713 N Main St · New Castle, IN 47362

$89,900

2 bd · 1.0 ba · 1,198 sqft · SingleFamily public records · 16 Days on market

Built 1900 0.30 ac lot $75/sqft · 17% below area Est $108k · 17% under

---

Why this score? — see what drove the C+ 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 +23.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.6/10.0
• 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

20 years of Investing in New Castle: Ready for New Owner. House #3 in a 6 house Investor Package Deal. 1.5 story home; 2 beds, 1 bath. 1 car detached garage with concrete drive. Gorgeous hardwoods. Covered front porch. Full basement. Last rented for $475/mo (tenants pay all utilities).

Key facts

• Private yard
• Updated kitchen
• Updated bathroom

Tags

• PRIVATE YARD
• DETACHED GARAGE
• UPDATED KITCHEN
• UPDATED BATHROOM
• QUICK ACCESS TO STATE ROAD 3
• MINUTES FROM MEMORIAL PARK

Property features AI

Finance

• Other: Lot roughly 0.3 acres (100 x 132)
• HOA & community: No association amenities

Exterior

• Parking: Detached concrete garage with 1 garage space
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Stone foundation; Shingle roof; Built as site-built home
• Exterior features: Enclosed porch; Partial privacy wood fencing; Level lot

Interior

• Kitchen: Refrigerator; Electric range
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom
• Heating & cooling: Electric heating; Baseboard heating; Forced air heating; No cooling
• Interior features: Eat-in kitchen; Laminate counters; One fireplace (no specified features)
• Laundry & utility: Washer hookup on main level; Electric dryer hookup on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($951 rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% 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); 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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 $622 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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y ago; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $90k implies a 177% 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 $88,551 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.06% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.58%
• DSCR: 1.34
• GRM: 7.9

CMA / ARV

• ARV (median comp): $108,169
• List price: $89,900
• Delta: -16.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
716 N 14th St	0.35mi	3/2.0 (+1)	1,196 (-0%)	0mo	$162,900	$136	74
595 N Main St	0.28mi	2/1.0	1,140 (-5%)	7mo	$102,900	$90	73
731 N Main St	0.04mi	3/1.0 (+1)	1,159 (-3%)	23mo	$139,900	$121	69
1505 Garner St	0.24mi	2/1.0	1,191 (-1%)	23mo	$115,000	$97	69
1228 Woodward Ave	0.44mi	2/1.0	1,066 (-11%)	11mo	$82,500	$77	52
1522 Michigan St	0.42mi	2/1.5	1,040 (-13%)	7mo	$74,500	$72	50
1707 Woodward Ave	0.68mi	3/1.5 (+1)	1,125 (-6%)	5mo	$138,000	$123	47
320 N 17th St	0.74mi	3/1.0 (+1)	1,116 (-7%)	23mo	$70,000	$63	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: -3.0%
• Equity multiple: 0.88×
• Total profit: $-2,895
• Equity at exit: $13,404

10-year hold

• IRR: 8.3%
• Equity multiple: 1.68×
• Total profit: $17,059
• Equity at exit: $7,773

Cash invested: $25,172 (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: 7.9×

Monthly cashflow live

• Estimated rent: $951 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$83 /mo · $996/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$200
• Net cashflow: $159

Break-even live

Break-even rent $749

Max offer price $89,900

Occupancy floor 78%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	24d	1	0.19mi
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	44d	1	0.68mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	2d	2	1.39mi

Listing history 8 events

1. 2026-05-06
   listed $109,900 Active 706-char remark
2. 2026-05-06
   listed $109,900 Active
3. 2022-01-10
   soldstatus $32,500

   Show marketing remark (286 chars)

   20 years of Investing in New Castle: Ready for New Owner. House #3 in a 6 house Investor Package Deal. 1.5 story home; 2 beds, 1 bath. 1 car detached garage with concrete drive. Gorgeous hardwoods. Covered front porch. Full basement. Last rented for $475/mo (tenants pay all utilities).

4. 2021-07-29
   listed $37,900

   Show marketing remark (286 chars)

   20 years of Investing in New Castle: Ready for New Owner. House #3 in a 6 house Investor Package Deal. 1.5 story home; 2 beds, 1 bath. 1 car detached garage with concrete drive. Gorgeous hardwoods. Covered front porch. Full basement. Last rented for $475/mo (tenants pay all utilities).

5. 2000-09-05
   soldstatus $28,000
6. 2000-03-27
   listed $29,900
7. 1999-11-02
   historical
8. 1999-08-02
   listed $45,000

ⓘ 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: $996 · $83/mo
• Projected year-2 tax: $996 · $83/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: $11,407
• − Mortgage interest: −$5,036
• − Property taxes: −$996
• − Insurance: −$450
• − Repairs & maintenance: −$913
• − Management: −$913
• − Depreciation: −$2,615
• Taxable income: $486
• Est. tax owed @ 24.0%: −$117
• After-tax cash flow: $1,792/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

+99.8% since first listed

11 events — show timeline

• 2026-05-22 Pending — IRMLS
• 2026-05-19 Price Changed $89,900 IRMLS
• 2026-05-19 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2026-05-06 Listed $109,900 IRMLS
• 2026-05-06 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2022-01-10 Sold (MLS) $32,500 IRMLS
• 2021-07-29 Listed $37,900 IRMLS
• 2000-09-05 Sold (MLS) $28,000 MIBOR as Distributed by MLS Grid
• 2000-03-27 Listed $29,900 MIBOR as Distributed by MLS Grid
• 1999-11-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 1999-08-02 Listed $45,000 MIBOR as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2024): $996 · +7.6% YoY. Source: county tax records.