301 E Walsh St · Centerville, IA 52544

$69,900

6 bd · 2.0 ba · 1,904 sqft · MultiFamily public records · 309 Days on market

Built 1920 Fair condition 4,356 sqft lot $37/sqft · 53% below area

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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 +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

Don’t miss this excellent investment opportunity! This well-maintained duplex offers strong income potential, with one unit recently remodeled and ready for immediate occupancy. Each unit features 3 bedrooms & 1 bathroom, laundry on-site and off-street parking. The second unit is clean and well-kept, currently tenant-occupied, offering steady cash flow from day one. Whether you're looking to live in one unit and rent the other, or expand your rental portfolio, this duplex is a smart choice with excellent return potential.

Key facts

• Recently remodeled
• Laundry on-site
• Off-street parking

Tags

• RECENTLY REMODELED
• LAUNDRY ON-SITE
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $70k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $921 ($11k/yr) — positive. Per door: $460/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.1% 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 $1k of equity ($483 loan paydown + $755 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 $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 309 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $20k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 309 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.63% ✓
• Cap rate: 22.10%
• Cash-on-cash: 56.46%
• DSCR: 3.51
• GRM: 3.2

CMA / ARV

• ARV (median comp): $147,657
• List price: $69,900
• Delta: -52.66%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
508 E Maple St	0.61mi	4/1.5 (-2)	1,865 (-2%)	3mo	$20,000	$11	54
704 E Stewart St	0.56mi	4/2.0 (-2)	2,000 (+5%)	12mo	$135,000	$68	45
1503 S 19th St	0.40mi	4/1.5 (-2)	1,568 (-18%)	8mo	$35,000	$22	38
311 W Franklin St	1.14mi	4/2.0 (-2)	2,000 (+5%)	12mo	$145,000	$73	36
20358 E Terra Vis	1.80mi	4/2.5 (-2)	2,100 (+10%)	2mo	$250,000	$119	34
1217 N 14th St	1.38mi	4/2.0 (-2)	1,680 (-12%)	7mo	$115,000	$68	30
501 E Fair St	1.29mi	5/2.0 (-1)	2,356 (+24%)	10mo	$209,000	$89	27
1200 E Grant	1.33mi	5/3.0 (-1)	2,416 (+27%)	6mo	$242,500	$100	26
2068 Golfview Cir	2.15mi	4/3.0 (-2)	1,433 (-25%)	0mo	$234,500	$164	26
408 E Franklin St	1.09mi	4/2.0 (-2)	1,656 (-13%)	16mo	$96,500	$58	20
735 N 11th St	1.20mi	4/1.0 (-2)	1,602 (-16%)	10mo	$22,000	$14	17
3018 Quail Rdg	2.18mi	4/5.5 (-2)	2,280 (+20%)	14mo	$275,000	$121	8

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: 59.3%
• Equity multiple: 4.08×
• Total profit: $60,284
• Equity at exit: $24,154

10-year hold

• IRR: 60.6%
• Equity multiple: 8.24×
• Total profit: $141,709
• Equity at exit: $32,325

Cash invested: $19,572 (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: 108
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,839 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$136 /mo · $1,636/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $921

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$1,838
Total (2 units)			$1,839

Break-even live

Break-even rent $673

Max offer price $69,900

Occupancy floor 45%

Sensitivity live

Price	-10% $960	-5% $941	+0% $921	+5% $901	+10% $881
Rent	-10% $776	-5% $848	+0% $921	+5% $993	+10% $1,066
Rate	-1.0pp $956	-0.5pp $939	base $921	+0.5pp $903	+1.0pp $884

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: $17,475
• Closing costs: $2,097
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-08-08
   days on market $69,900 Active 309 DOM
2. 2026-08-07
   days on market $69,900 Active 308 DOM
3. 2026-08-06
   days on market $69,900 Active 307 DOM
4. 2026-08-05
   days on market $69,900 Active 306 DOM
5. 2026-08-04
   days on market $69,900 Active 305 DOM
6. 2026-08-03
   days on market $69,900 Active 304 DOM
7. 2026-07-31
   days on market $69,900 Active 301 DOM
8. 2026-07-30
   days on market $69,900 Active 300 DOM
9. 2026-07-29
   days on market $69,900 Active 299 DOM
10. 2026-07-27
    days on market $69,900 Active 297 DOM
11. 2026-07-25
    days on market $69,900 Active 295 DOM
12. 2026-07-24
    days on market $69,900 Active 294 DOM
13. 2026-07-23
    days on market $69,900 Active 293 DOM
14. 2026-07-22
    days on market $69,900 Active 292 DOM
15. 2026-07-21
    days on market $69,900 Active 291 DOM
16. 2026-07-18
    days on market $69,900 Active 288 DOM
17. 2026-07-16
    days on market $69,900 Active 286 DOM
18. 2026-07-15
    days on market $69,900 Active 285 DOM
19. 2026-07-14
    days on market $69,900 Active 284 DOM
20. 2026-07-13
    days on market $69,900 Active 283 DOM
21. 2026-07-12
    days on market $69,900 Active 282 DOM
22. 2026-07-12
    days on market $69,900 Active 281 DOM
23. 2026-07-10
    days on market $69,900 Active 280 DOM
24. 2026-07-09
    days on market $69,900 Active 279 DOM
25. 2026-07-09
    days on market $69,900 Active 278 DOM
26. 2026-07-07
    days on market $69,900 Active 277 DOM
27. 2026-07-06
    days on market $69,900 Active 276 DOM
28. 2026-07-05
    days on market $69,900 Active 275 DOM
29. 2026-07-04
    days on market $69,900 Active 274 DOM
30. 2026-07-03
    days on market $69,900 Active 273 DOM
31. 2026-07-02
    days on market $69,900 Active 272 DOM
32. 2026-07-01
    days on market $69,900 Active 271 DOM
33. 2026-06-30
    days on market $69,900 Active 270 DOM
34. 2026-06-29
    days on market $69,900 Active 269 DOM
35. 2026-06-28
    days on market $69,900 Active 268 DOM
36. 2026-06-27
    days on market $69,900 Active 267 DOM
37. 2026-06-26
    days on market $69,900 Active 265 DOM
38. 2026-06-22
    days on market $69,900 Active 262 DOM
39. 2026-06-21
    days on market $69,900 Active 261 DOM
40. 2026-06-21
    days on market $69,900 Active 260 DOM
41. 2026-06-18
    days on market $69,900 Active 258 DOM
42. 2026-06-17
    days on market $69,900 Active 257 DOM
43. 2026-06-16
    days on market $69,900 Active 256 DOM
44. 2026-06-15
    days on market $69,900 Active 255 DOM
45. 2026-06-13
    days on market $69,900 Active 253 DOM
46. 2026-06-12
    days on market $69,900 Active 252 DOM
47. 2026-06-09
    days on market $69,900 Active 249 DOM
48. 2026-06-08
    days on market $69,900 Active 248 DOM
49. 2026-06-07
    days on market $69,900 Active 247 DOM
50. 2026-06-07
    days on market $69,900 Active 246 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: $1,636 · $136/mo
• Projected year-2 tax: $1,636 · $136/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 ≥104°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: $22,068
• − Mortgage interest: −$3,915
• − Property taxes: −$1,636
• − Insurance: −$350
• − Repairs & maintenance: −$1,765
• − Management: −$1,765
• − Depreciation: −$2,033
• Taxable income: $10,603
• Est. tax owed @ 24.0%: −$2,545
• After-tax cash flow: $8,505/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $47,600–$85,680 screening

This two-unit duplex requires moderate renovations to improve its condition and increase its resale and rental value.

Repairs flagged

• Major Kitchen appliances — Old and worn, need replacement.
• Major Bathroom fixtures — Outdated and in poor condition.
• Major Exterior siding — Peeling and in need of replacement.
• Major Windows — Stained and damaged, need replacement.
• Major HVAC unit — Old and worn, needs replacement.
• Major Landscaping — Sparse and unkempt, needs improvement.

Value-add opportunities

• Both Replace old appliances and fixtures — Modernizing the kitchen and bathrooms will attract more buyers and renters. ↑
• Both Upgrade HVAC unit — A new HVAC system will improve comfort and energy efficiency. ↑
• Both Improve landscaping — A well-maintained yard will enhance curb appeal and attract more potential buyers and renters. ↑

ⓘ 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

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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%

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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%

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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

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

+99.7% since first listed

12 events — show timeline

• 2026-04-16 Price Changed $69,900 IAR
• 2026-03-27 Price Changed $84,900 IAR
• 2025-10-02 Listed $89,900 IAR
• 2022-12-14 Pending — IAR
• 2022-11-29 Sold (Public Records) $70,000 Public Records
• 2022-11-29 Sold (MLS) $70,000 IAR
• 2022-11-15 Listed — IAR
• 2022-08-30 Listed $80,000 IAR
• 2017-01-03 Sold (Public Records) $28,000 Public Records
• 2016-12-30 Sold (MLS) $28,000 IAR
• 2016-06-15 Listed $35,000 IAR
• 2016-06-13 Listed $35,000 IAR

Property tax history

+7.1%/yr

Latest (2025): $1,636 · +1.1% YoY. Source: county tax records.