305 N Elm St · Marcus, IA 51035

$120,000

2 bd · 1.0 ba · 1,802 sqft · SingleFamily public records · 29 Days on market

Built 1913 6,300 sqft lot Est $171k · 30% 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 +18.5/30.0
• ARV discount +15.0/15.0
• Schools +6.5/10.0
• DSCR +5.8/10.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• Appreciation +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Well-kept 1,349 sq. ft. home offering comfortable living space, beautiful woodwork, practical updates, and flexible rooms for everyday use. Built in 1913, the home includes 2 upstairs bedrooms, a spacious living room, an eat-in kitchen with appliances included, a full bathroom on the main floor, main-floor laundry, a flexible office or extra bedroom, and a full unfinished basement. Outside, the property features a covered porch, vinyl siding, and a detached 2-car garage. The home is listed at $120,000, with a $10,000 roof replacement allowance available if completed within 6 months of closing.

Key facts

• Covered porch
• Flexible office
• Vinyl siding

Tags

• COVERED PORCH
• VINYL SIDING
• DETACHED GARAGE
• FLEXIBLE OFFICE

Property features AI

Exterior

• Parking: Detached concrete garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding construction; Shingle roof
• Exterior features: Shingle roof; Vinyl siding; Public water; Public sewer; Zoned residential

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Water softener; Unfinished basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/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 $108k (10.1% below list).
• Recommended offer: $108k (10.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#130 in IA, #2,373 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Marcus-Meriden-Cleghorn Community School District (rural): math 75% / reading 75% proficiency, ranked #102 of 330 in IA (top 31%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 11 active listings in the ZIP; 10 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cherokee County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $107,915 (10.1% below list)

Questions for the listing agent

1. Built in 1913 — 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: 0.90% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.06%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $171,190
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
302 N Beech St	0.11mi	3/3.0 (+1)	1,772 (-2%)	8mo	$235,000	$133	72
104 S Elm St	0.22mi	2/1.5	1,719 (-5%)	11mo	$127,500	$74	70
403 N Linn St	0.41mi	2/2.0	1,729 (-4%)	4mo	$165,000	$95	66
606 E Amherst St	0.26mi	2/1.5	1,922 (+7%)	20mo	$150,000	$78	58
308 S Elm St	0.51mi	3/2.0 (+1)	1,960 (+9%)	2mo	$252,350	$129	52
109 N Oak St	0.14mi	3/2.0 (+1)	1,626 (-10%)	23mo	$155,000	$95	49
204 Crestwood Dr	0.48mi	2/2.0	2,026 (+12%)	24mo	$239,000	$118	33

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: -10.0%
• Equity multiple: 0.64×
• Total profit: $-12,251
• Equity at exit: $17,892

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-1,513
• Equity at exit: $10,375

Cash invested: $33,600 (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 51035

• Home prices YoY: -1.8%
• Active inventory: 11
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,079 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$60 /mo · $716/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $114

Break-even live

Break-even rent $935

Max offer price $120,000

Occupancy floor 84%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $120,000 Active 29 DOM
2. 2026-06-17
   days on market $120,000 Active 28 DOM
3. 2026-06-16
   days on market $120,000 Active 27 DOM
4. 2026-06-15
   days on market $120,000 Active 26 DOM
5. 2026-06-13
   days on market $120,000 Active 24 DOM
6. 2026-06-12
   days on market $120,000 Active 23 DOM
7. 2026-06-09
   days on market $120,000 Active 20 DOM
8. 2026-06-08
   days on market $120,000 Active 19 DOM
9. 2026-06-07
   days on market $120,000 Active 18 DOM
10. 2026-06-05
    days on market $120,000 Active 16 DOM
11. 2026-06-04
    days on market $120,000 Active 14 DOM
12. 2026-06-02
    days on market $120,000 Active 13 DOM
13. 2026-06-01
    days on market $120,000 Active 12 DOM
14. 2026-05-31
    days on market $120,000 Active 11 DOM
15. 2026-05-31
    days on market $120,000 Active 10 DOM
16. 2026-05-20
    listed $120,000 Active

ⓘ 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: $716 · $60/mo
• Projected year-2 tax: $1,300 · $108/mo
• Expected delta: +$584/yr (+$49/mo · 81.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,950
• − Mortgage interest: −$6,722
• − Property taxes: −$716
• − Insurance: −$600
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$3,491
• Taxable loss: −$651
• Est. tax savings @ 24.0%: +$156
• After-tax cash flow: $1,519/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: Marcus-Meriden-Cleghorn Community School District
• NCES district ID: 1918630
• Math proficiency: 75% ▼ -15.00%
• Reading proficiency: 75% ▼ -15.00%
• Median HH income: $54,764
• Composite: 64.96/100
• National rank: #1091
• State rank: #102 of 330 in IA

Livability — Marcus

• Score: 78/100
• State rank: #130
• US rank: #2373

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marcus, IA
• Population (ZIP): 1,664

Population outlook (Cherokee County) Hauer SSP2

• Today (2025): 10,631 people
• By 2030: 10,077 · -5.2%
• By 2040: 9,015 · -15.2%
• By 2050: 8,175 · -23.1%
• By 2075: 7,192 · -32.3%
• By 2100: 6,738 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 5% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Iranian 5% Portuguese 3% Lithuanian 3%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Cherokee

• 2024 margin: Solid R (+45.8) · D 26.5% · R 72.2% · Other 1.3%
• 2008→2024 swing: -38.2pp toward R · 2008: -7.6pp · 2024: -45.8pp
• All cycles: 2024: R+45.8 2020: R+39.3 2016: R+40.6 2012: R+16.2 2008: R+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.11%
• Current HPI: 222.828
• 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

• 2026-05-20 Listed $120,000 NWIA

Property tax history

+0.0%/yr

Latest (2025): $716 · -9.1% YoY. Source: county tax records.