506 E Finley Ave · Ottumwa, IA 52501

$60,000

2 bd · 1.0 ba · 970 sqft · SingleFamily public records · 52 Days on market

Built 1900 6,970 sqft lot Est $99k · 39% under

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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 +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2-bedroom home available for the first time in nearly 30 years! This inviting residence offers a spacious layout with a large living room, formal dining area, and an eat-in kitchen, perfect for everyday living and entertaining. Enjoy two comfortable bedrooms, a full bathroom with a shower, and abundant built-in storage throughout. Relax in the enclosed back porch or take advantage of convenient alley access and a detached one-car garage. Ideally located on East Finley Avenue between Sheridan and Weller, this home is priced to sell—schedule your appointment with the listing agent today!

Key facts

• Enclosed back porch
• Large living room
• Formal dining area

Tags

• LARGE LIVING ROOM
• FORMAL DINING AREA
• EAT-IN KITCHEN
• ENCLOSED BACK PORCH
• DETACHED GARAGE
• BUILT-IN STORAGE

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Construction materials: Other
• Exterior features: Lot approximately 0.16 acres (51 x 132); Subdivision: ROBINSONS ADD; Located on E Finley Ave between Sheridan and Weller

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.4% vs local median 5.9% in Ottumwa — 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 (#91 in IA, #1,900 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, employment D-.
• Ottumwa Community School District (town): math 50% / reading 54% proficiency, ranked #277 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 186 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 44 units permitted in Wapello County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wapello County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 2.09% ✓
• Cap rate: 18.38%
• Cash-on-cash: 43.18%
• DSCR: 2.92
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $98,940
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 Ellis Ave	0.25mi	2/1.0	960 (-1%)	2mo	$73,000	$76	85
612 Clinton Ave	0.33mi	2/1.0	906 (-7%)	1mo	$57,000	$63	73
513 S Sheridan Ave	0.28mi	2/1.0	867 (-11%)	3mo	$50,000	$58	66
924 Clinton Ave. Ave	0.46mi	3/1.0 (+1)	912 (-6%)	0mo	$105,000	$115	63
927 E Mary St	0.59mi	2/1.0	1,008 (+4%)	5mo	$72,000	$71	62
433 W Finley Ave	0.53mi	3/1.5 (+1)	950 (-2%)	6mo	$129,500	$136	60
611 Tuttle St	0.45mi	3/1.0 (+1)	1,040 (+7%)	6mo	$80,000	$77	57
518 Tuttle St	0.41mi	3/2.0 (+1)	864 (-11%)	0mo	$160,000	$185	53
422 W Finley Ave	0.51mi	2/1.0	832 (-14%)	1mo	$125,000	$150	52
134 Minnesota St	0.74mi	3/1.0 (+1)	1,015 (+5%)	3mo	$100,000	$99	51
916 S Weller St	0.55mi	3/1.0 (+1)	1,070 (+10%)	6mo	$134,000	$125	47
522 S Adella St	0.69mi	2/1.0	866 (-11%)	6mo	$88,000	$102	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: 40.0%
• Equity multiple: 2.71×
• Total profit: $28,778
• Equity at exit: $8,946

10-year hold

• IRR: 46.3%
• Equity multiple: 5.44×
• Total profit: $74,643
• Equity at exit: $5,188

Cash invested: $16,800 (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 52501

• Active inventory: 186
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,257 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$49 /mo · $584/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $604

Break-even live

Break-even rent $492

Max offer price $60,000

Occupancy floor 47%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 Minneopa Ave Unit 203 Ottumwa, IA	2.0	1.0	700	$1,150	$1.64	43d	1	1.46mi
420 Minneopa Ave Unit 204 Ottumwa, IA	2.0	1.0	800	$1,350	$1.69	43d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $60,000 Active 52 DOM
2. 2026-06-17
   days on market $60,000 Active 51 DOM
3. 2026-06-16
   days on market $60,000 Active 50 DOM
4. 2026-06-16
   price $60,000 Active 49 DOM
5. 2026-06-15
   days on market $65,000 Active 49 DOM
6. 2026-06-13
   days on market $65,000 Active 47 DOM
7. 2026-06-12
   days on market $65,000 Active 46 DOM
8. 2026-06-09
   days on market $65,000 Active 43 DOM
9. 2026-06-08
   days on market $65,000 Active 42 DOM
10. 2026-06-07
    days on market $65,000 Active 41 DOM
11. 2026-06-07
    days on market $65,000 Active 40 DOM
12. 2026-06-04
    days on market $65,000 Active 37 DOM
13. 2026-06-02
    days on market $65,000 Active 36 DOM
14. 2026-06-01
    days on market $65,000 Active 35 DOM
15. 2026-05-31
    days on market $65,000 Active 34 DOM
16. 2026-05-31
    days on market $65,000 Active 33 DOM
17. 2026-05-22
    status Active
18. 2026-04-24
    status Pending
19. 2026-03-30
    listed $65,000 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: $584 · $49/mo
• Projected year-2 tax: $763 · $64/mo
• Expected delta: +$179/yr (+$15/mo · 30.7%)

ⓘ 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 ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,080
• − Mortgage interest: −$3,361
• − Property taxes: −$584
• − Insurance: −$300
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$1,745
• Taxable income: $6,677
• Est. tax owed @ 24.0%: −$1,602
• After-tax cash flow: $5,651/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: Ottumwa Community School District
• NCES district ID: 1922110
• Math proficiency: 50% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $39,864
• Composite: 43.46/100
• National rank: #3004
• State rank: #277 of 289 in IA

Livability — Ottumwa

• Score: 80/100
• State rank: #91
• US rank: #1900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottumwa, IA
• Population (ZIP): 30,341

Population outlook (Wapello County) Hauer SSP2

• Today (2025): 35,472 people
• By 2030: 35,563 · +0.3%
• By 2040: 36,083 · +1.7%
• By 2050: 37,287 · +5.1%
• By 2075: 43,898 · +23.8%
• By 2100: 52,973 · +49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 7% Black 4% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Iranian 4% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada
• Languages at home: 84% English-only · Spanish 10% Other Asian/Pacific 3% Tagalog/Filipino 1%

Political lean MEDSL · Wapello

• 2024 margin: Solid R (+31.4) · D 33.6% · R 65.0% · Other 1.4%
• 2008→2024 swing: -45.0pp toward R · 2008: 13.5pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+23.6 2016: R+20.8 2012: D+11.8 2008: D+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.66%
• Current HPI: 174.6021
• 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

3 events — show timeline

• 2026-05-22 Relisted — IAR
• 2026-04-24 Pending — IAR
• 2026-03-30 Listed $65,000 IAR

Property tax history

-1.4%/yr

Latest (2025): $584 · +5.0% YoY. Source: county tax records.