399 W Skyline Dr #212 · Madison, IN 47250

$22,300

3 bd · 2.0 ba · 980 sqft · Manufactured · 64 Days on market

Built 2023

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2023
• Listed 64 days

Property features AI

Finance

• Financial info: List price $21,800

Exterior

• Utilities: Electric service; Central air
• Home design: Condominium/unit (unit #212)
• Exterior features: Address: 399 W Skyline Dr #212, Madison, IN 47250

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Active listing (spec home); Living area approximately 980

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $22k.

Deal economics

• At list price, monthly cash flow is $807 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Recommended offer: $21k (6.0% below list) — sets the bar for market timing.
• Cap rate 49.7% vs local median 2.9% 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 66/100 on livability (#306 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, amenities F.
• Madison Consolidated Schools (town): math 40% / reading 47% proficiency, ranked #114 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 127 active listings in the ZIP; 94 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $154 of loan paydown is wiped out by about $669 of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($21k) is reasonable based on typical stale-listing flexibility.

Recommended offer $20,962 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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. 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: 5.46% ✓
• Cap rate: 49.74%
• Cash-on-cash: 155.18%
• DSCR: 7.90
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.66×
• Total profit: $47,833
• Equity at exit: $3,325

10-year hold

• IRR: —
• Equity multiple: 18.29×
• Total profit: $107,949
• Equity at exit: $1,928

Cash invested: $6,244 (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 47250

• Home prices YoY: -31.3%
• Active inventory: 127
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,217 medium
• Mortgage (P&I): −$117
• Tax est. 1.5%: −$28 /mo · $334/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $807

Break-even live

Break-even rent $195

Max offer price $22,300

Occupancy floor 29%

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: $5,575
• Closing costs: $669
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $22,300 Active 64 DOM
2. 2026-06-17
   days on market $22,300 Active 63 DOM
3. 2026-06-16
   days on market $22,300 Active 62 DOM
4. 2026-06-15
   days on market $22,300 Active 61 DOM
5. 2026-06-13
   days on market $22,300 Active 59 DOM
6. 2026-06-12
   days on market $22,300 Active 58 DOM
7. 2026-06-09
   days on market $22,300 Active 55 DOM
8. 2026-06-08
   days on market $22,300 Active 54 DOM
9. 2026-06-07
   days on market $22,300 Active 53 DOM
10. 2026-06-04
    days on market $22,300 Active 49 DOM
11. 2026-06-02
    days on market $22,300 Active 48 DOM
12. 2026-06-01
    price $22,300 Active 47 DOM
13. 2026-06-01
    days on market $21,800 Active 47 DOM
14. 2026-05-31
    days on market $21,800 Active 46 DOM
15. 2026-05-31
    days on market $21,800 Active 45 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°F today · 19 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: $14,606
• − Mortgage interest: −$1,249
• − Property taxes: −$334
• − Insurance: −$112
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$649
• Taxable income: $9,925
• Est. tax owed @ 24.0%: −$2,382
• After-tax cash flow: $7,308/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: Madison Consolidated Schools
• NCES district ID: 1806120
• Math proficiency: 40% ▲ 2.00%
• Reading proficiency: 47% ▼ -3.00%
• Median HH income: $44,019
• Composite: 36.8/100
• National rank: #4567
• State rank: #114 of 301 in IN

Livability — Madison

• Score: 66/100
• State rank: #306
• US rank: #12102

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 23,013

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 32,775 people
• By 2030: 32,784 · +0.0%
• By 2040: 32,420 · -1.1%
• By 2050: 31,486 · -3.9%
• By 2075: 29,089 · -11.2%
• By 2100: 25,279 · -22.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 3% Two or more races 3% Black 1%
• Common ancestry: Italian 4% Lithuanian 1% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Jefferson

• 2024 margin: Solid R (+36.1) · D 31.0% · R 67.1% · Other 1.9%
• 2008→2024 swing: -30.2pp toward R · 2008: -5.9pp · 2024: -36.1pp
• All cycles: 2024: R+36.1 2020: R+33.6 2016: R+31.3 2012: R+10.4 2008: R+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.20%
• Current HPI: 248.6356
• Rent YoY: —
• Metro: —
• 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