408 N 16th St · New Castle, IN 47362

$93,900

3 bd · 1.0 ba · 1,266 sqft · SingleFamily public records · 87 Days on market

Built 1900 8,712 sqft lot $74/sqft · 7% below area Est $131k · 29% under ↓ 1% 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• 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

There's something special about a home that has been loved for a lifetime. This 1,266 sq. ft. single-level cottage is more than just a house; it's a canvas waiting for a new chapter. If you've been searching for a place to call home, this 3-bedroom, 1-bath is ready. The covered front porch is perfect for reading a good book or watching the world go by. A nice living room welcomes you into the home, with an attached dining room that leads into the kitchen. Main floor laundry. This home is being sold AS-IS as the owner prepares for their next transition. While the house requires cosmetic updates-like fresh paint and new flooring-it offers a rare opportunity to preserve its historic warmth while adding your own modern touch.

Key facts

• Covered front porch
• Main floor laundry
• Historic warmth

Tags

• COVERED FRONT PORCH
• MAIN FLOOR LAUNDRY
• HISTORIC WARMTH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $303 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $88k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $649 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 $26k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,266 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.84%
• DSCR: 1.62
• GRM: 7.0

CMA / ARV

• ARV (median comp): $131,421
• List price: $93,900
• Delta: -28.55%
• 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
716 N 14th St	0.31mi	3/2.0	1,196 (-6%)	0mo	$162,900	$136	72
1707 Woodward Ave	0.08mi	3/1.5	1,125 (-11%)	5mo	$138,000	$123	71
236 S 24th St	0.64mi	3/1.0	1,240 (-2%)	6mo	$125,000	$101	62
1114 Spring St	0.39mi	4/2.0 (+1)	1,360 (+7%)	0mo	$22,500	$17	60
2518 Spring St	0.61mi	3/1.0	1,160 (-8%)	3mo	$159,999	$138	56
626 S 21st St	0.68mi	2/1.0 (-1)	1,288 (+2%)	7mo	$138,000	$107	55
2134 Vine St	0.40mi	2/1.0 (-1)	1,140 (-10%)	7mo	$99,900	$88	54
595 N Main St	0.41mi	2/1.0 (-1)	1,140 (-10%)	7mo	$102,900	$90	53
2618 High St	0.67mi	3/2.0	1,357 (+7%)	4mo	$149,000	$110	49
2007 Lincoln Ave	0.64mi	2/1.0 (-1)	1,326 (+5%)	11mo	$127,000	$96	48
1616 Carpenter Ct	0.51mi	2/1.0 (-1)	1,152 (-9%)	10mo	$68,500	$59	48
2504 Brown St	0.58mi	3/1.0	1,414 (+12%)	13mo	$88,500	$63	43

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: 5.7%
• Equity multiple: 1.22×
• Total profit: $5,892
• Equity at exit: $14,001

10-year hold

• IRR: 16.4%
• Equity multiple: 2.43×
• Total profit: $37,627
• Equity at exit: $8,119

Cash invested: $26,292 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,122 medium
• Mortgage (P&I): −$492
• Tax from tax record: −$52 /mo · $621/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $303

Break-even live

Break-even rent $738

Max offer price $93,900

Occupancy floor 68%

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: $23,475
• Closing costs: $2,817
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	23d	1	0.69mi
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	43d	1	0.70mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	1d	2	0.82mi
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	43d	1	0.96mi

Listing history 22 events

1. 2026-06-19
   days on market $93,900 Active 87 DOM
2. 2026-06-18
   days on market $93,900 Active 86 DOM
3. 2026-06-17
   days on market $93,900 Active 85 DOM
4. 2026-06-16
   days on market $93,900 Active 84 DOM
5. 2026-06-15
   days on market $93,900 Active 83 DOM
6. 2026-06-14
   days on market $93,900 Active 81 DOM
7. 2026-06-12
   days on market $93,900 Active 80 DOM
8. 2026-06-09
   days on market $93,900 Active 77 DOM
9. 2026-06-08
   days on market $93,900 Active 76 DOM
10. 2026-06-07
    days on market $93,900 Active 75 DOM
11. 2026-06-05
    days on market $93,900 Active 72 DOM
12. 2026-06-03
    days on market $93,900 Active 71 DOM
13. 2026-06-02
    days on market $93,900 Active 70 DOM
14. 2026-06-01
    days on market $93,900 Active 69 DOM
15. 2026-05-31
    days on market $93,900 Active 68 DOM
16. 2026-05-30
    days on market $93,900 Active 67 DOM
17. 2026-05-19
    price $93,900 735-char remark

    Show marketing remark (761 chars)

    There’s something special about a home that has been loved for a lifetime. This 1,266 sq. ft. single-level cottage is more than just a house; it’s a canvas waiting for a new chapter. If you’ve been searching for a place to call home, this 3-bedroom, 1-bath is ready. The covered front porch is perfect for reading a good book or watching the world go by. A nice living room welcomes you into the home, with an attached dining room that leads into the kitchen. Main floor laundry. This home is being sold AS-IS as the owner prepares for their next transition. While the house requires cosmetic updates—like fresh paint and new flooring—it offers a rare opportunity to preserve its historic warmth while adding your own modern touch.

18. 2026-05-19
    price $93,900 761-char remark

    Show marketing remark (761 chars)

    There’s something special about a home that has been loved for a lifetime. This 1,266 sq. ft. single-level cottage is more than just a house; it’s a canvas waiting for a new chapter. If you’ve been searching for a place to call home, this 3-bedroom, 1-bath is ready. The covered front porch is perfect for reading a good book or watching the world go by. A nice living room welcomes you into the home, with an attached dining room that leads into the kitchen. Main floor laundry. This home is being sold AS-IS as the owner prepares for their next transition. While the house requires cosmetic updates—like fresh paint and new flooring—it offers a rare opportunity to preserve its historic warmth while adding your own modern touch.

19. 2026-04-21
    price $94,400 735-char remark

    Show marketing remark (761 chars)

    There’s something special about a home that has been loved for a lifetime. This 1,266 sq. ft. single-level cottage is more than just a house; it’s a canvas waiting for a new chapter. If you’ve been searching for a place to call home, this 3-bedroom, 1-bath is ready. The covered front porch is perfect for reading a good book or watching the world go by. A nice living room welcomes you into the home, with an attached dining room that leads into the kitchen. Main floor laundry. This home is being sold AS-IS as the owner prepares for their next transition. While the house requires cosmetic updates—like fresh paint and new flooring—it offers a rare opportunity to preserve its historic warmth while adding your own modern touch.

20. 2026-04-21
    price $94,400 761-char remark

    Show marketing remark (761 chars)

    There’s something special about a home that has been loved for a lifetime. This 1,266 sq. ft. single-level cottage is more than just a house; it’s a canvas waiting for a new chapter. If you’ve been searching for a place to call home, this 3-bedroom, 1-bath is ready. The covered front porch is perfect for reading a good book or watching the world go by. A nice living room welcomes you into the home, with an attached dining room that leads into the kitchen. Main floor laundry. This home is being sold AS-IS as the owner prepares for their next transition. While the house requires cosmetic updates—like fresh paint and new flooring—it offers a rare opportunity to preserve its historic warmth while adding your own modern touch.

21. 2026-03-24
    listed $94,900 Active 761-char remark

    Show marketing remark (735 chars)

    There's something special about a home that has been loved for a lifetime. This 1,266 sq. ft. single-level cottage is more than just a house; it's a canvas waiting for a new chapter. If you've been searching for a place to call home, this 3-bedroom, 1-bath is ready. The covered front porch is perfect for reading a good book or watching the world go by. A nice living room welcomes you into the home, with an attached dining room that leads into the kitchen. Main floor laundry. This home is being sold AS-IS as the owner prepares for their next transition. While the house requires cosmetic updates-like fresh paint and new flooring-it offers a rare opportunity to preserve its historic warmth while adding your own modern touch.

22. 2026-03-24
    listed $94,900 Active 735-char remark

    Show marketing remark (735 chars)

    There's something special about a home that has been loved for a lifetime. This 1,266 sq. ft. single-level cottage is more than just a house; it's a canvas waiting for a new chapter. If you've been searching for a place to call home, this 3-bedroom, 1-bath is ready. The covered front porch is perfect for reading a good book or watching the world go by. A nice living room welcomes you into the home, with an attached dining room that leads into the kitchen. Main floor laundry. This home is being sold AS-IS as the owner prepares for their next transition. While the house requires cosmetic updates-like fresh paint and new flooring-it offers a rare opportunity to preserve its historic warmth while adding your own modern touch.

ⓘ 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: $621 · $52/mo
• Projected year-2 tax: $709 · $59/mo
• Expected delta: +$89/yr (+$7/mo · 14.3%)

ⓘ 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: $13,464
• − Mortgage interest: −$5,260
• − Property taxes: −$621
• − Insurance: −$470
• − Repairs & maintenance: −$1,077
• − Management: −$1,077
• − Depreciation: −$2,732
• Taxable income: $2,229
• Est. tax owed @ 24.0%: −$535
• After-tax cash flow: $3,103/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

-1.1% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $93,900 MIBOR as Distributed by MLS Grid
• 2026-05-19 Price Changed $93,900 IRMLS
• 2026-04-21 Price Changed $94,400 MIBOR as Distributed by MLS Grid
• 2026-04-21 Price Changed $94,400 IRMLS
• 2026-03-24 Listed $94,900 IRMLS
• 2026-03-24 Listed $94,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2024): $621 · +15.6% YoY. Source: county tax records.