400 E Prairie St · Centerville, IA 52544

$115,000

2 bd · 1.0 ba · 1,235 sqft · Other public records · 23 Days on market

Built 1918 4,356 sqft lot

---

Why this score? — see what drove the C- 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 +16.8/30.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• DSCR +5.2/10.0
• Schools +5.0/10.0
• 1% rule +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming 2 story home located on a nice, quiet street in Centerville. If you're looking for a clean, move-in ready home filled with character, with 3 bedrooms and 2 baths, take a look at this one. The main floor includes kitchen, living room, dining room, 1 bedroom, and a full bathroom. The second floor has 2 more spacious bedrooms with large closets and a half bath. The downstairs boasts beautiful newer flooring in the main living areas. The basement is partially finished and has ample room for the possibility of 2 additional bedrooms and tons of storage space. The laundry room is currently in the basement, but there are also washer and dryer hook-ups in the upstairs bathroom. The back yar

Key facts

• Newer flooring
• Above ground pool
• Fully fenced-in

Tags

• NEWER FLOORING
• FULLY FENCED-IN
• NEW DECK
• ABOVE GROUND POOL
• PARTIALLY FINISHED BASEMENT
• WASHER AND DRYER HOOK-UPS

Property features AI

Exterior

• Parking: Concrete parking
• Utilities: Public water; Public sewer
• Home design: Two levels; Single-family residence; Residential property
• Construction: Stucco construction
• Exterior features: Wood fencing

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air; Window unit(s); Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $115k.

Deal economics

• At list price, monthly cash flow is $74 ($889/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (8.5% below list).
• Recommended offer: $105k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 4.1% 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: 83 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 $2k of equity ($795 loan paydown + $1k 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 $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $44k; list at $115k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,242 (8.5% below list)

Questions for the listing agent

1. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 4.5%
• Equity multiple: 1.23×
• Total profit: $7,312
• Equity at exit: $39,738

10-year hold

• IRR: 8.8%
• Equity multiple: 2.07×
• Total profit: $34,566
• Equity at exit: $53,181

Cash invested: $32,200 (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: 83
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,052 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$106 /mo · $1,276/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $74

Break-even live

Break-even rent $959

Max offer price $115,000

Occupancy floor 88%

Sensitivity live

Price	-10% $139	-5% $107	+0% $74	+5% $42	+10% $9
Rent	-10% $-9	-5% $33	+0% $74	+5% $116	+10% $157
Rate	-1.0pp $132	-0.5pp $103	base $74	+0.5pp $44	+1.0pp $14

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $115,000 Active 23 DOM
2. 2026-06-18
   days on market $115,000 Active 21 DOM
3. 2026-06-17
   days on market $115,000 Active 20 DOM
4. 2026-06-16
   days on market $115,000 Active 19 DOM
5. 2026-06-16
   price $115,000 Active 18 DOM
6. 2026-06-15
   days on market $120,000 Active 18 DOM
7. 2026-06-13
   days on market $120,000 Active 16 DOM
8. 2026-06-12
   days on market $120,000 Active 15 DOM
9. 2026-06-09
   days on market $120,000 Active 12 DOM
10. 2026-06-08
    days on market $120,000 Active 11 DOM
11. 2026-06-07
    days on market $120,000 Active 10 DOM
12. 2026-06-07
    days on market $120,000 Active 9 DOM
13. 2026-06-04
    days on market $120,000 Active 6 DOM
14. 2026-06-02
    days on market $120,000 Active 5 DOM
15. 2026-06-01
    days on market $120,000 Active 4 DOM
16. 2026-05-31
    days on market $120,000 Active 3 DOM
17. 2026-05-31
    days on market $120,000 Active 2 DOM
18. 2026-05-28
    listed $120,000 Active
19. 2013-04-18
    soldstatus $44,000

ⓘ 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: $1,276 · $106/mo
• Projected year-2 tax: $1,541 · $128/mo
• Expected delta: +$265/yr (+$22/mo · 20.7%)

ⓘ 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 3/10 Moderate
• 🌡 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: $12,629
• − Mortgage interest: −$6,442
• − Property taxes: −$1,276
• − Insurance: −$575
• − Repairs & maintenance: −$1,010
• − Management: −$1,010
• − Depreciation: −$3,345
• Taxable loss: −$1,030
• Est. tax savings @ 24.0%: +$247
• After-tax cash flow: $1,136/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

+172.7% since first listed

2 events — show timeline

• 2026-05-28 Listed $120,000 IAR
• 2013-04-18 Sold (Public Records) $44,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,276 · +1.6% YoY. Source: county tax records.