1608 H Ave · Fort Madison, IA 52627

$8,900

2 bd · 1.0 ba · 1,137 sqft · SingleFamily public records · 130 Days on market

Built 1900 7,000 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property is an excellent opportunity for fix and flip, rental, or make it your own. Needs some projects finished, and of course some repairs, but offers desirable floor plan, and tons of potential. Nice lot with alley access in a nice location. Call today on this bargain!

Key facts

• Alley access
• Desirable floor plan
• 7,000 sq ft lot

Tags

• ALLEY ACCESS
• DESIRABLE FLOOR PLAN

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Gravel parking; Lot approximately 50' x 140'

Interior

• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $9k.

Deal economics

• At list price, monthly cash flow is $755 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $9k).
• Recommended offer: $8k (12.0% below list) — sets the bar for market timing.
• Cap rate 108.1% vs local median 5.3% in Fort Madison — 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 75/100 on livability (#230 in IA, #4,353 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F, employment D-.
• Fort Madison Community School District (town): math 55% / reading 58% proficiency, ranked #260 of 289 in IA (top 90%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 64 active listings in the ZIP; 15 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $62 of loan paydown is wiped out by about $267 of value loss. Plan a longer hold.
• Lee County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($8k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $7,832 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% 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. 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 B-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 11.62% ✓
• Cap rate: 108.12%
• Cash-on-cash: 363.67%
• DSCR: 17.18
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $51,165
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1608 H Ave	0.00mi	2/1.0	1,137 (0%)	1mo	$8,000	$7	100
1832 Avenue D	0.38mi	3/1.0 (+1)	1,148 (+1%)	2mo	$52,000	$45	74
1215 Avenue G	0.39mi	2/1.0	1,099 (-3%)	7mo	$10,000	$9	70
1602 Avenue M	0.26mi	2/1.5	1,234 (+8%)	7mo	$55,000	$45	66
2030 G Ave	0.43mi	2/1.0	1,068 (-6%)	7mo	$125,000	$117	64
1235 Avenue C	0.50mi	3/2.0 (+1)	1,148 (+1%)	3mo	$145,000	$126	63
1910 Avenue D	0.41mi	2/1.0	1,008 (-11%)	4mo	$126,000	$125	59
1205 Avenue G	0.40mi	2/1.0	1,020 (-10%)	8mo	$45,000	$44	58
121 21st St	0.63mi	2/1.0	1,202 (+6%)	5mo	$50,000	$42	57
2305 Ave C	0.72mi	3/1.5 (+1)	1,152 (+1%)	5mo	$153,000	$133	53
2301 Avenue E	0.65mi	3/1.0 (+1)	1,056 (-7%)	0mo	$119,900	$114	52
1317 23rd St. St	0.69mi	1/1.0 (-1)	983 (-14%)	2mo	$17,000	$17	38

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: —
• Equity multiple: 19.73×
• Total profit: $46,673
• Equity at exit: $1,327

10-year hold

• IRR: —
• Equity multiple: 42.19×
• Total profit: $102,642
• Equity at exit: $770

Cash invested: $2,492 (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 52627

• Home prices YoY: -28.6%
• Active inventory: 64
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $1,034 medium
• Mortgage (P&I): −$47
• Tax est. 1.5%: −$11 /mo · $134/yr
• Insurance: −$4
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $755

Break-even live

Break-even rent $78

Max offer price $8,900

Occupancy floor 22%

Sensitivity live

Price	-10% $761	-5% $758	+0% $755	+5% $752	+10% $749
Rent	-10% $674	-5% $714	+0% $755	+5% $796	+10% $837
Rate	-1.0pp $760	-0.5pp $757	base $755	+0.5pp $753	+1.0pp $751

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: $2,225
• Closing costs: $267
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-02
   status Pending
2. 2025-12-23
   listed $8,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,406
• − Mortgage interest: −$499
• − Property taxes: −$134
• − Insurance: −$44
• − Repairs & maintenance: −$992
• − Management: −$992
• − Depreciation: −$259
• Taxable income: $9,485
• Est. tax owed @ 24.0%: −$2,277
• After-tax cash flow: $6,786/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: Fort Madison Community School District
• NCES district ID: 1911850
• Math proficiency: 55% ▼ -7.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $46,801
• Composite: 47.87/100
• National rank: #2218
• State rank: #260 of 289 in IA

Livability — Fort Madison

• Score: 75/100
• State rank: #230
• US rank: #4353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Madison, IA
• Population (ZIP): 12,585

Population outlook (Lee County) Hauer SSP2

• Today (2025): 33,813 people
• By 2030: 32,835 · -2.9%
• By 2040: 30,690 · -9.2%
• By 2050: 28,777 · -14.9%
• By 2075: 25,568 · -24.4%
• By 2100: 21,983 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 5% Black 4%
• Common ancestry: Slovak 2% Portuguese 1% Italian 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.0% · R 62.9% · Other 2.1%
• 2008→2024 swing: -43.8pp toward R · 2008: 16.0pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+19.3 2016: R+16.1 2012: D+16.0 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.32%
• Current HPI: 175.7708
• 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

2 events — show timeline

• 2026-05-02 Pending — IAR
• 2025-12-23 Listed $8,900 IAR

Property tax history

+7.7%/yr

Latest (2025): $656 · +1.2% YoY. Source: county tax records.