509 3rd Ave · Charles City, IA 50616

$115,000

3 bd · 2.5 ba · 1,264 sqft · SingleFamily public records · 30 Days on market

Built 1920 6,200 sqft lot Est $129k · 11% 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 +30.0/30.0
• ARV discount +12.4/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come see the classic charm of this 3-bedroom, 2-bath home on the lower Avenues! The traditional front porch invites you in. Beautiful hardwood floors, doors, millwork and custom windows give character throughout the home. The traditional floor plan offers a spacious living room that flows through pocket doors into a formal dining room. The kitchen is updated with timeless wood cabinetry and modern appliances. The back porch is remodeled to a mud room and new ¾ bath. Upstairs are 3 bedrooms with walk-in closets and a full hall bath. The basement is partly finished including laundry, storage, work space, and a bonus room with egress window that could be transformed into a 4th bedroom, office or play area. Out the backdoor is a large fenced backyard with wood deck. A 12 ft x 22 ft garage and extra gravel parking area are located just off the alley. Don't miss this lovely home in a great neighborhood close to schools, recreation and downtown!

Key facts

• Natural light
• Custom windows
• Detailed wood work

Tags

• HARDWOOD FLOORS
• CUSTOM WINDOWS
• DETAILED WOOD WORK
• SPACIOUS LIVING ROOM
• NATURAL LIGHT
• WOOD CABINETRY

Property features AI

Finance

• HOA & community: Sidewalks in the community

Exterior

• Parking: Carport (1 space)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Zoned R-2
• Construction: Vinyl siding; Shingle roof; Basement: concrete/crawl space, partially finished with interior entry
• Exterior features: Covered deck; Level lot; Alley paved access

Interior

• Kitchen: Dishwasher; Disposal; Free-standing range; Refrigerator; Gas water heater
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fan(s); Smoke detector(s)
• Laundry & utility: Washer hookup (lower level); Electric dryer hookup (lower level)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 6.5% in Charles City — 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 77/100 on livability (#161 in IA, #2,944 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Charles City Community School District (town): math 52% / reading 61% proficiency, ranked #262 of 289 in IA (top 91%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Charles City Ms (math 51% / reading 59%, grade B-, #201 of 246 statewide, top 82%, 423 students, 54% FRL); Charles City High School (math 47% / reading 67%, grade C, #279 of 336 statewide, top 85%, 534 students, 47% FRL).
• Market conditions: 70 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% 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 30 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago 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 $80k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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.
4. 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.
5. 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: 1.37% ✓
• Cap rate: 10.96%
• Cash-on-cash: 16.66%
• DSCR: 1.74
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $128,928
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
513 3rd Ave	0.02mi	2/1.0 (-1)	1,179 (-7%)	2mo	$120,000	$102	75
701 5th Ave	0.19mi	3/1.0	1,248 (-1%)	20mo	$132,900	$106	66
605 5th Ave	0.14mi	3/1.0	1,352 (+7%)	20mo	$80,000	$59	59
503 8th Ave	0.31mi	3/1.5	1,414 (+12%)	4mo	$149,000	$105	58
404 2nd Avenue Ave	0.13mi	2/2.0 (-1)	1,352 (+7%)	21mo	$80,000	$59	58
614 10th Ave	0.42mi	3/1.0	1,306 (+3%)	20mo	$60,000	$46	52
1008 Ellis Dr. Apt #6 Dr	0.38mi	2/1.0 (-1)	1,144 (-10%)	8mo	$115,000	$101	49
114 Central Ave	0.57mi	3/1.5	1,424 (+13%)	1mo	$145,000	$102	47
900 6th Avenue Ave	0.34mi	2/2.0 (-1)	1,120 (-11%)	16mo	$130,000	$116	45
903 6th Ave	0.36mi	3/1.0	1,092 (-14%)	16mo	$139,900	$128	41
807 B Street St	0.47mi	3/2.0	1,451 (+15%)	18mo	$32,000	$22	36
1203 E Street St	0.68mi	2/1.0 (-1)	1,118 (-12%)	10mo	$54,000	$48	30

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: 7.8%
• Equity multiple: 1.31×
• Total profit: $9,868
• Equity at exit: $17,147

10-year hold

• IRR: 17.1%
• Equity multiple: 2.41×
• Total profit: $45,358
• Equity at exit: $9,943

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 50616

• Home prices YoY: -19.7%
• Active inventory: 70
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,571 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$143 /mo · $1,712/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $447

Break-even live

Break-even rent $1,005

Max offer price $115,000

Occupancy floor 67%

Sensitivity live

Price	-10% $512	-5% $480	+0% $447	+5% $415	+10% $382
Rent	-10% $323	-5% $385	+0% $447	+5% $509	+10% $571
Rate	-1.0pp $505	-0.5pp $476	base $447	+0.5pp $417	+1.0pp $387

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: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1030 13th Ave Charles City, IA	1.0–3.0	1.0–2.0	926	$1,927	$2.08	44d	28	0.70mi
1004 20th Ave Charles City, IA	3.0	2.0	960	$975	$1.02	24d	1	1.21mi

Listing history 12 events

1. 2026-04-18
   status Pending
2. 2026-03-19
   listed $115,000 Active
3. 2019-09-27
   soldstatus $80,000 960-char remark

   Show marketing remark (960 chars)

   Come see the classic charm of this 3-bedroom, 2-bath home on the lower Avenues! The traditional front porch invites you in. Beautiful hardwood floors, doors, millwork and custom windows give character throughout the home. The traditional floor plan offers a spacious living room that flows through pocket doors into a formal dining room. The kitchen is updated with timeless wood cabinetry and modern appliances. The back porch is remodeled to a mud room and new ¾ bath. Upstairs are 3 bedrooms with walk-in closets and a full hall bath. The basement is partly finished including laundry, storage, work space, and a bonus room with egress window that could be transformed into a 4th bedroom, office or play area. Out the backdoor is a large fenced backyard with wood deck. A 12 ft x 22 ft garage and extra gravel parking area are located just off the alley. Don't miss this lovely home in a great neighborhood close to schools, recreation and downtown!

4. 2019-09-27
   soldstatus $80,000

   Show marketing remark (960 chars)

   Come see the classic charm of this 3-bedroom, 2-bath home on the lower Avenues! The traditional front porch invites you in. Beautiful hardwood floors, doors, millwork and custom windows give character throughout the home. The traditional floor plan offers a spacious living room that flows through pocket doors into a formal dining room. The kitchen is updated with timeless wood cabinetry and modern appliances. The back porch is remodeled to a mud room and new ¾ bath. Upstairs are 3 bedrooms with walk-in closets and a full hall bath. The basement is partly finished including laundry, storage, work space, and a bonus room with egress window that could be transformed into a 4th bedroom, office or play area. Out the backdoor is a large fenced backyard with wood deck. A 12 ft x 22 ft garage and extra gravel parking area are located just off the alley. Don't miss this lovely home in a great neighborhood close to schools, recreation and downtown!

5. 2019-09-27
   soldstatus $80,000

   Show marketing remark (960 chars)

   Come see the classic charm of this 3-bedroom, 2-bath home on the lower Avenues! The traditional front porch invites you in. Beautiful hardwood floors, doors, millwork and custom windows give character throughout the home. The traditional floor plan offers a spacious living room that flows through pocket doors into a formal dining room. The kitchen is updated with timeless wood cabinetry and modern appliances. The back porch is remodeled to a mud room and new ¾ bath. Upstairs are 3 bedrooms with walk-in closets and a full hall bath. The basement is partly finished including laundry, storage, work space, and a bonus room with egress window that could be transformed into a 4th bedroom, office or play area. Out the backdoor is a large fenced backyard with wood deck. A 12 ft x 22 ft garage and extra gravel parking area are located just off the alley. Don't miss this lovely home in a great neighborhood close to schools, recreation and downtown!

6. 2019-06-25
   listed $81,000 960-char remark

   Show marketing remark (960 chars)

   Come see the classic charm of this 3-bedroom, 2-bath home on the lower Avenues! The traditional front porch invites you in. Beautiful hardwood floors, doors, millwork and custom windows give character throughout the home. The traditional floor plan offers a spacious living room that flows through pocket doors into a formal dining room. The kitchen is updated with timeless wood cabinetry and modern appliances. The back porch is remodeled to a mud room and new ¾ bath. Upstairs are 3 bedrooms with walk-in closets and a full hall bath. The basement is partly finished including laundry, storage, work space, and a bonus room with egress window that could be transformed into a 4th bedroom, office or play area. Out the backdoor is a large fenced backyard with wood deck. A 12 ft x 22 ft garage and extra gravel parking area are located just off the alley. Don't miss this lovely home in a great neighborhood close to schools, recreation and downtown!

7. 2015-10-23
   soldstatus $76,000
8. 2015-10-16
   soldstatus $76,000 733-char remark

   Show marketing remark (733 chars)

   Pending sale, accepting backup offers. Your family's dream home is here!! 3 bedrooms in this amazing home, with an additional 2 non conforming bedrooms in the partially finished basement. Many recent updates including lifetime shingles, new siding and windows. Hardwood floors and beautiful wood trim throughout fill this home with lots of character, just ready for you and your family to make some new memories. Two+ parking spots in front of single stall garage, which is currently being used for storage. This property is centrally located between all levels of schools and is just a short walk to parks and downtown shopping. Most appliances come with, adding to the convenience of this home. Memories await, please call today!!

9. 2015-03-13
   listed $79,900 733-char remark

   Show marketing remark (733 chars)

   Pending sale, accepting backup offers. Your family's dream home is here!! 3 bedrooms in this amazing home, with an additional 2 non conforming bedrooms in the partially finished basement. Many recent updates including lifetime shingles, new siding and windows. Hardwood floors and beautiful wood trim throughout fill this home with lots of character, just ready for you and your family to make some new memories. Two+ parking spots in front of single stall garage, which is currently being used for storage. This property is centrally located between all levels of schools and is just a short walk to parks and downtown shopping. Most appliances come with, adding to the convenience of this home. Memories await, please call today!!

10. 2001-07-28
    soldstatus $67,000
11. 1997-07-12
    soldstatus $59,000
12. 1995-03-13
    soldstatus $30,000

ⓘ 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: $1,712 · $143/mo
• Projected year-2 tax: $1,759 · $147/mo
• Expected delta: +$47/yr (+$4/mo · 2.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,848
• − Mortgage interest: −$6,442
• − Property taxes: −$1,712
• − Insurance: −$575
• − Repairs & maintenance: −$1,508
• − Management: −$1,508
• − Depreciation: −$3,345
• Taxable income: $3,758
• Est. tax owed @ 24.0%: −$902
• After-tax cash flow: $4,464/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: Charles City Community School District
• NCES district ID: 1907080
• Math proficiency: 52% ▼ -3.00%
• Reading proficiency: 61% ▲ 9.00%
• Median HH income: $41,414
• Composite: 47.32/100
• National rank: #2299
• State rank: #262 of 289 in IA

Livability — Charles City

• Score: 77/100
• State rank: #161
• US rank: #2944

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: Charles City, IA
• City population: 9,419
• Population (ZIP): 9,419

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Scandinavian 2% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.03%
• Current HPI: 187.4742
• 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

+283.3% since first listed

12 events — show timeline

• 2026-04-18 Pending — NEIRBR as distributed by MLS GRID
• 2026-03-19 Listed $115,000 NEIRBR as distributed by MLS GRID
• 2019-09-27 Sold (Public Records) $80,000 Public Records
• 2019-09-27 Sold (Public Records) $80,000 Public Records
• 2019-09-27 Sold (MLS) $80,000 NEIRBR as distributed by MLS GRID
• 2019-06-25 Listed $81,000 NEIRBR as distributed by MLS GRID
• 2015-10-23 Sold (Public Records) $76,000 Public Records
• 2015-10-16 Sold (MLS) $76,000 NEIRBR as distributed by MLS GRID
• 2015-03-13 Listed $79,900 NEIRBR as distributed by MLS GRID
• 2001-07-28 Sold (Public Records) $67,000 Public Records
• 1997-07-12 Sold (Public Records) $59,000 Public Records
• 1995-03-13 Sold (Public Records) $30,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,712 · +0.5% YoY. Source: county tax records.