The Emerson Twin Home Plan · Madison, WI 53719

$413,400

3 bd · 2.5 ba · 1,486 sqft · MultiFamily · 138 Days on market

Good condition

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Rent growth +3.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to easy living, like you've never thought possible. The type that's both laid-back and sophisticated. This smart layout makes use of every inch, offering standard features like a breakfast bar, kitchen pantry and first floor laundry. You'll welcome guests to hang around a little while longer in the cozy third bedroom, although they will likely envy your own little piece of heaven that is the owner's suite. All prices, promotions and specifications are subject to change at any time without notice based on the discretion of Veridian Homes.

Key facts

• Kitchen pantry
• First floor laundry
• Owner's suite

Tags

• BREAKFAST BAR
• KITCHEN PANTRY
• FIRST FLOOR LAUNDRY
• OWNER'S SUITE

🏗️ New construction. The $413,400 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $334,529.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $413k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $413k).
• Recommended offer: $364k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 2.4% in Madison — 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 84/100 on livability (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: schools C-.
• Verona Area School District (suburban): math 39% / reading 42% proficiency, ranked #113 of 342 in WI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.0%/yr); 150 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).
• At $4,684/mo this rent would consume 61% of the median local household income ($92k/yr) (locally 1237% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $94k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $363,792 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 11.27%
• Cash-on-cash: 17.79%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (median comp): $334,529
• List price: $413,400
• Delta: 23.58%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.04% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.42×
• Total profit: $39,249
• Equity at exit: $49,879

10-year hold

• IRR: 20.4%
• Equity multiple: 2.81×
• Total profit: $169,093
• Equity at exit: $28,924

Cash invested: $93,668 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 53719

• Rents YoY: 4.0%
• Active inventory: 150
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $4,684 medium
• Mortgage (P&I): −$1,754
• Tax est. 1.5%: −$418 /mo · $5,018/yr
• Insurance: −$139
• HOA: −$0
• Vacancy / Maint / Mgmt: −$984
• Net cashflow: $1,389

Break-even live

Break-even rent $2,926

Max offer price $334,529

Occupancy floor 65%

Sensitivity live

Price	-10% $1,620	-5% $1,504	+0% $1,389	+5% $1,273	+10% $1,157
Rent	-10% $1,018	-5% $1,203	+0% $1,389	+5% $1,574	+10% $1,759
Rate	-1.0pp $1,557	-0.5pp $1,474	base $1,389	+0.5pp $1,302	+1.0pp $1,214

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,683
Total (3 units)			$4,684

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: $83,632
• Closing costs: $10,036
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7602 Mid Town Rd Madison, WI	2.0	2.0	1679	$2,200	$1.31	14d	8	0.09mi
8311 Mid Town Rd Madison, WI	3.0	2.0	1820	$2,390	$1.31	44d	1	0.34mi
2105 Muir Field Rd Madison, WI	1.0–2.0	1.0	850	$1,690	$1.99	14d	10	0.44mi
2850 Bedrock Ln Madison, WI	3.0	1.0–2.5	1052	$2,990	$2.84	14d	16	0.50mi
1723 Waldorf Blvd Madison, WI	1.0–2.0	1.0–2.0	953	$1,930	$2.02	14d	18	0.52mi
1704 Waldorf Blvd Unit 1718 Madison, WI	2.0	2.5	1573	$2,300	$1.46	14d	1	0.53mi
2002 Jeffy Trl Madison, WI	2.0	1.0–2.0	823	$1,845	$2.24	14d	7	0.55mi
8002 Starr Grass Dr Madison, WI	1.0–3.0	1.0–2.0	1182	$2,425	$2.05	14d	49	0.59mi
2837 Cimarron Trl Madison, WI	3.0	1.5	1400	$2,350	$1.68	19d	1	0.64mi
8206 Starr Grass Dr #204 Madison, WI	2.0	2.0	1235	$2,050	$1.66	19d	1	0.65mi
8206 Starr Grass Dr Madison, WI	1.0–2.0	1.0–2.0	1017	$2,050	$2.01	24d	2	0.65mi
8301 Flagstone Dr Madison, WI	1.0–2.0	1.0–2.0	934	$1,895	$2.03	14d	7	0.77mi
1132 Morraine View Dr Madison, WI	3.0	1.0	1074	$1,700	$1.58	14d	4	0.80mi
1202 McKenna Blvd Madison, WI	2.0	1.0	700	$1,604	$2.29	14d	15	0.82mi
18 N Wickham Ct Unit 1 Madison, WI	2.0	1.0	950	$1,375	$1.45	14d	1	0.88mi
8504 Mansion Hill Ave Madison, WI	2.0	1.0–2.0	944	$2,221	$2.35	14d	21	0.88mi
8504 Mansion Hill Ave Madison, WI	3.0	1.0–2.0	1058	$2,837	$2.68	44d	25	0.88mi
1042 McKenna Blvd Madison, WI	1.0–3.0	1.0–2.0	1000	$1,975	$1.98	14d	9	0.95mi
1118 Gammon Ln Madison, WI	3.0	1.5	1200	$2,350	$1.96	14d	1	0.97mi
6763 Hammersley Rd Madison, WI	3.0	2.5	1400	$2,695	$1.93	19d	1	1.01mi
13 Westover Ct Madison, WI	3.0	1.5	1400	$2,795	$2.00	14d	1	1.02mi
1815 Brittany Pl Madison, WI	2.0	1.0–2.0	725	$1,635	$2.26	14d	9	1.08mi
2013 Adderbury Ln Madison, WI	3.0	1.5	1400	$2,795	$2.00	19d	1	1.10mi
6801 Chester Dr Madison, WI	2.0	1.5–2.5	1172	$2,004	$1.71	14d	10	1.30mi
6723 Schroeder Rd Madison, WI	1.0–3.0	1.0–2.0	912	$1,895	$2.08	14d	27	1.31mi
5 High Point Woods Dr Apt 201 Madison, WI	2.0	2.0	996	$1,400	$1.41	44d	1	1.33mi
3021 Maple Valley Dr Madison, WI	1.0–2.0	1.0–2.0	934	$1,830	$1.96	14d	38	1.39mi
6902 E Pass Madison, WI	1.0–2.0	1.0–2.0	1009	$2,200	$2.18	14d	10	1.44mi
1806 Golden Oak Ln Madison, WI	3.0	2.0	1319	$2,100	$1.59	24d	1	1.49mi

Listing history 17 events

1. 2026-06-18
   days on market $413,400 Active 138 DOM
2. 2026-06-17
   days on market $413,400 Active 137 DOM
3. 2026-06-16
   days on market $413,400 Active 136 DOM
4. 2026-06-15
   days on market $413,400 Active 135 DOM
5. 2026-06-14
   days on market $413,400 Active 133 DOM
6. 2026-06-10
   days on market $413,400 Active 130 DOM
7. 2026-06-09
   days on market $413,400 Active 129 DOM
8. 2026-06-08
   days on market $413,400 Active 128 DOM
9. 2026-06-07
   days on market $413,400 Active 127 DOM
10. 2026-06-03
    days on market $413,400 Active 123 DOM
11. 2026-06-02
    days on market $413,400 Active 122 DOM
12. 2026-06-01
    days on market $413,400 Active 121 DOM
13. 2026-05-31
    days on market $413,400 Active 120 DOM
14. 2026-05-31
    days on market $413,400 Active 119 DOM
15. 2026-05-08
    status Active 551-char remark

    Show marketing remark (551 chars)

    Welcome to easy living, like you've never thought possible. The type that's both laid-back and sophisticated. This smart layout makes use of every inch, offering standard features like a breakfast bar, kitchen pantry and first floor laundry. You'll welcome guests to hang around a little while longer in the cozy third bedroom, although they will likely envy your own little piece of heaven that is the owner's suite. All prices, promotions and specifications are subject to change at any time without notice based on the discretion of Veridian Homes.

16. 2026-05-05
    historical 551-char remark

    Show marketing remark (551 chars)

    Welcome to easy living, like you've never thought possible. The type that's both laid-back and sophisticated. This smart layout makes use of every inch, offering standard features like a breakfast bar, kitchen pantry and first floor laundry. You'll welcome guests to hang around a little while longer in the cozy third bedroom, although they will likely envy your own little piece of heaven that is the owner's suite. All prices, promotions and specifications are subject to change at any time without notice based on the discretion of Veridian Homes.

17. 2026-01-28
    listed $413,400 Active 551-char remark

    Show marketing remark (551 chars)

    Welcome to easy living, like you've never thought possible. The type that's both laid-back and sophisticated. This smart layout makes use of every inch, offering standard features like a breakfast bar, kitchen pantry and first floor laundry. You'll welcome guests to hang around a little while longer in the cozy third bedroom, although they will likely envy your own little piece of heaven that is the owner's suite. All prices, promotions and specifications are subject to change at any time without notice based on the discretion of Veridian Homes.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $56,208
• − Mortgage interest: −$18,739
• − Property taxes: −$5,018
• − Insurance: −$1,673
• − Repairs & maintenance: −$4,497
• − Management: −$4,497
• − Depreciation: −$9,732
• Taxable income: $12,054
• Est. tax owed @ 24.0%: −$2,893
• After-tax cash flow: $13,769/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This multi-family home is in excellent condition with modern amenities and a well-maintained exterior. It offers a good return on investment with minimal updates needed to enhance its value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value to the property.
• Resale Kitchen appliances (if outdated) — Modern appliances improve the home's appeal to potential buyers.
• Resale Flooring (if outdated) — Updated flooring can significantly increase the home's value and appeal to buyers.
• Both Lighting (if outdated) — Modern lighting enhances the home's curb appeal and interior aesthetics.
• Both Window treatments (if outdated) — Fresh window treatments improve the home's curb appeal and interior aesthetics.
• Rental HVAC maintenance — A well-maintained HVAC system ensures comfort and reduces energy costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑
• Resale Kitchen appliances (if outdated) — Modern appliances improve the home's appeal to potential buyers. ↑
• Resale Flooring (if outdated) — Updated flooring can significantly increase the home's value and appeal to buyers. ↑
• Both Lighting (if outdated) — Modern lighting enhances the home's curb appeal and interior aesthetics. ↑
• Both Window treatments (if outdated) — Fresh window treatments improve the home's curb appeal and interior aesthetics. ↑
• Rental HVAC maintenance — A well-maintained HVAC system ensures comfort and reduces energy costs for tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Verona Area School District
• NCES district ID: 5515330
• Math proficiency: 39% ▼ -2.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $79,387
• Composite: 37.71/100
• National rank: #4358
• State rank: #113 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

Amenities C Commute A+ Cost of living B- Crime C+ Employment A+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 34,115
• Household income: $92,052
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 1237.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 12% Two or more races 10% Asian 9% Black 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 7% Romanian 5% Italian 3%
• Foreign-born: 13% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 7% Other Indo-European 3% Chinese 2%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -186.97%
• Current HPI: 265.9371
• Rent YoY: ▲ 4.04%
• Metro: Madison, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

3 events — show timeline

• 2026-05-08 Relisted — Zillow
• 2026-05-05 Delisted — Zillow
• 2026-01-28 Listed $413,400 Zillow