220 E Franklin St · Centerville, IA 52544

$10,000

3 bd · 1.0 ba · 1,206 sqft · Other public records · 20 Days on market

Built 1915 5,000 sqft lot

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Opportunity awaits at 220 E. Franklin Street in Centerville! This 3-bedroom home offers approximately 1,206 square feet of living space and is ready for your vision and finishing touches. Whether you're an investor searching for your next project, a flipper looking to add value, or a buyer wanting to build sweat equity, this property presents tremendous potential. The spacious floor plan provides flexibility for redesign and renovation, with multiple options to reconfigure the layout to maximize value and functionality. Original hardwood flooring adds character and charm, while the home's solid footprint creates an excellent foundation for restoration. Situated on a convenient in-town lot,

Key facts

• Near schools
• In-town lot
• Near shopping

Tags

• ORIGINAL HARDWOOD FLOORING
• SPACIOUS FLOOR PLAN
• SOLID FOOTPRINT
• IN-TOWN LOT
• NEAR SCHOOLS
• NEAR SHOPPING

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Lot approximately 50 x 100

Interior

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

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $10k.

Deal economics

• At list price, monthly cash flow is $730 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $10k).
• Recommended offer: $10k (1.5% below list) — sets the bar for market timing.
• Cap rate 93.9% 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: 82 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 $177 of equity ($69 loan paydown + $108 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($10k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,850 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — 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 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?
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: 10.19% ✓
• Cap rate: 93.94%
• Cash-on-cash: 313.04%
• DSCR: 14.93
• GRM: 0.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 17.70×
• Total profit: $46,767
• Equity at exit: $3,455

10-year hold

• IRR: —
• Equity multiple: 37.65×
• Total profit: $102,631
• Equity at exit: $4,624

Cash invested: $2,800 (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 52544

• Home prices YoY: 0.5%
• Active inventory: 82
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,019 medium
• Mortgage (P&I): −$52
• Tax from tax record: −$18 /mo · $218/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $730

Break-even live

Break-even rent $95

Max offer price $10,000

Occupancy floor 23%

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: $2,500
• Closing costs: $300
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $10,000 Active 20 DOM
2. 2026-06-17
   days on market $10,000 Active 19 DOM
3. 2026-06-16
   days on market $10,000 Active 18 DOM
4. 2026-06-15
   days on market $10,000 Active 17 DOM
5. 2026-06-13
   days on market $10,000 Active 15 DOM
6. 2026-06-12
   days on market $10,000 Active 14 DOM
7. 2026-06-09
   days on market $10,000 Active 11 DOM
8. 2026-06-08
   days on market $10,000 Active 10 DOM
9. 2026-06-07
   days on market $10,000 Active 9 DOM
10. 2026-06-07
    days on market $10,000 Active 8 DOM
11. 2026-06-04
    days on market $10,000 Active 5 DOM
12. 2026-06-02
    days on market $10,000 Active 4 DOM
13. 2026-06-01
    days on market $10,000 Active 3 DOM
14. 2026-05-31
    days on market $10,000 Active 2 DOM
15. 2026-05-29
    listed $10,000 Active

ⓘ 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: $218 · $18/mo
• Projected year-2 tax: $218 · $18/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 ≥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: $12,231
• − Mortgage interest: −$560
• − Property taxes: −$218
• − Insurance: −$50
• − Repairs & maintenance: −$978
• − Management: −$978
• − Depreciation: −$291
• Taxable income: $9,155
• Est. tax owed @ 24.0%: −$2,197
• After-tax cash flow: $6,568/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): 8,110

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% 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%

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

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

• 2026-05-29 Listed $10,000 IAR

Property tax history

+4.5%/yr

Latest (2025): $218 · +0.9% YoY. Source: county tax records.