5653 W 400 N · Madison, IN 47250

$115,000

3 bd · 1.0 ba · 1,196 sqft · SingleFamily · 44 Days on market

Built 1971 Poor condition 5.30 ac lot

---

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 +24.6/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.3/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

5.03 scenic acres with a pond in a tranquil setting near Madison. Property includes an existing structure being sold as-is. Excellent opportunity for redevelopment, new construction, or renovation. Beautiful natural surroundings with water feature, privacy, and convenient access to Madison's historic downtown, riverfront, and outdoor recreation.

Key facts

• Scenic acres
• Pond
• New construction

Tags

• SCENIC ACRES
• POND
• TRANQUIL SETTING
• EXISTING STRUCTURE
• REDEVELOPMENT OPPORTUNITY
• NEW CONSTRUCTION

Property features AI

Exterior

• Utilities: Public water connected; Septic tank
• Home design: Single-story double wide manufactured home; Residential and agricultural zoning
• Construction: Built above grade with finished living area; 1,196 above-grade finished area; Crawlspace and cellar foundation
• Exterior features: Poultry coop on the property; Waterfront lot

Interior

• Kitchen: First-floor kitchen
• Bedrooms: Three bedrooms on the first floor
• Bathrooms: One full bathroom on the first floor
• Interior features: Crawl space and cellar basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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.
• Southwestern-Jefferson County Con (rural): math 26% / reading 36% proficiency, ranked #232 of 301 in IN (top 77%) — 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 $795 of loan paydown is wiped out by about $3k 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 44 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.14% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.90%
• DSCR: 1.40
• GRM: 7.3

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: -2.8%
• Equity multiple: 0.89×
• Total profit: $-3,410
• Equity at exit: $17,147

10-year hold

• IRR: 6.9%
• Equity multiple: 1.52×
• Total profit: $16,690
• Equity at exit: $9,943

Cash invested: $32,200 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,308 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $239

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 77%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $115,000 Active 44 DOM
2. 2026-06-17
   days on market $115,000 Active 43 DOM
3. 2026-06-16
   days on market $115,000 Active 42 DOM
4. 2026-06-15
   days on market $115,000 Active 41 DOM
5. 2026-06-13
   days on market $115,000 Active 39 DOM
6. 2026-06-12
   days on market $115,000 Active 38 DOM
7. 2026-06-09
   days on market $115,000 Active 35 DOM
8. 2026-06-08
   days on market $115,000 Active 34 DOM
9. 2026-06-07
   days on market $115,000 Active 33 DOM
10. 2026-06-04
    days on market $115,000 Active 29 DOM
11. 2026-06-02
    days on market $115,000 Active 28 DOM
12. 2026-06-01
    days on market $115,000 Active 27 DOM
13. 2026-05-31
    days on market $115,000 Active 26 DOM
14. 2026-05-31
    days on market $115,000 Active 25 DOM
15. 2026-05-06
    price $125,000
16. 2026-05-05
    listed $120,000 Active

ⓘ 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: $15,698
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$3,345
• Taxable income: $1,099
• Est. tax owed @ 24.0%: −$264
• After-tax cash flow: $2,601/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

Poor 20/100 Extensive rehab

The property is in poor condition with extensive repairs and maintenance needed. Significant improvements are required to restore its value and make it move-in ready.

Repairs flagged

• Major structure — Decaying structure
• Major vegetation — Overgrown vegetation
• Major debris — Debris present

Value-add opportunities

• Both Landscaping and debris removal — Improves curb appeal and safety
• Both Structural repairs — Restores the property's functionality and value
• Both HVAC/mechanical upgrades — Improves comfort and energy efficiency
• Both Interior updates — Enhances the living space and value
• Both Exterior updates — Enhances the property's curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
structure · Decaying structure	Major	$15,000–50,000
vegetation · Overgrown vegetation	Major	$15,000–50,000
debris · Debris present	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Landscaping and debris removal — Improves curb appeal and safety ↑
• Both Structural repairs — Restores the property's functionality and value ↑
• Both HVAC/mechanical upgrades — Improves comfort and energy efficiency ↑
• Both Interior updates — Enhances the living space and value ↑
• Both Exterior updates — Enhances the property's curb appeal and value ↑

ⓘ 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: Southwestern-Jefferson County Con
• NCES district ID: 1810800
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 36% ▼ -8.00%
• Median HH income: $47,339
• Composite: 26.74/100
• National rank: #7140
• State rank: #232 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

+4.2% since first listed

2 events — show timeline

• 2026-05-06 Price Changed $125,000 SIRA
• 2026-05-05 Listed $120,000 SIRA

Property tax history

-3.3%/yr

Latest (2024): $192 · -2.1% YoY. Source: county tax records.