103 E South St · Prairie City, IA 50228

$109,900

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 6 Days on market

Built 1976 8,184 sqft lot Est $212k · 48% under

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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 +22.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.0/10.0
• 1% rule +6.1/10.0
• Schools +6.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

2-bed, 1-bath ranch in Prairie City with 1,008 sq ft on the main level and a full unfinished basement with shower and toilet. Detached 3-car garage, spacious 0.19-acre lot, and public utilities. Located in PCM School District, just 25 minutes from Des Moines. Perfect for first-time buyers or investors. Show anytime!

Key facts

• 8,184 sq ft lot
• Built 1976
• Listed 6 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).

Location & tenants

• Location reads 73/100 on livability (#280 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Pcm Community School District (rural): math 65% / reading 75% proficiency, ranked #124 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Prairie City Elementary School (math 72% / reading 77%, grade A, #131 of 616 statewide, top 27%, 320 students, 25% FRL); Pcm Middle School (math 65% / reading 72%, grade A, #126 of 246 statewide, top 53%, 247 students, 29% FRL); Pcm High School (math 64% / reading 83%, grade B+, #108 of 336 statewide, top 33%, 357 students, 21% FRL).
• Market conditions: 10 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 16 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($760 loan paydown + $11k appreciation (10.0% local appreciation)).
• Jasper County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.11% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $211,680
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 E South St	0.00mi	2/1.0	1,008 (0%)	4mo	$131,000	$130	97
402 S Main St	0.02mi	2/1.0	912 (-10%)	7mo	$204,900	$225	77
108 E Steenhoek St Unit A	0.15mi	2/1.5	1,080 (+7%)	6mo	$165,000	$153	74
106 S East St	0.29mi	3/2.0 (+1)	1,040 (+3%)	2mo	$245,000	$236	71
304 W Mcmurray St	0.19mi	3/2.0 (+1)	1,044 (+4%)	14mo	$230,000	$220	65
803 W James St	0.49mi	3/1.0 (+1)	1,058 (+5%)	4mo	$219,900	$208	60
405 S Clark Ave	0.53mi	3/1.5 (+1)	1,044 (+4%)	9mo	$208,000	$199	55
102 E South St	0.04mi	3/1.0 (+1)	868 (-14%)	20mo	$160,000	$184	54
205 W North St	0.44mi	3/2.0 (+1)	1,132 (+12%)	10mo	$237,500	$210	42
405 N Orchard St	0.45mi	2/2.0	884 (-12%)	23mo	$190,000	$215	35

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 3.31×
• Total profit: $71,068
• Equity at exit: $99,007

10-year hold

• IRR: 25.4%
• Equity multiple: 7.52×
• Total profit: $200,574
• Equity at exit: $213,512

Cash invested: $30,772 (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 50228

• Home prices YoY: 6.9%
• Active inventory: 10
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,225 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$170 /mo · $2,042/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $175

Break-even live

Break-even rent $1,003

Max offer price $109,900

Occupancy floor 81%

Sensitivity live

Price	-10% $238	-5% $207	+0% $175	+5% $144	+10% $113
Rent	-10% $79	-5% $127	+0% $175	+5% $224	+10% $272
Rate	-1.0pp $231	-0.5pp $203	base $175	+0.5pp $147	+1.0pp $118

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
107 W Steenhoek St Prairie City, IA	3.0	1.0	1200	$1,225	$1.02	25d	1	0.15mi

Listing history 4 events

1. 2026-03-03
   soldstatus $147,875
2. 2026-02-12
   soldstatus $85,500
3. 2025-11-10
   status Pending
4. 2025-11-04
   listed $109,900 Active

ⓘ 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: $2,042 · $170/mo
• Projected year-2 tax: $2,042 · $170/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) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $14,700
• − Mortgage interest: −$6,156
• − Property taxes: −$2,042
• − Insurance: −$550
• − Repairs & maintenance: −$1,176
• − Management: −$1,176
• − Depreciation: −$3,197
• Taxable income: $403
• Est. tax owed @ 24.0%: −$97
• After-tax cash flow: $2,009/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: Pcm Community School District
• NCES district ID: 1999017
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $60,380
• Composite: 60.32/100
• National rank: #851
• State rank: #124 of 289 in IA

Livability — Prairie City

• Score: 73/100
• State rank: #280
• US rank: #5388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Prairie City, IA
• Population (ZIP): 2,345

Population outlook (Jasper County) Hauer SSP2

• Today (2025): 36,216 people
• By 2030: 35,730 · -1.3%
• By 2040: 34,727 · -4.1%
• By 2050: 33,802 · -6.7%
• By 2075: 33,382 · -7.8%
• By 2100: 32,761 · -9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Iranian 18% Portuguese 7% Italian 6%
• Foreign-born: 1%

Political lean MEDSL · Jasper

• 2024 margin: Strong R (+27.6) · D 35.4% · R 63.0% · Other 1.5%
• 2008→2024 swing: -35.1pp toward R · 2008: 7.5pp · 2024: -27.6pp
• All cycles: 2024: R+27.6 2020: R+21.5 2016: R+18.4 2012: D+7.1 2008: D+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.25%
• Current HPI: 283.118
• 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

+34.6% since first listed

4 events — show timeline

• 2026-03-03 Sold (Public Records) $147,875 Public Records
• 2026-02-12 Sold (Public Records) $85,500 Public Records
• 2025-11-10 Pending — DMMLS
• 2025-11-04 Listed $109,900 DMMLS

Property tax history

+3.9%/yr

Latest (2025): $2,042 · +0.1% YoY. Source: county tax records.