521 10th Street St · Fort Madison, IA 52627

$164,900

3 bd · 2.0 ba · 2,712 sqft · MultiFamily public records · 13 Days on market

Built 1870 5,663 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Timeless Victorian Elegance Meets Modern Luxury Historic Charm Across from Central Park. Step into a seamless blend of historic grandeur and high-end modern living. This meticulously updated Brick Victorian offers soaring ceilings, rich natural woodwork, and newly refinished hardwood floors. Located just steps from downtown, it pairs convenience with classic architectural beauty. Property Highlights are Amish Kitchen: Custom-crafted, premium cabinetry tailored specifically for this space. Updated Main Bath: renovated featuring exquisite imported tile work. The entire interior boasts a crisp, professional new paint palette. Income or Guest Potential: Second-floor kitchenette with a private p

Key facts

• Updated main bath
• 5,663 sq ft lot
• Built 1870

Tags

• UPDATED MAIN BATH
• SECOND-FLOOR KITCHENETTE

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story single-family residence; Brick construction
• Construction: Brick exterior
• Exterior features: Lot approximately 57 x 100 ft (0.13 acre)

Interior

• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Hot water heating; Window air conditioning units
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $856 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Cap rate 12.5% 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 $1k of loan paydown is wiped out by about $5k 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 $46k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $40k; list at $165k implies a 312% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,900

Questions for the listing agent

1. Built in 1870 — 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 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.25%
• DSCR: 1.99
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 15.0%
• Equity multiple: 1.60×
• Total profit: $27,788
• Equity at exit: $24,587

10-year hold

• IRR: 23.7%
• Equity multiple: 3.04×
• Total profit: $94,342
• Equity at exit: $14,258

Cash invested: $46,172 (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: 64
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,418 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$121 /mo · $1,448/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $856

Break-even live

Break-even rent $1,334

Max offer price $164,900

Occupancy floor 60%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,418
Total (2 units)			$2,418

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-19
   days on market $164,900 Active 13 DOM
2. 2026-06-18
   days on market $164,900 Active 12 DOM
3. 2026-06-17
   days on market $164,900 Active 11 DOM
4. 2026-06-16
   days on market $164,900 Active 10 DOM
5. 2026-06-15
   days on market $164,900 Active 9 DOM
6. 2026-06-14
   days on market $164,900 Active 7 DOM
7. 2026-06-12
   days on market $164,900 Active 6 DOM
8. 2026-06-09
   days on market $164,900 Active 3 DOM
9. 2026-06-08
   days on market $164,900 Active 2 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $164,900 Active 1 DOM

ⓘ 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: $1,448 · $121/mo
• Projected year-2 tax: $2,018 · $168/mo
• Expected delta: +$570/yr (+$48/mo · 39.4%)

ⓘ 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 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: $29,016
• − Mortgage interest: −$9,237
• − Property taxes: −$1,448
• − Insurance: −$824
• − Repairs & maintenance: −$2,321
• − Management: −$2,321
• − Depreciation: −$4,797
• Taxable income: $8,067
• Est. tax owed @ 24.0%: −$1,936
• After-tax cash flow: $8,337/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

+312.2% since first listed

2 events — show timeline

• 2026-06-05 Listed $164,900 IAR
• 2019-01-14 Sold (Public Records) $40,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $1,448 · +18.7% YoY. Source: county tax records.