18556 Highway 5 · Centerville, IA 52544

$89,000

2 bd · 1.0 ba · 1,056 sqft · Other public records · 9 Days on market

Built 1976 1.20 ac lot $84/sqft · 26% below area Est $120k · 26% 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 +18.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.7/10.0
• DSCR +5.6/10.0
• Appreciation +5.5/10.0
• Schools +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

FSBO For comp purposes only.

Key facts

• 1.2 acres
• Excellent location
• 1.2 acre lot

Tags

• EXCELLENT LOCATION
• CLOSE TO RATHBUN LAKE
• 1.2 ACRES

Property features AI

Exterior

• Parking: Detached gravel garage with 2 car spaces
• Utilities: Septic tank
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: 1.2-acre lot (approximate dimensions: 160 x 330 x 138 x 331)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; No cooling
• Interior features: Forced air heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $89k.

Deal economics

• At list price, monthly cash flow is $76 ($912/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($950 rent vs $89k).
• Cap rate 7.3% vs local median 4.0% in Centerville — 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 73/100 on livability (#277 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Centerville Community School District (town): math 57% / reading 65% proficiency, ranked #251 of 289 in IA (top 87%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 82 active listings in the ZIP; 6 units permitted in Appanoose County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($615 loan paydown + $961 appreciation (1.1% local appreciation)).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $20k; list at $89k implies a 345% gain — meaningful room to come down on a strong offer.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1976 — 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 A-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 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: 1.07% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.66%
• DSCR: 1.16
• GRM: 7.8

CMA / ARV

• ARV (median comp): $120,336
• List price: $89,000
• Delta: -26.04%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

1.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.28×
• Total profit: $6,905
• Equity at exit: $30,754

10-year hold

• IRR: 9.7%
• Equity multiple: 2.19×
• Total profit: $29,597
• Equity at exit: $41,157

Cash invested: $24,920 (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 52544

• Home prices YoY: 0.5%
• Active inventory: 82
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $950 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$171 /mo · $2,052/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$200
• Net cashflow: $76

Break-even live

Break-even rent $854

Max offer price $89,000

Occupancy floor 87%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-14
   status Pending 224-char remark
2. 2026-05-11
   historical Active Under Contract 224-char remark
3. 2026-05-05
   listed $89,000 Active 224-char remark
4. 2019-05-15
   soldstatus $20,000 28-char remark

   Show marketing remark (28 chars)

   FSBO For comp purposes only.

5. 2019-05-13
   listed $20,000 28-char remark

   Show marketing remark (28 chars)

   FSBO For comp purposes only.

ⓘ 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: $2,052 · $171/mo
• Projected year-2 tax: $2,052 · $171/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 ≥105°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: $11,405
• − Mortgage interest: −$4,985
• − Property taxes: −$2,052
• − Insurance: −$445
• − Repairs & maintenance: −$912
• − Management: −$912
• − Depreciation: −$2,589
• Taxable loss: −$491
• Est. tax savings @ 24.0%: +$118
• After-tax cash flow: $1,030/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: Centerville Community School District
• NCES district ID: 1906750
• Math proficiency: 57% ▼ -8.00%
• Reading proficiency: 65% ▼ -5.00%
• Median HH income: $35,401
• Composite: 50.48/100
• National rank: #1854
• State rank: #251 of 289 in IA

Livability — Centerville

• Score: 73/100
• State rank: #277
• US rank: #5375

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,110

Population outlook (Appanoose County) Hauer SSP2

• Today (2025): 11,726 people
• By 2030: 11,194 · -4.5%
• By 2040: 10,063 · -14.2%
• By 2050: 8,976 · -23.5%
• By 2075: 6,785 · -42.1%
• By 2100: 4,819 · -58.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 6% Lithuanian 3% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · German/W. Germanic 5%

Political lean MEDSL · Appanoose

• 2024 margin: Solid R (+46.7) · D 26.1% · R 72.8% · Other 1.2%
• 2008→2024 swing: -44.8pp toward R · 2008: -1.9pp · 2024: -46.7pp
• All cycles: 2024: R+46.7 2020: R+40.2 2016: R+36.4 2012: R+3.5 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.08%
• Current HPI: 212.65
• 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

+345.0% since first listed

5 events — show timeline

• 2026-05-14 Pending — IAR
• 2026-05-11 Contingent — IAR
• 2026-05-05 Listed $89,000 IAR
• 2019-05-15 Sold (MLS) $20,000 IAR
• 2019-05-13 Listed $20,000 IAR

Property tax history

+4.0%/yr

Latest (2025): $2,052 · +0.6% YoY. Source: county tax records.