1810 Drake Ave · Centerville, IA 52544

$75,000

2 bd · 1.0 ba · 1,075 sqft · Other public records · 90 Days on market

Built 1920 0.40 ac lot $70/sqft · 38% below area Est $121k · 38% 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +7.8/10.0
• Appreciation +5.5/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 1810 Drake Avenue in Centerville! This 3-bedroom, 1-bath home offers solid bones and plenty of potential for the right buyer. Inside, you’ll find a functional layout with comfortable living space and three bedrooms ready to make your own. Outside, the property features a large fenced yard, perfect for pets, gardening, or outdoor entertaining, along with a convenient carport for covered parking. While the home could benefit from a little TLC, it provides a great opportunity for first-time buyers, investors, or anyone looking to build equity. With a little vision and personal touch, this property could truly shine. Monthly Electric Average is: $143.70 Monthly Gas Average is: $50.47

Key facts

• Large fenced yard
• Convenient carport
• 0.4 acre lot

Tags

• LARGE FENCED YARD
• CONVENIENT CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($958 rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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.
• Market conditions: 82 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 ($519 loan paydown + $810 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 $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $45k; list at $75k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 1.28% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• GRM: 6.5

CMA / ARV

• ARV (median comp): $120,610
• List price: $75,000
• Delta: -37.82%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.73×
• Total profit: $15,298
• Equity at exit: $25,916

10-year hold

• IRR: 17.7%
• Equity multiple: 3.16×
• Total profit: $45,366
• Equity at exit: $34,683

Cash invested: $21,000 (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: 82
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $958 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$120 /mo · $1,434/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $213

Break-even live

Break-even rent $689

Max offer price $75,000

Occupancy floor 73%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-13
   days on market $75,000 Active 90 DOM
2. 2026-06-12
   days on market $75,000 Active 89 DOM
3. 2026-06-09
   days on market $75,000 Active 86 DOM
4. 2026-06-08
   days on market $75,000 Active 85 DOM
5. 2026-06-07
   days on market $75,000 Active 84 DOM
6. 2026-06-07
   days on market $75,000 Active 83 DOM
7. 2026-06-04
   days on market $75,000 Active 80 DOM
8. 2026-06-02
   days on market $75,000 Active 79 DOM
9. 2026-06-01
   days on market $75,000 Active 78 DOM
10. 2026-05-31
    days on market $75,000 Active 77 DOM
11. 2026-05-31
    days on market $75,000 Active 76 DOM
12. 2026-04-17
    price $75,000 705-char remark

    Show marketing remark (705 chars)

    Welcome to 1810 Drake Avenue in Centerville! This 3-bedroom, 1-bath home offers solid bones and plenty of potential for the right buyer. Inside, you’ll find a functional layout with comfortable living space and three bedrooms ready to make your own. Outside, the property features a large fenced yard, perfect for pets, gardening, or outdoor entertaining, along with a convenient carport for covered parking. While the home could benefit from a little TLC, it provides a great opportunity for first-time buyers, investors, or anyone looking to build equity. With a little vision and personal touch, this property could truly shine. Monthly Electric Average is: $143.70 Monthly Gas Average is: $50.47

13. 2026-03-15
    listed $80,000 Active 705-char remark

    Show marketing remark (705 chars)

    Welcome to 1810 Drake Avenue in Centerville! This 3-bedroom, 1-bath home offers solid bones and plenty of potential for the right buyer. Inside, you’ll find a functional layout with comfortable living space and three bedrooms ready to make your own. Outside, the property features a large fenced yard, perfect for pets, gardening, or outdoor entertaining, along with a convenient carport for covered parking. While the home could benefit from a little TLC, it provides a great opportunity for first-time buyers, investors, or anyone looking to build equity. With a little vision and personal touch, this property could truly shine. Monthly Electric Average is: $143.70 Monthly Gas Average is: $50.47

14. 2008-05-21
    soldstatus $45,100

ⓘ 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: $1,434 · $120/mo
• Projected year-2 tax: $1,434 · $120/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 2/10 Low
• 🌡 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: $11,501
• − Mortgage interest: −$4,201
• − Property taxes: −$1,434
• − Insurance: −$375
• − Repairs & maintenance: −$920
• − Management: −$920
• − Depreciation: −$2,182
• Taxable income: $1,469
• Est. tax owed @ 24.0%: −$353
• After-tax cash flow: $2,205/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: 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

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
• Population (ZIP): 8,110

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

+66.3% since first listed

3 events — show timeline

• 2026-04-17 Price Changed $75,000 IAR
• 2026-03-15 Listed $80,000 IAR
• 2008-05-21 Sold (Public Records) $45,100 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,434 · +1.6% YoY. Source: county tax records.