305 S Mill St · Decorah, IA 52101

$189,900

3 bd · 2.5 ba · 1,625 sqft · MultiFamily public records · 44 Days on market

Built 1900 5,940 sqft lot $117/sqft · 29% below area Est $268k · 29% under ↓ 5% since listing

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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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +7.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

4 bedroom 2 bath home only 2 1/2 blocks from downtown and Phelp's park. With the updated kitchen, replacement windows, vinyl siding, hardwood floors, 2 car garage and over 1600 sf of finished space this home is ready for new owners. Looking for a rental this home could easily be put back into a duplex! CALL TODAY!

Key facts

• Finished space
• Updated kitchen
• Vinyl siding

Tags

• UPDATED KITCHEN
• REPLACEMENT WINDOWS
• VINYL SIDING
• HARDWOOD FLOORS
• 2 CAR GARAGE
• FINISHED SPACE

Property features AI

Exterior

• Parking: Detached carport; Carport for 2 vehicles
• Utilities: Public water; Public sewer
• Home design: Single‑family residence; Residential property
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Enclosed patio/porch; Gravel road access

Interior

• Kitchen: Free‑standing range; Refrigerator
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fan(s)
• Laundry & utility: Gas water heater; Water softener

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.4% in Decorah — 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 85/100 on livability (#16 in IA, #499 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Decorah Community School District (town): math 80% / reading 84% proficiency, ranked #21 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Decorah Middle School (math 77% / reading 83%, grade A+, #32 of 246 statewide, top 13%, 461 students, 26% FRL); Decorah High School (math 85% / reading 92%, grade A, #3 of 336 statewide, top 1%, 576 students, 22% FRL).
• Market conditions: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 49 units permitted in Winneshiek County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Winneshiek 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 $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.16%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (median comp): $268,338
• List price: $189,900
• Delta: -29.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $9,223
• Equity at exit: $28,315

10-year hold

• IRR: 14.0%
• Equity multiple: 2.12×
• Total profit: $59,650
• Equity at exit: $16,419

Cash invested: $53,172 (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 52101

• Home prices YoY: -26.7%
• Active inventory: 75
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,467 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$247 /mo · $2,960/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $627

Break-even live

Break-even rent $1,673

Max offer price $189,900

Occupancy floor 70%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,466
Total (2 units)			$2,467

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 W Main St Decorah, IA	3.0	2.0	1482	$2,200	$1.48	23d	1	0.10mi
405 Washington St Decorah, IA	4.0	1.5	1279	$1,800	$1.41	3d	1	0.30mi

Listing history 16 events

1. 2026-06-18
   price $189,900 Active 44 DOM
2. 2026-06-18
   days on market $199,900 Active 44 DOM
3. 2026-06-17
   days on market $199,900 Active 43 DOM
4. 2026-06-16
   days on market $199,900 Active 42 DOM
5. 2026-06-15
   days on market $199,900 Active 41 DOM
6. 2026-06-14
   days on market $199,900 Active 39 DOM
7. 2026-06-10
   days on market $199,900 Active 36 DOM
8. 2026-06-09
   days on market $199,900 Active 35 DOM
9. 2026-06-08
   days on market $199,900 Active 34 DOM
10. 2026-06-07
    days on market $199,900 Active 33 DOM
11. 2026-06-03
    days on market $199,900 Active 29 DOM
12. 2026-06-02
    days on market $199,900 Active 28 DOM
13. 2026-06-01
    days on market $199,900 Active 27 DOM
14. 2026-05-31
    days on market $199,900 Active 26 DOM
15. 2026-05-31
    days on market $199,900 Active 25 DOM
16. 2026-05-05
    listed $199,900 Active 315-char remark

ⓘ 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: $2,960 · $247/mo
• Projected year-2 tax: $2,971 · $248/mo
• Expected delta: +$11/yr (+$1/mo · 0.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $29,604
• − Mortgage interest: −$10,637
• − Property taxes: −$2,960
• − Insurance: −$950
• − Repairs & maintenance: −$2,368
• − Management: −$2,368
• − Depreciation: −$5,524
• Taxable income: $4,796
• Est. tax owed @ 24.0%: −$1,151
• After-tax cash flow: $6,376/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: Decorah Community School District
• NCES district ID: 1908730
• Math proficiency: 80% ▼ -4.00%
• Reading proficiency: 84% ▬ 0.00%
• Median HH income: $54,304
• Composite: 69.72/100
• National rank: #294
• State rank: #21 of 289 in IA

Livability — Decorah

• Score: 85/100
• State rank: #16
• US rank: #499

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: Decorah, IA
• County: Winneshiek County · 12,706 people
• City population: 12,706
• Metro: nan
• Population (ZIP): 12,706
• Household income: $73,484
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 207.0

Population outlook (Winneshiek County) Hauer SSP2

• Today (2025): 20,379 people
• By 2030: 19,937 · -2.2%
• By 2040: 18,697 · -8.3%
• By 2050: 17,392 · -14.7%
• By 2075: 14,921 · -26.8%
• By 2100: 12,836 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Winneshiek

• 2024 margin: Lean R (+9.3) · D 44.6% · R 53.9% · Other 1.5%
• 2008→2024 swing: -31.9pp toward R · 2008: 22.7pp · 2024: -9.3pp
• All cycles: 2024: R+9.3 2020: R+5.1 2016: R+0.8 2012: D+14.8 2008: D+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.20%
• Current HPI: 189.63
• Rent YoY: —
• Metro: nan
• 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

-5.0% since first listed

2 events — show timeline

• 2026-06-18 Price Changed $189,900 NEIRBR as distributed by MLS GRID
• 2026-05-05 Listed $199,900 NEIRBR as distributed by MLS GRID

Property tax history

+5.7%/yr

Latest (2025): $2,960 · +4.4% YoY. Source: county tax records.