921 23rd St · Fort Madison, IA 52627

$19,900

3 bd · 2.0 ba · 1,381 sqft · SingleFamily public records · 181 Days on market

Built 1900 8,276 sqft lot $14/sqft · 79% below area ↓ 20% since listing

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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 MLS

This property is an excellent opportunity for fix and flip, rental, or make it your own. Clean-out is scheduled, repairs and updates are needed, but there is tons of potential, nice level corner lot with alley access, and instant equity on this bargain. Call today!

Key facts

• Alley access
• Instant equity
• Level corner lot

Tags

• LEVEL CORNER LOT
• ALLEY ACCESS
• INSTANT EQUITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $818 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 55.6% 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 $138 of loan paydown is wiped out by about $597 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $17,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 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: 6.08% ✓
• Cap rate: 55.64%
• Cash-on-cash: 176.22%
• DSCR: 8.84
• GRM: 1.4

CMA / ARV

• ARV (median comp): $96,430
• List price: $19,900
• Delta: -79.36%
• 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
2510 Avenue I	0.16mi	3/1.0	1,370 (-1%)	3mo	$21,500	$16	85
33 Storms Ct	0.33mi	3/2.5	1,296 (-6%)	3mo	$148,000	$114	70
2411 Avenue G	0.23mi	4/1.5 (+1)	1,265 (-8%)	6mo	$95,000	$75	63
2111 Avenue J	0.15mi	4/2.0 (+1)	1,566 (+13%)	4mo	$178,000	$114	63
2826 Avenue L	0.50mi	2/1.0 (-1)	1,456 (+5%)	0mo	$58,000	$40	58
2614 Avenue G	0.30mi	2/2.0 (-1)	1,564 (+13%)	2mo	$125,000	$80	58
1503 Avenue G	0.75mi	3/1.0	1,343 (-3%)	5mo	$23,500	$17	53
103 Cherokee Ln	0.64mi	3/1.5	1,274 (-8%)	4mo	$154,900	$122	52
28 Oak Dr	0.52mi	3/1.5	1,200 (-13%)	1mo	$180,000	$150	51
2331 Avenue A	0.63mi	3/1.5	1,208 (-12%)	5mo	$135,000	$112	43
45 Richards Dr	0.70mi	2/1.0 (-1)	1,250 (-10%)	4mo	$122,000	$98	40
121 21st St	0.58mi	2/1.0 (-1)	1,202 (-13%)	5mo	$50,000	$42	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: 9.78×
• Total profit: $48,909
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 20.70×
• Total profit: $109,771
• Equity at exit: $1,721

Cash invested: $5,572 (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 52627

• Home prices YoY: -28.6%
• Active inventory: 64
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,210 medium
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $818

Break-even live

Break-even rent $174

Max offer price $19,900

Occupancy floor 27%

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $19,900 Active 181 DOM
2. 2026-06-18
   days on market $19,900 Active 180 DOM
3. 2026-06-17
   days on market $19,900 Active 179 DOM
4. 2026-06-16
   days on market $19,900 Active 178 DOM
5. 2026-06-15
   days on market $19,900 Active 177 DOM
6. 2026-06-14
   days on market $19,900 Active 175 DOM
7. 2026-06-12
   days on market $19,900 Active 174 DOM
8. 2026-06-09
   days on market $19,900 Active 171 DOM
9. 2026-06-08
   days on market $19,900 Active 170 DOM
10. 2026-06-07
    days on market $19,900 Active 169 DOM
11. 2026-06-07
    days on market $19,900 Active 168 DOM
12. 2026-06-03
    days on market $19,900 Active 165 DOM
13. 2026-06-02
    days on market $19,900 Active 164 DOM
14. 2026-06-01
    days on market $19,900 Active 163 DOM
15. 2026-05-31
    days on market $19,900 Active 162 DOM
16. 2026-05-30
    days on market $19,900 Active 161 DOM
17. 2026-05-14
    price $19,900 265-char remark

    Show marketing remark (265 chars)

    This property is an excellent opportunity for fix and flip, rental, or make it your own. Clean-out is scheduled, repairs and updates are needed, but there is tons of potential, nice level corner lot with alley access, and instant equity on this bargain. Call today!

18. 2025-12-20
    listed $24,900 Active 265-char remark

    Show marketing remark (265 chars)

    This property is an excellent opportunity for fix and flip, rental, or make it your own. Clean-out is scheduled, repairs and updates are needed, but there is tons of potential, nice level corner lot with alley access, and instant equity on this bargain. Call today!

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 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: $14,518
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$100
• − Repairs & maintenance: −$1,161
• − Management: −$1,161
• − Depreciation: −$579
• Taxable income: $10,104
• Est. tax owed @ 24.0%: −$2,425
• After-tax cash flow: $7,394/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

-20.1% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $19,900 IAR
• 2025-12-20 Listed $24,900 IAR

Property tax history

+9.6%/yr

Latest (2025): $2,408 · +94.5% YoY. Source: county tax records.