220 E Orange St · Letts, IA 52754

$140,000

2 bd · 1.0 ba · 1,445 sqft · SingleFamily public records

Built 1900 0.39 ac lot ↓ 10% since listing

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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 +12.2/30.0
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• Appreciation +5.6/10.0
• DSCR +3.6/10.0
• Livability +3.3/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This is a very nice estate property with 2 possible 3 bedrooms, 1 bath and a large flat lot. The attic has potential to be finished. The garage and home are connected by a breezeway with roll up shades. All of the maintenance issues: roof, siding, furnace, air, are all newer. The office in the front of the home was the first licensed beauty salon in Iowa!. This home is being sold as is.

Key facts

• 0.39 acre lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-28 ($-331/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (21.7% below list).
• Recommended offer: $110k (21.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#530 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, amenities F, commute F.
• Louisa-Muscatine Community School District (rural): math 70% / reading 75% proficiency, ranked #91 of 289 in IA (top 32%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 6 active listings in the ZIP; 9 units permitted in Louisa County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($968 loan paydown + $2k appreciation (1.2% local appreciation)).
• Louisa County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $72k; list at $140k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $109,655 (21.7% 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. 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 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?
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: 0.78% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.84%
• DSCR: 0.96
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $31,790
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 N Cherry St	0.17mi	3/1.0 (+1)	1,420 (-2%)	6mo	$10,000	$7	80
200 E Brown St	0.19mi	3/1.0 (+1)	1,536 (+6%)	3mo	$68,000	$44	73
18149 Cty Rd X43	0.23mi	2/2.0	1,344 (-7%)	2mo	$286,200	$213	72
180 N Linn St	0.26mi	2/1.0	1,256 (-13%)	20mo	$27,500	$22	50
100 E Webster St	0.36mi	3/1.5 (+1)	1,293 (-10%)	13mo	$18,375	$14	48

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

Projected returns pro-forma

1.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.05×
• Total profit: $2,001
• Equity at exit: $49,036

10-year hold

• IRR: 5.6%
• Equity multiple: 1.69×
• Total profit: $27,103
• Equity at exit: $66,135

Cash invested: $39,200 (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 52754

• Home prices YoY: 0.8%
• Active inventory: 6
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,097 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-28

Break-even live

Break-even rent $1,131

Max offer price $135,130

Occupancy floor 98%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-16
   remarks 86-char remark
2. 2026-06-16
   listed $140,000 Pending

ⓘ 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: $1,216 · $101/mo
• Projected year-2 tax: $1,707 · $142/mo
• Expected delta: +$491/yr (+$41/mo · 40.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,159
• − Mortgage interest: −$7,842
• − Property taxes: −$1,216
• − Insurance: −$700
• − Repairs & maintenance: −$1,053
• − Management: −$1,053
• − Depreciation: −$4,073
• Taxable loss: −$2,778
• Est. tax savings @ 24.0%: +$667
• After-tax cash flow: $336/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: Louisa-Muscatine Community School District
• NCES district ID: 1917820
• Math proficiency: 70% ▲ 1.00%
• Reading proficiency: 75% ▲ 3.00%
• Median HH income: $58,042
• Composite: 62.19/100
• National rank: #704
• State rank: #91 of 289 in IA

Livability — Letts

• Score: 66/100
• State rank: #530
• US rank: #11818

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Letts, IA
• Population (ZIP): 1,430

Population outlook (Louisa County) Hauer SSP2

• Today (2025): 11,061 people
• By 2030: 10,869 · -1.7%
• By 2040: 10,400 · -6.0%
• By 2050: 9,878 · -10.7%
• By 2075: 9,425 · -14.8%
• By 2100: 9,584 · -13.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Slovak 5% Iranian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Louisa

• 2024 margin: Solid R (+41.0) · D 28.8% · R 69.8% · Other 1.4%
• 2008→2024 swing: -45.2pp toward R · 2008: 4.2pp · 2024: -41.0pp
• All cycles: 2024: R+41.0 2020: R+33.3 2016: R+28.7 2012: D+0.7 2008: D+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.17%
• Current HPI: 155.19
• 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

-9.9% since first listed

3 events — show timeline

• 2014-02-04 Sold (Public Records) $72,000 Public Records
• 2014-01-30 Sold (MLS) $72,000 Muscatine BOR
• 2013-11-04 Listed $79,900 Muscatine BOR

Property tax history

+1.0%/yr

Latest (2025): $1,216 · +3.6% YoY. Source: county tax records.