602 E Armory Ave · Chariton, IA 50049

$74,900

3 bd · 1.0 ba · 988 sqft · SingleFamily public records · 123 Days on market

Built 1977 10,296 sqft lot $76/sqft · 30% below area Est $106k · 30% under ↓ 25% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

You won't want to miss your opportunity to own this nice split foyer home. Open kitchen and living room make it ideal for entertaining. Large rear deck overlooking the big yard. Located on a corner lot on the edge of town for added peacefulness. There is a one car attached garage. There is a nice storage shed on the back edge of the property. Property is being sold As-Is. Inspections are for buyers knowledge only. This property is now active in an online auction. All offers must be submitted through the property's listing page on www. auction.com. The sale will be subject to a 5% buyer's premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. Under FinCens new RRE Rule, transfers will be subject to reporting when buyers use entities or trusts to take title to residential real estate, when the transaction is all cash, privately financed or HELOC. Call for your personal showing!

Key facts

• Big yard
• Split foyer home
• Storage shed

Tags

• SPLIT FOYER HOME
• OPEN KITCHEN
• LARGE REAR DECK
• CORNER LOT
• BIG YARD
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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 $518 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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: 1.65% ✓
• Cap rate: 13.43%
• Cash-on-cash: 25.47%
• DSCR: 2.13
• GRM: 5.0

CMA / ARV

• ARV (median comp): $106,432
• List price: $74,900
• Delta: -29.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 E Armory Ave	0.00mi	3/1.5	988 (0%)	0mo	$55,126	$56	98
608 Armory Ave	0.01mi	4/1.5 (+1)	988 (0%)	8mo	$179,000	$181	86
316 S Main Street St	0.31mi	2/1.0 (-1)	996 (+1%)	21mo	$62,500	$63	62
702 Osage Ave	0.50mi	2/1.0 (-1)	1,008 (+2%)	14mo	$175,000	$174	57
602 S 1st St	0.50mi	2/1.0 (-1)	985 (-0%)	19mo	$51,000	$52	55
711 S 7th Street St	0.41mi	2/1.5 (-1)	936 (-5%)	18mo	$132,250	$141	50
462 S 8th St	0.26mi	2/1.0 (-1)	1,132 (+15%)	15mo	$10,000	$9	47
816 Armory Ave	0.22mi	2/1.5 (-1)	840 (-15%)	15mo	$128,000	$152	46
701 Braden Avenue Ave	0.28mi	2/1.0 (-1)	876 (-11%)	24mo	$84,500	$96	43
1121 Braden Ave	0.54mi	3/1.5	1,127 (+14%)	16mo	$68,000	$60	36
641 Osage Ave	0.54mi	4/1.0 (+1)	1,120 (+13%)	21mo	$128,000	$114	30

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: 19.1%
• Equity multiple: 1.77×
• Total profit: $16,245
• Equity at exit: $11,168

10-year hold

• IRR: 27.4%
• Equity multiple: 3.42×
• Total profit: $50,772
• Equity at exit: $6,476

Cash invested: $20,972 (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: 5.0×

Monthly cashflow live

• Estimated rent: $1,239 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$110 /mo · $1,320/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $445

Break-even live

Break-even rent $676

Max offer price $74,900

Occupancy floor 59%

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-16
   status Pending 971-char remark

   Show marketing remark (971 chars)

   You won't want to miss your opportunity to own this nice split foyer home. Open kitchen and living room make it ideal for entertaining. Large rear deck overlooking the big yard. Located on a corner lot on the edge of town for added peacefulness. There is a one car attached garage. There is a nice storage shed on the back edge of the property. Property is being sold As-Is. Inspections are for buyers knowledge only. This property is now active in an online auction. All offers must be submitted through the property's listing page on www. auction.com. The sale will be subject to a 5% buyer's premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. Under FinCens new RRE Rule, transfers will be subject to reporting when buyers use entities or trusts to take title to residential real estate, when the transaction is all cash, privately financed or HELOC. Call for your personal showing!

2. 2026-04-11
   price $74,900 971-char remark

   Show marketing remark (971 chars)

   You won't want to miss your opportunity to own this nice split foyer home. Open kitchen and living room make it ideal for entertaining. Large rear deck overlooking the big yard. Located on a corner lot on the edge of town for added peacefulness. There is a one car attached garage. There is a nice storage shed on the back edge of the property. Property is being sold As-Is. Inspections are for buyers knowledge only. This property is now active in an online auction. All offers must be submitted through the property's listing page on www. auction.com. The sale will be subject to a 5% buyer's premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. Under FinCens new RRE Rule, transfers will be subject to reporting when buyers use entities or trusts to take title to residential real estate, when the transaction is all cash, privately financed or HELOC. Call for your personal showing!

3. 2026-02-13
   price $84,900 971-char remark

   Show marketing remark (971 chars)

   You won't want to miss your opportunity to own this nice split foyer home. Open kitchen and living room make it ideal for entertaining. Large rear deck overlooking the big yard. Located on a corner lot on the edge of town for added peacefulness. There is a one car attached garage. There is a nice storage shed on the back edge of the property. Property is being sold As-Is. Inspections are for buyers knowledge only. This property is now active in an online auction. All offers must be submitted through the property's listing page on www. auction.com. The sale will be subject to a 5% buyer's premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. Under FinCens new RRE Rule, transfers will be subject to reporting when buyers use entities or trusts to take title to residential real estate, when the transaction is all cash, privately financed or HELOC. Call for your personal showing!

4. 2026-01-13
   listed $99,900 Active 971-char remark

   Show marketing remark (971 chars)

   You won't want to miss your opportunity to own this nice split foyer home. Open kitchen and living room make it ideal for entertaining. Large rear deck overlooking the big yard. Located on a corner lot on the edge of town for added peacefulness. There is a one car attached garage. There is a nice storage shed on the back edge of the property. Property is being sold As-Is. Inspections are for buyers knowledge only. This property is now active in an online auction. All offers must be submitted through the property's listing page on www. auction.com. The sale will be subject to a 5% buyer's premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. Under FinCens new RRE Rule, transfers will be subject to reporting when buyers use entities or trusts to take title to residential real estate, when the transaction is all cash, privately financed or HELOC. Call for your personal showing!

ⓘ 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: $1,320 · $110/mo
• Projected year-2 tax: $1,320 · $110/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 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: $14,873
• − Mortgage interest: −$4,196
• − Property taxes: −$1,320
• − Insurance: −$374
• − Repairs & maintenance: −$1,190
• − Management: −$1,190
• − Depreciation: −$2,179
• Taxable income: $4,425
• Est. tax owed @ 24.0%: −$1,062
• After-tax cash flow: $4,280/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

-25.0% since first listed

4 events — show timeline

• 2026-05-16 Pending — DMMLS
• 2026-04-11 Price Changed $74,900 DMMLS
• 2026-02-13 Price Changed $84,900 DMMLS
• 2026-01-13 Listed $99,900 DMMLS

Property tax history

-2.3%/yr

Latest (2025): $1,320 · -11.3% YoY. Source: county tax records.