608 E Elm St · Algona, IA 50511

$87,000

2 bd · 1.0 ba · 1,087 sqft · SingleFamily public records · 232 Days on market

Built 1928 8,712 sqft lot Est $139k · 37% 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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• Schools +5.7/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come check out this two-bedroom home full of character and potential. A great opportunity to make it your own.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1928

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $87k.

Deal economics

• At list price, monthly cash flow is $94 ($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 $85k (2.8% below list).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.7% in Algona — 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 (#98 in IA, #2,006 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment D+, amenities F, commute F.
• Algona Community School District (town): math 65% / reading 70% proficiency, ranked #170 of 289 in IA (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 50 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 15 units permitted in Kossuth County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Kossuth County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 232 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $87k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $76,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 232 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 1928 — 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 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?
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: 0.97% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.64%
• DSCR: 1.21
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $139,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
905 N Wooster St	0.22mi	3/1.0 (+1)	1,080 (-1%)	3mo	$49,901	$46	81
931 E Oak St	0.26mi	2/2.0	1,144 (+5%)	2mo	$150,000	$131	74
702 Diagonal St	0.45mi	3/1.0 (+1)	1,123 (+3%)	2mo	$75,000	$67	67
302 W Call St	0.58mi	2/1.5	1,109 (+2%)	1mo	$142,000	$128	67
1227 E Linden St	0.43mi	2/2.0	1,124 (+3%)	7mo	$165,000	$147	65
809 E Call St St	0.26mi	2/1.5	960 (-12%)	5mo	$113,000	$118	62
302 N Woodworth St	0.41mi	2/1.0	1,176 (+8%)	6mo	$155,000	$132	62
730 N Durant St St	0.47mi	3/1.0 (+1)	1,008 (-7%)	4mo	$134,000	$133	58
120 W College St	0.67mi	3/1.5 (+1)	1,120 (+3%)	1mo	$165,000	$147	56
8 E Mcgregor St	0.60mi	3/1.0 (+1)	1,029 (-5%)	4mo	$56,750	$55	54
1010 E Mcgregor St	0.54mi	3/2.0 (+1)	1,148 (+6%)	4mo	$118,500	$103	53
319 W State St	0.66mi	3/1.0 (+1)	1,214 (+12%)	2mo	$40,000	$33	44

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: -9.1%
• Equity multiple: 0.67×
• Total profit: $-8,099
• Equity at exit: $12,972

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $660
• Equity at exit: $7,522

Cash invested: $24,360 (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 50511

• Home prices YoY: -27.4%
• Active inventory: 50
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $846 high
• Mortgage (P&I): −$456
• Tax from tax record: −$81 /mo · $976/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $94

Break-even live

Break-even rent $726

Max offer price $87,000

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: $21,750
• Closing costs: $2,610
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
916 E Elm St Unit 2 Algona, IA	2.0	1.0	865	$825	$0.95	43d	1	0.20mi
916 E Elm St Unit 3 Algona, IA	2.0	1.0	865	$800	$0.92	43d	1	0.20mi
914 E Elm St Unit 5 Algona, IA	2.0	1.0	865	$850	$0.98	43d	1	0.20mi
515 S Hall St Unit 6 Algona, IA	2.0	1.0	930	$850	$0.91	43d	1	0.75mi
1715 E Mound St Unit 7 Algona, IA	2.0	1.0	865	$995	$1.15	43d	1	0.96mi
1805 E Mound St Unit 6 Algona, IA	2.0	1.0	865	$995	$1.15	43d	1	1.00mi

Listing history 7 events

1. 2026-04-08
   status Pending
2. 2026-04-01
   historical Active Under Contract
3. 2026-02-18
   price $87,000
4. 2025-09-24
   price $77,000
5. 2025-08-19
   listed $85,000 Active
6. 2005-06-21
   soldstatus $50,000
7. 1969-07-01
   soldstatus $15,000

ⓘ 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: $976 · $81/mo
• Projected year-2 tax: $1,171 · $98/mo
• Expected delta: +$195/yr (+$16/mo · 20.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 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: $10,148
• − Mortgage interest: −$4,873
• − Property taxes: −$976
• − Insurance: −$435
• − Repairs & maintenance: −$812
• − Management: −$812
• − Depreciation: −$2,531
• Taxable loss: −$291
• Est. tax savings @ 24.0%: +$70
• After-tax cash flow: $1,201/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: Algona Community School District
• NCES district ID: 1903360
• Math proficiency: 65% ▼ -8.00%
• Reading proficiency: 70% ▼ -7.00%
• Median HH income: $51,369
• Composite: 57.41/100
• National rank: #1076
• State rank: #170 of 289 in IA

Livability — Algona

• Score: 79/100
• State rank: #98
• US rank: #2006

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Algona, IA
• City population: 6,987
• Population (ZIP): 6,987

Population outlook (Kossuth County) Hauer SSP2

• Today (2025): 14,667 people
• By 2030: 14,445 · -1.5%
• By 2040: 14,093 · -3.9%
• By 2050: 13,825 · -5.7%
• By 2075: 14,039 · -4.3%
• By 2100: 13,662 · -6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 4%
• Hispanic origin (detail): Mexican 3% Cuban 1%
• Common ancestry: Portuguese 7% Lithuanian 3% Iranian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5% German/W. Germanic 1%

Political lean MEDSL · Kossuth

• 2024 margin: Solid R (+44.2) · D 27.3% · R 71.4% · Other 1.3%
• 2008→2024 swing: -47.4pp toward R · 2008: 3.2pp · 2024: -44.2pp
• All cycles: 2024: R+44.2 2020: R+39.4 2016: R+36.5 2012: R+12.3 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.32%
• Current HPI: 180.5984
• 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

+480.0% since first listed

7 events — show timeline

• 2026-04-08 Pending — IAR
• 2026-04-01 Contingent — IAR
• 2026-02-18 Price Changed $87,000 IAR
• 2025-09-24 Price Changed $77,000 IAR
• 2025-08-19 Listed $85,000 IAR
• 2005-06-21 Sold (Public Records) $50,000 Public Records
• 1969-07-01 Sold (Public Records) $15,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $976 · +3.4% YoY. Source: county tax records.