509 Main St · Sioux Rapids, IA 50585

$62,000

3 bd · 1.0 ba · 824 sqft · SingleFamily public records · 24 Days on market

Built 1920 5,940 sqft lot $75/sqft · 47% below area Est $117k · 47% under

---

Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Appreciation +6.5/10.0
• Schools +5.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming and affordable 2-bedroom, with a possible 3rd non conforming upstairs, 1-bath home located in Sioux Rapids. This property features low-maintenance vinyl siding and vinyl windows, along with a carport for convenient covered parking. Enjoy the enclosed front porch and front deck—perfect for relaxing or entertaining. Inside, you’ll find a functional layout with main floor laundry, and all appliances included for added convenience. Recent updates include a newer AC and furnace, as well as an updated electric breaker panel. The roof was reshingled prior to the current owner’s purchase. Whether you’re looking for a great first home or a solid rental investment, th

Key facts

• Vinyl windows
• Front deck
• Carport

Tags

• VINYL SIDING
• VINYL WINDOWS
• CARPORT
• ENCLOSED FRONT PORCH
• FRONT DECK
• MAIN FLOOR LAUNDRY

Property features AI

Finance

• Other: Lot dimensions approximately 45 x 132; Lot size approximately 0.14 acres

Exterior

• Parking: Attached or detached garage not specified with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half level; One story total
• Construction: Vinyl siding
• Exterior features: Deck

Interior

• Bathrooms: One three-quarter bathroom
• Heating & cooling: Natural gas forced air heating
• Interior features: Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($909 rent vs $62k).
• Recommended offer: $61k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#419 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: health & safety D, amenities F, commute F.
• Sioux Central Community School District (rural): math 68% / reading 73% proficiency, ranked #143 of 289 in IA (top 50%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 5 active listings in the ZIP; 164 units permitted in Buena Vista County in 2024 (71 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($429 loan paydown + $2k appreciation (3.0% local appreciation)).
• Buena Vista County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($61k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,070 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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 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?
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: 1.47% ✓
• Cap rate: 12.34%
• Cash-on-cash: 21.60%
• DSCR: 1.96
• GRM: 5.7

CMA / ARV

• ARV (median comp): $116,940
• List price: $62,000
• Delta: -46.98%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 Main St	0.00mi	3/1.0	824 (0%)	0mo	$62,000	$75	100
507 1st St	0.32mi	2/1.0 (-1)	784 (-5%)	20mo	$45,000	$57	55

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

Projected returns pro-forma

3.01% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.9%
• Equity multiple: 2.58×
• Total profit: $27,415
• Equity at exit: $27,921

10-year hold

• IRR: 28.4%
• Equity multiple: 5.01×
• Total profit: $69,657
• Equity at exit: $43,064

Cash invested: $17,360 (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 50585

• Home prices YoY: 1.8%
• Active inventory: 5
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $909 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$55 /mo · $656/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$191
• Net cashflow: $313

Break-even live

Break-even rent $513

Max offer price $62,000

Occupancy floor 61%

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-18
   status Pending 750-char remark
2. 2026-05-04
   historical Active Under Contract 750-char remark
3. 2026-04-24
   listed $62,000 Active 750-char remark
4. 2021-11-15
   soldstatus $46,500
5. 2019-07-29
   soldstatus $33,000

ⓘ 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: $656 · $55/mo
• Projected year-2 tax: $815 · $68/mo
• Expected delta: +$159/yr (+$13/mo · 24.2%)

ⓘ 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: $10,909
• − Mortgage interest: −$3,473
• − Property taxes: −$656
• − Insurance: −$310
• − Repairs & maintenance: −$873
• − Management: −$873
• − Depreciation: −$1,804
• Taxable income: $2,921
• Est. tax owed @ 24.0%: −$701
• After-tax cash flow: $3,050/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: Sioux Central Community School District
• NCES district ID: 1900023
• Math proficiency: 68% ▼ -4.00%
• Reading proficiency: 73% ▼ -3.00%
• Median HH income: $47,122
• Composite: 59.49/100
• National rank: #922
• State rank: #143 of 289 in IA

Livability — Sioux Rapids

• Score: 69/100
• State rank: #419
• US rank: #9052

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: Sioux Rapids, IA
• Population (ZIP): 1,165

Population outlook (Buena Vista County) Hauer SSP2

• Today (2025): 20,775 people
• By 2030: 21,101 · +1.6%
• By 2040: 21,955 · +5.7%
• By 2050: 23,202 · +11.7%
• By 2075: 27,159 · +30.7%
• By 2100: 29,578 · +42.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 12% Two or more races 7%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 7% Iranian 6% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 90% English-only · Spanish 10%

Political lean MEDSL · Buena Vista

• 2024 margin: Solid R (+33.3) · D 32.8% · R 66.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: -1.8pp · 2024: -33.3pp
• All cycles: 2024: R+33.3 2020: R+25.6 2016: R+25.0 2012: R+10.4 2008: R+1.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.01%
• Current HPI: 174.4794
• 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

+87.9% since first listed

6 events — show timeline

• 2026-06-15 Sold (MLS) $62,000 Iowa Great Lakes BOR
• 2026-05-18 Pending — Iowa Great Lakes BOR
• 2026-05-04 Contingent — Iowa Great Lakes BOR
• 2026-04-24 Listed $62,000 Iowa Great Lakes BOR
• 2021-11-15 Sold (Public Records) $46,500 Public Records
• 2019-07-29 Sold (Public Records) $33,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $656 · +1.2% YoY. Source: county tax records.