3935 E Brown Rd · New Castle, IN 47362

$85,000

4 bd · 2.0 ba · 2,208 sqft · SingleFamily public records · 14 Days on market

Built 1900 3.31 ac lot $38/sqft · 8% above area Est $110k · 23% 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 +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

A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun-now it's ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis-bring your vision and unlock the potential.

Key facts

• Mini farm
• Brand new roof
• Outbuildings

Tags

• 3.03 ACRES
• BRAND NEW ROOF
• FULL RENOVATION
• ROOM FOR EXPANSION
• OUTBUILDINGS
• MINI FARM

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 12.2% 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: 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); 217 active listings in the ZIP; 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 $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 3y 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 $50k; list at $85k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.58% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.07%
• DSCR: 1.94
• GRM: 5.3

CMA / ARV

• ARV (median comp): $110,384
• List price: $85,000
• Delta: -23.00%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
76 S Messick Rd	0.53mi	4/1.5	2,306 (+4%)	24mo	$135,000	$59	46

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: 15.4%
• Equity multiple: 1.63×
• Total profit: $15,076
• Equity at exit: $12,674

10-year hold

• IRR: 25.3%
• Equity multiple: 3.39×
• Total profit: $56,879
• Equity at exit: $7,349

Cash invested: $23,800 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,345 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$163 /mo · $1,960/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $418

Break-even live

Break-even rent $816

Max offer price $85,000

Occupancy floor 64%

Sensitivity live

Price	-10% $466	-5% $442	+0% $418	+5% $394	+10% $370
Rent	-10% $312	-5% $365	+0% $418	+5% $471	+10% $524
Rate	-1.0pp $461	-0.5pp $439	base $418	+0.5pp $396	+1.0pp $373

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-05-14
   status Pending 418-char remark

   Show marketing remark (436 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun—now it’s ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis—bring your vision and unlock the potential.

2. 2026-05-14
   status Pending 436-char remark

   Show marketing remark (436 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun—now it’s ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis—bring your vision and unlock the potential.

3. 2026-05-04
   status Active 436-char remark

   Show marketing remark (418 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun-now it's ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis-bring your vision and unlock the potential.

4. 2026-05-04
   status Active 418-char remark

   Show marketing remark (418 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun-now it's ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis-bring your vision and unlock the potential.

5. 2026-04-17
   status Pending 418-char remark

   Show marketing remark (436 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun—now it’s ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis—bring your vision and unlock the potential.

6. 2026-04-17
   status Pending 436-char remark

   Show marketing remark (436 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun—now it’s ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis—bring your vision and unlock the potential.

7. 2026-04-13
   listed $85,000 Active 436-char remark

   Show marketing remark (418 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun-now it's ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis-bring your vision and unlock the potential.

8. 2026-04-13
   listed $85,000 Active 418-char remark

   Show marketing remark (418 chars)

   A rare investment opportunity on 3.03 acres just minutes from town. This 2,208 sq ft two story home is a blank canvas for your next project. With a brand new roof already in place, the heavy lifting has begun-now it's ready for a full renovation to bring it back to life. The acreage provides room for expansion, outbuildings, mini farm or a private retreat. Being sold asis-bring your vision and unlock the potential.

9. 2023-11-02
   soldstatus $50,000
10. 2023-10-27
    soldstatus $50,000 Closed
11. 2023-10-11
    status Pending
12. 2023-09-26
    price $42,500
13. 2023-08-29
    price $52,500
14. 2023-08-02
    listed $62,400 Active

ⓘ 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: $1,960 · $163/mo
• Projected year-2 tax: $1,960 · $163/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: $16,136
• − Mortgage interest: −$4,761
• − Property taxes: −$1,960
• − Insurance: −$425
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$2,473
• Taxable income: $3,935
• Est. tax owed @ 24.0%: −$944
• After-tax cash flow: $4,069/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

• 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

+36.2% since first listed

14 events — show timeline

• 2026-05-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Pending — IRMLS
• 2026-05-04 Relisted — IRMLS
• 2026-05-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-17 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Pending — IRMLS
• 2026-04-13 Listed $85,000 IRMLS
• 2026-04-13 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2023-11-02 Sold (Public Records) $50,000 Public Records
• 2023-10-27 Sold (MLS) $50,000 MIBOR as Distributed by MLS Grid
• 2023-10-11 Pending — MIBOR as Distributed by MLS Grid
• 2023-09-26 Price Changed $42,500 MIBOR as Distributed by MLS Grid
• 2023-08-29 Price Changed $52,500 MIBOR as Distributed by MLS Grid
• 2023-08-02 Listed $62,400 MIBOR as Distributed by MLS Grid

Property tax history

+8.8%/yr

Latest (2024): $1,960 · +157.1% YoY. Source: county tax records.