703 Center Ave · Ottumwa, IA 52501

$47,500

3 bd · 1.0 ba · 2,141 sqft · SingleFamily public records · 89 Days on market

Built 1910 8,382 sqft lot $22/sqft · 59% below area Est $91k · 48% 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 +25.7/30.0
• ARV discount +15.0/15.0
• 1% rule +8.7/10.0
• DSCR +8.6/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Offered for sale for the first time in 30 years. Lots of floor space with tall ceilings in this home. Wrap around front porch & walk up attic ideal for additional finished living space. Several updates but needs more. Located close to the high school and athletic activities centers.

Key facts

• Walk up attic
• Close to high school
• 8,382 sq ft lot

Tags

• WRAP AROUND FRONT PORCH
• WALK UP ATTIC
• CLOSE TO HIGH SCHOOL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($650 rent vs $48k).
• Recommended offer: $45k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 5.9% in Ottumwa — 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 80/100 on livability (#91 in IA, #1,900 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, employment D-.
• Ottumwa Community School District (town): math 50% / reading 54% proficiency, ranked #277 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 186 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 44 units permitted in Wapello County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $328 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wapello County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($45k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,650 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.37% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.31%
• DSCR: 1.46
• GRM: 6.1

CMA / ARV

• ARV (median comp): $91,079
• List price: $47,500
• Delta: -47.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
222 N Fellows Ave	0.37mi	3/1.5	2,164 (+1%)	13mo	$121,000	$56	68
427 N Court St	0.50mi	4/2.0 (+1)	2,155 (+1%)	4mo	$35,500	$16	63
513 Camille St	0.28mi	3/1.5	1,898 (-11%)	4mo	$12,000	$6	62
624 E 2nd St	0.32mi	3/2.0	2,040 (-5%)	14mo	$110,000	$54	62
115 N Elm St	0.37mi	3/2.0	2,004 (-6%)	13mo	$137,000	$68	57
359 N Marion St	0.62mi	3/2.0	2,027 (-5%)	7mo	$208,000	$103	52
322 N Fellows Ave	0.33mi	4/2.0 (+1)	2,068 (-3%)	22mo	$129,000	$62	52
132 Lincoln Ave	0.49mi	4/1.5 (+1)	2,328 (+9%)	13mo	$45,000	$19	45
146 S Cooper Ave	0.50mi	3/1.0	1,948 (-9%)	20mo	$110,697	$57	45
328 N Washington St	0.51mi	4/2.0 (+1)	1,867 (-13%)	3mo	$60,500	$32	43
210 E Pennsylvania Ave	0.73mi	3/2.5	2,400 (+12%)	20mo	$224,000	$93	23

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-365
• Equity at exit: $7,082

10-year hold

• IRR: 9.0%
• Equity multiple: 1.70×
• Total profit: $9,271
• Equity at exit: $4,107

Cash invested: $13,300 (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 52501

• Active inventory: 186
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $650 medium
• Mortgage (P&I): −$249
• Tax from tax record: −$130 /mo · $1,564/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$136
• Net cashflow: $114

Break-even live

Break-even rent $505

Max offer price $47,500

Occupancy floor 77%

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
951 N Court St Ottumwa, IA	2.0	1.0	1900	$650	$0.34	43d	1	0.92mi

Listing history 16 events

1. 2026-06-18
   days on market $47,500 Active 89 DOM
2. 2026-06-17
   days on market $47,500 Active 88 DOM
3. 2026-06-16
   days on market $47,500 Active 87 DOM
4. 2026-06-15
   days on market $47,500 Active 86 DOM
5. 2026-06-13
   days on market $47,500 Active 84 DOM
6. 2026-06-12
   days on market $47,500 Active 83 DOM
7. 2026-06-09
   days on market $47,500 Active 80 DOM
8. 2026-06-08
   days on market $47,500 Active 79 DOM
9. 2026-06-07
   days on market $47,500 Active 78 DOM
10. 2026-06-07
    days on market $47,500 Active 77 DOM
11. 2026-06-04
    days on market $47,500 Active 74 DOM
12. 2026-06-02
    days on market $47,500 Active 73 DOM
13. 2026-06-01
    days on market $47,500 Active 72 DOM
14. 2026-05-31
    days on market $47,500 Active 71 DOM
15. 2026-05-31
    pricedays on market $47,500 Active 70 DOM
16. 2026-03-19
    listed $52,000 Active 289-char remark

    Show marketing remark (289 chars)

    Offered for sale for the first time in 30 years. Lots of floor space with tall ceilings in this home. Wrap around front porch & walk up attic ideal for additional finished living space. Several updates but needs more. Located close to the high school and athletic activities centers.

ⓘ 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: $1,564 · $130/mo
• Projected year-2 tax: $1,564 · $130/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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $7,800
• − Mortgage interest: −$2,661
• − Property taxes: −$1,564
• − Insurance: −$238
• − Repairs & maintenance: −$624
• − Management: −$624
• − Depreciation: −$1,382
• Taxable income: $708
• Est. tax owed @ 24.0%: −$170
• After-tax cash flow: $1,201/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: Ottumwa Community School District
• NCES district ID: 1922110
• Math proficiency: 50% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $39,864
• Composite: 43.46/100
• National rank: #3004
• State rank: #277 of 289 in IA

Livability — Ottumwa

• Score: 80/100
• State rank: #91
• US rank: #1900

Category grades

Amenities C Commute A Cost of living A+ Crime D- Employment D- Housing A+ Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottumwa, IA
• Population (ZIP): 30,341

Population outlook (Wapello County) Hauer SSP2

• Today (2025): 35,472 people
• By 2030: 35,563 · +0.3%
• By 2040: 36,083 · +1.7%
• By 2050: 37,287 · +5.1%
• By 2075: 43,898 · +23.8%
• By 2100: 52,973 · +49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 7% Black 4% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Iranian 4% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada
• Languages at home: 84% English-only · Spanish 10% Other Asian/Pacific 3% Tagalog/Filipino 1%

Political lean MEDSL · Wapello

• 2024 margin: Solid R (+31.4) · D 33.6% · R 65.0% · Other 1.4%
• 2008→2024 swing: -45.0pp toward R · 2008: 13.5pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+23.6 2016: R+20.8 2012: D+11.8 2008: D+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.66%
• Current HPI: 174.6021
• 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

1 event — show timeline

• 2026-03-19 Listed $52,000 IAR

Property tax history

+6.4%/yr

Latest (2025): $1,564 · +5.7% YoY. Source: county tax records.