20502 578th St · Cincinnati, IA 52549

$148,000

2 bd · 1.0 ba · 1,725 sqft · Other public records · 67 Days on market

Built 1920 2.23 ac lot ↓ 11% since listing

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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 +9.0/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Appreciation +4.7/10.0
• Livability +3.0/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Listing remarks MLS

Charming Country Acreage with Endless Potential! Discover the opportunity to make this 1.5 Story, 3-bedroom, 2 1/2-bath home your own, nestled on approximately 2.23 acres just off Hwy 5 near Cincinnati, IA. Tucked away on a quiet gravel road, this property offers the peaceful, private country setting you’ve been looking for. This spacious home is truly a diamond in the rough, ready for your personal touch and vision. Whether you're looking for a fixer-upper, investment property, or a place to create your dream rural retreat, the possibilities here are endless. A standout feature of this property is the two detached garages/shops (30' x 36' and 28' x 30'), perfect for hobbyists, mechanics, or anyone needing ample space for vehicles, equipment, or projects. Property is being sold AS-IS.

Key facts

• Country acreage
• Quiet gravel road
• Two detached garages

Tags

• COUNTRY ACREAGE
• TWO DETACHED GARAGES
• QUIET GRAVEL ROAD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $148k.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (28.9% below list).
• Recommended offer: $105k (28.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#855 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities 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.
• Market conditions: 9 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 $263 of equity ($1k loan paydown + $-760 appreciation (-0.5% local appreciation)).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($139k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,297 (28.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.71% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.36%
• DSCR: 0.85
• GRM: 11.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.51% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.63×
• Total profit: $-15,280
• Equity at exit: $39,214

10-year hold

• IRR: -1.8%
• Equity multiple: 0.82×
• Total profit: $-7,424
• Equity at exit: $44,231

Cash invested: $41,440 (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 52549

• Home prices YoY: -0.6%
• Active inventory: 9
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,053 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$110 /mo · $1,320/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $-116

Break-even live

Break-even rent $1,200

Max offer price $127,517

Occupancy floor —

Sensitivity live

Price	-10% $-32	-5% $-74	+0% $-116	+5% $-158	+10% $-200
Rent	-10% $-199	-5% $-158	+0% $-116	+5% $-74	+10% $-33
Rate	-1.0pp $-41	-0.5pp $-78	base $-116	+0.5pp $-154	+1.0pp $-193

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-17
   price $148,000 802-char remark

   Show marketing remark (802 chars)

   Charming Country Acreage with Endless Potential! Discover the opportunity to make this 1.5 Story, 3-bedroom, 2 1/2-bath home your own, nestled on approximately 2.23 acres just off Hwy 5 near Cincinnati, IA. Tucked away on a quiet gravel road, this property offers the peaceful, private country setting you’ve been looking for. This spacious home is truly a diamond in the rough, ready for your personal touch and vision. Whether you're looking for a fixer-upper, investment property, or a place to create your dream rural retreat, the possibilities here are endless. A standout feature of this property is the two detached garages/shops (30' x 36' and 28' x 30'), perfect for hobbyists, mechanics, or anyone needing ample space for vehicles, equipment, or projects. Property is being sold AS-IS.

2. 2026-03-30
   price $153,900 802-char remark

   Show marketing remark (802 chars)

   Charming Country Acreage with Endless Potential! Discover the opportunity to make this 1.5 Story, 3-bedroom, 2 1/2-bath home your own, nestled on approximately 2.23 acres just off Hwy 5 near Cincinnati, IA. Tucked away on a quiet gravel road, this property offers the peaceful, private country setting you’ve been looking for. This spacious home is truly a diamond in the rough, ready for your personal touch and vision. Whether you're looking for a fixer-upper, investment property, or a place to create your dream rural retreat, the possibilities here are endless. A standout feature of this property is the two detached garages/shops (30' x 36' and 28' x 30'), perfect for hobbyists, mechanics, or anyone needing ample space for vehicles, equipment, or projects. Property is being sold AS-IS.

3. 2026-03-18
   listed $165,900 Active 802-char remark

   Show marketing remark (802 chars)

   Charming Country Acreage with Endless Potential! Discover the opportunity to make this 1.5 Story, 3-bedroom, 2 1/2-bath home your own, nestled on approximately 2.23 acres just off Hwy 5 near Cincinnati, IA. Tucked away on a quiet gravel road, this property offers the peaceful, private country setting you’ve been looking for. This spacious home is truly a diamond in the rough, ready for your personal touch and vision. Whether you're looking for a fixer-upper, investment property, or a place to create your dream rural retreat, the possibilities here are endless. A standout feature of this property is the two detached garages/shops (30' x 36' and 28' x 30'), perfect for hobbyists, mechanics, or anyone needing ample space for vehicles, equipment, or projects. Property is being sold AS-IS.

ⓘ 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: $1,320 · $110/mo
• Projected year-2 tax: $1,822 · $152/mo
• Expected delta: +$502/yr (+$42/mo · 38.0%)

ⓘ 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 ≥104°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,636
• − Mortgage interest: −$8,290
• − Property taxes: −$1,320
• − Insurance: −$740
• − Repairs & maintenance: −$1,011
• − Management: −$1,011
• − Depreciation: −$4,305
• Taxable loss: −$4,042
• Est. tax savings @ 24.0%: +$970
• After-tax cash flow: $-421/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 — Cincinnati

• Score: 59/100
• State rank: #855
• US rank: #19784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 547

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 (100%)
• Race & ethnicity: White 100%
• Common ancestry: Lithuanian 3% Portuguese 3% Slovak 2%
• Languages at home: 80% English-only · German/W. Germanic 20%

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: ▼ -0.51%
• Current HPI: 89.6538
• 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

-10.8% since first listed

3 events — show timeline

• 2026-04-17 Price Changed $148,000 IAR
• 2026-03-30 Price Changed $153,900 IAR
• 2026-03-18 Listed $165,900 IAR

Property tax history

+2.4%/yr

Latest (2025): $1,320 · -5.8% YoY. Source: county tax records.