515 Avenue D · Fort Madison, IA 52627

$65,000

2 bd · 1.0 ba · 1,494 sqft · SingleFamily public records · 74 Days on market

Built 1910 5,663 sqft lot $44/sqft · 35% above area Est $48k · 35% over ↓ 4% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• 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

Well-maintained 2-story home featuring 3 bedrooms and 1 full bath. The main floor includes a bedroom, full bathroom, laundry area, and an extra utility room for added storage or workspace. Upstairs offers two additional bedrooms, while the partially finished basement provides extra storage space. A detached shed adds even more storage. Move-in ready with a functional layout. Call today to check it out!

Key facts

• 5,663 sq ft lot
• Built 1910
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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: 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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. 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: 1.69% ✓
• Cap rate: 14.29%
• Cash-on-cash: 28.55%
• DSCR: 2.27
• GRM: 4.9

CMA / ARV

• ARV (median comp): $48,195
• List price: $65,000
• Delta: 34.87%
• 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
310 Avenue D	0.21mi	2/1.0	1,444 (-3%)	7mo	$112,500	$78	79
1216 Avenue G	0.72mi	2/1.0	1,506 (+1%)	8mo	$123,000	$82	59
20 Sunnyside Dr	0.56mi	3/1.0 (+1)	1,536 (+3%)	10mo	$95,000	$62	56
412 4th St	0.16mi	3/2.5 (+1)	1,696 (+14%)	4mo	$110,000	$65	56
517 10th St	0.47mi	3/1.5 (+1)	1,584 (+6%)	8mo	$135,000	$85	54
1109 Avenue G	0.60mi	2/1.5	1,312 (-12%)	6mo	$129,000	$98	44
1223 Avenue F	0.71mi	3/2.0 (+1)	1,571 (+5%)	7mo	$135,000	$86	43
615 3rd St	0.30mi	3/1.0 (+1)	1,284 (-14%)	17mo	$47,500	$37	43
617 3rd St	0.31mi	3/1.0 (+1)	1,284 (-14%)	17mo	$47,500	$37	43
1228 Avenue F	0.72mi	3/1.0 (+1)	1,440 (-4%)	18mo	$78,000	$54	40
1224 Avenue E	0.70mi	3/2.0 (+1)	1,374 (-8%)	14mo	$62,500	$45	34
1210 Avenue C	0.66mi	3/2.0 (+1)	1,380 (-8%)	18mo	$140,000	$101	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: 22.8%
• Equity multiple: 1.94×
• Total profit: $17,051
• Equity at exit: $9,692

10-year hold

• IRR: 30.8%
• Equity multiple: 3.77×
• Total profit: $50,385
• Equity at exit: $5,620

Cash invested: $18,200 (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: 4.9×

Monthly cashflow live

• Estimated rent: $1,097 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$65 /mo · $784/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $433

Break-even live

Break-even rent $548

Max offer price $65,000

Occupancy floor 56%

Sensitivity live

Price	-10% $470	-5% $451	+0% $433	+5% $415	+10% $396
Rent	-10% $346	-5% $390	+0% $433	+5% $476	+10% $520
Rate	-1.0pp $466	-0.5pp $450	base $433	+0.5pp $416	+1.0pp $399

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $65,000 Active 74 DOM
2. 2026-06-19
   days on market $65,000 Active 72 DOM
3. 2026-06-18
   days on market $65,000 Active 71 DOM
4. 2026-06-17
   days on market $65,000 Active 70 DOM
5. 2026-06-16
   days on market $65,000 Active 69 DOM
6. 2026-06-15
   days on market $65,000 Active 68 DOM
7. 2026-06-14
   days on market $65,000 Active 66 DOM
8. 2026-06-12
   days on market $65,000 Active 65 DOM
9. 2026-06-09
   days on market $65,000 Active 62 DOM
10. 2026-06-08
    days on market $65,000 Active 61 DOM
11. 2026-06-07
    days on market $65,000 Active 60 DOM
12. 2026-06-07
    pricedays on market $65,000 Active 59 DOM
13. 2026-06-03
    days on market $67,000 Active 56 DOM
14. 2026-06-02
    days on market $67,000 Active 55 DOM
15. 2026-06-01
    days on market $67,000 Active 54 DOM
16. 2026-05-31
    days on market $67,000 Active 53 DOM
17. 2026-05-30
    days on market $67,000 Active 52 DOM
18. 2026-05-15
    price $67,000 405-char remark

    Show marketing remark (405 chars)

    Well-maintained 2-story home featuring 3 bedrooms and 1 full bath. The main floor includes a bedroom, full bathroom, laundry area, and an extra utility room for added storage or workspace. Upstairs offers two additional bedrooms, while the partially finished basement provides extra storage space. A detached shed adds even more storage. Move-in ready with a functional layout. Call today to check it out!

19. 2026-04-25
    status Active 405-char remark

    Show marketing remark (405 chars)

    Well-maintained 2-story home featuring 3 bedrooms and 1 full bath. The main floor includes a bedroom, full bathroom, laundry area, and an extra utility room for added storage or workspace. Upstairs offers two additional bedrooms, while the partially finished basement provides extra storage space. A detached shed adds even more storage. Move-in ready with a functional layout. Call today to check it out!

20. 2026-04-14
    historical Active Under Contract 405-char remark

    Show marketing remark (405 chars)

    Well-maintained 2-story home featuring 3 bedrooms and 1 full bath. The main floor includes a bedroom, full bathroom, laundry area, and an extra utility room for added storage or workspace. Upstairs offers two additional bedrooms, while the partially finished basement provides extra storage space. A detached shed adds even more storage. Move-in ready with a functional layout. Call today to check it out!

21. 2026-04-08
    listed $70,000 Active 405-char remark

    Show marketing remark (405 chars)

    Well-maintained 2-story home featuring 3 bedrooms and 1 full bath. The main floor includes a bedroom, full bathroom, laundry area, and an extra utility room for added storage or workspace. Upstairs offers two additional bedrooms, while the partially finished basement provides extra storage space. A detached shed adds even more storage. Move-in ready with a functional layout. Call today to check it out!

ⓘ 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: $784 · $65/mo
• Projected year-2 tax: $902 · $75/mo
• Expected delta: +$118/yr (+$10/mo · 15.1%)

ⓘ 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 3/10 Moderate 7 d/yr ≥106°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: $13,158
• − Mortgage interest: −$3,641
• − Property taxes: −$784
• − Insurance: −$325
• − Repairs & maintenance: −$1,053
• − Management: −$1,053
• − Depreciation: −$1,891
• Taxable income: $4,412
• Est. tax owed @ 24.0%: −$1,059
• After-tax cash flow: $4,137/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

-4.3% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $67,000 IAR
• 2026-04-25 Relisted — IAR
• 2026-04-14 Contingent — IAR
• 2026-04-08 Listed $70,000 IAR

Property tax history

+3.2%/yr

Latest (2025): $784 · +2.1% YoY. Source: county tax records.