712 Michigan St · Storm Lake, IA 50588

$100,000

3 bd · 1.0 ba · 1,214 sqft · SingleFamily public records · 52 Days on market

Built 1915 5,000 sqft lot $82/sqft · 31% below area Est $146k · 31% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +10.3/30.0
• Schools +4.3/10.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential in this 3-bedroom, 1-bath home ready for renovation and fresh ideas. With a spacious front porch and a handy backyard shed, the property offers great functional features to build on. Conveniently located near grocery stores, dining, and everyday amenities, it’s also close to the lake for walks and outdoor enjoyment. A strong opportunity for buyers looking to update a home and add value in a desirable area.

Key facts

• 5,000 sq ft lot
• Built 1915
• Listed 52 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $-54 ($-652/yr) — negative.
• To cash-flow at today's rent, offer at most $90k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (12.5% below list).
• Recommended offer: $88k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.9% in Storm Lake — 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 76/100 on livability (#190 in IA, #3,480 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Storm Lake Community School District (town): math 47% / reading 54% proficiency, ranked #280 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Storm Lake Elementary (math 48% / reading 45%, grade D-, #546 of 616 statewide, top 89%, 814 students, 76% FRL); Storm Lake Middle School (math 48% / reading 54%, grade C, #210 of 246 statewide, top 87%, 787 students, 69% FRL); Storm Lake High School (math 45% / reading 61%, grade C-, #296 of 336 statewide, top 88%, 793 students, 62% FRL).
• Market conditions: 85 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 164 units permitted in Buena Vista County in 2024 (71 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Buena Vista County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,500 (12.5% 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. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.88% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.33%
• DSCR: 0.90
• GRM: 9.5

CMA / ARV

• ARV (median comp): $145,678
• List price: $100,000
• Delta: -31.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
904 N Lake Ave	0.21mi	3/1.0	1,218 (+0%)	4mo	$115,000	$94	86
606 Otsego St	0.23mi	3/1.0	1,267 (+4%)	14mo	$77,500	$61	70
525 Otsego St	0.25mi	3/2.0	1,344 (+11%)	7mo	$149,900	$112	61
317 W 3rd St	0.36mi	3/1.0	1,042 (-14%)	2mo	$94,000	$90	58
1201 Seneca St	0.56mi	3/1.0	1,296 (+7%)	6mo	$153,000	$118	58
317 Ontario St	0.42mi	3/1.0	1,118 (-8%)	21mo	$108,150	$97	50
318 E 10th St	0.43mi	2/2.0 (-1)	1,351 (+11%)	3mo	$145,000	$107	50
309 Michigan St	0.43mi	2/2.0 (-1)	1,356 (+12%)	4mo	$154,000	$114	48
309 E 6th St	0.25mi	3/1.0	1,039 (-14%)	19mo	$100,000	$96	48
709 Barton St	0.60mi	3/1.5	1,084 (-11%)	9mo	$149,900	$138	44
1128 N Seneca St	0.52mi	3/1.0	1,330 (+10%)	20mo	$119,000	$89	43
415 Hudson St	0.53mi	3/2.0	1,332 (+10%)	21mo	$105,000	$79	38

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: -20.1%
• Equity multiple: 0.30×
• Total profit: $-19,618
• Equity at exit: $14,910

10-year hold

• IRR: -13.0%
• Equity multiple: 0.24×
• Total profit: $-21,349
• Equity at exit: $8,646

Cash invested: $28,000 (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 50588

• Home prices YoY: -13.3%
• Active inventory: 85
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $875 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$180 /mo · $2,154/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $-54

Break-even live

Break-even rent $944

Max offer price $90,403

Occupancy floor —

Sensitivity live

Price	-10% $2	-5% $-26	+0% $-54	+5% $-83	+10% $-111
Rent	-10% $-123	-5% $-89	+0% $-54	+5% $-20	+10% $15
Rate	-1.0pp $-4	-0.5pp $-29	base $-54	+0.5pp $-80	+1.0pp $-107

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1405 Seneca St Storm Lake, IA	1.0–2.0	1.0	676	$875	$1.29	15d	4	0.78mi

Listing history 6 events

1. 2026-04-04
   listed $124,900 Active 438-char remark

   Show marketing remark (438 chars)

   Discover the potential in this 3-bedroom, 1-bath home ready for renovation and fresh ideas. With a spacious front porch and a handy backyard shed, the property offers great functional features to build on. Conveniently located near grocery stores, dining, and everyday amenities, it’s also close to the lake for walks and outdoor enjoyment. A strong opportunity for buyers looking to update a home and add value in a desirable area.

2. 2026-03-05
   historical
3. 2025-12-24
   price $133,900
4. 2025-11-10
   listed $139,900 Active
5. 2014-04-17
   soldstatus $89,000
6. 2008-09-25
   soldstatus $75,100

ⓘ 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: $2,154 · $180/mo
• Projected year-2 tax: $2,154 · $180/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $10,500
• − Mortgage interest: −$5,602
• − Property taxes: −$2,154
• − Insurance: −$500
• − Repairs & maintenance: −$840
• − Management: −$840
• − Depreciation: −$2,909
• Taxable loss: −$2,345
• Est. tax savings @ 24.0%: +$563
• After-tax cash flow: $-89/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: Storm Lake Community School District
• NCES district ID: 1927390
• Math proficiency: 47% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $45,998
• Composite: 42.79/100
• National rank: #3145
• State rank: #280 of 289 in IA

Livability — Storm Lake

• Score: 76/100
• State rank: #190
• US rank: #3480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Storm Lake, IA
• Population (ZIP): 13,346

Population outlook (Buena Vista County) Hauer SSP2

• Today (2025): 20,775 people
• By 2030: 21,101 · +1.6%
• By 2040: 21,955 · +5.7%
• By 2050: 23,202 · +11.7%
• By 2075: 27,159 · +30.7%
• By 2100: 29,578 · +42.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 42% Hispanic / Latino 37% Asian 13% Two or more races 11% Pacific Islander 3% Black 3%
• Hispanic origin (detail): Mexican 27% Cuban 3%
• Common ancestry: Portuguese 2% Iranian 1% Slovak 1%
• Foreign-born: 28% · Canada, Philippines, South Korea
• Languages at home: 54% English-only · Spanish 31% Other Asian/Pacific 13%

Political lean MEDSL · Buena Vista

• 2024 margin: Solid R (+33.3) · D 32.8% · R 66.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: -1.8pp · 2024: -33.3pp
• All cycles: 2024: R+33.3 2020: R+25.6 2016: R+25.0 2012: R+10.4 2008: R+1.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.05%
• Current HPI: 248.8806
• 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

+66.3% since first listed

6 events — show timeline

• 2026-04-04 Listed $124,900 DMMLS
• 2026-03-05 Listing Removed — DMMLS
• 2025-12-24 Price Changed $133,900 DMMLS
• 2025-11-10 Listed $139,900 DMMLS
• 2014-04-17 Sold (Public Records) $89,000 Public Records
• 2008-09-25 Sold (Public Records) $75,100 Public Records

Property tax history

+4.8%/yr

Latest (2025): $2,154 · +9.5% YoY. Source: county tax records.