2806 Avenue K · Fort Madison, IA 52627

$41,490

2 bd · 1.5 ba · 1,155 sqft · SingleFamily public records · 14 Days on market

Built 1895 3,485 sqft lot

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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 +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Property selling at Online Only Auction! Modest 2 bedroom, 1 ½ bath home with 1,155 sq. ft. of living space and detached 1 car garage off of the alley. It has a gas forced air furnace, window air and appliances remain with the home. It needs updating (one tenant occupied for the past 18 years) but could be a great rental or starter home. It has a current rental permit from the City of Fort Madison. Bidding is open to everyone and can be completed conveniently from anywhere using your phone, tablet, or computer. List price is assessed value and has no bearing on final sale price.

Key facts

• 3,485 sq ft lot
• Garage
• Built 1895

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding
• Exterior features: Lot approximately 25 x 130 (0.08 acres); Directions: Between 28th and 29th Streets on Avenue K

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Basement

🏷️ Possibly a rental listed for sale. The $41,490 price doesn't fit this home's estimated sale value (~$131,670) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $41k.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($715 rent vs $41k).
• Cap rate 13.9% vs local median 5.3% in Fort Madison — 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 75/100 on livability (#230 in IA, #4,353 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F, employment D-.
• Fort Madison Community School District (town): math 55% / reading 58% proficiency, ranked #260 of 289 in IA (top 90%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 64 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 15 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $286 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Lee County population projected at -15% 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 ~5 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $41,490

Questions for the listing agent

1. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
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: 1.72% ✓
• Cap rate: 13.88%
• Cash-on-cash: 27.08%
• DSCR: 2.20
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $131,670
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2805 Avenue K	0.02mi	2/1.5	1,110 (-4%)	4mo	$35,000	$32	89
3030 Avenue I	0.28mi	3/1.5 (+1)	1,096 (-5%)	0mo	$74,000	$68	73
23 Oak Dr Dr	0.44mi	3/2.0 (+1)	1,164 (+1%)	2mo	$160,000	$137	70
3401 Avenue L	0.48mi	3/1.0 (+1)	1,148 (-1%)	3mo	$97,000	$84	67
28 Oak Dr	0.48mi	3/1.5 (+1)	1,200 (+4%)	1mo	$180,000	$150	65
45 Richards Dr	0.36mi	2/1.0	1,250 (+8%)	4mo	$122,000	$98	64
916 30th St	0.19mi	3/1.0 (+1)	1,000 (-13%)	2mo	$140,000	$140	60
10 Oak Dr	0.36mi	3/2.0 (+1)	1,038 (-10%)	1mo	$153,000	$147	58
225 Vica Ln	0.61mi	3/2.0 (+1)	1,118 (-3%)	2mo	$160,000	$143	57
2301 Avenue E	0.59mi	3/1.0 (+1)	1,056 (-9%)	0mo	$119,900	$114	51
33 Storms Ct	0.45mi	3/2.5 (+1)	1,296 (+12%)	3mo	$148,000	$114	47
1317 23rd St. St	0.46mi	1/1.0 (-1)	983 (-15%)	2mo	$17,000	$17	45

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: 21.1%
• Equity multiple: 1.86×
• Total profit: $9,994
• Equity at exit: $6,186

10-year hold

• IRR: 29.2%
• Equity multiple: 3.61×
• Total profit: $30,286
• Equity at exit: $3,587

Cash invested: $11,617 (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 52627

• Home prices YoY: -28.6%
• Active inventory: 64
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $715 medium
• Mortgage (P&I): −$218
• Tax from tax record: −$68 /mo · $814/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$150
• Net cashflow: $262

Break-even live

Break-even rent $383

Max offer price $41,490

Occupancy floor 58%

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: $10,372
• Closing costs: $1,245
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3421 Avenue N Fort Madison, IA	1.0–2.0	1.0	572	$715	$1.25	43d	5	0.53mi

Listing history 12 events

1. 2026-06-19
   days on market $41,490 Active 14 DOM
2. 2026-06-18
   days on market $41,490 Active 13 DOM
3. 2026-06-17
   days on market $41,490 Active 12 DOM
4. 2026-06-16
   days on market $41,490 Active 11 DOM
5. 2026-06-15
   days on market $41,490 Active 10 DOM
6. 2026-06-14
   days on market $41,490 Active 8 DOM
7. 2026-06-12
   days on market $41,490 Active 7 DOM
8. 2026-06-09
   days on market $41,490 Active 4 DOM
9. 2026-06-08
   days on market $41,490 Active 3 DOM
10. 2026-06-07
    days on market $41,490 Active 2 DOM
11. 2026-06-07
    remarks 585-char remark
12. 2026-06-07
    listed $41,490 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: $814 · $68/mo
• Projected year-2 tax: $814 · $68/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,580
• − Mortgage interest: −$2,324
• − Property taxes: −$814
• − Insurance: −$207
• − Repairs & maintenance: −$686
• − Management: −$686
• − Depreciation: −$1,207
• Taxable income: $2,655
• Est. tax owed @ 24.0%: −$637
• After-tax cash flow: $2,509/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: Fort Madison Community School District
• NCES district ID: 1911850
• Math proficiency: 55% ▼ -7.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $46,801
• Composite: 47.87/100
• National rank: #2218
• State rank: #260 of 289 in IA

Livability — Fort Madison

• Score: 75/100
• State rank: #230
• US rank: #4353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Madison, IA
• Population (ZIP): 12,585

Population outlook (Lee County) Hauer SSP2

• Today (2025): 33,813 people
• By 2030: 32,835 · -2.9%
• By 2040: 30,690 · -9.2%
• By 2050: 28,777 · -14.9%
• By 2075: 25,568 · -24.4%
• By 2100: 21,983 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 5% Black 4%
• Common ancestry: Slovak 2% Portuguese 1% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.0% · R 62.9% · Other 2.1%
• 2008→2024 swing: -43.8pp toward R · 2008: 16.0pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+19.3 2016: R+16.1 2012: D+16.0 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.32%
• Current HPI: 175.7708
• 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

• 2026-06-05 Listed $41,490 IAR

Property tax history

+3.3%/yr

Latest (2025): $814 · +1.5% YoY. Source: county tax records.