309 John St · Decorah, IA 52101

$155,000

4 bd · 2.0 ba · 1,439 sqft · SingleFamily public records · 80 Days on market

Built 1880 0.26 ac lot $108/sqft · 32% below area Est $229k · 32% 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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +7.5/10.0
• Schools +7.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bring your ideas and unlock the potential at 309 John St in Decorah! This spacious 3-bedroom, 2-bath home offers a great opportunity for buyers ready to invest some TLC and make it their own. With cement board siding and vinyl replacement windows already in place, some of the heavy lifting has been started. Inside, you’ll find hardwood floors waiting to be refreshed, a practical main floor bedroom and laundry; a flexible layout with room to grow. The home features both a welcoming covered front porch and a relaxing rear screened porch—perfect for enjoying the peaceful surroundings. Situated on a generous, wooded lot of over a quarter acre, the setting feels private and park-like, yet you're just blocks from schools and downtown Decorah. A solid opportunity for renovation, customization, and building long-term value. Call today!

Key facts

• Covered front porch
• Cement board siding
• Rear screened porch

Tags

• CEMENT BOARD SIDING
• VINYL REPLACEMENT WINDOWS
• HARDWOOD FLOORS
• MAIN FLOOR BEDROOM
• COVERED FRONT PORCH
• REAR SCREENED PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $427 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.4% in Decorah — 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 85/100 on livability (#16 in IA, #499 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Decorah Community School District (town): math 80% / reading 84% proficiency, ranked #21 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 49 units permitted in Winneshiek County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Winneshiek County population projected at -15% 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 $43k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $92k; list at $155k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — 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. 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?
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: 1.25% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.81%
• DSCR: 1.53
• GRM: 6.7

CMA / ARV

• ARV (median comp): $229,254
• List price: $155,000
• Delta: -32.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 William St	0.09mi	3/1.0 (-1)	1,326 (-8%)	2mo	$160,000	$121	72
405 Washington St	0.18mi	4/1.5	1,279 (-11%)	1mo	$199,000	$156	70
608 Day St. St	0.16mi	3/2.0 (-1)	1,354 (-6%)	14mo	$280,000	$207	66
201 Hollihan St	0.32mi	3/1.0 (-1)	1,407 (-2%)	10mo	$222,000	$158	64
602 Center Ave	0.43mi	3/1.5 (-1)	1,451 (+1%)	10mo	$242,000	$167	63
111 N Mill St St	0.55mi	3/2.0 (-1)	1,400 (-3%)	3mo	$265,000	$189	63
818 E Main St	0.39mi	4/2.0	1,600 (+11%)	1mo	$270,000	$169	62
510 W Main St	0.49mi	4/2.0	1,482 (+3%)	14mo	$330,000	$223	61
110 Monroe St	0.65mi	3/1.5 (-1)	1,521 (+6%)	4mo	$247,000	$162	50
509 Center Ave	0.40mi	3/2.0 (-1)	1,608 (+12%)	10mo	$255,000	$159	49
610 E Broadway St	0.22mi	3/1.0 (-1)	1,242 (-14%)	13mo	$202,900	$163	47
609 Winneshiek Ave	0.48mi	3/2.0 (-1)	1,650 (+15%)	14mo	$285,000	$173	36

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $2,133
• Equity at exit: $23,111

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $37,084
• Equity at exit: $13,402

Cash invested: $43,400 (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 52101

• Home prices YoY: -26.7%
• Active inventory: 75
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,939 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$228 /mo · $2,732/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $427

Break-even live

Break-even rent $1,399

Max offer price $155,000

Occupancy floor 73%

Sensitivity live

Price	-10% $515	-5% $471	+0% $427	+5% $383	+10% $339
Rent	-10% $274	-5% $350	+0% $427	+5% $504	+10% $580
Rate	-1.0pp $505	-0.5pp $466	base $427	+0.5pp $387	+1.0pp $346

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 Washington St Decorah, IA	4.0	1.5	1279	$1,800	$1.41	3d	1	0.16mi
510 W Main St Decorah, IA	3.0	2.0	1482	$2,200	$1.48	24d	1	0.48mi

Listing history 19 events

1. 2026-06-18
   days on market $155,000 Active 80 DOM
2. 2026-06-17
   days on market $155,000 Active 79 DOM
3. 2026-06-16
   days on market $155,000 Active 78 DOM
4. 2026-06-15
   days on market $155,000 Active 77 DOM
5. 2026-06-14
   days on market $155,000 Active 75 DOM
6. 2026-06-10
   days on market $155,000 Active 72 DOM
7. 2026-06-09
   days on market $155,000 Active 71 DOM
8. 2026-06-08
   days on market $155,000 Active 70 DOM
9. 2026-06-07
   days on market $155,000 Active 69 DOM
10. 2026-06-03
    days on market $155,000 Active 65 DOM
11. 2026-06-02
    days on market $155,000 Active 64 DOM
12. 2026-06-01
    days on market $155,000 Active 63 DOM
13. 2026-05-31
    days on market $155,000 Active 62 DOM
14. 2026-05-31
    days on market $155,000 Active 61 DOM
15. 2026-04-16
    price $155,000 851-char remark

    Show marketing remark (851 chars)

    Bring your ideas and unlock the potential at 309 John St in Decorah! This spacious 3-bedroom, 2-bath home offers a great opportunity for buyers ready to invest some TLC and make it their own. With cement board siding and vinyl replacement windows already in place, some of the heavy lifting has been started. Inside, you’ll find hardwood floors waiting to be refreshed, a practical main floor bedroom and laundry; a flexible layout with room to grow. The home features both a welcoming covered front porch and a relaxing rear screened porch—perfect for enjoying the peaceful surroundings. Situated on a generous, wooded lot of over a quarter acre, the setting feels private and park-like, yet you're just blocks from schools and downtown Decorah. A solid opportunity for renovation, customization, and building long-term value. Call today!

16. 2026-03-30
    listed $165,000 Active 851-char remark

    Show marketing remark (851 chars)

    Bring your ideas and unlock the potential at 309 John St in Decorah! This spacious 3-bedroom, 2-bath home offers a great opportunity for buyers ready to invest some TLC and make it their own. With cement board siding and vinyl replacement windows already in place, some of the heavy lifting has been started. Inside, you’ll find hardwood floors waiting to be refreshed, a practical main floor bedroom and laundry; a flexible layout with room to grow. The home features both a welcoming covered front porch and a relaxing rear screened porch—perfect for enjoying the peaceful surroundings. Situated on a generous, wooded lot of over a quarter acre, the setting feels private and park-like, yet you're just blocks from schools and downtown Decorah. A solid opportunity for renovation, customization, and building long-term value. Call today!

17. 2017-07-20
    soldstatus $91,500
18. 2017-06-15
    soldstatus $91,854 405-char remark

    Show marketing remark (405 chars)

    Fantastic downtown Decorah location! You can have a lot of space with this 3 bedroom home, 2 bathrooms, an office, as well as two large living spaces on the main level. Recent renovations have made a nice impact on this home, continue upgrading this home to make it yours. Affordable housing or investment opportunity. Nice yard and walking distance to many things including downtown, parks, and schools.

19. 2017-04-07
    listed $85,000 405-char remark

    Show marketing remark (405 chars)

    Fantastic downtown Decorah location! You can have a lot of space with this 3 bedroom home, 2 bathrooms, an office, as well as two large living spaces on the main level. Recent renovations have made a nice impact on this home, continue upgrading this home to make it yours. Affordable housing or investment opportunity. Nice yard and walking distance to many things including downtown, parks, and schools.

ⓘ 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: $2,732 · $228/mo
• Projected year-2 tax: $2,732 · $228/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 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $23,273
• − Mortgage interest: −$8,682
• − Property taxes: −$2,732
• − Insurance: −$775
• − Repairs & maintenance: −$1,862
• − Management: −$1,862
• − Depreciation: −$4,509
• Taxable income: $2,851
• Est. tax owed @ 24.0%: −$684
• After-tax cash flow: $4,440/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: Decorah Community School District
• NCES district ID: 1908730
• Math proficiency: 80% ▼ -4.00%
• Reading proficiency: 84% ▬ 0.00%
• Median HH income: $54,304
• Composite: 69.72/100
• National rank: #294
• State rank: #21 of 289 in IA

Livability — Decorah

• Score: 85/100
• State rank: #16
• US rank: #499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decorah, IA
• County: Winneshiek County · 12,706 people
• City population: 12,706
• Metro: nan
• Population (ZIP): 12,706
• Household income: $73,484
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 207.0

Population outlook (Winneshiek County) Hauer SSP2

• Today (2025): 20,379 people
• By 2030: 19,937 · -2.2%
• By 2040: 18,697 · -8.3%
• By 2050: 17,392 · -14.7%
• By 2075: 14,921 · -26.8%
• By 2100: 12,836 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Winneshiek

• 2024 margin: Lean R (+9.3) · D 44.6% · R 53.9% · Other 1.5%
• 2008→2024 swing: -31.9pp toward R · 2008: 22.7pp · 2024: -9.3pp
• All cycles: 2024: R+9.3 2020: R+5.1 2016: R+0.8 2012: D+14.8 2008: D+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.20%
• Current HPI: 189.63
• Rent YoY: —
• Metro: nan
• 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

+82.4% since first listed

5 events — show timeline

• 2026-04-16 Price Changed $155,000 NEIRBR as distributed by MLS GRID
• 2026-03-30 Listed $165,000 NEIRBR as distributed by MLS GRID
• 2017-07-20 Sold (Public Records) $91,500 Public Records
• 2017-06-15 Sold (MLS) $91,854 NEIRBR as distributed by MLS GRID
• 2017-04-07 Listed $85,000 NEIRBR as distributed by MLS GRID

Property tax history

+6.7%/yr

Latest (2025): $2,732 · +4.4% YoY. Source: county tax records.