649 N Main St · Centerville, IA 52544

$48,500

3 bd · 1.0 ba · 1,511 sqft · SingleFamily public records · 37 Days on market

Built 1880 Fair condition 0.30 ac lot 2-car garage $32/sqft · 64% below area

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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 +6.2/10.0
• Appreciation +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

Property being sold "AS IS". 1,511 square feet, 4-bedroom home you can make your own. This property would also make a great flip for that renovator entrepreneur. The home offers a great yard and a 2 car-detached garage. Shed does sell with the property.

Key facts

• Shed
• 0.3 acre lot
• 2 garage spots

Tags

• 2 CAR DETACHED GARAGE
• SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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: 108 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 $859 of equity ($335 loan paydown + $524 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $48k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,045 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.21% ✓
• Cap rate: 18.51%
• Cash-on-cash: 43.64%
• DSCR: 2.94
• GRM: 3.8

CMA / ARV

• ARV (median comp): $134,004
• List price: $48,500
• Delta: -63.81%
• 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
527 N 12th St	0.18mi	2/1.0 (-1)	1,468 (-3%)	14mo	$50,000	$34	70
735 N 11th St	0.13mi	4/1.0 (+1)	1,602 (+6%)	10mo	$22,000	$14	70
715 N 11th St	0.10mi	3/2.5	1,344 (-11%)	3mo	$58,900	$44	68
632 N 6th St	0.40mi	3/2.0	1,421 (-6%)	6mo	$59,900	$42	62
1516 N 14th St	0.47mi	3/1.0	1,308 (-13%)	1mo	$180,000	$138	55
515 E State St	0.44mi	3/1.0	1,302 (-14%)	2mo	$49,500	$38	55
302 W Prairie St	0.64mi	2/1.0 (-1)	1,446 (-4%)	5mo	$30,000	$21	54
717 E State	0.50mi	3/1.0	1,360 (-10%)	12mo	$60,000	$44	50
509 E Prairie St	0.64mi	3/1.0	1,400 (-7%)	13mo	$145,000	$104	47
403 E Maple St	0.49mi	3/2.0	1,349 (-11%)	13mo	$190,000	$141	45
1227 W Washington St	0.71mi	3/2.0	1,344 (-11%)	2mo	$225,500	$168	43
626 N 3rd St	0.56mi	3/2.0	1,288 (-15%)	6mo	$189,900	$147	40

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

Projected returns pro-forma

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

5-year hold

• IRR: 46.4%
• Equity multiple: 3.40×
• Total profit: $32,580
• Equity at exit: $16,759

10-year hold

• IRR: 48.0%
• Equity multiple: 6.77×
• Total profit: $78,324
• Equity at exit: $22,428

Cash invested: $13,580 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 17 active · 8 under contract
• Months of supply: 8.5 mo (12%/mo absorbed)
• Median asking: $152,500 ($104/sqft)
• Median days on market: 65 d
• This list price: 12% of active listings are priced below it
• ARV vs active asking: -14.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 52544

• Home prices YoY: 0.5%
• Active inventory: 108
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,070 medium
• Mortgage (P&I): −$254
• Tax from tax record: −$76 /mo · $918/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $494

Break-even live

Break-even rent $444

Max offer price $48,500

Occupancy floor 49%

Sensitivity live

Price	-10% $521	-5% $508	+0% $494	+5% $480	+10% $466
Rent	-10% $409	-5% $452	+0% $494	+5% $536	+10% $578
Rate	-1.0pp $518	-0.5pp $506	base $494	+0.5pp $481	+1.0pp $469

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: $12,125
• Closing costs: $1,455
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Exterior

• Parking: 2-car garageConcrete parking
• Utilities: Public waterPublic sewer
• Home design: Single family residenceResidential property
• Construction: Built with other construction materialsOne and one-half story
• Exterior features: 66 x 200 lot (0.3 acres)

Interior

• Bedrooms: One and one-half levels
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heatingBaseboard heatingWall unit cooling
• Interior features: Basement

Listing history 31 events

1. 2026-08-08
   days on market $48,500 Active 37 DOM
2. 2026-08-07
   days on market $48,500 Active 36 DOM
3. 2026-08-06
   days on market $48,500 Active 35 DOM
4. 2026-08-05
   days on market $48,500 Active 34 DOM
5. 2026-08-04
   days on market $48,500 Active 33 DOM
6. 2026-08-03
   days on market $48,500 Active 32 DOM
7. 2026-07-31
   days on market $48,500 Active 29 DOM
8. 2026-07-30
   days on market $48,500 Active 28 DOM
9. 2026-07-29
   days on market $48,500 Active 27 DOM
10. 2026-07-27
    days on market $48,500 Active 25 DOM
11. 2026-07-25
    days on market $48,500 Active 23 DOM
12. 2026-07-24
    days on market $48,500 Active 22 DOM
13. 2026-07-23
    days on market $48,500 Active 21 DOM
14. 2026-07-22
    days on market $48,500 Active 20 DOM
15. 2026-07-21
    days on market $48,500 Active 19 DOM
16. 2026-07-18
    days on market $48,500 Active 16 DOM
17. 2026-07-16
    days on market $48,500 Active 14 DOM
18. 2026-07-15
    days on market $48,500 Active 13 DOM
19. 2026-07-14
    days on market $48,500 Active 12 DOM
20. 2026-07-13
    days on market $48,500 Active 11 DOM
21. 2026-07-12
    days on market $48,500 Active 10 DOM
22. 2026-07-12
    days on market $48,500 Active 9 DOM
23. 2026-07-10
    days on market $48,500 Active 8 DOM
24. 2026-07-09
    days on market $48,500 Active 7 DOM
25. 2026-07-09
    days on market $48,500 Active 6 DOM
26. 2026-07-07
    days on market $48,500 Active 5 DOM
27. 2026-07-06
    days on market $48,500 Active 4 DOM
28. 2026-07-05
    days on market $48,500 Active 3 DOM
29. 2026-07-04
    days on market $48,500 Active 2 DOM
30. 2026-07-03
    remarks 253-char remark
31. 2026-07-03
    listed $48,500 Active 1 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: $918 · $76/mo
• Projected year-2 tax: $918 · $76/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $12,835
• − Mortgage interest: −$2,717
• − Property taxes: −$918
• − Insurance: −$242
• − Repairs & maintenance: −$1,027
• − Management: −$1,027
• − Depreciation: −$1,411
• Taxable income: $5,493
• Est. tax owed @ 24.0%: −$1,318
• After-tax cash flow: $4,609/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab Est. rehab $37,775–$67,995 screening

The home is in fair condition with some repairs and maintenance needed. The kitchen and bathroom need updates to increase its resale value.

Deferred maintenance Est. $60,000–$180,000 screening

• Major Roof (roof) — visible damage and debris
• Major Windows (windows) — visible damage and debris
• Major Electrical (electrical) — visible damage and debris
• Major Plumbing (plumbing) — visible damage and debris
• Major Exterior (exterior) — visible damage and debris
• Major Other — visible damage and debris

Repairs flagged

• Minor Kitchen floor — The kitchen floor is outdated and could be replaced with a more modern option.
• Minor Bathroom fixtures — The bathroom fixtures are outdated and could be replaced with more modern options.

Value-add opportunities

• Resale Paint interior walls — Painting the interior walls can make the home look more modern and appealing to potential buyers. ↑
• Resale Replace kitchen floor — Replacing the outdated kitchen floor with a more modern option can make the home more appealing to potential buyers. ↑
• Resale Replace bathroom fixtures — Replacing the outdated bathroom fixtures with more modern options can make the home more appealing to potential buyers. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 62/100

Zoned Schools

Elementary Lakeview Elementary B- IA #432/616 Nat'l #8,158/41,679 Middle Howar Middle School B+ IA #179/246 Nat'l #1,620/14,009 High Centerville High School B- IA #211/336 Nat'l #2,821/17,239

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

B Composite livability gradescore 73/100

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
• County: Appanoose · 11,726 people
• Population (ZIP): 8,110
• Household income: $45,257
• Rent vs Own: 36.1% rent · 63.9% own
• Severe rent burden: 10% of renters

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in IA)

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

Property features AI

Exterior

• Parking: 2-car garageConcrete parking
• Utilities: Public waterPublic sewer
• Home design: Single family residenceResidential property
• Construction: Built with other construction materialsOne and one-half story
• Exterior features: 66 x 200 lot (0.3 acres)

Interior

• Bedrooms: One and one-half levels
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heatingBaseboard heatingWall unit cooling
• Interior features: Basement

Price history

+141.3% since first listed

2 events — show timeline

• 2026-07-02 Listed $48,500 IAR
• 2011-03-10 Sold (Public Records) $20,100 Public Records

Property tax history

+2.4%/yr

Latest (2025): $918 · +1.8% YoY. Source: county tax records.