2820 Brown St · New Castle, IN 47362

$59,900

2 bd · 1.0 ba · 1,447 sqft · SingleFamily public records · 188 Days on market

Built 1900 0.54 ac lot $41/sqft · 58% below area ↓ 32% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

Key facts

• Half-acre lot
• Separate family room
• 0.54 acre lot

Tags

• HALF-ACRE LOT
• SEPARATE FAMILY ROOM
• DEDICATED UTILITY ROOM
• FRONT AND BACK COVERED PORCHES
• LARGE DETACHED GARAGE
• AMPLE OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.6% 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $414 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $65k (52%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.83% ✓
• Cap rate: 15.61%
• Cash-on-cash: 33.26%
• DSCR: 2.48
• GRM: 4.6

CMA / ARV

• ARV (median comp): $141,174
• List price: $59,900
• Delta: -57.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
640 N 27th St	0.08mi	3/2.0 (+1)	1,384 (-4%)	11mo	$172,750	$125	71
2504 Brown St	0.30mi	3/1.0 (+1)	1,414 (-2%)	13mo	$88,500	$63	67
2618 High St	0.25mi	3/2.0 (+1)	1,357 (-6%)	4mo	$149,000	$110	65
2602 State St	0.42mi	3/1.0 (+1)	1,478 (+2%)	11mo	$142,000	$96	63
202 N 27th St	0.51mi	3/1.5 (+1)	1,400 (-3%)	11mo	$131,000	$94	55
222 N 21st St	0.58mi	2/1.5	1,587 (+10%)	3mo	$115,000	$72	52
511 N 24th St	0.35mi	3/1.5 (+1)	1,592 (+10%)	12mo	$131,900	$83	50
210 N 27th St	0.48mi	3/1.0 (+1)	1,368 (-6%)	18mo	$149,900	$110	49
2414 Vine St	0.41mi	2/1.0	1,252 (-14%)	14mo	$20,800	$17	46
314 N 30th St	0.49mi	3/1.0 (+1)	1,288 (-11%)	10mo	$14,900	$12	45
236 S 24th St	0.68mi	3/1.0 (+1)	1,240 (-14%)	7mo	$125,000	$101	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: 30.2%
• Equity multiple: 2.29×
• Total profit: $21,686
• Equity at exit: $8,931

10-year hold

• IRR: 38.4%
• Equity multiple: 4.85×
• Total profit: $64,578
• Equity at exit: $5,179

Cash invested: $16,772 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,095 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$61 /mo · $730/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $465

Break-even live

Break-even rent $506

Max offer price $59,900

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2018 N 16th St New Castle, IN	3.0	1.0	1300	$1,450	$1.12	44d	1	0.95mi
1402 Alabama St New Castle, IN	2.0	1.0	912	$795	$0.87	24d	1	1.10mi
1519 A Ave New Castle, IN	3.0	2.0	1790	$855	$0.48	44d	1	1.26mi
940 S 15th St New Castle, IN	1.0–2.0	1.0–1.5	816	$1,075	$1.32	2d	2	1.35mi

Listing history 19 events

1. 2026-06-17
   status $59,900 Pending 188 DOM
2. 2026-06-17
   days on market $59,900 Active 188 DOM
3. 2026-06-16
   days on market $59,900 Active 187 DOM
4. 2026-06-15
   days on market $59,900 Active 186 DOM
5. 2026-06-14
   days on market $59,900 Active 184 DOM
6. 2026-06-12
   pricestatusdays on market $59,900 Active 183 DOM
7. 2026-05-12
   price $84,900 713-char remark

   Show marketing remark (716 chars)

   Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you’ll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

8. 2026-05-12
   price $84,900 716-char remark

   Show marketing remark (716 chars)

   Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you’ll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

9. 2026-04-24
   status Active 716-char remark

   Show marketing remark (713 chars)

   Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

10. 2026-04-24
    price $95,900 716-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

11. 2026-04-24
    price $95,900 713-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

12. 2026-04-24
    status Active 713-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

13. 2026-03-31
    status Pending 716-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

14. 2026-03-31
    status Pending 713-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

15. 2026-03-27
    price $114,900 716-char remark

    Show marketing remark (716 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you’ll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

16. 2026-02-27
    price $119,900 716-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

17. 2026-02-27
    price $119,900 713-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

18. 2025-10-27
    listed $124,900 Active 716-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

19. 2025-10-27
    listed $124,900 Active 713-char remark

    Show marketing remark (713 chars)

    Just outside of town, this home sits on an approximately half-acre lot and offers more space than it appears from the outside. Inside, you'll find 3 bedrooms, a comfortable living room, and a separate family room that provides extra space for relaxing or entertaining. The functional layout includes a dedicated utility room, and all appliances including the washer and dryer remain with the sale. The home features new carpet, front and back covered porches, and a quiet location with a nice yard that provides room to enjoy the outdoors. A large detached garage offers abundant storage, along with a carport and ample off-street parking. This property combines small-town convenience with a peaceful setting.

ⓘ 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: $730 · $61/mo
• Projected year-2 tax: $730 · $61/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: $13,135
• − Mortgage interest: −$3,355
• − Property taxes: −$730
• − Insurance: −$300
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$1,743
• Taxable income: $4,906
• Est. tax owed @ 24.0%: −$1,178
• After-tax cash flow: $4,400/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

• 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

-32.0% since first listed

13 events — show timeline

• 2026-05-12 Price Changed $84,900 MIBOR as Distributed by MLS Grid
• 2026-05-12 Price Changed $84,900 IRMLS
• 2026-04-24 Relisted — IRMLS
• 2026-04-24 Price Changed $95,900 IRMLS
• 2026-04-24 Price Changed $95,900 MIBOR as Distributed by MLS Grid
• 2026-04-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-31 Pending — IRMLS
• 2026-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-27 Price Changed $114,900 IRMLS
• 2026-02-27 Price Changed $119,900 IRMLS
• 2026-02-27 Price Changed $119,900 MIBOR as Distributed by MLS Grid
• 2025-10-27 Listed $124,900 IRMLS
• 2025-10-27 Listed $124,900 MIBOR as Distributed by MLS Grid

Property tax history

-0.0%/yr

Latest (2024): $730 · +7.2% YoY. Source: county tax records.