304 1st St SW · Mason City, IA 50401

$99,900

3 bd · 2.5 ba · 1,716 sqft · MultiFamily public records · 10 Days on market

Built 1922 4,700 sqft lot

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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 +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

This updated duplex offers the perfect opportunity for investors or owner-occupants looking to generate rental income. Built in 1922, this property combines timeless charm with modern updates, making it move-in & rent-ready from day 1. The main-floor unit features 2 bdrms, full bath, spacious living room, kitchen AND separate formal dining room. One of its most remarkable features is the breathtaking original ceiling detail - an extraordinary decorative design that has been preserved for over a century. Its intricate craftsmanship is truly one-of-a-kind & creates a dramatic focal point throughout the space. The upper unit offers 2 bdrms, full bath, kitchen & living room. R

Key facts

• 4,700 sq ft lot
• Built 1922
• Listed 10 days

Property features AI

Finance

• Financial info: Annual tax noted

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex (residential income property); Multi-family
• Construction: Aluminum siding
• Exterior features: Lot approximately 50 x 94; Z2 - Sub-Urban zoning

Interior

• Kitchen: Electric range; Refrigerator
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Electric range; Refrigerator; Forced air heating; Natural gas heating

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $681/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Cap rate 22.6% vs local median 5.3% in Mason City — 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 81/100 on livability (#67 in IA, #1,477 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Mason City Community School District (town): math 50% / reading 58% proficiency, ranked #271 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harding Elementary School (math 52% / reading 57%, grade C, #462 of 616 statewide, top 79%, 380 students, 54% FRL); John Adams Middle School (math 46% / reading 54%, grade C, #216 of 246 statewide, top 88%, 480 students, 56% FRL); Mason City High School (math 50% / reading 63%, grade C, #286 of 336 statewide, top 85%, 956 students, 46% FRL).
• Market conditions: 158 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 54 units permitted in Cerro Gordo County in 2024 (6 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.
• Cerro Gordo County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1922 — 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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.55% ✓
• Cap rate: 22.64%
• Cash-on-cash: 58.39%
• DSCR: 3.60
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $29,172
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
709 S Pennsylvania Ave	0.62mi	3/2.5	1,661 (-3%)	10mo	$28,350	$17	57

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: 57.0%
• Equity multiple: 3.52×
• Total profit: $70,510
• Equity at exit: $14,895

10-year hold

• IRR: 61.9%
• Equity multiple: 7.19×
• Total profit: $173,074
• Equity at exit: $8,638

Cash invested: $27,972 (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 50401

• Active inventory: 158
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,545 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$84 /mo · $1,008/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $1,361

Break-even live

Break-even rent $822

Max offer price $99,900

Occupancy floor 42%

Sensitivity live

Price	-10% $1,418	-5% $1,389	+0% $1,361	+5% $1,333	+10% $1,304
Rent	-10% $1,160	-5% $1,261	+0% $1,361	+5% $1,462	+10% $1,562
Rate	-1.0pp $1,411	-0.5pp $1,386	base $1,361	+0.5pp $1,335	+1.0pp $1,309

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,546
Total (2 units)			$2,545

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 2nd St SW Unit 100-210 Mason City, IA	3.0	2.0	1273	$1,580	$1.24	45d	1	0.11mi
12 2nd St NE Unit 6 Mason City, IA	2.0	1.0	1296	$1,600	$1.23	45d	1	0.33mi

Listing history 9 events

1. 2026-06-21
   days on market $99,900 Active 10 DOM
2. 2026-06-21
   days on market $99,900 Active 9 DOM
3. 2026-06-18
   days on market $99,900 Active 7 DOM
4. 2026-06-17
   days on market $99,900 Active 6 DOM
5. 2026-06-16
   days on market $99,900 Active 5 DOM
6. 2026-06-15
   days on market $99,900 Active 4 DOM
7. 2026-06-13
   days on market $99,900 Active 2 DOM
8. 2026-06-12
   remarks 687-char remark
9. 2026-06-12
   listed $99,900 Active 1 DOM

ⓘ 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: $1,008 · $84/mo
• Projected year-2 tax: $1,288 · $107/mo
• Expected delta: +$280/yr (+$23/mo · 27.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥101°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: $30,540
• − Mortgage interest: −$5,596
• − Property taxes: −$1,008
• − Insurance: −$500
• − Repairs & maintenance: −$2,443
• − Management: −$2,443
• − Depreciation: −$2,906
• Taxable income: $15,644
• Est. tax owed @ 24.0%: −$3,755
• After-tax cash flow: $12,578/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: Mason City Community School District
• NCES district ID: 1918780
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -7.00%
• Median HH income: $43,668
• Composite: 45.47/100
• National rank: #2614
• State rank: #271 of 289 in IA

Livability — Mason City

• Score: 81/100
• State rank: #67
• US rank: #1477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mason City, IA
• City population: 28,818
• Population (ZIP): 28,818

Population outlook (Cerro Gordo County) Hauer SSP2

• Today (2025): 41,080 people
• By 2030: 39,746 · -3.2%
• By 2040: 36,608 · -10.9%
• By 2050: 33,682 · -18.0%
• By 2075: 29,702 · -27.7%
• By 2100: 27,399 · -33.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 12% Iranian 2% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Cerro Gordo

• 2024 margin: R (+11.7) · D 43.4% · R 55.0% · Other 1.6%
• 2008→2024 swing: -32.5pp toward R · 2008: 20.8pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+6.3 2016: R+7.7 2012: D+13.2 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.01%
• Current HPI: 199.1966
• 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

1 event — show timeline

• 2026-06-11 Listed $99,900 Greater Mason BOR

Property tax history

+0.6%/yr

Latest (2025): $1,008 · +2.9% YoY. Source: county tax records.