806 34th St · Fort Madison, IA 52627

$89,900

3 bd · 1.0 ba · 1,300 sqft · SingleFamily public records · 804 Days on market

Built 1977 10,019 sqft lot $69/sqft · 15% below area Est $106k · 15% 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 +27.8/30.0
• ARV discount +14.2/15.0
• DSCR +9.8/10.0
• 1% rule +8.1/10.0
• 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

Exterior updates complete. Interior ready to be finished. Sold As Is.

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1977

Tags

• EXTERIOR UPDATES COMPLETE
• INTERIOR READY TO BE FINISHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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.
• Zoned schools: Richardson Elementary School (math 62% / reading 32%, grade D-, #530 of 616 statewide, top 88%, 311 students, 68% FRL); Fort Madison Middle School (math 56% / reading 63%, grade B, #185 of 246 statewide, top 78%, 695 students, 56% FRL); Fort Madison High School (math 48% / reading 60%, grade C-, #293 of 336 statewide, top 87%, 555 students, 45% FRL).
• Market conditions: 65 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 804 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $47k; list at $90k implies a 91% gain — meaningful room to come down on a strong offer.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 804 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 1977 — 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. 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: 1.31% ✓
• Cap rate: 9.95%
• Cash-on-cash: 13.07%
• DSCR: 1.58
• GRM: 6.4

CMA / ARV

• ARV (median comp): $105,671
• List price: $89,900
• Delta: -14.92%
• 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
45 Richards Dr	0.25mi	2/1.0 (-1)	1,250 (-4%)	4mo	$122,000	$98	74
3112 Avenue M	0.33mi	3/1.0	1,339 (+3%)	8mo	$125,000	$93	73
3401 Avenue L	0.18mi	3/1.0	1,148 (-12%)	3mo	$97,000	$84	70
3214 Avenue E	0.29mi	4/2.5 (+1)	1,326 (+2%)	3mo	$270,000	$204	69
5 Sunset Ln	0.21mi	3/1.0	1,154 (-11%)	6mo	$115,000	$100	66
1522 39th St	0.63mi	2/1.0 (-1)	1,236 (-5%)	1mo	$130,000	$105	57
2510 Avenue I	0.72mi	3/1.0	1,370 (+5%)	3mo	$21,500	$16	55
28 Oak Dr	0.63mi	3/1.5	1,200 (-8%)	1mo	$180,000	$150	54
2826 Avenue L	0.44mi	2/1.0 (-1)	1,456 (+12%)	0mo	$58,000	$40	54
23 Oak Dr Dr	0.59mi	3/2.0	1,164 (-10%)	2mo	$160,000	$137	50
225 Vica Ln	0.46mi	3/2.0	1,118 (-14%)	2mo	$160,000	$143	49
2805 Avenue K	0.45mi	2/1.5 (-1)	1,110 (-15%)	4mo	$35,000	$32	44

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: 3.0%
• Equity multiple: 1.12×
• Total profit: $2,940
• Equity at exit: $13,404

10-year hold

• IRR: 12.6%
• Equity multiple: 2.00×
• Total profit: $25,211
• Equity at exit: $7,773

Cash invested: $25,172 (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: 65
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,177 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$147 /mo · $1,764/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $274

Break-even live

Break-even rent $830

Max offer price $89,900

Occupancy floor 72%

Sensitivity live

Price	-10% $325	-5% $300	+0% $274	+5% $249	+10% $223
Rent	-10% $181	-5% $228	+0% $274	+5% $321	+10% $367
Rate	-1.0pp $320	-0.5pp $297	base $274	+0.5pp $251	+1.0pp $227

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $89,900 Active 804 DOM
2. 2026-06-19
   days on market $89,900 Active 802 DOM
3. 2026-06-18
   days on market $89,900 Active 801 DOM
4. 2026-06-17
   days on market $89,900 Active 800 DOM
5. 2026-06-16
   days on market $89,900 Active 799 DOM
6. 2026-06-15
   days on market $89,900 Active 798 DOM
7. 2026-06-14
   days on market $89,900 Active 796 DOM
8. 2026-06-12
   days on market $89,900 Active 795 DOM
9. 2026-06-09
   days on market $89,900 Active 792 DOM
10. 2026-06-08
    days on market $89,900 Active 791 DOM
11. 2026-06-07
    days on market $89,900 Active 790 DOM
12. 2026-06-07
    days on market $89,900 Active 789 DOM
13. 2026-06-03
    days on market $89,900 Active 786 DOM
14. 2026-06-02
    days on market $89,900 Active 785 DOM
15. 2026-06-01
    days on market $89,900 Active 784 DOM
16. 2026-05-31
    days on market $89,900 Active 783 DOM
17. 2026-05-30
    days on market $89,900 Active 782 DOM
18. 2024-12-17
    price $89,900 69-char remark

    Show marketing remark (69 chars)

    Exterior updates complete. Interior ready to be finished. Sold As Is.

19. 2024-04-08
    listed $92,000 Active 69-char remark

    Show marketing remark (69 chars)

    Exterior updates complete. Interior ready to be finished. Sold As Is.

20. 2022-10-12
    soldstatus $47,000 405-char remark

    Show marketing remark (405 chars)

    This ranch home offers 3 bedrooms and 1 bathroom, main floor laundry and a detached 2 car garage. Property to be sold in "as is" condition with "all faults and all contents" including any trash or abandoned personal property, unless specifically stated otherwise. Seller obtained ownership via tax sale. Seller will not make repairs or turn on utilities for inspections. Selling as-is.

21. 2022-05-05
    listed $39,995 405-char remark

    Show marketing remark (405 chars)

    This ranch home offers 3 bedrooms and 1 bathroom, main floor laundry and a detached 2 car garage. Property to be sold in "as is" condition with "all faults and all contents" including any trash or abandoned personal property, unless specifically stated otherwise. Seller obtained ownership via tax sale. Seller will not make repairs or turn on utilities for inspections. Selling as-is.

ⓘ 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: $1,764 · $147/mo
• Projected year-2 tax: $1,764 · $147/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 2/10 Low
• 🌡 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: $14,129
• − Mortgage interest: −$5,036
• − Property taxes: −$1,764
• − Insurance: −$450
• − Repairs & maintenance: −$1,130
• − Management: −$1,130
• − Depreciation: −$2,615
• Taxable income: $2,004
• Est. tax owed @ 24.0%: −$481
• After-tax cash flow: $2,810/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

+124.8% since first listed

4 events — show timeline

• 2024-12-17 Price Changed $89,900 IAR
• 2024-04-08 Listed $92,000 IAR
• 2022-10-12 Sold (MLS) $47,000 IAR
• 2022-05-05 Listed $39,995 IAR

Property tax history

+1.8%/yr

Latest (2025): $1,764 · +1.4% YoY. Source: county tax records.