513 West St, Madison, IN, 47250
About This Home
Own a Piece of Historic Downtown Madison Discover a rare investment opportunity in the heart of downtown Madison. This versatile corner lot property features four beautifully maintained Airbnb units, offering both charm and strong income potential. The thoughtfully designed layout includes: Main Floor: Two spacious 2 bedroom, 1.5 bath units Upper Level: Two expansive 3 bedroom, 2 bath units Currently operating as a successful short-term rental, this property delivers excellent returns and comes as a true turnkey investment complete with future bookings and all furnishings included, allowing for a seamless transition. Endless Possibilities: Continue as a high performing Airbnb, Multi generational living setup, convert to condo-style rentals, Owner occupy one unit while renting the others. Recent Updates Include: complete rehab, all systems new. Perfectly positioned in a highly walkable downtown location, you're just steps from local boutiques, dining, and the scenic Ohio River.
Getting Around
Very Walkable
Very Limited Transit
BikeableSchools
Construction
Condition
- Year built: 1840
Materials
- Foundation: Other
- Roof: Shingle
- Construction materials: Brick
Type & Style
- Home type: SingleFamily
- Architectural style: Historical
- Property subType: Single Family Residence
Interior
Appliances
- Appliances included: Gas Water Heater
Basement
- Basement: Cellar
Bedroom2
- Level: Second
- Area: 131
Bedroom3
- Level: Second
- Area: 244.8
Bedroom4
- Level: Second
- Area: 214.13
Bedroom5
- Level: First
- Area: 216.48
Bedrooms & Bathrooms
- Bedrooms: 10
- Bathrooms: 8
- Full bathrooms: 6
- 1/2 bathrooms: 2
Dining Room
- Area: 0
Family Room
- Area: 0
Features
- Window features: Other
- Fireplace features: Insert
- Fireplace: Yes
- Finished area below ground: 0
Heating & Cooling
- Heating features: Forced Air,Natural Gas
- Cooling features: Central Air
Interior Area
- Total structure area: 6,675
- Total interior livable area: 5,508 sqft
Kitchen
- Area: 0
Living Room
- Area: 0
Master Bedroom
- Level: First
- Area: 216
Office
- Area: 0
Property
Details
- Parcel number: 391302212005005007
Features
- Levels: Two
- Stories: 2
- Frontage length: 0.00
Lot
- Lot size: 0.51 Acres
Parking
- Parking features: None,On Street
- Has uncovered spaces: Yes
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Inland Flooding
- Strong Wind
- Tornado
- Ice Storm
- Lightning
- Winter Weather
How This Home’s Risks Compare
FEMA Declared Disasters Across Indiana Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $6,952 | $83,424 |
| Home Insurance * | $929 | $11,148 |
| Property Taxes | $1,960 | $23,520 |
| Electricity | $504 | $6,058 |
| Total | $10,345 | $124,140 |
Income You'd Need if You Spent...
Indiana FAIR Plan Programs
Indiana Basic Property Insurance Underwriting Association
Wildfire
HailWindHow Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-04-08 | Listed for sale | $1,375,000 |
| 2023-11-10 | Sold | $162,500 |
| 2023-09-19 | Pending sale | $185,000 |
| 2023-06-23 | Listed for sale | $185,000 |
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