1918 Locust St · Madison, IN 47250

$215,900

3 bd · 1.0 ba · 1,596 sqft · SingleFamily public records · 76 Days on market

Built 1958 8,973 sqft lot $135/sqft · 12% below area Est $246k · 12% 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 +13.0/15.0
• Cash flow +8.0/30.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Clean 5 BR 1.5 BA home short walk to Clifty falls State Park. Recent laminate floors and replacement windows. GFA furnace and C/A 2024. Extra insulation. Seller has not used gas logs in FR and not sure if working. 6 x18.6 building in back yard. new roof in last 5 years.

Key facts

• Extra insulation
• Replacement windows
• 8,973 sq ft lot

Tags

• RECENT LAMINATE FLOORS
• REPLACEMENT WINDOWS
• EXTRA INSULATION
• NEW ROOF IN LAST 5 YEARS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $216k.

Deal economics

• At list price, monthly cash flow is $-217 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (17.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (37.0% below list).
• Recommended offer: $136k (37.0% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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 $6k 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 76 days — a 6% lower offer ($203k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,008 (37.0% 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. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.63% ✗
• Cap rate: 5.09%
• Cash-on-cash: -4.30%
• DSCR: 0.81
• GRM: 13.2

CMA / ARV

• ARV (median comp): $245,669
• List price: $215,900
• Delta: -12.12%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1963 Wolf Trails Dr	0.18mi	3/2.0	1,677 (+5%)	10mo	$285,500	$170	71
1900 Vanburen Dr	0.24mi	3/2.0	1,512 (-5%)	6mo	$254,900	$169	71
1841 Wolf Trails Dr	0.16mi	3/2.5	1,667 (+4%)	20mo	$255,000	$153	63
1237 Wells Dr	0.18mi	4/2.0 (+1)	1,740 (+9%)	7mo	$243,000	$140	62
1933 Van Buren Dr	0.27mi	4/2.0 (+1)	1,560 (-2%)	18mo	$242,000	$155	60
2241 Lanier Dr	0.42mi	2/1.0 (-1)	1,512 (-5%)	19mo	$155,000	$103	51
841 Banta Ave	0.42mi	3/2.0	1,472 (-8%)	23mo	$76,000	$52	45
2130 Railroad Ct	0.54mi	3/2.0	1,424 (-11%)	19mo	$255,000	$179	37
2050 Wood St	0.61mi	3/2.0	1,400 (-12%)	21mo	$238,000	$170	30
1436 Clifty Dr	0.72mi	3/1.5	1,384 (-13%)	18mo	$126,000	$91	27

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: -23.6%
• Equity multiple: 0.19×
• Total profit: $-48,893
• Equity at exit: $32,191

10-year hold

• IRR: -18.7%
• Equity multiple: -0.01×
• Total profit: $-60,770
• Equity at exit: $18,667

Cash invested: $60,452 (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: 13.2×

Monthly cashflow live

• Estimated rent: $1,360 medium
• Mortgage (P&I): −$1,132
• Tax from tax record: −$69 /mo · $829/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $-217

Break-even live

Break-even rent $1,634

Max offer price $177,609

Occupancy floor —

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: $53,975
• Closing costs: $6,477
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $215,900 Active 76 DOM
2. 2026-06-17
   days on market $215,900 Active 75 DOM
3. 2026-06-16
   days on market $215,900 Active 74 DOM
4. 2026-06-15
   days on market $215,900 Active 73 DOM
5. 2026-06-13
   days on market $215,900 Active 71 DOM
6. 2026-06-12
   days on market $215,900 Active 70 DOM
7. 2026-06-09
   days on market $215,900 Active 67 DOM
8. 2026-06-08
   days on market $215,900 Active 66 DOM
9. 2026-06-07
   days on market $215,900 Active 65 DOM
10. 2026-06-04
    days on market $215,900 Active 61 DOM
11. 2026-06-02
    days on market $215,900 Active 60 DOM
12. 2026-06-01
    days on market $215,900 Active 59 DOM
13. 2026-05-31
    days on market $215,900 Active 58 DOM
14. 2026-05-31
    days on market $215,900 Active 57 DOM
15. 2026-05-17
    price $215,900 270-char remark

    Show marketing remark (270 chars)

    Clean 5 BR 1.5 BA home short walk to Clifty falls State Park. Recent laminate floors and replacement windows. GFA furnace and C/A 2024. Extra insulation. Seller has not used gas logs in FR and not sure if working. 6 x18.6 building in back yard. new roof in last 5 years.

16. 2026-04-03
    listed $219,900 Active 270-char remark

    Show marketing remark (270 chars)

    Clean 5 BR 1.5 BA home short walk to Clifty falls State Park. Recent laminate floors and replacement windows. GFA furnace and C/A 2024. Extra insulation. Seller has not used gas logs in FR and not sure if working. 6 x18.6 building in back yard. new roof in last 5 years.

17. 2024-07-19
    soldstatus $193,000 Closed 909-char remark

    Show marketing remark (909 chars)

    Welcome to this stunning 5-bedroom ranch located on the desirable Madison Hilltop, offering a perfect blend of comfort and style! This home features two spacious living areas, with one of the living spaces including a beautiful stone fireplace, perfect for cozy gatherings and quiet evenings. Enjoy the fresh coat of paint and recently updated flooring throughout, giving each room a bright and inviting feel. Situated on a generously sized flat lot, this property offers plenty of outdoor space for activities, gardening, or simply enjoying the fresh air. The backyard is a true highlight, complete with a storage building that's perfect for all your storage needs or even as a potential workshop. Ready for its next owner, this charming ranch is a wonderful opportunity to own a move-in-ready home with fantastic features both inside and out. Don't miss your chance to make this beautiful property your own!

18. 2024-07-19
    soldstatus $193,000

    Show marketing remark (909 chars)

    Welcome to this stunning 5-bedroom ranch located on the desirable Madison Hilltop, offering a perfect blend of comfort and style! This home features two spacious living areas, with one of the living spaces including a beautiful stone fireplace, perfect for cozy gatherings and quiet evenings. Enjoy the fresh coat of paint and recently updated flooring throughout, giving each room a bright and inviting feel. Situated on a generously sized flat lot, this property offers plenty of outdoor space for activities, gardening, or simply enjoying the fresh air. The backyard is a true highlight, complete with a storage building that's perfect for all your storage needs or even as a potential workshop. Ready for its next owner, this charming ranch is a wonderful opportunity to own a move-in-ready home with fantastic features both inside and out. Don't miss your chance to make this beautiful property your own!

19. 2024-06-22
    status Pending 909-char remark

    Show marketing remark (909 chars)

    Welcome to this stunning 5-bedroom ranch located on the desirable Madison Hilltop, offering a perfect blend of comfort and style! This home features two spacious living areas, with one of the living spaces including a beautiful stone fireplace, perfect for cozy gatherings and quiet evenings. Enjoy the fresh coat of paint and recently updated flooring throughout, giving each room a bright and inviting feel. Situated on a generously sized flat lot, this property offers plenty of outdoor space for activities, gardening, or simply enjoying the fresh air. The backyard is a true highlight, complete with a storage building that's perfect for all your storage needs or even as a potential workshop. Ready for its next owner, this charming ranch is a wonderful opportunity to own a move-in-ready home with fantastic features both inside and out. Don't miss your chance to make this beautiful property your own!

20. 2024-06-06
    listed $199,000 Active 909-char remark

    Show marketing remark (909 chars)

    Welcome to this stunning 5-bedroom ranch located on the desirable Madison Hilltop, offering a perfect blend of comfort and style! This home features two spacious living areas, with one of the living spaces including a beautiful stone fireplace, perfect for cozy gatherings and quiet evenings. Enjoy the fresh coat of paint and recently updated flooring throughout, giving each room a bright and inviting feel. Situated on a generously sized flat lot, this property offers plenty of outdoor space for activities, gardening, or simply enjoying the fresh air. The backyard is a true highlight, complete with a storage building that's perfect for all your storage needs or even as a potential workshop. Ready for its next owner, this charming ranch is a wonderful opportunity to own a move-in-ready home with fantastic features both inside and out. Don't miss your chance to make this beautiful property your own!

21. 2023-12-28
    soldstatus $87,500

ⓘ 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: $829 · $69/mo
• Projected year-2 tax: $1,332 · $111/mo
• Expected delta: +$503/yr (+$42/mo · 60.7%)

ⓘ 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 3/10 Moderate
• 🌡 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: $16,321
• − Mortgage interest: −$12,094
• − Property taxes: −$829
• − Insurance: −$1,080
• − Repairs & maintenance: −$1,306
• − Management: −$1,306
• − Depreciation: −$6,281
• Taxable loss: −$6,573
• Est. tax savings @ 24.0%: +$1,578
• After-tax cash flow: $-1,024/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

• Census place: Madison, IN
• 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

+146.7% since first listed

7 events — show timeline

• 2026-05-17 Price Changed $215,900 SIRA
• 2026-04-03 Listed $219,900 SIRA
• 2024-07-19 Sold (Public Records) $193,000 Public Records
• 2024-07-19 Sold (MLS) $193,000 SIRA
• 2024-06-22 Pending — SIRA
• 2024-06-06 Listed $199,000 SIRA
• 2023-12-28 Sold (Public Records) $87,500 Public Records

Property tax history

+5.9%/yr

Latest (2024): $829 · -56.6% YoY. Source: county tax records.