814 Armory Ave · Chariton, IA 50049

$42,000

3 bd · 1.5 ba · 1,605 sqft · SingleFamily public records · 69 Days on market

Built 1918 0.25 ac lot $26/sqft · 68% below area

---

Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• 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

Opportunity awaits at 814 Armory Ave in Chariton! This property is a great investment opportunity for those looking to renovate and add value. With solid potential and a desirable location, this home is ready for a full transformation. Ideal for investors, flippers, or buyers looking to build equity through improvements. Property is being sold as-is and will require significant work, but the upside is there for the right buyer

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 1918

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $739 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Recommended offer: $39k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.4% vs local median 4.0% in Chariton — 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 80/100 on livability (#84 in IA, #1,703 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Chariton Community School District (town): math 57% / reading 65% proficiency, ranked #241 of 289 in IA (top 83%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 80 active listings in the ZIP; 3 units permitted in Lucas County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $290 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Lucas County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,480 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — 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. 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.
7. 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.
8. 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: 3.10% ✓
• Cap rate: 27.41%
• Cash-on-cash: 75.42%
• DSCR: 4.36
• GRM: 2.7

CMA / ARV

• ARV (median comp): $152,812
• List price: $42,000
• Delta: -72.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 S Grand St	0.03mi	3/1.0	1,680 (+5%)	8mo	$20,000	$12	82
505 S 8th St	0.25mi	4/2.5 (+1)	1,598 (-0%)	6mo	$128,800	$81	74
1108 Hillcrest Ct	0.35mi	3/2.5	1,580 (-2%)	7mo	$250,000	$158	71
1219 Braden Ave	0.42mi	3/1.0	1,557 (-3%)	6mo	$175,000	$112	68
1344 Braden Ave	0.51mi	3/2.0	1,500 (-6%)	4mo	$170,000	$113	60
514 S Main St	0.23mi	4/2.0 (+1)	1,831 (+14%)	3mo	$225,000	$123	56
431 S 7th St	0.18mi	2/1.5 (-1)	1,400 (-13%)	11mo	$175,000	$125	56
456 S 8th Street St	0.19mi	4/2.5 (+1)	1,409 (-12%)	14mo	$160,000	$114	50
710 N 6th St	0.74mi	3/2.0	1,668 (+4%)	13mo	$250,000	$150	46
520 N 8th St	0.56mi	2/1.0 (-1)	1,397 (-13%)	0mo	$178,000	$127	45
534 N 8th St	0.58mi	3/2.0	1,840 (+15%)	7mo	$206,000	$112	41
632 Osage Ave	0.54mi	3/2.0	1,844 (+15%)	13mo	$127,000	$69	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 75.3%
• Equity multiple: 4.43×
• Total profit: $40,288
• Equity at exit: $6,262

10-year hold

• IRR: 79.0%
• Equity multiple: 9.14×
• Total profit: $95,778
• Equity at exit: $3,631

Cash invested: $11,760 (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 50049

• Home prices YoY: -4.4%
• Active inventory: 80
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,303 medium
• Mortgage (P&I): −$220
• Tax est. 1.5%: −$52 /mo · $630/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $739

Break-even live

Break-even rent $367

Max offer price $42,000

Occupancy floor 38%

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: $10,500
• Closing costs: $1,260
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $42,000 Active 69 DOM
2. 2026-06-17
   days on market $42,000 Active 68 DOM
3. 2026-06-16
   days on market $42,000 Active 67 DOM
4. 2026-06-15
   days on market $42,000 Active 66 DOM
5. 2026-06-13
   days on market $42,000 Active 64 DOM
6. 2026-06-12
   days on market $42,000 Active 63 DOM
7. 2026-06-09
   days on market $42,000 Active 60 DOM
8. 2026-06-08
   days on market $42,000 Active 59 DOM
9. 2026-06-07
   days on market $42,000 Active 58 DOM
10. 2026-06-07
    days on market $42,000 Active 57 DOM
11. 2026-06-04
    days on market $42,000 Active 54 DOM
12. 2026-06-02
    days on market $42,000 Active 53 DOM
13. 2026-06-01
    days on market $42,000 Active 52 DOM
14. 2026-05-31
    days on market $42,000 Active 51 DOM
15. 2026-05-31
    days on market $42,000 Active 50 DOM
16. 2026-04-10
    listed $50,000 Active 430-char remark

    Show marketing remark (430 chars)

    Opportunity awaits at 814 Armory Ave in Chariton! This property is a great investment opportunity for those looking to renovate and add value. With solid potential and a desirable location, this home is ready for a full transformation. Ideal for investors, flippers, or buyers looking to build equity through improvements. Property is being sold as-is and will require significant work, but the upside is there for the right buyer

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,636
• − Mortgage interest: −$2,353
• − Property taxes: −$630
• − Insurance: −$210
• − Repairs & maintenance: −$1,251
• − Management: −$1,251
• − Depreciation: −$1,222
• Taxable income: $8,720
• Est. tax owed @ 24.0%: −$2,093
• After-tax cash flow: $6,777/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: Chariton Community School District
• NCES district ID: 1907050
• Math proficiency: 57% ▼ -11.00%
• Reading proficiency: 65% ▼ -6.00%
• Median HH income: $44,415
• Composite: 51.35/100
• National rank: #1738
• State rank: #241 of 289 in IA

Livability — Chariton

• Score: 80/100
• State rank: #84
• US rank: #1703

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chariton, IA
• Population (ZIP): 6,425

Population outlook (Lucas County) Hauer SSP2

• Today (2025): 8,106 people
• By 2030: 7,755 · -4.3%
• By 2040: 7,007 · -13.6%
• By 2050: 6,265 · -22.7%
• By 2075: 4,926 · -39.2%
• By 2100: 3,792 · -53.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Iranian 3% Italian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Lucas

• 2024 margin: Solid R (+48.1) · D 25.2% · R 73.3% · Other 1.5%
• 2008→2024 swing: -41.4pp toward R · 2008: -6.7pp · 2024: -48.1pp
• All cycles: 2024: R+48.1 2020: R+43.3 2016: R+38.1 2012: R+6.3 2008: R+6.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.20%
• Current HPI: 220.0223
• 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 event — show timeline

• 2026-04-10 Listed $50,000 IAR

Property tax history

+2.6%/yr

Latest (2025): $2,368 · +6.1% YoY. Source: county tax records.