1810 Drake Ave · Centerville, IA 52544

$72,500

2 bd · 1.0 ba · 1,075 sqft · SingleFamily public records · 34 Days on market

Built 1920 Fair condition 0.40 ac lot $67/sqft · 40% below area Est $122k · 40% under

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Why this score? — see what drove the A- 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• 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

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.

Key facts

• Fenced yard
• Carport
• 0.4 acre lot

Tags

• FENCED YARD
• CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($972 rent vs $72k).
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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 ($501 loan paydown + $783 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 ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $45k; list at $72k implies a 61% 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 $70,325 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.34% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.09%
• DSCR: 1.63
• GRM: 6.2

CMA / ARV

• ARV (median comp): $121,790
• List price: $72,500
• Delta: -38.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2110 Drake Ave	0.21mi	2/1.0	1,040 (-3%)	4mo	$86,500	$83	82
520 E Walnut St	0.25mi	2/1.5	1,100 (+2%)	12mo	$185,000	$168	72
1608 S 17th St	0.22mi	3/1.0 (+1)	962 (-10%)	1mo	$27,000	$28	66
2021 S Main St	0.19mi	2/1.0	948 (-12%)	7mo	$47,500	$50	65
1401 S 15th St	0.31mi	2/1.0	1,027 (-4%)	17mo	$67,000	$65	64
1213 S 11th	0.39mi	2/1.0	993 (-8%)	9mo	$70,000	$70	62
1217 S 9th St	0.42mi	3/2.0 (+1)	1,140 (+6%)	3mo	$22,000	$19	59
1225 S 9th St	0.41mi	3/2.0 (+1)	1,118 (+4%)	8mo	$105,320	$94	59
1026 S 11th St	0.46mi	2/1.0	1,188 (+10%)	5mo	$51,600	$43	57
1414 S 20th St	0.44mi	3/1.0 (+1)	940 (-13%)	6mo	$12,000	$13	48
927 S 18th St	0.59mi	3/1.0 (+1)	972 (-10%)	8mo	$88,000	$91	45
813 S Main St	0.66mi	2/1.0	1,204 (+12%)	8mo	$105,000	$87	43

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: 16.2%
• Equity multiple: 1.83×
• Total profit: $16,853
• Equity at exit: $25,052

10-year hold

• IRR: 19.5%
• Equity multiple: 3.38×
• Total profit: $48,321
• Equity at exit: $33,527

Cash invested: $20,300 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 3 under contract
• Months of supply: 4.3 mo (23%/mo absorbed)
• Median asking: $89,500 ($91/sqft)
• Median days on market: 81 d
• This list price: 20% of active listings are priced below it
• ARV vs active asking: +23.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 52544

• Home prices YoY: 0.5%
• Active inventory: 108
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $972 medium
• Mortgage (P&I): −$380
• Tax from tax record: −$120 /mo · $1,434/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $238

Break-even live

Break-even rent $671

Max offer price $72,500

Occupancy floor 70%

Sensitivity live

Price	-10% $279	-5% $259	+0% $238	+5% $218	+10% $197
Rent	-10% $162	-5% $200	+0% $238	+5% $277	+10% $315
Rate	-1.0pp $275	-0.5pp $257	base $238	+0.5pp $220	+1.0pp $200

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: $18,125
• Closing costs: $2,175
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Exterior

• Parking: Carport
• Utilities: Public waterPublic sewer
• Home design: Single-family residenceResidential property
• Construction: Vinyl siding
• Exterior features: Gravel driveway/carport areaLot approximately 0.4 acres (100 x 160)

Interior

• Bathrooms: 1 full bathroom
• Interior features: Basement presentCentral air conditioningForced air heating

Listing history 50 events

1. 2026-08-08
   days on market $72,500 Active 34 DOM
2. 2026-08-07
   days on market $72,500 Active 33 DOM
3. 2026-08-06
   days on market $72,500 Active 32 DOM
4. 2026-08-05
   days on market $72,500 Active 31 DOM
5. 2026-08-04
   days on market $72,500 Active 30 DOM
6. 2026-08-03
   pricedays on market $72,500 Active 29 DOM
7. 2026-07-31
   days on market $75,000 Active 26 DOM
8. 2026-07-30
   days on market $75,000 Active 25 DOM
9. 2026-07-29
   days on market $75,000 Active 24 DOM
10. 2026-07-27
    days on market $75,000 Active 22 DOM
11. 2026-07-25
    days on market $75,000 Active 20 DOM
12. 2026-07-24
    days on market $75,000 Active 19 DOM
13. 2026-07-23
    days on market $75,000 Active 18 DOM
14. 2026-07-22
    days on market $75,000 Active 17 DOM
15. 2026-07-21
    days on market $75,000 Active 16 DOM
16. 2026-07-18
    days on market $75,000 Active 13 DOM
17. 2026-07-16
    days on market $75,000 Active 11 DOM
18. 2026-07-15
    days on market $75,000 Active 10 DOM
19. 2026-07-14
    days on market $75,000 Active 9 DOM
20. 2026-07-13
    days on market $75,000 Active 8 DOM
21. 2026-07-12
    days on market $75,000 Active 7 DOM
22. 2026-07-12
    days on market $75,000 Active 6 DOM
23. 2026-07-10
    days on market $75,000 Active 5 DOM
24. 2026-07-09
    days on market $75,000 Active 4 DOM
25. 2026-07-09
    days on market $75,000 Active 3 DOM
26. 2026-07-07
    days on market $75,000 Active 2 DOM
27. 2026-07-05
    days on marketlisting id $75,000 Active 1 DOM
28. 2026-07-04
    days on market $75,000 Active 100 DOM
29. 2026-07-03
    days on market $75,000 Active 99 DOM
30. 2026-07-02
    days on market $75,000 Active 98 DOM
31. 2026-07-01
    days on market $75,000 Active 97 DOM
32. 2026-06-30
    days on market $75,000 Active 96 DOM
33. 2026-06-29
    days on market $75,000 Active 95 DOM
34. 2026-06-28
    days on market $75,000 Active 94 DOM
35. 2026-06-27
    days on market $75,000 Active 93 DOM
36. 2026-06-26
    days on market $75,000 Active 91 DOM
37. 2026-06-13
    days on market $75,000 Active 90 DOM
38. 2026-06-12
    days on market $75,000 Active 89 DOM
39. 2026-06-09
    days on market $75,000 Active 86 DOM
40. 2026-06-08
    days on market $75,000 Active 85 DOM
41. 2026-06-07
    days on market $75,000 Active 84 DOM
42. 2026-06-07
    days on market $75,000 Active 83 DOM
43. 2026-06-04
    days on market $75,000 Active 80 DOM
44. 2026-06-02
    days on market $75,000 Active 79 DOM
45. 2026-06-01
    days on market $75,000 Active 78 DOM
46. 2026-05-31
    days on market $75,000 Active 77 DOM
47. 2026-05-31
    days on market $75,000 Active 76 DOM
48. 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

49. 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

50. 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 1/10 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: $11,670
• − Mortgage interest: −$4,061
• − Property taxes: −$1,434
• − Insurance: −$362
• − Repairs & maintenance: −$934
• − Management: −$934
• − Depreciation: −$2,109
• Taxable income: $1,836
• Est. tax owed @ 24.0%: −$441
• After-tax cash flow: $2,420/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 · 10 photos

Fair 45/100 Moderate rehab Est. rehab $26,875–$48,375 screening

This 3-bedroom, 1-bath home presents as a moderate rehab project with average condition. It offers a great opportunity for first-time buyers or investors to improve and update the property for increased value.

Components & finishes AI

Roof asphalt shingle · good

Deferred maintenance Est. $10,000–$30,000 screening

• Major Roof (roof|hvac|water heater|windows|electrical|plumbing|exterior|other) — No visible signs of roof damage or wear, but the roof is not pictured.

Repairs flagged

• Minor Kitchen countertops — Cluttered and items on countertops.
• Minor Bathroom shelves — Items on shelves in the bathroom.
• Major Landscaping — Overgrown grass and weeds in the yard need trimming.
• Minor Paint — Chipped and worn paint in some areas.
• Minor Siding — Weathered siding needs touch-up or repainting.
• Minor Windows — May need cleaning or replacement if old and stained.
• Minor Flooring — Worn hardwood flooring needs refinishing or replacement.
• Unknown HVAC — No visible units in the photos, may need inspection and cleaning.
• Minor Foundation — Stable but may need inspection for any issues.

Value-add opportunities

• Both Paint exterior and interior — Fresh paint can improve curb appeal and interior aesthetics. ↑
• Both Replace worn flooring — New flooring can improve the home's appearance and increase its value. ↑
• Both Trim and landscape yard — A well-maintained yard can enhance curb appeal and attract potential buyers. ↑
• Both Clean and inspect HVAC units — A clean and functioning HVAC system can improve comfort and energy efficiency. ↑
• Both Replace worn kitchen and bathroom countertops — Fresh countertops can improve the home's appearance and increase its value. ↑

ⓘ 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

Property features AI

Exterior

• Parking: Carport
• Utilities: Public waterPublic sewer
• Home design: Single-family residenceResidential property
• Construction: Vinyl siding
• Exterior features: Gravel driveway/carport areaLot approximately 0.4 acres (100 x 160)

Interior

• Bathrooms: 1 full bathroom
• Interior features: Basement presentCentral air conditioningForced air heating

Price history

+66.3% since first listed

5 events — show timeline

• 2026-07-05 Listed $75,000 IAR
• 2026-06-24 Relisted — IAR
• 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.