	$685	$1.30	14d	1	1.39mi

Listing history 28 events

1. 2026-06-19
   days on market $64,999 Active 39 DOM
2. 2026-06-18
   days on market $64,999 Active 38 DOM
3. 2026-06-17
   days on market $64,999 Active 37 DOM
4. 2026-06-16
   days on market $64,999 Active 36 DOM
5. 2026-06-15
   days on market $64,999 Active 35 DOM
6. 2026-06-14
   days on market $64,999 Active 33 DOM
7. 2026-06-12
   days on market $64,999 Active 32 DOM
8. 2026-06-09
   days on market $64,999 Active 29 DOM
9. 2026-06-08
   days on market $64,999 Active 28 DOM
10. 2026-06-07
    days on market $64,999 Active 27 DOM
11. 2026-06-05
    days on market $64,999 Active 24 DOM
12. 2026-06-03
    days on market $64,999 Active 23 DOM
13. 2026-06-02
    days on market $64,999 Active 22 DOM
14. 2026-06-01
    days on market $64,999 Active 21 DOM
15. 2026-05-31
    days on market $64,999 Active 20 DOM
16. 2026-05-30
    days on market $64,999 Active 19 DOM
17. 2026-05-11
    listed $64,999 Active 751-char remark
18. 2026-04-29
    listed $64,999 Active 849-char remark

    Show marketing remark (821 chars)

    Opportunity knocks with this property at 1621 R Avenue in New Castle! Sold * * as-is * * , this home offers a fantastic chance for investors or buyers ready to bring their vision to life. With some care and creativity, this property could be transformed into a cozy residence or a valuable addition to any investment portfolio. The standout feature of this home is the oversized yard, offering a wonderful space for outdoor living, gardening, or just relaxing in the fresh air. The possibilities are endless for those who value room to stretch out and customize their surroundings. If you’re looking for a project with great promise, 1621 R Avenue is the perfect canvas. Don’t miss the chance to explore all this home has to offer and turn it into something truly special. Call Brian Ingle at 765-960-0533.

19. 2025-11-18
    price $64,999
20. 2015-04-30
    soldstatus $9,900
21. 2015-04-30
    soldstatus $9,900
22. 2015-04-30
    soldstatus $9,900
23. 2015-03-16
    listed $9,900
24. 2015-03-16
    listed $9,900
25. 2015-03-16
    listed $9,900
26. 2014-09-30
    historical
27. 2014-04-01
    listed $24,900
28. 2014-04-01
    listed $24,900

ⓘ 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: $1,100 · $92/mo
• Projected year-2 tax: $1,100 · $92/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 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: $9,271
• − Mortgage interest: −$3,641
• − Property taxes: −$1,100
• − Insurance: −$325
• − Repairs & maintenance: −$742
• − Management: −$742
• − Depreciation: −$1,891
• Taxable income: $831
• Est. tax owed @ 24.0%: −$199
• After-tax cash flow: $1,609/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

+161.0% since first listed

12 events — show timeline

• 2026-05-11 Listed $64,999 MIBOR as Distributed by MLS Grid
• 2026-04-29 Listed $64,999 RRELMS
• 2025-11-18 Price Changed $64,999 RRELMS
• 2015-04-30 Sold (MLS) $9,900 RRELMS
• 2015-04-30 Sold (MLS) $9,900 MIBOR as Distributed by MLS Grid
• 2015-04-30 Sold (MLS) $9,900 IRMLS
• 2015-03-16 Listed $9,900 RRELMS
• 2015-03-16 Listed $9,900 MIBOR as Distributed by MLS Grid
• 2015-03-16 Listed $9,900 IRMLS
• 2014-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-04-01 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2014-04-01 Listed $24,900 IRMLS

Property tax history

+16.0%/yr

Latest (2024): $1,100 · +29.4% YoY. Source: county tax records.