403 W Van Buren St · Centerville, IA 52544

$27,000

2 bd · 1.0 ba · 670 sqft · SingleFamily public records · 381 Days on market

Built 1914 Fair condition 2,744 sqft lot $40/sqft · 60% 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 +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 MLS

Income potential! Check out this 2-bedroom 1 bathroom home within close proximity to the square, schools and shopping. Whether you're looking for a rental property, starter home or downsizing, this is a great little home. Electrical has been cut at the breaker box and will need reconnected. Call your agent to schedule a viewing!

Key facts

• 2,744 sq ft lot
• Built 1914
• Listed 380 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $27k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $416 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($779 rent vs $27k).
• Recommended offer: $24k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.8% 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 $479 of equity ($187 loan paydown + $292 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 381 days — a 12% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $8k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $4k; list at $27k implies a 500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $23,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 381 days. Have you received any prior offers? Is the seller open to a 12% 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 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.88% ✓
• Cap rate: 24.79%
• Cash-on-cash: 66.08%
• DSCR: 3.94
• GRM: 2.9

CMA / ARV

• ARV (median comp): $68,070
• List price: $27,000
• Delta: -55.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
530 W Van Buren St	0.35mi	2/1.0	675 (+1%)	8mo	$18,000	$27	76
407 N 15th St	0.33mi	2/1.0	730 (+9%)	1mo	$80,000	$110	69
539 N 12th St	0.18mi	2/1.0	728 (+9%)	15mo	$10,500	$14	64
616 N 7th St	0.30mi	2/1.0	756 (+13%)	8mo	$32,000	$42	58
701 N Park Ave	0.33mi	1/1.0 (-1)	640 (-4%)	17mo	$15,000	$23	58
112 N 15th St	0.33mi	1/1.0 (-1)	724 (+8%)	12mo	$20,000	$28	56
408 Sawyers Ct Ct	0.56mi	2/1.5	688 (+3%)	15mo	$105,000	$153	54
718 N 13th St	0.41mi	3/1.0 (+1)	720 (+8%)	19mo	$105,000	$146	47
535 N Park Ave	0.16mi	3/1.5 (+1)	760 (+13%)	24mo	$40,000	$53	43
202 N 21st St	0.60mi	2/1.0	624 (-7%)	21mo	$39,900	$64	43

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: 69.0%
• Equity multiple: 4.59×
• Total profit: $27,144
• Equity at exit: $9,330

10-year hold

• IRR: 70.1%
• Equity multiple: 9.34×
• Total profit: $63,057
• Equity at exit: $12,486

Cash invested: $7,560 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 2 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $89,500 ($108/sqft)
• Median days on market: 165 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -6.0% 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: 2.9×

Monthly cashflow live

• Estimated rent: $779 medium
• Mortgage (P&I): −$142
• Tax from tax record: −$46 /mo · $554/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$164
• Net cashflow: $416

Break-even live

Break-even rent $252

Max offer price $27,000

Occupancy floor 42%

Sensitivity live

Price	-10% $432	-5% $424	+0% $416	+5% $409	+10% $401
Rent	-10% $355	-5% $386	+0% $416	+5% $447	+10% $478
Rate	-1.0pp $430	-0.5pp $423	base $416	+0.5pp $409	+1.0pp $402

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: $6,750
• Closing costs: $810
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $27,000 Active 381 DOM
2. 2026-08-07
   days on market $27,000 Active 380 DOM
3. 2026-08-06
   days on market $27,000 Active 379 DOM
4. 2026-08-05
   days on market $27,000 Active 378 DOM
5. 2026-08-04
   days on market $27,000 Active 377 DOM
6. 2026-08-03
   pricedays on market $27,000 Active 376 DOM
7. 2026-07-31
   days on market $30,000 Active 373 DOM
8. 2026-07-30
   days on market $30,000 Active 372 DOM
9. 2026-07-29
   days on market $30,000 Active 371 DOM
10. 2026-07-27
    days on market $30,000 Active 369 DOM
11. 2026-07-25
    days on market $30,000 Active 367 DOM
12. 2026-07-24
    days on market $30,000 Active 366 DOM
13. 2026-07-23
    days on market $30,000 Active 365 DOM
14. 2026-07-22
    days on market $30,000 Active 364 DOM
15. 2026-07-21
    days on market $30,000 Active 363 DOM
16. 2026-07-18
    days on market $30,000 Active 360 DOM
17. 2026-07-16
    days on market $30,000 Active 358 DOM
18. 2026-07-15
    days on market $30,000 Active 357 DOM
19. 2026-07-14
    days on market $30,000 Active 356 DOM
20. 2026-07-13
    days on market $30,000 Active 355 DOM
21. 2026-07-12
    days on market $30,000 Active 354 DOM
22. 2026-07-12
    days on market $30,000 Active 353 DOM
23. 2026-07-10
    days on market $30,000 Active 352 DOM
24. 2026-07-09
    days on market $30,000 Active 351 DOM
25. 2026-07-09
    days on market $30,000 Active 350 DOM
26. 2026-07-07
    days on market $30,000 Active 349 DOM
27. 2026-07-06
    days on market $30,000 Active 348 DOM
28. 2026-07-05
    days on market $30,000 Active 347 DOM
29. 2026-07-04
    days on market $30,000 Active 346 DOM
30. 2026-07-03
    days on market $30,000 Active 345 DOM
31. 2026-07-02
    days on market $30,000 Active 344 DOM
32. 2026-07-01
    days on market $30,000 Active 343 DOM
33. 2026-06-30
    days on market $30,000 Active 342 DOM
34. 2026-06-29
    days on market $30,000 Active 341 DOM
35. 2026-06-28
    days on market $30,000 Active 340 DOM
36. 2026-06-27
    days on market $30,000 Active 339 DOM
37. 2026-06-26
    days on market $30,000 Active 337 DOM
38. 2026-06-22
    days on market $30,000 Active 334 DOM
39. 2026-06-21
    days on market $30,000 Active 333 DOM
40. 2026-06-21
    days on market $30,000 Active 332 DOM
41. 2026-06-18
    days on market $30,000 Active 330 DOM
42. 2026-06-17
    days on market $30,000 Active 329 DOM
43. 2026-06-16
    days on market $30,000 Active 328 DOM
44. 2026-06-15
    days on market $30,000 Active 327 DOM
45. 2026-06-13
    days on market $30,000 Active 325 DOM
46. 2026-06-12
    days on market $30,000 Active 324 DOM
47. 2026-06-09
    days on market $30,000 Active 321 DOM
48. 2026-06-08
    days on market $30,000 Active 320 DOM
49. 2026-06-07
    days on market $30,000 Active 319 DOM
50. 2026-06-07
    days on market $30,000 Active 318 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: $554 · $46/mo
• Projected year-2 tax: $554 · $46/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 4/10 Moderate
• 🌡 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: $9,346
• − Mortgage interest: −$1,512
• − Property taxes: −$554
• − Insurance: −$135
• − Repairs & maintenance: −$748
• − Management: −$748
• − Depreciation: −$785
• Taxable income: $4,864
• Est. tax owed @ 24.0%: −$1,167
• After-tax cash flow: $3,828/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 $16,750–$30,150 screening

This home requires significant repairs and updates to improve its condition and value. The exposed wiring is a major safety concern and should be addressed immediately.

Components & finishes AI

Roof asphalt shingle · aged Flooring tile Counters granite Appliances white HVAC central · old 20plus

Deferred maintenance Est. $20,000–$60,000 screening

• Major Roof (roof) — Significant wear and discoloration on the roof, indicating potential structural issues.
• Major Hvac (hvac) — The HVAC unit appears to be old and in poor condition, with visible rust and corrosion.

Repairs flagged

• Major Exposed wiring — Safety hazard
• Major Exposed wiring — Safety hazard
• Major Exposed wiring — Safety hazard
• Major Exposed wiring — Safety hazard
• Major Exposed wiring — Safety hazard
• Major Exposed wiring — Safety hazard
• Major Exposed wiring — Safety hazard
• Major Exposed wiring — Safety hazard

Value-add opportunities

• Resale Painting — Fresh paint enhances curb appeal ↑
• Resale Siding repair — New siding improves appearance ↑
• Resale Flooring replacement — New flooring makes the space more inviting ↑
• Resale Interior wall repair — Fresh paint and repairs make the space more appealing ↑

ⓘ 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

---

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

+252.9% since first listed

6 events — show timeline

• 2026-01-23 Price Changed $30,000 IAR
• 2025-07-23 Listed $35,000 IAR
• 2020-01-14 Listed $29,999 IAR
• 2019-06-24 Listed $31,000 IAR
• 2017-02-24 Sold (MLS) $4,500 IAR
• 2016-11-18 Listed $8,500 IAR

Property tax history

+3.5%/yr

Latest (2025): $554 · +1.5% YoY. Source: county tax records.