515 S 16th St · Centerville, IA 52574

$43,900

2 bd · 1.0 ba · 962 sqft · Other public records · 35 Days on market

Built 1925 8,712 sqft lot $46/sqft · 41% below area Est $75k · 41% under ↓ 1% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.3/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Investor special with great potential! This 2 bed, 1 bath home offers 962 sq. ft. of living space and is priced to sell. Perfect opportunity for investors, flippers, or buyers looking to build equity. Features include a functional layout, spacious yard, and convenient location close to local amenities. Home is in need of updates and repairs but offers plenty of upside. Bring your vision and make this property shine! Being sold as-is.

Key facts

• Spacious yard
• Functional layout
• Convenient location

Tags

• FUNCTIONAL LAYOUT
• SPACIOUS YARD
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: Gravel parking area
• Utilities: Public water; Public sewer
• Home design: One and one-half stories; Single-family residential
• Construction: Metal siding
• Exterior features: Gravel parking; Lot approximately 0.2 acres

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $44k.

Deal economics

• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($874 rent vs $44k).
• Recommended offer: $43k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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.
• Market conditions: 8 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 $1k of equity ($304 loan paydown + $1k appreciation (2.5% 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 (2.5% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $10k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $42,583 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.99% ✓
• Cap rate: 15.94%
• Cash-on-cash: 34.46%
• DSCR: 2.53
• GRM: 4.2

CMA / ARV

• ARV (median comp): $74,661
• List price: $43,900
• Delta: -41.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.52% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 3.17×
• Total profit: $26,700
• Equity at exit: $18,563

10-year hold

• IRR: 39.9%
• Equity multiple: 6.29×
• Total profit: $64,995
• Equity at exit: $27,725

Cash invested: $12,292 (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 52574

• Home prices YoY: 3.2%
• Active inventory: 8
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $874 medium
• Mortgage (P&I): −$230
• Tax from tax record: −$89 /mo · $1,066/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $353

Break-even live

Break-even rent $427

Max offer price $43,900

Occupancy floor 55%

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: $10,975
• Closing costs: $1,317
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $43,900 Active 35 DOM
2. 2026-06-17
   days on market $43,900 Active 34 DOM
3. 2026-06-16
   days on market $43,900 Active 33 DOM
4. 2026-06-15
   days on market $43,900 Active 32 DOM
5. 2026-06-13
   pricedays on marketlisting id $43,900 Active 30 DOM
6. 2026-06-12
   days on market $39,000 Active 31 DOM
7. 2026-06-09
   days on market $39,000 Active 28 DOM
8. 2026-06-08
   days on market $39,000 Active 27 DOM
9. 2026-06-07
   days on market $39,000 Active 26 DOM
10. 2026-06-07
    days on market $39,000 Active 25 DOM
11. 2026-06-04
    days on market $39,000 Active 22 DOM
12. 2026-06-02
    days on market $39,000 Active 21 DOM
13. 2026-06-01
    price $39,000 Active 20 DOM
14. 2026-06-01
    days on market $43,900 Active 20 DOM
15. 2026-05-31
    days on market $43,900 Active 19 DOM
16. 2026-05-31
    days on market $43,900 Active 18 DOM
17. 2026-05-18
    price $43,900 436-char remark
18. 2026-05-18
    price $43,900 437-char remark
19. 2026-05-11
    listed $53,900 Active 436-char remark
20. 2026-05-11
    listed $53,900 Active 437-char remark
21. 2019-05-28
    soldstatus $30,000
22. 2019-05-28
    soldstatus $30,000
23. 2019-03-28
    listed $32,000
24. 2018-09-17
    listed $39,500

ⓘ 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: $1,066 · $89/mo
• Projected year-2 tax: $1,066 · $89/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 2/10 Low
• 🌡 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: $10,486
• − Mortgage interest: −$2,459
• − Property taxes: −$1,066
• − Insurance: −$220
• − Repairs & maintenance: −$839
• − Management: −$839
• − Depreciation: −$1,277
• Taxable income: $3,787
• Est. tax owed @ 24.0%: −$909
• After-tax cash flow: $3,327/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): 484

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% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 6% Romanian 4% Iranian 1%

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: ▲ 2.52%
• Current HPI: 80.1573
• 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

-1.3% since first listed

9 events — show timeline

• 2026-06-01 Price Changed $39,000 SWIAR
• 2026-05-18 Price Changed $43,900 IAR
• 2026-05-18 Price Changed $43,900 SWIAR
• 2026-05-11 Listed $53,900 IAR
• 2026-05-11 Listed $53,900 SWIAR
• 2019-05-28 Sold (Public Records) $30,000 Public Records
• 2019-05-28 Sold (MLS) $30,000 IAR
• 2019-03-28 Listed $32,000 IAR
• 2018-09-17 Listed $39,500 IAR

Property tax history

+4.6%/yr

Latest (2025): $1,066 · +1.3% YoY. Source: county tax records.