722 N 24th St · New Castle, IN 47362

$69,900

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 38 Days on market

Built 1900 8,843 sqft lot $97/sqft · 22% below area Est $90k · 22% 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 +26.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +6.0/10.0
• 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

Investment opportunity with built-in income potential — or a great option for a future owner occupant! This 2 bedroom, 1 bath home offers a great chance to add to your portfolio, start investing in real estate, or to make it your own. Outside, you’ll find a nice yard with plenty of space to enjoy. Newer metal roof, newer water heater, newer high efficiency gas furnace, entry and storm doors have been updated, newer front and rear porches and roofs. There is a long term tenant in place who would love to stay. "Motivated Seller"

Key facts

• Nice yard
• 8,843 sq ft lot
• Built 1900

Tags

• BUILT-IN INCOME POTENTIAL
• NICE YARD

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One level
• Construction: Block foundation; Other construction materials
• Exterior features: Approximately 0.2-acre lot

Interior

• Kitchen: Electric oven; Refrigerator; Kitchen (9x13)
• Bedrooms: Two bedrooms on the main level; Bedroom 2 (11x9)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Living room (13x13); Additional main-level room (13x8)

🏷️ Possibly a rental listed for sale. The $69,900 price doesn't fit this home's estimated sale value (~$89,753) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($770 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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: 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; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $483 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 $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $70k implies a 497% 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 $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1900 — 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: 1.10% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.60%
• DSCR: 1.47
• GRM: 7.6

CMA / ARV

• ARV (median comp): $89,753
• List price: $69,900
• Delta: -22.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
627 N 26th St	0.09mi	2/1.0	742 (+3%)	11mo	$99,000	$133	82
1429 Illinois St	0.64mi	2/1.0	768 (+7%)	9mo	$99,900	$130	52
1510 Michigan St	0.63mi	2/—	810 (+12%)	4mo	$20,000	$25	46
1424 Illinois St	0.65mi	2/1.0	768 (+7%)	17mo	$115,000	$150	45
114 N 27th St	0.55mi	2/1.0	792 (+10%)	24mo	$72,000	$91	38
238 S 24th St	0.60mi	2/1.0	820 (+14%)	18mo	$76,000	$93	33

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: 1.05×
• Total profit: $922
• Equity at exit: $10,422

10-year hold

• IRR: 12.2%
• Equity multiple: 2.03×
• Total profit: $20,216
• Equity at exit: $6,044

Cash invested: $19,572 (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: 7.6×

Monthly cashflow live

• Estimated rent: $770 high
• Mortgage (P&I): −$367
• Tax from tax record: −$39 /mo · $472/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$162
• Net cashflow: $173

Break-even live

Break-even rent $551

Max offer price $69,900

Occupancy floor 73%

Sensitivity live

Price	-10% $213	-5% $193	+0% $173	+5% $153	+10% $133
Rent	-10% $112	-5% $143	+0% $173	+5% $203	+10% $234
Rate	-1.0pp $208	-0.5pp $191	base $173	+0.5pp $155	+1.0pp $136

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1104 Thornburg St New Castle, IN	2.0	1.0	645	$685	$1.06	45d	1	0.94mi
1102 Thornburg St New Castle, IN	1.0	1.0	460	$685	$1.49	16d	1	0.94mi
1105 Spring St New Castle, IN	1.0	1.0	500	$650	$1.30	0d	1	0.97mi
417 S 12th St Unit D New Castle, IN	1.0	1.0	525	$685	$1.30	16d	1	1.08mi
701 S 14th St New Castle, IN	1.0	1.0	500	$635	$1.27	19d	1	1.12mi
701 S 14th St New Castle, IN	1.0	1.0	500	$635	$1.27	25d	1	1.12mi
701 S 14th St Unit 4A New Castle, IN	1.0	1.0	600	$615	$1.02	14d	1	1.12mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	0d	2	1.19mi

Listing history 26 events

1. 2026-06-21
   days on market $69,900 Active 38 DOM
2. 2026-06-19
   days on market $69,900 Active 36 DOM
3. 2026-06-18
   days on market $69,900 Active 35 DOM
4. 2026-06-17
   days on market $69,900 Active 34 DOM
5. 2026-06-16
   days on market $69,900 Active 33 DOM
6. 2026-06-15
   days on market $69,900 Active 32 DOM
7. 2026-06-14
   days on market $69,900 Active 30 DOM
8. 2026-06-12
   days on market $69,900 Active 29 DOM
9. 2026-06-09
   days on market $69,900 Active 26 DOM
10. 2026-06-08
    days on market $69,900 Active 25 DOM
11. 2026-06-07
    days on market $69,900 Active 24 DOM
12. 2026-06-05
    days on market $69,900 Active 21 DOM
13. 2026-06-03
    days on market $69,900 Active 20 DOM
14. 2026-06-02
    days on market $69,900 Active 19 DOM
15. 2026-06-01
    days on market $69,900 Active 18 DOM
16. 2026-05-31
    days on market $69,900 Active 17 DOM
17. 2026-05-30
    days on market $69,900 Active 16 DOM
18. 2026-05-14
    listed $75,000 Active 370-char remark

    Show marketing remark (556 chars)

    Investment opportunity with built-in income potential — or a great option for a future owner occupant! This 2 bedroom, 1 bath home offers a great chance to add to your portfolio, start investing in real estate, or to make it your own. Outside, you’ll find a nice yard with plenty of space to enjoy. Newer metal roof, newer water heater, newer high efficiency gas furnace, entry and storm doors have been updated , newer front and rear porches and roofs. There is a long term tenant in place who would love to stay. "Motivated Seller "

19. 2026-05-14
    listed $75,000 Active 359-char remark

    Show marketing remark (556 chars)

    Investment opportunity with built-in income potential — or a great option for a future owner occupant! This 2 bedroom, 1 bath home offers a great chance to add to your portfolio, start investing in real estate, or to make it your own. Outside, you’ll find a nice yard with plenty of space to enjoy. Newer metal roof, newer water heater, newer high efficiency gas furnace, entry and storm doors have been updated , newer front and rear porches and roofs. There is a long term tenant in place who would love to stay. "Motivated Seller "

20. 2026-05-14
    listed $75,000 Active

    Show marketing remark (556 chars)

    Investment opportunity with built-in income potential — or a great option for a future owner occupant! This 2 bedroom, 1 bath home offers a great chance to add to your portfolio, start investing in real estate, or to make it your own. Outside, you’ll find a nice yard with plenty of space to enjoy. Newer metal roof, newer water heater, newer high efficiency gas furnace, entry and storm doors have been updated , newer front and rear porches and roofs. There is a long term tenant in place who would love to stay. "Motivated Seller "

21. 2020-09-18
    soldstatus $11,701
22. 2020-09-18
    soldstatus $11,701
23. 2020-09-18
    soldstatus $11,701
24. 2020-08-06
    listed $10,900
25. 2020-08-06
    listed $10,900
26. 2020-08-06
    listed $10,900

ⓘ 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: $472 · $39/mo
• Projected year-2 tax: $533 · $44/mo
• Expected delta: +$61/yr (+$5/mo · 12.9%)

ⓘ 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: $9,235
• − Mortgage interest: −$3,915
• − Property taxes: −$472
• − Insurance: −$350
• − Repairs & maintenance: −$739
• − Management: −$739
• − Depreciation: −$2,033
• Taxable income: $987
• Est. tax owed @ 24.0%: −$237
• After-tax cash flow: $1,839/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

+541.3% since first listed

12 events — show timeline

• 2026-05-27 Price Changed $69,900 RRELMS
• 2026-05-27 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2026-05-27 Price Changed $69,900 IRMLS
• 2026-05-14 Listed $75,000 IRMLS
• 2026-05-14 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $75,000 RRELMS
• 2020-09-18 Sold (MLS) $11,701 RRELMS
• 2020-09-18 Sold (MLS) $11,701 IRMLS
• 2020-09-18 Sold (MLS) $11,701 MIBOR as Distributed by MLS Grid
• 2020-08-06 Listed $10,900 RRELMS
• 2020-08-06 Listed $10,900 MIBOR as Distributed by MLS Grid
• 2020-08-06 Listed $10,900 IRMLS

Property tax history

-0.1%/yr

Latest (2024): $472 · -0.4% YoY. Source: county tax records.