922 S 17th St · New Castle, IN 47362

$55,000

3 bd · 1.0 ba · 771 sqft · SingleFamily public records · 24 Days on market

Built 1900 Est $94k · 42% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

3 bedroom 2 bath property. home needs TLC but is currently livable. Home needs new water heater and furnace. Basement floods when it rains due to windows not being properly installed. Call or text Kayla for any questions 840-242-7043. Kayla Walker Real Estate Powered by Keller Williams Lafayette

Key facts

• Built 1900
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.0% 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: 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; 5 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 $380 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $54,175 (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: 1.91% ✓
• Cap rate: 15.96%
• Cash-on-cash: 34.52%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $94,062
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1318 S 22nd St	0.40mi	2/1.0 (-1)	780 (+1%)	2mo	$140,000	$179	73
944 S 21st St	0.26mi	2/1.0 (-1)	728 (-6%)	6mo	$65,000	$89	69
1516 S 20th St	0.41mi	2/1.0 (-1)	756 (-2%)	7mo	$106,000	$140	67
2128 Grand Ave	0.29mi	2/1.0 (-1)	861 (+12%)	0mo	$93,000	$108	62
1103 I Ave	0.61mi	2/1.0 (-1)	768 (-0%)	6mo	$90,000	$117	61
2318 A Ave	0.46mi	2/1.0 (-1)	728 (-6%)	4mo	$23,000	$32	61
1418 S 20th St	0.35mi	2/1.0 (-1)	825 (+7%)	13mo	$85,400	$104	56
1144 S Main St	0.41mi	2/1.0 (-1)	842 (+9%)	16mo	$119,000	$141	47
1625 Irvin St	0.67mi	2/1.0 (-1)	726 (-6%)	9mo	$115,000	$158	47
2118 Vine St	0.72mi	2/1.0 (-1)	840 (+9%)	4mo	$128,000	$152	44
1612 Irvin St	0.63mi	2/1.0 (-1)	672 (-13%)	2mo	$82,000	$122	42
1918 Roosevelt Ave	0.67mi	2/1.0 (-1)	704 (-9%)	10mo	$36,000	$51	40

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: 31.8%
• Equity multiple: 2.37×
• Total profit: $21,028
• Equity at exit: $8,201

10-year hold

• IRR: 39.8%
• Equity multiple: 5.02×
• Total profit: $61,945
• Equity at exit: $4,755

Cash invested: $15,400 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,049 high
• Mortgage (P&I): −$288
• Tax from tax record: −$74 /mo · $888/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $443

Break-even live

Break-even rent $488

Max offer price $55,000

Occupancy floor 53%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	1d	2	0.15mi
1216 S 19th St New Castle, IN	2.0	1.0	824	$1,000	$1.21	23d	1	0.25mi
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	1d	1	0.85mi
1104 Thornburg St New Castle, IN	2.0	1.0	645	$685	$1.06	43d	1	0.91mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	23d	1	1.44mi

Listing history 17 events

1. 2026-06-19
   days on market $55,000 Active 24 DOM
2. 2026-06-18
   days on market $55,000 Active 23 DOM
3. 2026-06-17
   days on market $55,000 Active 22 DOM
4. 2026-06-16
   days on market $55,000 Active 21 DOM
5. 2026-06-15
   days on market $55,000 Active 20 DOM
6. 2026-06-14
   days on market $55,000 Active 18 DOM
7. 2026-06-12
   days on market $55,000 Active 17 DOM
8. 2026-06-09
   days on market $55,000 Active 14 DOM
9. 2026-06-08
   days on market $55,000 Active 13 DOM
10. 2026-06-07
    days on market $55,000 Active 12 DOM
11. 2026-06-05
    days on market $55,000 Active 9 DOM
12. 2026-06-03
    days on market $55,000 Active 8 DOM
13. 2026-06-02
    days on market $55,000 Active 7 DOM
14. 2026-06-01
    days on market $55,000 Active 6 DOM
15. 2026-05-31
    days on market $55,000 Active 5 DOM
16. 2026-05-30
    days on market $55,000 Active 4 DOM
17. 2026-05-26
    listed $55,000 Active

ⓘ 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: $888 · $74/mo
• Projected year-2 tax: $888 · $74/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: $12,583
• − Mortgage interest: −$3,081
• − Property taxes: −$888
• − Insurance: −$275
• − Repairs & maintenance: −$1,007
• − Management: −$1,007
• − Depreciation: −$1,600
• Taxable income: $4,726
• Est. tax owed @ 24.0%: −$1,134
• After-tax cash flow: $4,182/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 event — show timeline

• 2026-05-26 Listed $55,000 FSBO.com

Property tax history

-6.6%/yr

Latest (2024): $888 · +12.1% YoY. Source: county tax records.