1437 Swanson St · Ottumwa, IA 52501

$110,000

1 bd · 1.0 ba · 640 sqft · Other public records · 8 Days on market

Built 2009 6,970 sqft lot

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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 +17.6/30.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• DSCR +5.5/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unique Property with Exceptional Garage Space & Income Potential! Looking for a property that offers more garage space than living space? This one-of-a-kind opportunity is perfect for car enthusiasts, hobbyists, contractors, or anyone needing ample storage and workspace. Built in 2009, the impressive 40' x 30' garage features approximately 1,200 square feet of versatile space, numerous electrical outlets throughout, and a convenient full bathroom. Whether you need room for vehicles, equipment, a workshop, or recreational toys, this garage is ready to meet your needs. Above the garage is a comfortable 640-square-foot apartment offering 1 bedroom, 1 bathroom, and an open living area. Live on-site while enjoying the expansive garage below, or generate rental income by leasing the apartment while retaining use of the garage. With endless possibilities for personal use, storage, workspace, or investment potential, this unique property is a rare find. Schedule your showing today and see how this versatile property can work for you!

Key facts

• Versatile space
• Income potential
• Full bathroom

Tags

• EXCEPTIONAL GARAGE SPACE
• INCOME POTENTIAL
• VERSATILE SPACE
• FULL BATHROOM

Property features AI

Finance

• HOA & community: Association fee paid annually

Exterior

• Parking: Attached garage with space for 3 vehicles
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding and frame construction; Slab foundation
• Exterior features: Street lights in the community; Lot dimensions approximately 59 x 125

Interior

• Kitchen: Dishwasher
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Ductless heating
• Interior features: Other interior features; Dishwasher
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $110k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 7.2% vs local median 5.9% in Ottumwa — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 80/100 on livability (#91 in IA, #1,900 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, employment D-.
• Ottumwa Community School District (town): math 50% / reading 54% proficiency, ranked #277 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ottumwa High School (math 53% / reading 58%, grade C, #287 of 336 statewide, top 86%, 1,317 students, 37% FRL).
• Market conditions: 186 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 44 units permitted in Wapello County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wapello County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $88k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $110,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
3. 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?
4. 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.
5. 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.
6. 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: 1.05% ✓
• Cap rate: 7.24%
• Cash-on-cash: 3.38%
• DSCR: 1.15
• GRM: 8.0

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: -10.9%
• Equity multiple: 0.60×
• Total profit: $-12,240
• Equity at exit: $16,401

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-3,315
• Equity at exit: $9,511

Cash invested: $30,800 (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 52501

• Active inventory: 186
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,150 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$199 /mo · $2,388/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $87

Break-even live

Break-even rent $1,040

Max offer price $110,000

Occupancy floor 87%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 Minneopa Ave Unit 203 Ottumwa, IA	2.0	1.0	700	$1,150	$1.64	43d	1	0.51mi

Listing history 7 events

1. 2026-06-18
   days on market $110,000 Active 8 DOM
2. 2026-06-17
   days on market $110,000 Active 7 DOM
3. 2026-06-16
   days on market $110,000 Active 6 DOM
4. 2026-06-15
   days on market $110,000 Active 5 DOM
5. 2026-06-13
   days on market $110,000 Active 3 DOM
6. 2026-06-12
   remarks 695-char remark
7. 2026-06-12
   listed $110,000 Active 2 DOM

ⓘ 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: $2,388 · $199/mo
• Projected year-2 tax: $2,388 · $199/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,800
• − Mortgage interest: −$6,162
• − Property taxes: −$2,388
• − Insurance: −$550
• − Repairs & maintenance: −$1,104
• − Management: −$1,104
• − Depreciation: −$3,200
• Taxable loss: −$708
• Est. tax savings @ 24.0%: +$170
• After-tax cash flow: $1,212/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: Ottumwa Community School District
• NCES district ID: 1922110
• Math proficiency: 50% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $39,864
• Composite: 43.46/100
• National rank: #3004
• State rank: #277 of 289 in IA

Livability — Ottumwa

• Score: 80/100
• State rank: #91
• US rank: #1900

Category grades

Amenities C Commute A Cost of living A+ Crime D- Employment D- Housing A+ Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottumwa, IA
• Population (ZIP): 30,341

Population outlook (Wapello County) Hauer SSP2

• Today (2025): 35,472 people
• By 2030: 35,563 · +0.3%
• By 2040: 36,083 · +1.7%
• By 2050: 37,287 · +5.1%
• By 2075: 43,898 · +23.8%
• By 2100: 52,973 · +49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 7% Black 4% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Iranian 4% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada
• Languages at home: 84% English-only · Spanish 10% Other Asian/Pacific 3% Tagalog/Filipino 1%

Political lean MEDSL · Wapello

• 2024 margin: Solid R (+31.4) · D 33.6% · R 65.0% · Other 1.4%
• 2008→2024 swing: -45.0pp toward R · 2008: 13.5pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+23.6 2016: R+20.8 2012: D+11.8 2008: D+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.66%
• Current HPI: 174.6021
• 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

+15.8% since first listed

7 events — show timeline

• 2026-06-09 Listed $110,000 IAR
• 2026-06-08 Listed $110,000 ICAARMLS
• 2024-09-25 Pending — IAR
• 2024-09-24 Sold (Public Records) $88,500 Public Records
• 2024-09-23 Sold (MLS) $88,500 IAR
• 2024-08-05 Contingent — IAR
• 2024-07-20 Listed $95,000 IAR

Property tax history

+1.1%/yr

Latest (2025): $2,388 · +5.3% YoY. Source: county tax records.