313 S 18th St · New Castle, IN 47362

$118,000

2 bd · 1.0 ba · 1,476 sqft · SingleFamily public records · 23 Days on market

Built 1900 7,318 sqft lot Est $120k · at est.

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Why this score? — see what drove the D 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 +14.7/30.0
• ARV discount +8.1/15.0
• DSCR +4.5/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 1% rule +3.1/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2-bedroom home with plenty of space and storage! This charming property features a newer furnace, a large kitchen with abundant storage space, plus a spacious dining room and comfortable living room perfect for everyday living or entertaining. You'll love the generous closet space throughout the home. Additional features include a nice-sized utility room and a detached 2-car garage. Situated on a corner lot, this property offers great parking, partial fencing, and plenty of outdoor space to enjoy. Don’t miss this move-in ready home with so much to offer!

Key facts

• Newer furnace
• Large kitchen
• Corner lot

Tags

• NEWER FURNACE
• LARGE KITCHEN
• GENEROUS CLOSET SPACE
• NICE-SIZED UTILITY ROOM
• DETACHED 2-CAR GARAGE
• CORNER LOT

Property features AI

Finance

• Other: Property on approximately 0.17 acre

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One-and-a-half story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Refrigerator
• Bedrooms: Two bedrooms total — one on the main level and one on the upper level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement; Covered porch
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $30 ($362/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 $96k (18.9% below list).
• Recommended offer: $96k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.7% 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: New Castle Middle School (math 20% / reading 31%, grade F, #243 of 330 statewide, top 74%, 666 students, 61% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 217 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $816 of loan paydown is wiped out by about $4k 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 23 days — a 2% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $50k; list at $118k implies a 136% 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 $95,746 (18.9% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.81% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.10%
• DSCR: 1.05
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $119,556
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
222 N 21st St	0.37mi	2/1.5	1,587 (+8%)	3mo	$115,000	$72	66
2007 Lincoln Ave	0.23mi	2/1.0	1,326 (-10%)	11mo	$127,000	$96	64
917 S 15th St	0.44mi	3/1.5 (+1)	1,396 (-5%)	2mo	$74,900	$54	61
626 S 21st St	0.29mi	2/1.0	1,288 (-13%)	7mo	$138,000	$107	59
804 S 20th St	0.35mi	3/1.0 (+1)	1,616 (+10%)	5mo	$123,000	$76	58
2602 State St	0.59mi	3/1.0 (+1)	1,478 (+0%)	11mo	$142,000	$96	58
711 N 14th St	0.71mi	2/1.0	1,536 (+4%)	3mo	$80,000	$52	58
202 N 27th St	0.64mi	3/1.5 (+1)	1,400 (-5%)	11mo	$131,000	$94	45
2618 High St	0.70mi	3/2.0 (+1)	1,357 (-8%)	4mo	$149,000	$110	41
324 Park Ave	0.69mi	2/1.0	1,296 (-12%)	9mo	$45,700	$35	40
1137 S Main St	0.74mi	2/1.0	1,691 (+15%)	2mo	$120,910	$72	39
1363 Short St	0.75mi	3/1.0 (+1)	1,682 (+14%)	9mo	$137,000	$81	29

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: -13.0%
• Equity multiple: 0.53×
• Total profit: $-15,683
• Equity at exit: $17,594

10-year hold

• IRR: -2.0%
• Equity multiple: 0.86×
• Total profit: $-4,749
• Equity at exit: $10,202

Cash invested: $33,040 (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: 217
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $957 high
• Mortgage (P&I): −$619
• Tax from tax record: −$58 /mo · $699/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $30

Break-even live

Break-even rent $919

Max offer price $118,000

Occupancy floor 92%

Sensitivity live

Price	-10% $97	-5% $64	+0% $30	+5% $-3	+10% $-37
Rent	-10% $-45	-5% $-8	+0% $30	+5% $68	+10% $106
Rate	-1.0pp $90	-0.5pp $60	base $30	+0.5pp $0	+1.0pp $-31

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	45d	1	0.34mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	0d	2	0.44mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	25d	1	1.11mi
1618 P Ave New Castle, IN	3.0	1.5	1064	$950	$0.89	3d	1	1.20mi
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	45d	1	1.36mi

Listing history 25 events

1. 2026-06-21
   days on market $118,000 Active 23 DOM
2. 2026-06-19
   days on market $118,000 Active 21 DOM
3. 2026-06-18
   days on market $118,000 Active 20 DOM
4. 2026-06-17
   days on market $118,000 Active 19 DOM
5. 2026-06-16
   days on market $118,000 Active 18 DOM
6. 2026-06-15
   days on market $118,000 Active 17 DOM
7. 2026-06-14
   days on market $118,000 Active 15 DOM
8. 2026-06-12
   days on market $118,000 Active 14 DOM
9. 2026-06-09
   days on market $118,000 Active 11 DOM
10. 2026-06-09
    price $118,000 Active 10 DOM
11. 2026-06-08
    days on market $122,000 Active 10 DOM
12. 2026-06-07
    days on market $122,000 Active 9 DOM
13. 2026-06-05
    days on market $122,000 Active 6 DOM
14. 2026-06-03
    days on market $122,000 Active 5 DOM
15. 2026-06-02
    days on market $122,000 Active 4 DOM
16. 2026-06-01
    days on market $122,000 Active 3 DOM
17. 2026-05-31
    days on market $122,000 Active 2 DOM
18. 2026-05-28
    listed $122,000 Active 566-char remark

    Show marketing remark (566 chars)

    2-bedroom home with plenty of space and storage! This charming property features a newer furnace, a large kitchen with abundant storage space, plus a spacious dining room and comfortable living room perfect for everyday living or entertaining. You'll love the generous closet space throughout the home. Additional features include a nice-sized utility room and a detached 2-car garage. Situated on a corner lot, this property offers great parking, partial fencing, and plenty of outdoor space to enjoy. Don’t miss this move-in ready home with so much to offer!

19. 2026-05-28
    listed $122,000 Active

    Show marketing remark (566 chars)

    2-bedroom home with plenty of space and storage! This charming property features a newer furnace, a large kitchen with abundant storage space, plus a spacious dining room and comfortable living room perfect for everyday living or entertaining. You'll love the generous closet space throughout the home. Additional features include a nice-sized utility room and a detached 2-car garage. Situated on a corner lot, this property offers great parking, partial fencing, and plenty of outdoor space to enjoy. Don’t miss this move-in ready home with so much to offer!

20. 2017-12-19
    soldstatus $50,000 328-char remark

    Show marketing remark (328 chars)

    Well maintained 2 bedroom home! The large kitchen has nice cabinetry and lots of room for storage. There is nice sized dining room and living room. This home has lots of closet space! There is a nice sized utility room and a two car detached garage. This property is partially fenced, sets on a corner lot and has great parking.

21. 2017-12-19
    soldstatus $50,000

    Show marketing remark (328 chars)

    Well maintained 2 bedroom home! The large kitchen has nice cabinetry and lots of room for storage. There is nice sized dining room and living room. This home has lots of closet space! There is a nice sized utility room and a two car detached garage. This property is partially fenced, sets on a corner lot and has great parking.

22. 2017-12-19
    soldstatus $50,000

    Show marketing remark (328 chars)

    Well maintained 2 bedroom home! The large kitchen has nice cabinetry and lots of room for storage. There is nice sized dining room and living room. This home has lots of closet space! There is a nice sized utility room and a two car detached garage. This property is partially fenced, sets on a corner lot and has great parking.

23. 2017-10-24
    listed $49,900 328-char remark

    Show marketing remark (328 chars)

    Well maintained 2 bedroom home! The large kitchen has nice cabinetry and lots of room for storage. There is nice sized dining room and living room. This home has lots of closet space! There is a nice sized utility room and a two car detached garage. This property is partially fenced, sets on a corner lot and has great parking.

24. 2017-10-24
    listed $49,900

    Show marketing remark (328 chars)

    Well maintained 2 bedroom home! The large kitchen has nice cabinetry and lots of room for storage. There is nice sized dining room and living room. This home has lots of closet space! There is a nice sized utility room and a two car detached garage. This property is partially fenced, sets on a corner lot and has great parking.

25. 2017-10-24
    listed $49,900

    Show marketing remark (328 chars)

    Well maintained 2 bedroom home! The large kitchen has nice cabinetry and lots of room for storage. There is nice sized dining room and living room. This home has lots of closet space! There is a nice sized utility room and a two car detached garage. This property is partially fenced, sets on a corner lot and has great parking.

ⓘ 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: $699 · $58/mo
• Projected year-2 tax: $851 · $71/mo
• Expected delta: +$152/yr (+$13/mo · 21.8%)

ⓘ 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 0% 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: $11,490
• − Mortgage interest: −$6,610
• − Property taxes: −$699
• − Insurance: −$590
• − Repairs & maintenance: −$919
• − Management: −$919
• − Depreciation: −$3,433
• Taxable loss: −$1,680
• Est. tax savings @ 24.0%: +$403
• After-tax cash flow: $766/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

+144.5% since first listed

8 events — show timeline

• 2026-05-28 Listed $122,000 MIBOR as Distributed by MLS Grid
• 2026-05-28 Listed $122,000 IRMLS
• 2017-12-19 Sold (MLS) $50,000 MIBOR as Distributed by MLS Grid
• 2017-12-19 Sold (MLS) $50,000 IRMLS
• 2017-12-19 Sold (MLS) $50,000 RRELMS
• 2017-10-24 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2017-10-24 Listed $49,900 IRMLS
• 2017-10-24 Listed $49,900 RRELMS

Property tax history

-7.4%/yr

Latest (2024): $699 · +3.3% YoY. Source: county tax records.