160 W Skyline Dr #98

Madison, IN 47250

$24,500D

2 bd · 2.0 ba · 980 sqft · Built 2026 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,149/mo
• Mortgage (P&I): −$128
• Tax + insurance: −$41
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $738/mo
• Annual: $8,859/yr
• Cap rate: 42.45%
• Cash-on-cash: 129.14%
• DSCR: 6.75
• 1% rule: 4.69%
• Cash to close: $6,860

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $24k. Condition is rated poor.
• At list price, monthly cash flow is $738 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $169 of loan paydown is wiped out by about $735 of value loss. Plan a longer hold.
• 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).
• 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 42.5% 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be old and possibly leaking.
• Major: exterior siding — The siding appears weathered and may need repainting or replacement.
• Major: interior walls and paint — The interior walls and paint are likely in poor condition and need repainting or replacement.
• Major: HVAC and mechanical systems — The HVAC and mechanical systems are likely in poor condition and need replacement or repair.
• Major: landscaping — The landscaping is sparse and lacks maintenance, which detracts from the curb appeal of the property.