2311 Alabama St · New Castle, IN 47362

$59,900

3 bd · 1.0 ba · 1,150 sqft · SingleFamily public records · 2 Days on market

Built 1984 10,716 sqft lot ↓ 12% 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

2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10x8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

Key facts

• Front porch
• Storage shed
• Corner lot

Tags

• CORNER LOT
• STORAGE SHED
• FRONT PORCH
• BACKYARD TRANSFORMATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $558 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 17.5% 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: 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: Wilbur Wright Elementary School (math 32% / reading 37%, grade F, #597 of 994 statewide, top 63%, 294 students, 77% FRL) — zoned schools average 77% FRL vs 52% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.6%/yr); 214 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $414 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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.

Recommended offer $59,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.00% ✓
• Cap rate: 17.47%
• Cash-on-cash: 39.91%
• DSCR: 2.78
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $150,650
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1717 N 23rd St	0.12mi	3/1.0	1,056 (-8%)	1mo	$187,000	$177	80
2518 Spring St	0.74mi	3/1.0	1,160 (+1%)	3mo	$159,999	$138	62
716 N 14th St	0.68mi	3/2.0	1,196 (+4%)	0mo	$162,900	$136	58
1707 Woodward Ave	0.70mi	3/1.5	1,125 (-2%)	5mo	$138,000	$123	58
713 N 27th St	0.52mi	3/1.0	1,101 (-4%)	19mo	$119,900	$109	53
2721 Brown St	0.71mi	3/2.0	1,220 (+6%)	3mo	$160,125	$131	50
1505 Garner St	0.58mi	2/1.0 (-1)	1,191 (+4%)	23mo	$115,000	$97	43
1522 Michigan St	0.62mi	2/1.5 (-1)	1,040 (-10%)	7mo	$74,500	$72	42

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: 38.0%
• Equity multiple: 2.66×
• Total profit: $27,772
• Equity at exit: $8,931

10-year hold

• IRR: 45.3%
• Equity multiple: 5.66×
• Total profit: $78,197
• Equity at exit: $5,179

Cash invested: $16,772 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,198 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$50 /mo · $598/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $558

Break-even live

Break-even rent $492

Max offer price $59,900

Occupancy floor 48%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	43d	1	0.34mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	23d	1	0.64mi

Listing history 7 events

1. 2024-05-31
   soldstatus $52,500 Closed 740-char remark

   Show marketing remark (742 chars)

   2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10 x 8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

2. 2024-05-31
   soldstatus $52,500 742-char remark

   Show marketing remark (742 chars)

   2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10 x 8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

3. 2024-05-16
   status Pending

   Show marketing remark (740 chars)

   2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10x8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

4. 2024-05-16
   status Pending 740-char remark

   Show marketing remark (740 chars)

   2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10x8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

5. 2024-05-14
   listed $59,900 Active 740-char remark

   Show marketing remark (742 chars)

   2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10 x 8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

6. 2024-05-14
   listed $59,900 742-char remark

   Show marketing remark (742 chars)

   2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10 x 8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

7. 2024-05-14
   listed $59,900 Active

   Show marketing remark (742 chars)

   2311 Alabama St. in New Castle, IN presents an opportunity for those with vision and a knack for renovation. This three-bedroom, one-bath property, acquired through an estate sale, is being offered as is, making it an ideal project for the handyman enthusiast. Although currently uninhabitable due to a water leak that has affected a couple of floor joists, it boasts a newer water heater. Situated on a corner lot, the property features a cozy 10 x 8 storage shed and a backyard waiting to be transformed. With its large front porch, it invites moments of evening relaxation. With some TLC and upgrades, this blank canvas has the potential to evolve into a stunning family home, making dreams of homeownership a reality for the right buyer.

ⓘ 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: $598 · $50/mo
• Projected year-2 tax: $598 · $50/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: $14,381
• − Mortgage interest: −$3,355
• − Property taxes: −$598
• − Insurance: −$300
• − Repairs & maintenance: −$1,150
• − Management: −$1,150
• − Depreciation: −$1,743
• Taxable income: $6,084
• Est. tax owed @ 24.0%: −$1,460
• After-tax cash flow: $5,234/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

-12.4% since first listed

7 events — show timeline

• 2024-05-31 Sold (MLS) $52,500 RRELMS
• 2024-05-31 Sold (MLS) $52,500 IRMLS
• 2024-05-16 Pending — MIBOR as Distributed by MLS Grid
• 2024-05-16 Pending — IRMLS
• 2024-05-14 Listed $59,900 IRMLS
• 2024-05-14 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2024-05-14 Listed $59,900 RRELMS

Property tax history

+2.2%/yr

Latest (2024): $598 · +14.0% YoY. Source: county tax records.