1913 E County Road 400 S · New Castle, IN 47362

$130,000

3 bd · 2.0 ba · 2,664 sqft · SingleFamily public records · 32 Days on market

Built 2004 1.90 ac lot $49/sqft · 45% below area Est $237k · 45% under ↓ 13% since listing

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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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3 bedroom log cabin on 1.9 acres. Rural living at its peaceful best. It features an open concept living space, vaulted ceilings and wood burning fireplace. Kitchen is beautiful and all appliances remain with sale, island and walk in pantry. Dining area adjoins kitchen. Mudroom/utility on main level with storage. Gorgeous natural wood finishes and Hardwood floors. 2 bedrooms down and a third loft style master suite upstairs. Large front porch and a nice deck area at back. Oversized storage shed/barn with overhead door allows you to store yard equipment and tools. Located near SR 3, I-70 and US 40, enjoy this home's county location that is very conveniently located. ERA Home Warranty.

Key facts

• Mudroom utility
• Vaulted ceilings
• 1.9 acre lot

Tags

• OPEN CONCEPT LIVING SPACE
• VAULTED CEILINGS
• WOOD BURNING FIREPLACE
• MUDROOM UTILITY

Property features AI

Exterior

• Utilities: Private water; Septic system
• Home design: Single-family residence; One-and-one-half story design; Residential property on approximately 1.9 acres
• Construction: Wood siding; Crawl space foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level)
• Heating & cooling: Geothermal heating and cooling
• Interior features: Attic access; Living room with wood-burning fireplace
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $69 ($834/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 $122k (6.2% below list).
• Recommended offer: $122k (6.2% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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-.
• South Henry School Corporation (rural): math 25% / reading 27% proficiency, ranked #258 of 301 in IN (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Tri Elementary School (math 37% / reading 22%, grade F, #697 of 994 statewide, top 73%, 315 students, 55% FRL); Tri Junior-Senior High School (math 19% / reading 29%, grade F, #336 of 369 statewide, top 91%, 438 students, 48% FRL) — zoned schools average 52% FRL vs 35% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.6%/yr); 214 active listings in the ZIP; 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 $899 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 32 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,929 (6.2% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.94% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• GRM: 8.9

CMA / ARV

• ARV (median comp): $237,000
• List price: $130,000
• Delta: -45.15%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.59% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-14,644
• Equity at exit: $19,383

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $1,408
• Equity at exit: $11,240

Cash invested: $36,400 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$91 /mo · $1,097/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $69

Break-even live

Break-even rent $1,131

Max offer price $130,000

Occupancy floor 89%

Sensitivity live

Price	-10% $143	-5% $106	+0% $69	+5% $33	+10% $-4
Rent	-10% $-27	-5% $21	+0% $69	+5% $118	+10% $166
Rate	-1.0pp $135	-0.5pp $103	base $69	+0.5pp $36	+1.0pp $2

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-02
   status $130,000 Pending 32 DOM
2. 2026-06-01
   days on market $130,000 Active 32 DOM
3. 2026-05-31
   days on market $130,000 Active 31 DOM
4. 2026-05-30
   days on market $130,000 Active 30 DOM
5. 2026-04-30
   listed $130,000 Active 193-char remark
6. 2016-11-08
   soldstatus $155,000 375-char remark

   Show marketing remark (733 chars)

   Beautiful 3 bedroom log cabin on 1.9 acres. Rural living at its peaceful best. It features an open concept living space, vaulted ceilings and wood burning fireplace. Kitchen is beautiful and all appliances remain with sale, island and walk in pantry. Dining area adjoins kitchen. Mudroom/utility on main level with storage. Gorgeous natural wood finishes and Hardwood floors. 2 bedrooms down and a third loft style master suite upstairs. Large front porch and a nice deck area at back. Oversized storage shed/barn with overhead door allows you to store yard equipment and tools. Located near SR 3, I-70 and US 40, enjoy this home's county location that is very conveniently located. ERA Home Warranty. Average Electric bill is $240.

7. 2016-11-08
   soldstatus $155,000

   Show marketing remark (733 chars)

   Beautiful 3 bedroom log cabin on 1.9 acres. Rural living at its peaceful best. It features an open concept living space, vaulted ceilings and wood burning fireplace. Kitchen is beautiful and all appliances remain with sale, island and walk in pantry. Dining area adjoins kitchen. Mudroom/utility on main level with storage. Gorgeous natural wood finishes and Hardwood floors. 2 bedrooms down and a third loft style master suite upstairs. Large front porch and a nice deck area at back. Oversized storage shed/barn with overhead door allows you to store yard equipment and tools. Located near SR 3, I-70 and US 40, enjoy this home's county location that is very conveniently located. ERA Home Warranty. Average Electric bill is $240.

8. 2016-11-08
   soldstatus $155,000

   Show marketing remark (733 chars)

   Beautiful 3 bedroom log cabin on 1.9 acres. Rural living at its peaceful best. It features an open concept living space, vaulted ceilings and wood burning fireplace. Kitchen is beautiful and all appliances remain with sale, island and walk in pantry. Dining area adjoins kitchen. Mudroom/utility on main level with storage. Gorgeous natural wood finishes and Hardwood floors. 2 bedrooms down and a third loft style master suite upstairs. Large front porch and a nice deck area at back. Oversized storage shed/barn with overhead door allows you to store yard equipment and tools. Located near SR 3, I-70 and US 40, enjoy this home's county location that is very conveniently located. ERA Home Warranty. Average Electric bill is $240.

9. 2016-06-20
   listed $149,900 375-char remark

   Show marketing remark (733 chars)

   Beautiful 3 bedroom log cabin on 1.9 acres. Rural living at its peaceful best. It features an open concept living space, vaulted ceilings and wood burning fireplace. Kitchen is beautiful and all appliances remain with sale, island and walk in pantry. Dining area adjoins kitchen. Mudroom/utility on main level with storage. Gorgeous natural wood finishes and Hardwood floors. 2 bedrooms down and a third loft style master suite upstairs. Large front porch and a nice deck area at back. Oversized storage shed/barn with overhead door allows you to store yard equipment and tools. Located near SR 3, I-70 and US 40, enjoy this home's county location that is very conveniently located. ERA Home Warranty. Average Electric bill is $240.

10. 2016-06-20
    listed $149,900

    Show marketing remark (733 chars)

    Beautiful 3 bedroom log cabin on 1.9 acres. Rural living at its peaceful best. It features an open concept living space, vaulted ceilings and wood burning fireplace. Kitchen is beautiful and all appliances remain with sale, island and walk in pantry. Dining area adjoins kitchen. Mudroom/utility on main level with storage. Gorgeous natural wood finishes and Hardwood floors. 2 bedrooms down and a third loft style master suite upstairs. Large front porch and a nice deck area at back. Oversized storage shed/barn with overhead door allows you to store yard equipment and tools. Located near SR 3, I-70 and US 40, enjoy this home's county location that is very conveniently located. ERA Home Warranty. Average Electric bill is $240.

11. 2016-06-20
    listed $149,900

    Show marketing remark (733 chars)

    Beautiful 3 bedroom log cabin on 1.9 acres. Rural living at its peaceful best. It features an open concept living space, vaulted ceilings and wood burning fireplace. Kitchen is beautiful and all appliances remain with sale, island and walk in pantry. Dining area adjoins kitchen. Mudroom/utility on main level with storage. Gorgeous natural wood finishes and Hardwood floors. 2 bedrooms down and a third loft style master suite upstairs. Large front porch and a nice deck area at back. Oversized storage shed/barn with overhead door allows you to store yard equipment and tools. Located near SR 3, I-70 and US 40, enjoy this home's county location that is very conveniently located. ERA Home Warranty. Average Electric bill is $240.

ⓘ 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: $1,097 · $91/mo
• Projected year-2 tax: $1,101 · $92/mo
• Expected delta: +$4/yr ($0/mo · 0.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% 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: $14,631
• − Mortgage interest: −$7,282
• − Property taxes: −$1,097
• − Insurance: −$1,448
• − Repairs & maintenance: −$1,171
• − Management: −$1,171
• − Depreciation: −$3,782
• Taxable loss: −$1,318
• Est. tax savings @ 24.0%: +$316
• After-tax cash flow: $1,150/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: South Henry School Corporation
• NCES district ID: 1810380
• Math proficiency: 25% ▼ -15.00%
• Reading proficiency: 27% ▼ -14.00%
• Median HH income: $47,772
• Composite: 22.67/100
• National rank: #8045
• State rank: #258 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

-13.3% since first listed

8 events — show timeline

• 2026-06-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2016-11-08 Sold (MLS) $155,000 MIBOR as Distributed by MLS Grid
• 2016-11-08 Sold (MLS) $155,000 IRMLS
• 2016-11-08 Sold (MLS) $155,000 RRELMS
• 2016-06-20 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2016-06-20 Listed $149,900 IRMLS
• 2016-06-20 Listed $149,900 RRELMS

Property tax history

+5.1%/yr

Latest (2024): $1,097 · -9.7% YoY. Source: county tax records.