Listing courtesy of RE/MAX Acclaimed Properties · Listing agent: Ajmal Safi · Cell: 812-219-1598

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1416 S Madison Street

$275,000

$188.36 / sq ft

Est. $1,940/mo

Bloomington, IN 47403

Bedrooms
3
Bathrooms
2
Living area
1,460 sq ft
Lot
0.2 ac
Year built
1960
Type
Other
Listed
June 19, 2026
MLS #
202624325

About this home

FANTASTIC DOWNTOWN LOCATION with an income producing opportunity! The main house is a 3 Bed, 1 Ba charmer, as well as a 'grandfathered' ADU 2 Bed, 1 Ba cottage all on a large city lot. The property is just minutes from Switchyard Park and the B-Line Trail that leads to downtown one direction and leads to the South side the other direction. It also its near a city bus stop. Both dwellings are approved for 3 unrelated adults by HAND. The main house faces Madison and includes parking in the back, as well as additional alley access on the north and west sides of the property. The main house features hardwood floors, a large eat-in kitchen, range, refrigerator, washer, dryer, central air, and a large shady yard. The 600 SF grandfathered cottage is tucked away behind the main house, with off street parking, a covered front porch, open living room and kitchen, 2 nice sized bedrooms and a large full bath. This home comes with a refrigerator, range, and window a/c unit. It rents for $1250 per month, tenant pays utilities. The address of the cottage is 1416 1/2 S Madison.

Monthly payment estimate

$1,940/mo

Principal & interest
$1,505
Property taxes
$355
Homeowners insurance
$80
Your loan

  • Rate: Freddie Mac's 30-year fixed average for the week of October 1, 2026.
  • Taxes: the seller's 4258 bill as reported to the MLS. Yours may differ once your own deductions apply.
  • Insurance: estimated at 0.35% of the price per year.
  • An estimate, not a loan offer. Your rate and payment depend on your credit, loan program and down payment.
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Property details

Interior

Levels
One
Stories
1
Total area
1,460 sq ft
Finished area above grade
1,460 sq ft
Main level
1,460 sq ft
Bedrooms above grade
3
Basement
Crawl Space, Slab
Flooring
Wood, Vinyl
Heating
Natural Gas, Forced Air
Cooling
Central Air, Wall Unit(s)
Amenities
Off Street Parking, Near Walking Trail, Countertops-Laminate, Detector-Smoke, Porch Covered, Water Heater Electric, Water Heater Gas

Exterior & parking

Style
Ranch, Cabin
Construction
Vinyl Siding
Parking
Gravel, On Street
Private pool
No
New construction
No

Waterfront & lake

Waterfront
No

Lot

Lot features
Level
Lot size (acres)
0.2 ac
Lot dimensions
132' x 66'
Location type
City/Town/Suburb
Inside city limits
Yes
County
Monroe County
Township
Perry
Road frontage
City Street
Road surface
Asphalt
Lots
37
Platted
Yes
Planned unit development
No
Directions
South on Rogers, Left on Wilson St, then Right on Madison, to home on the Right.

Schools

Elementary school
Templeton
Middle school
Jackson Creek
High school
Bloomington South
School district
Monroe County Community School Corp.

HOA & community

HOA fee
$0
Association restrictions
No

Taxes & terms

Annual taxes
$4,258
Tax year
4258
Tax exemptions
No Exemptions
Possession
At closing
Parcel number
53-08-05-406-025.000-009

Included in the sale

Included in sale
Building,Land,Lease

Utilities

Water
City
Sewer
Public Sewer
Electric provider
Duke Energy Indiana
Gas provider
CenterPoint Energy
Water provider
Bloomington City Utility

Income & commercial

Units
1
Buildings
2
Annual gross rent
$15,000
Net operating income
$10,742
Lease term
12 Months
Parking spaces
4
Pets allowed
Yes
Tenant pays
Electricity, Fuel, Heat, Sewer, Water
Electric meters
2
Gas meters
2
Water meters
2

Location

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