301 E Walsh St

Centerville, IA 52544

$69,900B+

6 bd · 2.0 ba · 1,904 sqft · Built 1920 · MultiFamily · Active · 309 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,839/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$386
• Net cashflow: $921/mo
• Annual: $11,049/yr
• Cap rate: 22.10%
• Cash-on-cash: 56.46%
• DSCR: 3.51
• 1% rule: 2.63%
• Cash to close: $19,572

Investor read

• This is a 2 × 3-bed/1-bath units multifamily listed at $70k. Condition is rated fair.
• 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).
• It's been on market 309 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($483 loan paydown + $755 appreciation (1.1% local appreciation)).
• 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).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 108 active listings in the ZIP; 6 units permitted in Appanoose County in 2024 (0 in 5+ unit buildings).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• 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.