1421 S 23rd St · New Castle, IN 47362

$73,900

2 bd · 1.0 ba · 744 sqft · SingleFamily public records · 50 Days on market

Built 1911 4,661 sqft lot $99/sqft · 44% above area Est $94k · 22% under ↓ 13% 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 +24.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +5.9/10.0
• 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

Great home with lots of potential. Call Brian Ingle at 765-960-0533 to show this home.

Key facts

• 4,661 sq ft lot
• Garage
• Built 1911

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single family residence; One story
• Construction: Vinyl siding; Concrete perimeter foundation
• Exterior features: Lot smaller than 1/4 acre (approximately 0.11 acre)

Interior

• Kitchen: Eat-in kitchen (appliances not listed)
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; No central air listed
• Interior features: Eat-in kitchen; Basement present
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $153 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($807 rent vs $74k).
• Recommended offer: $72k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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; 7 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 16% 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 $511 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 $21k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $71,683 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1911 — 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: 1.09% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.88%
• DSCR: 1.39
• GRM: 7.6

CMA / ARV

• ARV (median comp): $94,402
• List price: $73,900
• Delta: -21.72%
• 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	0.08mi	2/1.0	780 (+5%)	2mo	$140,000	$179	87
1516 S 20th St	0.16mi	2/1.0	756 (+2%)	7mo	$106,000	$140	84
944 S 21st St	0.32mi	2/1.0	728 (-2%)	6mo	$65,000	$89	77
2318 A Ave	0.42mi	2/1.0	728 (-2%)	4mo	$23,000	$32	74
1418 S 20th St	0.16mi	2/1.0	825 (+11%)	13mo	$85,400	$104	64
2605 Sunnyside Ave	0.72mi	2/1.0	720 (-3%)	2mo	$90,000	$125	60
919 S 23rd St	0.27mi	2/1.0	816 (+10%)	18mo	$100,000	$123	56
1918 Roosevelt Ave	0.65mi	2/1.0	704 (-5%)	10mo	$36,000	$51	52
2125 Fairmont Ave	0.65mi	2/1.0	837 (+12%)	18mo	$74,662	$89	34
238 S 24th St	0.72mi	2/1.0	820 (+10%)	18mo	$76,000	$93	34
1144 S Main St	0.69mi	2/1.0	842 (+13%)	16mo	$119,000	$141	33
2106 Roosevelt Ave	0.70mi	2/1.0	840 (+13%)	19mo	$125,000	$149	30

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: -1.2%
• Equity multiple: 0.96×
• Total profit: $-920
• Equity at exit: $11,019

10-year hold

• IRR: 10.1%
• Equity multiple: 1.84×
• Total profit: $17,292
• Equity at exit: $6,390

Cash invested: $20,692 (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: 7.6×

Monthly cashflow live

• Estimated rent: $807 high
• Mortgage (P&I): −$388
• Tax from tax record: −$66 /mo · $792/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$169
• Net cashflow: $153

Break-even live

Break-even rent $613

Max offer price $73,900

Occupancy floor 76%

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: $18,475
• Closing costs: $2,217
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	1d	2	0.55mi
701 S 14th St Unit 4A New Castle, IN	1.0	1.0	600	$615	$1.02	12d	1	0.78mi
701 S 14th St New Castle, IN	1.0	1.0	500	$635	$1.27	17d	1	0.78mi
701 S 14th St New Castle, IN	1.0	1.0	500	$635	$1.27	23d	1	0.78mi
417 S 12th St Unit D New Castle, IN	1.0	1.0	525	$685	$1.30	14d	1	1.03mi
1104 Thornburg St New Castle, IN	2.0	1.0	645	$685	$1.06	43d	1	1.37mi
1102 Thornburg St New Castle, IN	1.0	1.0	460	$685	$1.49	14d	1	1.37mi

Listing history 24 events

1. 2026-06-19
   days on market $73,900 Active 50 DOM
2. 2026-06-18
   days on market $73,900 Active 49 DOM
3. 2026-06-17
   days on market $73,900 Active 48 DOM
4. 2026-06-16
   days on market $73,900 Active 47 DOM
5. 2026-06-15
   days on market $73,900 Active 46 DOM
6. 2026-06-14
   days on market $73,900 Active 44 DOM
7. 2026-06-12
   days on market $73,900 Active 43 DOM
8. 2026-06-09
   days on market $73,900 Active 40 DOM
9. 2026-06-08
   days on market $73,900 Active 39 DOM
10. 2026-06-07
    days on market $73,900 Active 38 DOM
11. 2026-06-05
    days on market $73,900 Active 35 DOM
12. 2026-06-03
    days on market $73,900 Active 34 DOM
13. 2026-06-02
    days on market $73,900 Active 33 DOM
14. 2026-06-01
    days on market $73,900 Active 32 DOM
15. 2026-05-31
    days on market $73,900 Active 31 DOM
16. 2026-05-30
    days on market $73,900 Active 30 DOM
17. 2026-04-29
    listed $73,900 Active
18. 2026-04-27
    price $73,900 86-char remark

    Show marketing remark (86 chars)

    Great home with lots of potential. Call Brian Ingle at 765-960-0533 to show this home.

19. 2025-09-30
    status Active 86-char remark

    Show marketing remark (86 chars)

    Great home with lots of potential. Call Brian Ingle at 765-960-0533 to show this home.

20. 2025-09-08
    historical 86-char remark

    Show marketing remark (86 chars)

    Great home with lots of potential. Call Brian Ingle at 765-960-0533 to show this home.

21. 2025-08-21
    historical
22. 2025-07-31
    price $80,000
23. 2025-07-21
    listed $79,900 86-char remark

    Show marketing remark (86 chars)

    Great home with lots of potential. Call Brian Ingle at 765-960-0533 to show this home.

24. 2025-07-10
    listed $85,000 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: $792 · $66/mo
• Projected year-2 tax: $792 · $66/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: $9,682
• − Mortgage interest: −$4,140
• − Property taxes: −$792
• − Insurance: −$370
• − Repairs & maintenance: −$775
• − Management: −$775
• − Depreciation: −$2,150
• Taxable income: $682
• Est. tax owed @ 24.0%: −$164
• After-tax cash flow: $1,673/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

-13.1% since first listed

8 events — show timeline

• 2026-04-29 Listed $73,900 MIBOR as Distributed by MLS Grid
• 2026-04-27 Price Changed $73,900 RRELMS
• 2025-09-30 Relisted — RRELMS
• 2025-09-08 Delisted — RRELMS
• 2025-08-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-07-31 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2025-07-21 Listed $79,900 RRELMS
• 2025-07-10 Listed $85,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.8%/yr

Latest (2024): $792 · +9.7% YoY. Source: county tax records.