416 S 21st St · New Castle, IN 47362

$32,000

3 bd · 1.0 ba · 968 sqft · SingleFamily public records · 20 Days on market

Built 1880 5,576 sqft lot ↓ 9% 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
• 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 1.5-story home offers 2 bedrooms and 1.5 bathrooms with plenty of potential for the right buyer. The den can be turned into a 3rd bedroom by adding a closet. Features include a covered front porch, attached 1-car garage, and a nice-sized backyard ideal for outdoor enjoyment. The property is in need of repairs and updates inside and out, making it a great opportunity for investors, flippers, or buyers looking to build equity. With some vision and renovation, this home could truly shine once again.

Key facts

• Covered front porch
• Nice sized backyard
• 5,576 sq ft lot

Tags

• COVERED FRONT PORCH
• NICE SIZED BACKYARD

Property features AI

Exterior

• Parking: Attached garage (1 car, approximately 287 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One and one-half stories
• Construction: Wood siding; Block foundation
• Exterior features: Covered porch or patio; Lot under 1/4 acre (approximately 0.13 acres)

Interior

• Kitchen: No appliances listed
• Bedrooms: 2 bedrooms on the upper level; Additional room(s) totaling 6 rooms overall
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central air listed
• Interior features: Hardwood floors; Basement
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $32k.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Recommended offer: $32k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.9% 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: 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: Eastwood Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 274 students, 82% FRL); New Castle Middle School (math 20% / reading 31%, grade F, #243 of 330 statewide, top 74%, 666 students, 61% FRL); New Castle High School (math 27% / reading 52%, grade F, #221 of 369 statewide, top 63%, 836 students, 56% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 217 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $221 of loan paydown is wiped out by about $960 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 $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y 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 $20k; list at $32k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $31,520 (1.5% below list)

Questions for the listing agent

1. Built in 1880 — 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: 3.14% ✓
• Cap rate: 26.93%
• Cash-on-cash: 73.71%
• DSCR: 4.28
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $104,544
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318 S 25th St	0.30mi	3/1.0	960 (-1%)	14mo	$139,900	$146	73
416 S 21st St	0.00mi	2/1.5 (-1)	1,068 (+10%)	11mo	$20,000	$19	67
1016 S 19th St	0.43mi	2/1.0 (-1)	1,008 (+4%)	6mo	$114,900	$114	63
2128 Grand Ave	0.41mi	2/1.0 (-1)	861 (-11%)	0mo	$93,000	$108	57
2118 Vine St	0.29mi	2/1.0 (-1)	840 (-13%)	4mo	$128,000	$152	56
2221 Spring St	0.36mi	2/1.0 (-1)	1,055 (+9%)	10mo	$35,000	$33	55
2422 Spring St	0.45mi	2/1.0 (-1)	853 (-12%)	0mo	$100,000	$117	54
1328 S 20th St	0.63mi	2/1.0 (-1)	936 (-3%)	11mo	$126,000	$135	51
1217 S 23rd St	0.55mi	3/1.0	912 (-6%)	16mo	$45,000	$49	51
2910 E Ave	0.74mi	3/1.0	1,032 (+7%)	9mo	$12,500	$12	47
1302 S 23rd St	0.59mi	2/1.0 (-1)	898 (-7%)	16mo	$52,000	$58	42
1418 S 20th St	0.67mi	2/1.0 (-1)	825 (-15%)	13mo	$85,400	$104	29

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: 75.4%
• Equity multiple: 4.52×
• Total profit: $31,527
• Equity at exit: $4,771

10-year hold

• IRR: 79.5%
• Equity multiple: 9.89×
• Total profit: $79,617
• Equity at exit: $2,767

Cash invested: $8,960 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,003 high
• Mortgage (P&I): −$168
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $550

Break-even live

Break-even rent $307

Max offer price $32,000

Occupancy floor 40%

Sensitivity live

Price	-10% $568	-5% $559	+0% $550	+5% $541	+10% $532
Rent	-10% $471	-5% $511	+0% $550	+5% $590	+10% $630
Rate	-1.0pp $566	-0.5pp $559	base $550	+0.5pp $542	+1.0pp $534

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	0d	2	0.57mi
1216 S 19th St New Castle, IN	2.0	1.0	824	$1,000	$1.21	25d	1	0.57mi
1104 Thornburg St New Castle, IN	2.0	1.0	645	$685	$1.06	45d	1	0.84mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	25d	1	1.19mi
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	3d	1	1.24mi

Listing history 34 events

1. 2026-06-18
   days on market $32,000 Active 20 DOM
2. 2026-06-17
   days on market $32,000 Active 19 DOM
3. 2026-06-16
   days on market $32,000 Active 18 DOM
4. 2026-06-15
   days on market $32,000 Active 17 DOM
5. 2026-06-14
   days on market $32,000 Active 15 DOM
6. 2026-06-12
   days on market $32,000 Active 14 DOM
7. 2026-06-09
   days on market $32,000 Active 11 DOM
8. 2026-06-08
   days on market $32,000 Active 10 DOM
9. 2026-06-07
   days on market $32,000 Active 9 DOM
10. 2026-06-05
    days on market $32,000 Active 6 DOM
11. 2026-06-03
    days on market $32,000 Active 5 DOM
12. 2026-06-02
    days on market $32,000 Active 4 DOM
13. 2026-06-01
    days on market $32,000 Active 3 DOM
14. 2026-05-31
    days on market $32,000 Active 2 DOM
15. 2026-05-29
    listed $32,000 Active 506-char remark

    Show marketing remark (506 chars)

    This 1.5-story home offers 2 bedrooms and 1.5 bathrooms with plenty of potential for the right buyer. The den can be turned into a 3rd bedroom by adding a closet. Features include a covered front porch, attached 1-car garage, and a nice-sized backyard ideal for outdoor enjoyment. The property is in need of repairs and updates inside and out, making it a great opportunity for investors, flippers, or buyers looking to build equity. With some vision and renovation, this home could truly shine once again.

16. 2026-05-29
    listed $32,000 Active

    Show marketing remark (506 chars)

    This 1.5-story home offers 2 bedrooms and 1.5 bathrooms with plenty of potential for the right buyer. The den can be turned into a 3rd bedroom by adding a closet. Features include a covered front porch, attached 1-car garage, and a nice-sized backyard ideal for outdoor enjoyment. The property is in need of repairs and updates inside and out, making it a great opportunity for investors, flippers, or buyers looking to build equity. With some vision and renovation, this home could truly shine once again.

17. 2025-08-01
    soldstatus $20,000 Closed 158-char remark

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

18. 2025-08-01
    soldstatus $20,000 Closed

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

19. 2025-08-01
    soldstatus $20,000 Closed

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

20. 2025-07-18
    status Pending 158-char remark

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

21. 2025-07-18
    status Pending

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

22. 2025-07-18
    status Pending

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

23. 2025-07-03
    status Active 158-char remark

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

24. 2025-07-03
    status Active

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

25. 2025-07-03
    status Active

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

26. 2025-06-16
    status Pending

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

27. 2025-06-16
    historical 158-char remark

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

28. 2025-06-13
    price $27,000
29. 2025-06-13
    price $27,000
30. 2025-05-23
    price $30,000
31. 2025-05-23
    price $30,000
32. 2025-04-14
    listed $30,000 158-char remark

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

33. 2025-04-14
    listed $35,000 Active

    Show marketing remark (158 chars)

    This 2 bedroom, 1.5 bath house is ready for the savvy investor or ambitious renovator. The home requires extensive repairs but could be a standout property.

34. 2024-04-14
    listed $35,000 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: $734 · $61/mo
• Projected year-2 tax: $734 · $61/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 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: $12,041
• − Mortgage interest: −$1,792
• − Property taxes: −$734
• − Insurance: −$160
• − Repairs & maintenance: −$963
• − Management: −$963
• − Depreciation: −$931
• Taxable income: $6,497
• Est. tax owed @ 24.0%: −$1,559
• After-tax cash flow: $5,045/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

-8.6% since first listed

20 events — show timeline

• 2026-05-29 Listed $32,000 MIBOR as Distributed by MLS Grid
• 2026-05-29 Listed $32,000 IRMLS
• 2025-08-01 Sold (MLS) $20,000 IRMLS
• 2025-08-01 Sold (MLS) $20,000 MIBOR as Distributed by MLS Grid
• 2025-08-01 Sold (MLS) $20,000 RRELMS
• 2025-07-18 Pending — RRELMS
• 2025-07-18 Pending — MIBOR as Distributed by MLS Grid
• 2025-07-18 Pending — IRMLS
• 2025-07-03 Relisted — RRELMS
• 2025-07-03 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-03 Relisted — IRMLS
• 2025-06-16 Pending — IRMLS
• 2025-06-16 Delisted — RRELMS
• 2025-06-13 Price Changed $27,000 IRMLS
• 2025-06-13 Price Changed $27,000 MIBOR as Distributed by MLS Grid
• 2025-05-23 Price Changed $30,000 MIBOR as Distributed by MLS Grid
• 2025-05-23 Price Changed $30,000 IRMLS
• 2025-04-14 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2025-04-14 Listed $30,000 RRELMS
• 2024-04-14 Listed $35,000 IRMLS

Property tax history

-1.6%/yr

Latest (2024): $734 · +1.1% YoY. Source: county tax records.