2724 Avenue M · Fort Madison, IA 52627

$139,000

4 bd · 2.0 ba · 1,672 sqft · SingleFamily public records · 68 Days on market

Built 1900 9,583 sqft lot $83/sqft · 26% above area Est $111k · 26% over ↓ 7% 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 +16.4/30.0
• DSCR +5.1/10.0
• Schools +4.8/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom home with a non-conforming 4th bedroom and 2 bathrooms. The main level features a bedroom, 3/4 bath, and laundry for added convenience and accessibility. Multiple living spaces—including a living room and separate family room, along with formal and casual dining areas, offer flexibility to fit your lifestyle. Situated on a large lot with a 2-car detached garage, this home offers space, function, and opportunity.

Key facts

• 9,583 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $79 ($949/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 $126k (9.2% below list).
• Recommended offer: $126k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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.
• 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 $961 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $126,150 (9.2% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 9% 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: 0.91% ✗
• Cap rate: 6.98%
• Cash-on-cash: 2.44%
• DSCR: 1.11
• GRM: 9.2

CMA / ARV

• ARV (median comp): $110,694
• List price: $139,000
• Delta: 25.57%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 Crescent Ln	0.55mi	4/2.0	1,680 (+0%)	0mo	$235,000	$140	73
2419 Avenue J	0.31mi	3/1.0 (-1)	1,643 (-2%)	13mo	$95,000	$58	63
2111 Avenue J	0.54mi	4/2.0	1,566 (-6%)	4mo	$178,000	$114	61
1017 34th St	0.57mi	3/2.0 (-1)	1,728 (+3%)	11mo	$163,000	$94	54
2004 Avenue G	0.70mi	3/2.0 (-1)	1,620 (-3%)	4mo	$144,950	$89	54
2635 Avenue H	0.34mi	3/2.0 (-1)	1,477 (-12%)	11mo	$135,000	$91	51
723 33rd St	0.57mi	3/2.5 (-1)	1,750 (+5%)	12mo	$165,000	$94	48
30 29th Pl	0.62mi	3/1.0 (-1)	1,804 (+8%)	1mo	$186,000	$103	48
501 21st St	0.74mi	4/1.5	1,758 (+5%)	12mo	$30,000	$17	45
3033 Avenue C	0.73mi	3/1.5 (-1)	1,556 (-7%)	11mo	$100,000	$64	38
512 24th St	0.58mi	3/2.0 (-1)	1,856 (+11%)	14mo	$83,000	$45	38
405 Vica Ln	0.68mi	3/2.0 (-1)	1,442 (-14%)	10mo	$140,000	$97	32

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: -12.4%
• Equity multiple: 0.55×
• Total profit: $-17,495
• Equity at exit: $20,725

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-8,780
• Equity at exit: $12,018

Cash invested: $38,920 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,262 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$131 /mo · $1,568/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $79

Break-even live

Break-even rent $1,161

Max offer price $139,000

Occupancy floor 89%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-17
   status $139,000 Pending 68 DOM
2. 2026-06-16
   days on market $139,000 Active Under Contract 68 DOM
3. 2026-06-15
   days on market $139,000 Active Under Contract 67 DOM
4. 2026-06-14
   days on market $139,000 Active Under Contract 65 DOM
5. 2026-06-12
   days on market $139,000 Active Under Contract 64 DOM
6. 2026-06-09
   days on market $139,000 Active Under Contract 61 DOM
7. 2026-06-08
   days on market $139,000 Active Under Contract 60 DOM
8. 2026-06-07
   days on market $139,000 Active Under Contract 59 DOM
9. 2026-06-07
   days on market $139,000 Active Under Contract 58 DOM
10. 2026-06-03
    days on market $139,000 Active Under Contract 55 DOM
11. 2026-06-02
    days on market $139,000 Active Under Contract 54 DOM
12. 2026-06-01
    days on market $139,000 Active Under Contract 53 DOM
13. 2026-05-31
    days on market $139,000 Active Under Contract 52 DOM
14. 2026-05-30
    days on market $139,000 Active Under Contract 51 DOM
15. 2026-05-02
    historical Active Under Contract 440-char remark

    Show marketing remark (440 chars)

    Charming 3-bedroom home with a non-conforming 4th bedroom and 2 bathrooms. The main level features a bedroom, 3/4 bath, and laundry for added convenience and accessibility. Multiple living spaces—including a living room and separate family room, along with formal and casual dining areas, offer flexibility to fit your lifestyle. Situated on a large lot with a 2-car detached garage, this home offers space, function, and opportunity.

16. 2026-04-30
    price $139,000 440-char remark

    Show marketing remark (440 chars)

    Charming 3-bedroom home with a non-conforming 4th bedroom and 2 bathrooms. The main level features a bedroom, 3/4 bath, and laundry for added convenience and accessibility. Multiple living spaces—including a living room and separate family room, along with formal and casual dining areas, offer flexibility to fit your lifestyle. Situated on a large lot with a 2-car detached garage, this home offers space, function, and opportunity.

17. 2026-04-09
    listed $149,000 Active 440-char remark

    Show marketing remark (440 chars)

    Charming 3-bedroom home with a non-conforming 4th bedroom and 2 bathrooms. The main level features a bedroom, 3/4 bath, and laundry for added convenience and accessibility. Multiple living spaces—including a living room and separate family room, along with formal and casual dining areas, offer flexibility to fit your lifestyle. Situated on a large lot with a 2-car detached garage, this home offers space, function, and opportunity.

ⓘ 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: $1,568 · $131/mo
• Projected year-2 tax: $1,875 · $156/mo
• Expected delta: +$307/yr (+$26/mo · 19.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $15,138
• − Mortgage interest: −$7,786
• − Property taxes: −$1,568
• − Insurance: −$695
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$4,044
• Taxable loss: −$1,377
• Est. tax savings @ 24.0%: +$330
• After-tax cash flow: $1,279/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

-6.7% since first listed

3 events — show timeline

• 2026-05-02 Contingent — IAR
• 2026-04-30 Price Changed $139,000 IAR
• 2026-04-09 Listed $149,000 IAR

Property tax history

+3.9%/yr

Latest (2025): $1,568 · +1.8% YoY. Source: county tax records.