2099 E Gardner Ln · Madison, IN 47250

$175,000

3 bd · 2.0 ba · 1,560 sqft · SingleFamily public records · 28 Days on market

Built 1971 0.30 ac lot $112/sqft · 16% below area Est $208k · 16% under

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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).

• ARV discount +14.7/15.0
• Cash flow +11.6/30.0
• Schools +3.7/10.0
• DSCR +3.4/10.0
• Livability +3.3/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

Key facts

• Double sinks
• Large rear addition
• Converted garage

Tags

• LARGE REAR ADDITION
• EXPANDED KITCHEN
• INCREASED CABINET SPACE
• CONVERTED GARAGE
• SPACIOUS PRIMARY BATH
• DOUBLE SINKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-55 ($-659/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (5.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (23.2% below list).
• Recommended offer: $134k (23.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask is 51% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $115k; list at $175k implies a 52% gain — meaningful room to come down on a strong offer.

Recommended offer $134,368 (23.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.77% ✗
• Cap rate: 5.92%
• Cash-on-cash: -1.35%
• DSCR: 0.94
• GRM: 10.9

CMA / ARV

• ARV (median comp): $208,364
• List price: $175,000
• Delta: -16.01%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1884 E Telegraph Hill Rd	0.09mi	3/1.5	1,560 (0%)	6mo	$265,900	$170	88
2073 E Gardner Ln	0.02mi	3/1.0	1,375 (-12%)	12mo	$234,000	$170	65

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.35×
• Total profit: $-31,894
• Equity at exit: $26,093

10-year hold

• IRR: -11.0%
• Equity multiple: 0.34×
• Total profit: $-32,428
• Equity at exit: $15,131

Cash invested: $49,000 (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: 10.9×

Monthly cashflow live

• Estimated rent: $1,344 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$126 /mo · $1,510/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $-55

Break-even live

Break-even rent $1,413

Max offer price $165,295

Occupancy floor 99%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-28
   listed $175,000 Active 926-char remark
2. 2026-04-10
   price $189,900
3. 2026-03-03
   price $199,900
4. 2023-09-01
   soldstatus $115,000
5. 2023-08-10
   soldstatus $90,150 Closed

   Show marketing remark (243 chars)

   This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

6. 2023-08-10
   soldstatus $90,150

   Show marketing remark (243 chars)

   This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

7. 2023-07-31
   status Pending

   Show marketing remark (243 chars)

   This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

8. 2023-07-20
   price $93,960

   Show marketing remark (243 chars)

   This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

9. 2023-06-22
   price $104,400

   Show marketing remark (243 chars)

   This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

10. 2023-06-17
    status Active

    Show marketing remark (243 chars)

    This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

11. 2023-06-14
    status Pending

    Show marketing remark (243 chars)

    This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

12. 2023-04-18
    listed $116,000 Active

    Show marketing remark (243 chars)

    This three bedroom home is HUD owned and sold in as-is condition. It will not pass for traditional government backed financing. The financing disposition is: UI Brokers with a current active HUD NAID can submit offers at www.hudhomestore.gov

13. 2022-10-27
    soldstatus $112,320
14. 2018-08-20
    soldstatus $111,500
15. 2018-08-10
    soldstatus $111,500
16. 2017-09-11
    listed $112,900

ⓘ 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: $1,510 · $126/mo
• Projected year-2 tax: $1,510 · $126/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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,124
• − Mortgage interest: −$9,803
• − Property taxes: −$1,510
• − Insurance: −$875
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$5,091
• Taxable loss: −$3,734
• Est. tax savings @ 24.0%: +$896
• After-tax cash flow: $237/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

Price history

+68.2% since first listed

15 events — show timeline

• 2026-04-10 Price Changed $189,900 SIRA
• 2026-03-03 Price Changed $199,900 SIRA
• 2023-09-01 Sold (Public Records) $115,000 Public Records
• 2023-08-10 Sold (Public Records) $90,150 Public Records
• 2023-08-10 Sold (MLS) $90,150 MIBOR as Distributed by MLS Grid
• 2023-07-31 Pending — MIBOR as Distributed by MLS Grid
• 2023-07-20 Price Changed $93,960 MIBOR as Distributed by MLS Grid
• 2023-06-22 Price Changed $104,400 MIBOR as Distributed by MLS Grid
• 2023-06-17 Relisted — MIBOR as Distributed by MLS Grid
• 2023-06-14 Pending — MIBOR as Distributed by MLS Grid
• 2023-04-18 Listed $116,000 MIBOR as Distributed by MLS Grid
• 2022-10-27 Sold (Public Records) $112,320 Public Records
• 2018-08-20 Sold (Public Records) $111,500 Public Records
• 2018-08-10 Sold (MLS) $111,500 SIRA
• 2017-09-11 Listed $112,900 SIRA

Property tax history

+38.6%/yr

Latest (2025): $1,510 · -7.2% YoY. Source: county tax records.