2803 S 23rd St · New Castle, IN 47362

$84,500

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 15 Days on market

Built 1954 4,879 sqft lot $88/sqft · 38% below area Est $136k · 38% under ↓ 11% 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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.1/10.0
• 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

Tenant occupied investment opportunity. Featuring 2 bedrooms, 1 bathroom, and approximately 960 sqft. Currently rented with an in-place tenant, offering immediate income for an investor looking for a straightforward addition to their portfolio. Located in an established area with consistent rental demand. Do not disturb tenant.

Key facts

• 4,879 sq ft lot
• Built 1954
• Listed 15 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Single-story
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Lot in a Sunny Side / Sunnyside subdivision

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Crawl space basement; Total of 5 rooms
• Laundry & utility: Laundry on the main level

🏷️ Possibly a rental listed for sale. The $84,500 price doesn't fit this home's estimated sale value (~$136,382) 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 $84k.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($935 rent vs $84k).
• Recommended offer: $83k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: 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); 214 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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 $584 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 $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,232 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — 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: 1.11% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.42
• GRM: 7.5

CMA / ARV

• ARV (median comp): $136,382
• List price: $84,500
• Delta: -38.04%
• 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
2803 S 23rd St	0.00mi	2/1.0	960 (0%)	1mo	$75,000	$78	99
2922 Sunnyside Ave	0.16mi	2/1.0	980 (+2%)	7mo	$70,000	$71	83
2906 S 14th St	0.21mi	3/1.0 (+1)	968 (+1%)	8mo	$150,000	$155	77
1614 P Ave	0.50mi	2/1.0	960 (0%)	2mo	$119,000	$124	75
2114 S 18th St	0.47mi	2/1.0	912 (-5%)	3mo	$50,000	$55	67
1929 N Ave	0.41mi	3/1.5 (+1)	936 (-2%)	4mo	$89,900	$96	66
1631 P Ave	0.44mi	2/1.0	904 (-6%)	4mo	$106,000	$117	66
2102 S 18th St	0.48mi	2/1.0	988 (+3%)	9mo	$99,900	$101	66
1909 Cherrywood Ave	0.68mi	2/1.0	922 (-4%)	6mo	$147,500	$160	56
1725 Hunter Ave	0.67mi	3/1.0 (+1)	1,007 (+5%)	1mo	$110,000	$109	55
2117 Cherrywood Ave	0.60mi	2/1.0	1,088 (+13%)	6mo	$112,000	$103	45
2105 Cherrywood Ave	0.61mi	2/1.0	1,080 (+12%)	8mo	$145,000	$134	44

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-187
• Equity at exit: $12,599

10-year hold

• IRR: 11.0%
• Equity multiple: 1.92×
• Total profit: $21,693
• Equity at exit: $7,306

Cash invested: $23,660 (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: 7.5×

Monthly cashflow live

• Estimated rent: $935 medium
• Mortgage (P&I): −$443
• Tax from tax record: −$72 /mo · $864/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$196
• Net cashflow: $188

Break-even live

Break-even rent $697

Max offer price $84,500

Occupancy floor 75%

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: $21,125
• Closing costs: $2,535
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	1d	1	0.50mi
1216 S 19th St New Castle, IN	2.0	1.0	824	$1,000	$1.21	23d	1	0.93mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	1d	2	1.17mi
701 S 14th St Unit 4A New Castle, IN	1.0	1.0	600	$615	$1.02	12d	1	1.41mi

Listing history 5 events

1. 2026-05-18
   status Pending 329-char remark
2. 2026-05-04
   listed $84,500 Active 329-char remark
3. 2021-08-24
   historical
4. 2021-07-29
   listed $84,500
5. 2021-07-29
   listed $84,500

ⓘ 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: $864 · $72/mo
• Projected year-2 tax: $864 · $72/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: $11,220
• − Mortgage interest: −$4,733
• − Property taxes: −$864
• − Insurance: −$422
• − Repairs & maintenance: −$898
• − Management: −$898
• − Depreciation: −$2,458
• Taxable income: $947
• Est. tax owed @ 24.0%: −$227
• After-tax cash flow: $2,032/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

-11.2% since first listed

6 events — show timeline

• 2026-05-22 Sold (MLS) $75,000 IRMLS
• 2026-05-18 Pending — IRMLS
• 2026-05-04 Listed $84,500 IRMLS
• 2021-08-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-07-29 Listed $84,500 MIBOR as Distributed by MLS Grid
• 2021-07-29 Listed $84,500 IRMLS

Property tax history

-3.0%/yr

Latest (2024): $864 · +4.3% YoY. Source: county tax records.