412 Elm St · Anita, IA 50020

$65,000

3 bd · 1.5 ba · 2,232 sqft · SingleFamily public records · 6 Days on market

Built 1915 0.32 ac lot ↓ 50% since listing

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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
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Opportunity awaits with this spacious 2-story home situated on an expansive 100' x 140' corner lot at the edge of town. Offering 2,232 square feet of living space, this property features 3 bedrooms, 1.5 bathrooms, and a 2-car attached garage connected by a laundry room and enclosed porch. Conveniently located near Lake Anita and Crestwood Hills Golf Course, you'll enjoy easy access to outdoor recreation and small-town living. This property is ideal for an investor, handyman, or buyer looking for a renovation project with plenty of potential. The home is being sold AS IS. Water lines may be compromised, and the boiler heating system is not guaranteed. Bring your vision and tools to restore t

Key facts

• Enclosed porch
• Corner lot
• 0.32 acre lot

Tags

• CORNER LOT
• ENCLOSED PORCH

Property features AI

Exterior

• Parking: Attached concrete garage with 2 spaces
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Single family residence; Two levels
• Construction: Brick and vinyl siding; Shingle roof
• Exterior features: Corner lot

Interior

• Kitchen: Oven; Cooktop; Exhaust fan; Refrigerator
• Flooring: Hardwood; Linoleum; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Window unit(s) for cooling; No central heating
• Interior features: Fireplace in the living room; Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $411 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).

Location & tenants

• Location reads 71/100 on livability (#331 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Cam Community School District (rural): math 67% / reading 72% proficiency, ranked #154 of 289 in IA (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 8 active listings in the ZIP; 14 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($449 loan paydown + $3k appreciation (5.1% local appreciation)).
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k 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.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.91% ✓
• Cap rate: 13.87%
• Cash-on-cash: 27.08%
• DSCR: 2.20
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $276,768
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 Pennsylvania Ave	0.67mi	4/2.0 (+1)	1,928 (-14%)	12mo	$239,550	$124	29

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

Projected returns pro-forma

5.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.8%
• Equity multiple: 3.29×
• Total profit: $41,653
• Equity at exit: $37,285

10-year hold

• IRR: 35.0%
• Equity multiple: 6.68×
• Total profit: $103,296
• Equity at exit: $64,724

Cash invested: $18,200 (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 50020

• Home prices YoY: 2.7%
• Active inventory: 8
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,239 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$200 /mo · $2,404/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $411

Break-even live

Break-even rent $719

Max offer price $65,000

Occupancy floor 62%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $65,000 Active 6 DOM
2. 2026-06-17
   days on market $65,000 Active 5 DOM
3. 2026-06-16
   days on market $65,000 Active 4 DOM
4. 2026-06-15
   days on market $65,000 Active 3 DOM
5. 2026-06-12
   remarks 699-char remark
6. 2026-06-12
   listed $65,000 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: $2,404 · $200/mo
• Projected year-2 tax: $2,404 · $200/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $14,870
• − Mortgage interest: −$3,641
• − Property taxes: −$2,404
• − Insurance: −$325
• − Repairs & maintenance: −$1,190
• − Management: −$1,190
• − Depreciation: −$1,891
• Taxable income: $4,230
• Est. tax owed @ 24.0%: −$1,015
• After-tax cash flow: $3,913/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: Cam Community School District
• NCES district ID: 1905940
• Math proficiency: 67% ▲ 6.00%
• Reading proficiency: 72% ▲ 2.00%
• Median HH income: $46,610
• Composite: 58.61/100
• National rank: #985
• State rank: #154 of 289 in IA

Livability — Anita

• Score: 71/100
• State rank: #331
• US rank: #6759

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anita, IA
• Population (ZIP): 1,277

Population outlook (Cass County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 11,911 · -4.3%
• By 2040: 10,904 · -12.4%
• By 2050: 10,005 · -19.7%
• By 2075: 8,030 · -35.5%
• By 2100: 5,865 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Pacific Islander 3% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Italian 2% Slovak 1% Portuguese 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+40.7) · D 28.9% · R 69.6% · Other 1.5%
• 2008→2024 swing: -29.9pp toward R · 2008: -10.8pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+38.0 2016: R+39.8 2012: R+18.9 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.11%
• Current HPI: 196.2613
• 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

-49.6% since first listed

9 events — show timeline

• 2026-06-11 Listed $65,000 IAR
• 2025-08-25 Price Changed $89,000 IAR
• 2025-07-16 Listed $99,000 IAR
• 2024-12-14 Listing Removed — DMMLS
• 2024-10-16 Price Changed $119,000 IAR
• 2024-10-16 Price Changed $199,000 IAR
• 2024-10-16 Price Changed $119,000 DMMLS
• 2024-09-23 Listed $129,000 IAR
• 2024-09-23 Listed $129,000 DMMLS

Property tax history

+5.4%/yr

Latest (2025): $2,404 · -4.6% YoY. Source: county tax records.