837 S 15th St · Centerville, IA 52544

$98,500

2 bd · 1.0 ba · 828 sqft · Other public records · 118 Days on market

Built 1934 8,712 sqft lot $119/sqft · 16% above area Est $85k · 16% over

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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).

• Cash flow +16.1/30.0
• Appreciation +5.5/10.0
• DSCR +5.0/10.0
• Schools +5.0/10.0
• 1% rule +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.2/15.0

Listing remarks MLS

SOLAR PANELS INCLUDED—ASK ABOUT THE MONTHLY ENERGY SAVINGS! This charming 2-bedroom, 1-bath home offers the perfect blend of comfort, functionality, and smart upgrades. Step inside to beautiful wood floors that flow seamlessly through the open-concept living room and kitchen, creating a bright and welcoming atmosphere. The main-level laundry adds everyday convenience. The spacious yard is ideal for relaxing or entertaining, featuring a back patio, an inviting front porch, and a newly sided 2-car detached garage with plenty of storage and parking space. The bathroom includes a walk-in tub for added safety and ease, while an additional shower in the basement provides extra flexibility for busy households. You’ll love the large pantry located off the laundry room, offering abundant storage space. Major updates include a newer electrical panel, water heater, and furnace—giving peace of mind and efficiency for years to come. Downstairs, the basement offers a dedicated storage room plus a separate office space—perfect for working from home, hobbies, or a quiet retreat. And best of all—solar panels help significantly reduce energy costs, making this home both environmentally friendly and budget smart. With charm, practicality, and energy efficiency all in one package, this home is a must-see!

Key facts

• Front porch
• Walk-in tub
• Main-level laundry

Tags

• SOLAR PANELS
• MAIN-LEVEL LAUNDRY
• BACK PATIO
• FRONT PORCH
• WALK-IN TUB
• ADDITIONAL SHOWER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $98k.

Deal economics

• At list price, monthly cash flow is $51 ($614/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $86k (12.9% below list).
• Recommended offer: $86k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.0% in Centerville — 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 73/100 on livability (#277 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Centerville Community School District (town): math 57% / reading 65% proficiency, ranked #251 of 289 in IA (top 87%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lakeview Elementary (math 57% / reading 60%, grade B-, #432 of 616 statewide, top 71%, 575 students, 50% FRL); Howar Middle School (math 57% / reading 66%, grade B+, #179 of 246 statewide, top 73%, 299 students, 50% FRL); Centerville High School (math 58% / reading 71%, grade B-, #211 of 336 statewide, top 70%, 404 students, 44% FRL).
• Market conditions: 83 active listings in the ZIP; 6 units permitted in Appanoose County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($681 loan paydown + $1k appreciation (1.1% local appreciation)).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $98k implies a 146% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,747 (12.9% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.87% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.23%
• DSCR: 1.10
• GRM: 9.6

CMA / ARV

• ARV (median comp): $84,724
• List price: $98,500
• Delta: 16.26%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.20×
• Total profit: $5,465
• Equity at exit: $34,037

10-year hold

• IRR: 8.2%
• Equity multiple: 2.01×
• Total profit: $27,843
• Equity at exit: $45,550

Cash invested: $27,580 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Iowa: 83 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; mostly landlord-friendly statewide.

Methodology + full state rankings →

ZIP-level market 52544

• Home prices YoY: 0.5%
• Active inventory: 83
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $857 medium
• Mortgage (P&I): −$517
• Tax from tax record: −$69 /mo · $824/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $51

Break-even live

Break-even rent $793

Max offer price $98,500

Occupancy floor 89%

Sensitivity live

Price	-10% $107	-5% $79	+0% $51	+5% $23	+10% $-5
Rent	-10% $-17	-5% $17	+0% $51	+5% $85	+10% $119
Rate	-1.0pp $101	-0.5pp $76	base $51	+0.5pp $26	+1.0pp $0

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: $24,625
• Closing costs: $2,955
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-22
   days on market $98,500 Active 118 DOM
2. 2026-06-21
   days on market $98,500 Active 117 DOM
3. 2026-06-21
   days on market $98,500 Active 116 DOM
4. 2026-06-18
   days on market $98,500 Active 114 DOM
5. 2026-06-17
   days on market $98,500 Active 113 DOM
6. 2026-06-16
   days on market $98,500 Active 112 DOM
7. 2026-06-15
   days on market $98,500 Active 111 DOM
8. 2026-06-13
   days on market $98,500 Active 109 DOM
9. 2026-06-12
   days on market $98,500 Active 108 DOM
10. 2026-06-09
    days on market $98,500 Active 105 DOM
11. 2026-06-08
    days on market $98,500 Active 104 DOM
12. 2026-06-07
    days on market $98,500 Active 103 DOM
13. 2026-06-07
    days on market $98,500 Active 102 DOM
14. 2026-06-04
    pricedays on market $98,500 Active 99 DOM
15. 2026-06-02
    days on market $105,000 Active 98 DOM
16. 2026-06-01
    days on market $105,000 Active 97 DOM
17. 2026-05-31
    days on market $105,000 Active 96 DOM
18. 2026-05-31
    days on market $105,000 Active 95 DOM
19. 2026-05-05
    price $105,000 1336-char remark

    Show marketing remark (1336 chars)

    SOLAR PANELS INCLUDED—ASK ABOUT THE MONTHLY ENERGY SAVINGS! This charming 2-bedroom, 1-bath home offers the perfect blend of comfort, functionality, and smart upgrades. Step inside to beautiful wood floors that flow seamlessly through the open-concept living room and kitchen, creating a bright and welcoming atmosphere. The main-level laundry adds everyday convenience. The spacious yard is ideal for relaxing or entertaining, featuring a back patio, an inviting front porch, and a newly sided 2-car detached garage with plenty of storage and parking space. The bathroom includes a walk-in tub for added safety and ease, while an additional shower in the basement provides extra flexibility for busy households. You’ll love the large pantry located off the laundry room, offering abundant storage space. Major updates include a newer electrical panel, water heater, and furnace—giving peace of mind and efficiency for years to come. Downstairs, the basement offers a dedicated storage room plus a separate office space—perfect for working from home, hobbies, or a quiet retreat. And best of all—solar panels help significantly reduce energy costs, making this home both environmentally friendly and budget smart. With charm, practicality, and energy efficiency all in one package, this home is a must-see!

20. 2026-04-10
    price $112,000 1336-char remark

    Show marketing remark (1336 chars)

    SOLAR PANELS INCLUDED—ASK ABOUT THE MONTHLY ENERGY SAVINGS! This charming 2-bedroom, 1-bath home offers the perfect blend of comfort, functionality, and smart upgrades. Step inside to beautiful wood floors that flow seamlessly through the open-concept living room and kitchen, creating a bright and welcoming atmosphere. The main-level laundry adds everyday convenience. The spacious yard is ideal for relaxing or entertaining, featuring a back patio, an inviting front porch, and a newly sided 2-car detached garage with plenty of storage and parking space. The bathroom includes a walk-in tub for added safety and ease, while an additional shower in the basement provides extra flexibility for busy households. You’ll love the large pantry located off the laundry room, offering abundant storage space. Major updates include a newer electrical panel, water heater, and furnace—giving peace of mind and efficiency for years to come. Downstairs, the basement offers a dedicated storage room plus a separate office space—perfect for working from home, hobbies, or a quiet retreat. And best of all—solar panels help significantly reduce energy costs, making this home both environmentally friendly and budget smart. With charm, practicality, and energy efficiency all in one package, this home is a must-see!

21. 2026-02-24
    listed $118,000 Active 1336-char remark

    Show marketing remark (1336 chars)

    SOLAR PANELS INCLUDED—ASK ABOUT THE MONTHLY ENERGY SAVINGS! This charming 2-bedroom, 1-bath home offers the perfect blend of comfort, functionality, and smart upgrades. Step inside to beautiful wood floors that flow seamlessly through the open-concept living room and kitchen, creating a bright and welcoming atmosphere. The main-level laundry adds everyday convenience. The spacious yard is ideal for relaxing or entertaining, featuring a back patio, an inviting front porch, and a newly sided 2-car detached garage with plenty of storage and parking space. The bathroom includes a walk-in tub for added safety and ease, while an additional shower in the basement provides extra flexibility for busy households. You’ll love the large pantry located off the laundry room, offering abundant storage space. Major updates include a newer electrical panel, water heater, and furnace—giving peace of mind and efficiency for years to come. Downstairs, the basement offers a dedicated storage room plus a separate office space—perfect for working from home, hobbies, or a quiet retreat. And best of all—solar panels help significantly reduce energy costs, making this home both environmentally friendly and budget smart. With charm, practicality, and energy efficiency all in one package, this home is a must-see!

22. 2025-07-24
    price $110,000
23. 2025-05-19
    price $115,000
24. 2025-03-31
    listed $120,000 Active
25. 2018-07-02
    soldstatus $40,000
26. 2018-06-28
    soldstatus $40,000
27. 2018-04-27
    listed $42,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IA · Partial reset (capped growth)

• Current annual tax: $824 · $69/mo
• Projected year-2 tax: $1,185 · $99/mo
• Expected delta: +$361/yr (+$30/mo · 43.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,290
• − Mortgage interest: −$5,518
• − Property taxes: −$824
• − Insurance: −$492
• − Repairs & maintenance: −$823
• − Management: −$823
• − Depreciation: −$2,865
• Taxable loss: −$1,056
• Est. tax savings @ 24.0%: +$253
• After-tax cash flow: $867/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: Centerville Community School District
• NCES district ID: 1906750
• Math proficiency: 57% ▼ -8.00%
• Reading proficiency: 65% ▼ -5.00%
• Median HH income: $35,401
• Composite: 50.48/100
• National rank: #1854
• State rank: #251 of 289 in IA

Livability — Centerville

• Score: 73/100
• State rank: #277
• US rank: #5375

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment F Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Centerville, IA
• Population (ZIP): 8,110

Population outlook (Appanoose County) Hauer SSP2

• Today (2025): 11,726 people
• By 2030: 11,194 · -4.5%
• By 2040: 10,063 · -14.2%
• By 2050: 8,976 · -23.5%
• By 2075: 6,785 · -42.1%
• By 2100: 4,819 · -58.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 6% Lithuanian 3% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · German/W. Germanic 5%

Political lean MEDSL · Appanoose

• 2024 margin: Solid R (+46.7) · D 26.1% · R 72.8% · Other 1.2%
• 2008→2024 swing: -44.8pp toward R · 2008: -1.9pp · 2024: -46.7pp
• All cycles: 2024: R+46.7 2020: R+40.2 2016: R+36.4 2012: R+3.5 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.08%
• Current HPI: 212.65
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

+150.0% since first listed

9 events — show timeline

• 2026-05-05 Price Changed $105,000 IAR
• 2026-04-10 Price Changed $112,000 IAR
• 2026-02-24 Listed $118,000 IAR
• 2025-07-24 Price Changed $110,000 IAR
• 2025-05-19 Price Changed $115,000 IAR
• 2025-03-31 Listed $120,000 IAR
• 2018-07-02 Sold (Public Records) $40,000 Public Records
• 2018-06-28 Sold (MLS) $40,000 IAR
• 2018-04-27 Listed $42,000 IAR

Property tax history

+0.8%/yr

Latest (2025): $824 · -12.7% YoY. Source: county tax records.