1619 P Ave · New Castle, IN 47362

$97,000

2 bd · 1.0 ba · 1,288 sqft · SingleFamily public records · 7 Days on market

Built 1900 4,922 sqft lot Est $133k · 27% under

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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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.7/10.0
• 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

INVESTMENT PROPERTY or make this cute 2 Bedroom Home your primary residence. This nice home features a wonderful covered front porch, hardwood floors and a detached garage. The living room is spacious and you will enjoy a big kitchen and basement. Currently leased at $1050 monthly and tenant pays utilities.

Key facts

• Covered front porch
• Basement
• Big kitchen

Tags

• COVERED FRONT PORCH
• HARDWOOD FLOORS
• DETACHED GARAGE
• BIG KITCHEN
• BASEMENT

Property features AI

Exterior

• Parking: Detached 2-car garage (approximately 480 sq ft)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Crawl space/partial foundation
• Exterior features: Lot smaller than 1/4 acre (approximately 0.11 acres)

Interior

• Kitchen: Electric oven; Refrigerator; Water heater
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Unfinished basement (has basement)
• Laundry & utility: Main-level laundry (12 x 6)

🏷️ Possibly a rental listed for sale. The $97,000 price doesn't fit this home's estimated sale value (~$132,664) 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 $97k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $94k (3.2% below list).
• Recommended offer: $94k (3.2% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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: 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $671 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 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.
• Current owner paid $78k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,863 (3.2% 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: 0.97% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.81%
• DSCR: 1.17
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $132,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2014 Roosevelt Ave	0.24mi	2/1.0	1,344 (+4%)	0mo	$138,000	$103	82
2313 Cherrywood Ave	0.10mi	3/1.0 (+1)	1,178 (-8%)	2mo	$140,000	$119	74
324 Park Ave	0.68mi	2/1.0	1,296 (+1%)	9mo	$45,700	$35	60
2601 Maple Dr	0.53mi	3/2.0 (+1)	1,332 (+3%)	5mo	$172,000	$129	57
2514 S 23rd St	0.45mi	3/1.0 (+1)	1,164 (-10%)	2mo	$90,000	$77	56
1636 Columbus St	0.52mi	3/2.0 (+1)	1,176 (-9%)	4mo	$50,000	$43	49
2302 I Ave	0.65mi	3/1.5 (+1)	1,216 (-6%)	6mo	$144,900	$119	48
926 I Ave	0.69mi	2/1.0	1,412 (+10%)	6mo	$113,000	$80	47
1126 S 17th St	0.71mi	3/1.0 (+1)	1,163 (-10%)	3mo	$139,000	$120	43
1738 Morton St	0.57mi	3/1.0 (+1)	1,120 (-13%)	5mo	$115,000	$103	43
1734 Morton St	0.57mi	3/1.0 (+1)	1,120 (-13%)	5mo	$115,000	$103	43
3031 Brentwood Rd	0.68mi	3/2.0 (+1)	1,473 (+14%)	2mo	$198,000	$134	34

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-8,694
• Equity at exit: $14,463

10-year hold

• IRR: 2.9%
• Equity multiple: 1.22×
• Total profit: $5,989
• Equity at exit: $8,387

Cash invested: $27,160 (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: 8.6×

Monthly cashflow live

• Estimated rent: $939 medium
• Mortgage (P&I): −$509
• Tax from tax record: −$106 /mo · $1,274/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$197
• Net cashflow: $86

Break-even live

Break-even rent $829

Max offer price $97,000

Occupancy floor 86%

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.05mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	1d	2	0.85mi
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	44d	1	0.97mi

Listing history 7 events

1. 2026-06-19
   days on market $97,000 Active 7 DOM
2. 2026-06-18
   days on market $97,000 Active 6 DOM
3. 2026-06-17
   days on market $97,000 Active 5 DOM
4. 2026-06-16
   days on market $97,000 Active 4 DOM
5. 2026-06-15
   days on market $97,000 Active 3 DOM
6. 2026-06-13
   remarks 308-char remark
7. 2026-06-13
   listed $97,000 Active 1 DOM

ⓘ 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: $1,274 · $106/mo
• Projected year-2 tax: $1,274 · $106/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: $11,264
• − Mortgage interest: −$5,434
• − Property taxes: −$1,274
• − Insurance: −$485
• − Repairs & maintenance: −$901
• − Management: −$901
• − Depreciation: −$2,822
• Taxable loss: −$553
• Est. tax savings @ 24.0%: +$133
• After-tax cash flow: $1,168/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

+14.1% since first listed

17 events — show timeline

• 2026-06-12 Listed $97,000 MIBOR as Distributed by MLS Grid
• 2026-06-12 Listed $97,000 IRMLS
• 2026-04-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-20 Listed $99,000 IRMLS
• 2026-03-20 Listed $99,000 MIBOR as Distributed by MLS Grid
• 2025-09-20 Rental Removed $1,050 APPFOLIO
• 2025-08-21 Listed for Rent $1,050 APPFOLIO
• 2023-03-23 Pending — IRMLS
• 2022-12-01 Pending — IRMLS
• 2022-05-18 Sold (MLS) $78,000 MIBOR as Distributed by MLS Grid
• 2022-05-18 Sold (MLS) $78,000 RRELMS
• 2022-05-18 Sold (MLS) $78,000 IRMLS
• 2022-05-18 Sold (MLS) $78,000 IRMLS
• 2022-05-18 Sold (MLS) $78,000 IRMLS
• 2021-11-24 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2021-11-23 Listed $85,000 RRELMS
• 2021-11-23 Listed $85,000 IRMLS

Property tax history

-1.9%/yr

Latest (2024): $1,274 · +32.7% YoY. Source: county tax records.