512 15th St SE · Mason City, IA 50401

$129,999

2 bd · 1.5 ba · 826 sqft · SingleFamily public records · 193 Days on market

Built 1919 6,970 sqft lot $157/sqft · 32% above area Est $100k · 29% 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 +19.0/30.0
• DSCR +6.0/10.0
• 1% rule +4.7/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming 2 bedroom, 1 bath Bungalow offers the perfect blend of character, comfort, and move-in-ready convenience—ideal for anyone seeking a solid home with long-lasting quality. Step inside to an inviting * * open-concept living and dining area * * , filled with natural light and cozy comfort. The bright kitchen features crisp cabinetry, clean finishes, and efficient workspace—ready for your next home-cooked meal. Both bedrooms are generously sized, and a full bath with custom rock tile. Lower level offers excellent potential for additional living space, with ample storage and an existing shower. Easily finish to suit your needs. Outside, enjoy a spacious yard, private patio and an oversized 2-stall detached garage—perfect for vehicles, storage, or hobbies. The enclosed front porch provides an additional cozy place to relax and unwind in every season. This bungalow is a rare find, with its warm character, and truly move-in-ready condition. Call agent today, this gem won't last long.

Key facts

• Bright kitchen
• Spacious yard
• Custom rock tile

Tags

• BRIGHT KITCHEN
• CUSTOM ROCK TILE
• SPACIOUS YARD
• PRIVATE PATIO
• ENCLOSED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/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 $127k (2.5% below list).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: Roosevelt Elementary School (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 357 students, 68% 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 $899 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $71k; list at $130k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,399 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 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 1919 — 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. 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: 0.97% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.49%
• DSCR: 1.20
• GRM: 8.5

CMA / ARV

• ARV (median comp): $100,450
• List price: $129,999
• Delta: 29.42%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
689 15th St SE	0.27mi	2/1.2	891 (+8%)	6mo	$111,000	$125	68
321 21st St SE	0.44mi	2/1.0	776 (-6%)	1mo	$105,000	$135	67
677 14th St SE	0.25mi	2/1.0	720 (-13%)	2mo	$117,000	$163	63
846 14th St SE	0.44mi	3/1.0 (+1)	864 (+5%)	2mo	$162,000	$188	63
234 15th St SE	0.21mi	2/1.0	936 (+13%)	11mo	$125,000	$134	57
825 7th St SE	0.62mi	2/1.0	806 (-2%)	13mo	$115,000	$143	54
543 9th St SE	0.36mi	3/1.0 (+1)	907 (+10%)	12mo	$130,000	$143	50
105 20th St SE	0.47mi	2/1.2	744 (-10%)	15mo	$88,000	$118	48
542 12th St SE	0.22mi	3/1.0 (+1)	946 (+14%)	13mo	$89,500	$95	48
910 13th St SE	0.50mi	3/1.5 (+1)	912 (+10%)	8mo	$165,000	$181	48
1203 S Vermont Ave Ave	0.57mi	2/1.0	945 (+14%)	2mo	$105,500	$112	46
113 21st St SE	0.52mi	2/2.0	923 (+12%)	15mo	$97,500	$106	41

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-12,399
• Equity at exit: $19,383

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $358
• Equity at exit: $11,240

Cash invested: $36,400 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,267 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$129 /mo · $1,548/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $136

Break-even live

Break-even rent $1,095

Max offer price $129,999

Occupancy floor 84%

Sensitivity live

Price	-10% $210	-5% $173	+0% $136	+5% $99	+10% $63
Rent	-10% $36	-5% $86	+0% $136	+5% $186	+10% $236
Rate	-1.0pp $202	-0.5pp $169	base $136	+0.5pp $102	+1.0pp $68

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
110 N Delaware Ave Unit 211 Mason City, IA	2.0	1.0	919	$1,395	$1.52	45d	1	1.15mi
110 N Delaware Ave Unit 208 Mason City, IA	1.0	1.0	552	$1,095	$1.98	45d	1	1.15mi

Listing history 21 events

1. 2026-06-22
   days on market $129,999 Active 193 DOM
2. 2026-06-21
   days on market $129,999 Active 192 DOM
3. 2026-06-21
   days on market $129,999 Active 191 DOM
4. 2026-06-18
   days on market $129,999 Active 189 DOM
5. 2026-06-17
   days on market $129,999 Active 188 DOM
6. 2026-06-16
   days on market $129,999 Active 187 DOM
7. 2026-06-15
   days on market $129,999 Active 186 DOM
8. 2026-06-13
   days on market $129,999 Active 184 DOM
9. 2026-06-09
   days on market $129,999 Active 180 DOM
10. 2026-06-08
    days on market $129,999 Active 179 DOM
11. 2026-06-07
    days on market $129,999 Active 178 DOM
12. 2026-06-07
    days on market $129,999 Active 177 DOM
13. 2026-06-04
    days on market $129,999 Active 174 DOM
14. 2026-06-02
    days on market $129,999 Active 173 DOM
15. 2026-06-01
    days on market $129,999 Active 172 DOM
16. 2026-05-31
    days on market $129,999 Active 171 DOM
17. 2026-05-31
    days on market $129,999 Active 170 DOM
18. 2026-05-14
    price $129,999 1024-char remark

    Show marketing remark (1024 chars)

    This charming 2 bedroom, 1 bath Bungalow offers the perfect blend of character, comfort, and move-in-ready convenience—ideal for anyone seeking a solid home with long-lasting quality. Step inside to an inviting * * open-concept living and dining area * * , filled with natural light and cozy comfort. The bright kitchen features crisp cabinetry, clean finishes, and efficient workspace—ready for your next home-cooked meal. Both bedrooms are generously sized, and a full bath with custom rock tile. Lower level offers excellent potential for additional living space, with ample storage and an existing shower. Easily finish to suit your needs. Outside, enjoy a spacious yard, private patio and an oversized 2-stall detached garage—perfect for vehicles, storage, or hobbies. The enclosed front porch provides an additional cozy place to relax and unwind in every season. This bungalow is a rare find, with its warm character, and truly move-in-ready condition. Call agent today, this gem won't last long.

19. 2025-12-11
    listed $133,714 Active 1024-char remark

    Show marketing remark (1024 chars)

    This charming 2 bedroom, 1 bath Bungalow offers the perfect blend of character, comfort, and move-in-ready convenience—ideal for anyone seeking a solid home with long-lasting quality. Step inside to an inviting * * open-concept living and dining area * * , filled with natural light and cozy comfort. The bright kitchen features crisp cabinetry, clean finishes, and efficient workspace—ready for your next home-cooked meal. Both bedrooms are generously sized, and a full bath with custom rock tile. Lower level offers excellent potential for additional living space, with ample storage and an existing shower. Easily finish to suit your needs. Outside, enjoy a spacious yard, private patio and an oversized 2-stall detached garage—perfect for vehicles, storage, or hobbies. The enclosed front porch provides an additional cozy place to relax and unwind in every season. This bungalow is a rare find, with its warm character, and truly move-in-ready condition. Call agent today, this gem won't last long.

20. 2014-01-02
    soldstatus $71,000
21. 2007-12-05
    soldstatus $58,000

ⓘ 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: $1,548 · $129/mo
• Projected year-2 tax: $1,794 · $150/mo
• Expected delta: +$246/yr (+$21/mo · 15.9%)

ⓘ 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 2/10 Low 7 d/yr ≥100°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: $15,205
• − Mortgage interest: −$7,282
• − Property taxes: −$1,548
• − Insurance: −$650
• − Repairs & maintenance: −$1,216
• − Management: −$1,216
• − Depreciation: −$3,782
• Taxable loss: −$490
• Est. tax savings @ 24.0%: +$118
• After-tax cash flow: $1,751/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

+124.1% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $129,999 Greater Mason BOR
• 2025-12-11 Listed $133,714 Greater Mason BOR
• 2014-01-02 Sold (Public Records) $71,000 Public Records
• 2007-12-05 Sold (Public Records) $58,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,548 · +2.9% YoY. Source: county tax records.