409 Carroll St · Boone, IA 50036

$35,000

4 bd · 2.0 ba · 1,442 sqft · SingleFamily public records · 144 Days on market

Built 1870 $24/sqft · 82% below area ↓ 36% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special with upside. This 4-bedroom, 1¾-bath property is being sold strictly AS IS and priced to reflect condition. Strong bedroom count and functional layout create multiple exit strategies including flip, rental hold, or value-add renovation. Opportunity to force appreciation through updates and reposition the property for improved cash flow or resale. Seller will make no repairs or credits. Bring your vision and contractor, this is a true investment play.

Key facts

• 2 garage spots
• Built 1870
• Listed 143 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $797 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 33.6% vs local median 3.7% in Boone — 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 79/100 on livability (#112 in IA, #2,144 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Boone Community School District (town): math 57% / reading 66% proficiency, ranked #232 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 216 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; 80 units permitted in Boone County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
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: 3.82% ✓
• Cap rate: 33.63%
• Cash-on-cash: 97.65%
• DSCR: 5.34
• GRM: 2.2

CMA / ARV

• ARV (median comp): $198,316
• List price: $35,000
• Delta: -82.35%
• 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
515 8th St	0.28mi	3/1.0 (-1)	1,464 (+2%)	2mo	$152,000	$104	74
415 2nd St	0.20mi	4/2.0	1,557 (+8%)	6mo	$140,000	$90	72
614 Mamie Eisenhower Ave	0.06mi	3/1.0 (-1)	1,299 (-10%)	2mo	$158,000	$122	70
209 12th St	0.64mi	4/2.0	1,432 (-1%)	1mo	$225,000	$157	68
1110 Aldrich Ave	0.64mi	4/2.0	1,409 (-2%)	3mo	$131,000	$93	64
127 Tama St	0.46mi	3/1.5 (-1)	1,512 (+5%)	2mo	$240,000	$159	62
310 S Boone St	0.48mi	3/2.0 (-1)	1,348 (-6%)	2mo	$221,400	$164	60
1322 7th St	0.69mi	3/1.5 (-1)	1,406 (-2%)	2mo	$225,000	$160	55
522 Linn St	0.64mi	4/3.0	1,554 (+8%)	4mo	$310,000	$199	50
615 11th St	0.49mi	3/1.0 (-1)	1,307 (-9%)	4mo	$100,000	$77	49
1115 Garst Ave	0.58mi	3/2.0 (-1)	1,600 (+11%)	3mo	$230,000	$144	47
210 Linn St	0.65mi	3/2.0 (-1)	1,272 (-12%)	6mo	$180,000	$142	40

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: 98.6%
• Equity multiple: 5.61×
• Total profit: $45,149
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 11.70×
• Total profit: $104,839
• Equity at exit: $3,026

Cash invested: $9,800 (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 50036

• Home prices YoY: -27.1%
• Active inventory: 216
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,337 high
• Mortgage (P&I): −$184
• Tax from tax record: −$61 /mo · $732/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $797

Break-even live

Break-even rent $328

Max offer price $35,000

Occupancy floor 35%

Sensitivity live

Price	-10% $817	-5% $807	+0% $797	+5% $788	+10% $778
Rent	-10% $692	-5% $745	+0% $797	+5% $850	+10% $903
Rate	-1.0pp $815	-0.5pp $806	base $797	+0.5pp $788	+1.0pp $779

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 W 9th St Boone, IA	3.0	2.0	1275	$1,100	$0.86	44d	1	0.77mi
680 S Marion St Boone, IA	2.0–3.0	1.0–2.0	1042	$1,295	$1.24	15d	37	1.07mi
1109 Ida Pl Boone, IA	3.0	2.5	1715	$1,950	$1.14	44d	1	1.22mi
1221 S Linn St Boone, IA	2.0–3.0	1.0	1025	$1,025	$1.00	15d	2	1.31mi
1208 S Linn St Boone, IA	3.0	2.5	1449	$1,800	$1.24	44d	1	1.31mi
2160 Cedar St Boone, IA	3.0	1.0	1008	$1,045	$1.04	45d	2	1.45mi
115 S Plum St Unit 117 Boone, IA	3.0	1.0	1200	$1,050	$0.88	44d	1	1.50mi

Listing history 17 events

1. 2026-06-16
   days on market $35,000 Active 144 DOM
2. 2026-06-15
   days on market $35,000 Active 143 DOM
3. 2026-06-13
   days on market $35,000 Active 141 DOM
4. 2026-06-12
   days on market $35,000 Active 140 DOM
5. 2026-06-09
   days on market $35,000 Active 137 DOM
6. 2026-06-08
   days on market $35,000 Active 136 DOM
7. 2026-06-07
   days on market $35,000 Active 135 DOM
8. 2026-06-05
   days on market $35,000 Active 133 DOM
9. 2026-06-04
   days on market $35,000 Active 131 DOM
10. 2026-06-02
    days on market $35,000 Active 130 DOM
11. 2026-06-01
    days on market $35,000 Active 129 DOM
12. 2026-05-31
    days on market $35,000 Active 128 DOM
13. 2026-05-31
    days on market $35,000 Active 127 DOM
14. 2026-03-13
    price $35,000 478-char remark

    Show marketing remark (478 chars)

    Investor special with upside. This 4-bedroom, 1¾-bath property is being sold strictly AS IS and priced to reflect condition. Strong bedroom count and functional layout create multiple exit strategies including flip, rental hold, or value-add renovation. Opportunity to force appreciation through updates and reposition the property for improved cash flow or resale. Seller will make no repairs or credits. Bring your vision and contractor, this is a true investment play.

15. 2026-03-02
    price $40,000 478-char remark

    Show marketing remark (478 chars)

    Investor special with upside. This 4-bedroom, 1¾-bath property is being sold strictly AS IS and priced to reflect condition. Strong bedroom count and functional layout create multiple exit strategies including flip, rental hold, or value-add renovation. Opportunity to force appreciation through updates and reposition the property for improved cash flow or resale. Seller will make no repairs or credits. Bring your vision and contractor, this is a true investment play.

16. 2026-02-04
    price $45,000 478-char remark

    Show marketing remark (478 chars)

    Investor special with upside. This 4-bedroom, 1¾-bath property is being sold strictly AS IS and priced to reflect condition. Strong bedroom count and functional layout create multiple exit strategies including flip, rental hold, or value-add renovation. Opportunity to force appreciation through updates and reposition the property for improved cash flow or resale. Seller will make no repairs or credits. Bring your vision and contractor, this is a true investment play.

17. 2026-01-23
    listed $55,000 Active 478-char remark

    Show marketing remark (478 chars)

    Investor special with upside. This 4-bedroom, 1¾-bath property is being sold strictly AS IS and priced to reflect condition. Strong bedroom count and functional layout create multiple exit strategies including flip, rental hold, or value-add renovation. Opportunity to force appreciation through updates and reposition the property for improved cash flow or resale. Seller will make no repairs or credits. Bring your vision and contractor, this is a true investment play.

ⓘ 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: $732 · $61/mo
• Projected year-2 tax: $732 · $61/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 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $16,049
• − Mortgage interest: −$1,961
• − Property taxes: −$732
• − Insurance: −$175
• − Repairs & maintenance: −$1,284
• − Management: −$1,284
• − Depreciation: −$1,018
• Taxable income: $9,596
• Est. tax owed @ 24.0%: −$2,303
• After-tax cash flow: $7,266/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: Boone Community School District
• NCES district ID: 1905130
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $48,703
• Composite: 52.16/100
• National rank: #1613
• State rank: #232 of 289 in IA

Livability — Boone

• Score: 79/100
• State rank: #112
• US rank: #2144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boone, IA
• Population (ZIP): 16,318

Population outlook (Boone County) Hauer SSP2

• Today (2025): 27,674 people
• By 2030: 28,058 · +1.4%
• By 2040: 28,474 · +2.9%
• By 2050: 28,383 · +2.6%
• By 2075: 27,647 · -0.1%
• By 2100: 25,485 · -7.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Iranian 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Boone

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 7.6pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+15.6 2016: R+13.9 2012: D+6.4 2008: D+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.62%
• Current HPI: 216.6814
• 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

-36.4% since first listed

4 events — show timeline

• 2026-03-13 Price Changed $35,000 DMMLS
• 2026-03-02 Price Changed $40,000 DMMLS
• 2026-02-04 Price Changed $45,000 DMMLS
• 2026-01-23 Listed $55,000 DMMLS

Property tax history

+1.0%/yr

Latest (2025): $732 · +4.0% YoY. Source: county tax records.