204 Main St · Calamus, IA 52729

$125,000

2 bd · 2.0 ba · 728 sqft · SingleFamily public records

Built 1993 0.58 ac lot Est $115k · 9% over

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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).

• Cash flow +7.6/30.0
• Appreciation +6.9/10.0
• Schools +5.9/10.0
• ARV discount +3.6/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.7/10.0
• 1% rule +1.6/10.0

Listing remarks

Step inside this 2-bedroom, 2-bath raised ranch home on 0.58 acres in Calamus, IA! Main living quarters upstairs, and plentiful opportunity on the ground level! You'll be pleased to find brand new luxury vinyl plank flooring, fresh paint, and new baseboard trim throughout. A brand new water heater and upstairs bathroom toilet add peace of mind, and newer exterior siding and ground-level entry doors to the home (installed in 2022) offer low maintenance for years to come. Oven/range and refrigerator included, only 1 year old! Automobile lovers, woodworkers, hobbyists, or DIYers will love the detached 2-car garage and spacious lower-level storage area - option for a workshop, mechanic's setup,

Key facts

• 0.58 acre lot
• 2 garage spots
• Built 1993

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $-150 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (21.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $83k (33.9% below list).
• Recommended offer: $83k (33.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#555 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, schools A, housing A; Watch: amenities F, commute F, health & safety F.
• Calamus-Wheatland Community School District (rural): math 71% / reading 67% proficiency, ranked #150 of 289 in IA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 14 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($864 loan paydown + $5k appreciation (3.9% local appreciation)).
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $82,632 (33.9% 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. 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. 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?
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 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: 0.66% ✗
• Cap rate: 4.85%
• Cash-on-cash: -5.14%
• DSCR: 0.77
• GRM: 12.6

CMA / ARV

• ARV (on-the-fly): $115,024
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Main St	0.00mi	2/2.0	783 (+8%)	5mo	$123,728	$158	83

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.9% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.33×
• Total profit: $11,528
• Equity at exit: $62,627

10-year hold

• IRR: 8.1%
• Equity multiple: 2.35×
• Total profit: $47,212
• Equity at exit: $101,838

Cash invested: $35,000 (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 52729

• Home prices YoY: 2.5%
• Active inventory: 14
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $826 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$95 /mo · $1,140/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$174
• Net cashflow: $-150

Break-even live

Break-even rent $1,016

Max offer price $98,536

Occupancy floor —

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-24
   status Pending
2. 2026-05-24
   status Pending
3. 2026-05-22
   status Pending
4. 2026-01-20
   soldstatus $124,000
5. 2026-01-16
   soldstatus $123,728 Closed
6. 2026-01-16
   soldstatus $123,728 Closed
7. 2026-01-16
   soldstatus $123,728 Closed
8. 2026-01-16
   soldstatus $123,728 Closed
9. 2026-01-08
   status Pending
10. 2026-01-05
    historical
11. 2025-12-08
    status Pending
12. 2025-12-04
    historical
13. 2025-12-04
    historical
14. 2025-11-20
    listed $125,000
15. 2025-11-20
    listed 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: $1,140 · $95/mo
• Projected year-2 tax: $1,551 · $129/mo
• Expected delta: +$411/yr (+$34/mo · 36.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,916
• − Mortgage interest: −$7,002
• − Property taxes: −$1,140
• − Insurance: −$625
• − Repairs & maintenance: −$793
• − Management: −$793
• − Depreciation: −$3,636
• Taxable loss: −$4,074
• Est. tax savings @ 24.0%: +$978
• After-tax cash flow: $-820/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: Calamus-Wheatland Community School District
• NCES district ID: 1906000
• Math proficiency: 71% ▼ -6.00%
• Reading proficiency: 67% ▼ -3.00%
• Median HH income: $54,711
• Composite: 59.01/100
• National rank: #962
• State rank: #150 of 289 in IA

Livability — Calamus

• Score: 65/100
• State rank: #555
• US rank: #12527

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Calamus, IA
• Population (ZIP): 834

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 44,817 people
• By 2030: 43,090 · -3.9%
• By 2040: 39,513 · -11.8%
• By 2050: 36,209 · -19.2%
• By 2075: 31,888 · -28.8%
• By 2100: 30,382 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Asian 9% Hispanic / Latino 5% Two or more races 5%
• Common ancestry: Italian 3% English 3% Iranian 2%
• Foreign-born: 9% · China
• Languages at home: 91% English-only · Chinese 9%

Political lean MEDSL · Clinton

• 2024 margin: R (+18.9) · D 39.8% · R 58.6% · Other 1.6%
• 2008→2024 swing: -41.9pp toward R · 2008: 23.0pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+10.3 2016: R+5.1 2012: D+22.9 2008: D+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.90%
• Current HPI: 157.408
• 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

-0.8% since first listed

15 events — show timeline

• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-22 Pending — MRED as Distributed by MLS Grid
• 2026-01-20 Sold (Public Records) $124,000 Public Records
• 2026-01-16 Sold (MLS) $123,728 MRED as Distributed by MLS Grid
• 2026-01-16 Sold (MLS) $123,728 MRED as Distributed by MLS Grid
• 2026-01-16 Sold (MLS) $123,728 MRED as Distributed by MLS Grid
• 2026-01-16 Sold (MLS) $123,728 MRED as Distributed by MLS Grid
• 2026-01-08 Pending — MRED as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-08 Pending — RMLSA as Distributed by MLS Grid
• 2025-12-04 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-12-04 Listing Removed — MRED as Distributed by MLS Grid
• 2025-11-20 Listed — RMLSA as Distributed by MLS Grid
• 2025-11-20 Listed $125,000 MRED as Distributed by MLS Grid

Property tax history

+0.5%/yr

Latest (2025): $1,140 · +0.7% YoY. Source: county tax records.