111 Kells Ave · Melrose, IA 52569

$152,000

3 bd · 1.0 ba · 1,036 sqft · Other · 30 Days on market

Built 1979 4,792 sqft lot $147/sqft · 7% below area Est $164k · 7% under

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Why this score? — see what drove the C- 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 +11.4/30.0
• ARV discount +10.8/15.0
• Appreciation +10.0/10.0
• Schools +6.1/10.0
• DSCR +3.3/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0

Listing remarks

This single level home located in Melrose is move-in ready. Three bedrooms, one bathroom, nice open layout, with everything on one level. Attached garage and nice deck overlooking the included lots across Kells Avenue provide for a nice view! Don't miss out on this affordable home in a great location!

Key facts

• Attached garage
• Nice deck
• Great location

Tags

• OPEN LAYOUT
• ATTACHED GARAGE
• NICE DECK
• GREAT LOCATION

Property features AI

Finance

• Other: Lot is approximately 0.11 acres (listed as 5 parcels totaling)

Exterior

• Parking: Attached garage (1 space) on concrete
• Utilities: Public sewer
• Home design: Single-family residence; Residential property
• Construction: HardiPlank exterior
• Exterior features: Public sewer

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $152k.

Deal economics

• At list price, monthly cash flow is $-54 ($-649/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (26.3% below list).
• Recommended offer: $112k (26.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#919 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, amenities F, commute F.
• Albia Community School District (town): math 68% / reading 77% proficiency, ranked #117 of 289 in IA (top 40%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Lincoln Center (math 66% / reading 69%, grade B+, #270 of 616 statewide, top 44%, 293 students, 42% FRL); Albia Middle School (math 72% / reading 82%, grade A, #52 of 246 statewide, top 22%, 164 students, 40% FRL); Albia High School (math 68% / reading 83%, grade A-, #79 of 336 statewide, top 25%, 374 students, 38% FRL).
• Market conditions: 26 active listings in the ZIP; 13 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $152k implies a 134% gain — meaningful room to come down on a strong offer.

Recommended offer $112,033 (26.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 0.74% ✗
• Cap rate: 5.87%
• Cash-on-cash: -1.52%
• DSCR: 0.93
• GRM: 11.3

CMA / ARV

• ARV (median comp): $164,195
• List price: $152,000
• Delta: -7.43%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.2%
• Equity multiple: 2.86×
• Total profit: $79,290
• Equity at exit: $136,934

10-year hold

• IRR: 20.7%
• Equity multiple: 6.55×
• Total profit: $236,099
• Equity at exit: $295,303

Cash invested: $42,560 (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 52569

• Home prices YoY: 5.3%
• Active inventory: 26
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,120 medium
• Mortgage (P&I): −$797
• Tax from tax record: −$79 /mo · $944/yr
• Insurance: −$63
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-54

Break-even live

Break-even rent $1,189

Max offer price $142,453

Occupancy floor 100%

Sensitivity live

Price	-10% $32	-5% $-11	+0% $-54	+5% $-97	+10% $-140
Rent	-10% $-143	-5% $-98	+0% $-54	+5% $-10	+10% $34
Rate	-1.0pp $23	-0.5pp $-15	base $-54	+0.5pp $-93	+1.0pp $-134

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: $38,000
• Closing costs: $4,560
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-05
   statusdays on market $152,000 Pending 30 DOM
2. 2026-06-04
   days on market $152,000 Active 29 DOM
3. 2026-06-02
   days on market $152,000 Active 28 DOM
4. 2026-06-01
   days on market $152,000 Active 27 DOM
5. 2026-05-31
   days on market $152,000 Active 26 DOM
6. 2026-05-31
   days on market $152,000 Active 25 DOM
7. 2026-05-04
   listed $152,000 Active 303-char remark
8. 2023-10-04
   soldstatus $65,000
9. 2023-10-04
   soldstatus $65,000

ⓘ 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: $944 · $79/mo
• Projected year-2 tax: $1,665 · $139/mo
• Expected delta: +$721/yr (+$60/mo · 76.4%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 14 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: $13,444
• − Mortgage interest: −$8,514
• − Property taxes: −$944
• − Insurance: −$760
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$4,422
• Taxable loss: −$3,347
• Est. tax savings @ 24.0%: +$803
• After-tax cash flow: $155/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: Albia Community School District
• NCES district ID: 1903270
• Math proficiency: 68% ▼ -9.00%
• Reading proficiency: 77% ▬ 0.00%
• Median HH income: $44,429
• Composite: 60.88/100
• National rank: #814
• State rank: #117 of 289 in IA

Livability — Melrose

• Score: 57/100
• State rank: #919
• US rank: #22357

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Melrose, IA
• City population: 541
• Population (ZIP): 541

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 7,921 people
• By 2030: 7,918 · +-0.0%
• By 2040: 7,873 · -0.6%
• By 2050: 7,776 · -1.8%
• By 2075: 7,556 · -4.6%
• By 2100: 7,055 · -10.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 10%
• Common ancestry: Slovak 3% Romanian 3% Iranian 2%
• Foreign-born: 0%

Political lean MEDSL · Monroe

• 2024 margin: Solid R (+50.7) · D 24.2% · R 74.9%
• 2008→2024 swing: -45.5pp toward R · 2008: -5.2pp · 2024: -50.7pp
• All cycles: 2024: R+50.7 2020: R+46.4 2016: R+41.2 2012: R+7.7 2008: R+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.12%
• Current HPI: 199.977
• 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

+133.8% since first listed

4 events — show timeline

• 2026-06-04 Pending — IAR
• 2026-05-04 Listed $152,000 IAR
• 2023-10-04 Sold (Public Records) $65,000 Public Records
• 2023-10-04 Sold (Public Records) $65,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $944 · -5.6% YoY. Source: county tax records.