323 N Frederick Ave · Oelwein, IA 50662

$60,000

4 bd · 2.0 ba · 1,900 sqft · SingleFamily public records · 12 Days on market

Built 1905 10,575 sqft lot $32/sqft · 37% below area Est $95k · 37% under ↓ 4% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

There's an impressive amount of room in this affordable two story home. The main floor features a formal dining room with a bay window, a main floor bedroom, a spacious living room, a full bath and a laundry room, along with an enclosed front porch. Upstairs has a large den area at the top of the stairs, along with three additional bedrooms and another full bath. In addition to the two-stall attached garage, there are two sheds on the property.

Key facts

• Formal dining room
• Laundry room
• Bay window

Tags

• FORMAL DINING ROOM
• BAY WINDOW
• MAIN FLOOR BEDROOM
• SPACIOUS LIVING ROOM
• LAUNDRY ROOM
• ENCLOSED FRONT PORCH

Property features AI

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story
• Construction: Aluminum siding; Asphalt roof; Has basement
• Exterior features: Enclosed patio/porch; Sliding doors; Corner lot; Concrete road frontage; Storage structure

Interior

• Kitchen: Dishwasher; Free-standing range; Refrigerator
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s) for cooling
• Interior features: Dishwasher; Free-standing range; Refrigerator; Gas water heater; Partially finished basement with sump pump; No fireplace
• Laundry & utility: Main-level laundry room; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 17.6% vs local median 4.5% in Oelwein — 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 76/100 on livability (#186 in IA, #3,329 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Oelwein Community School District (town): math 47% / reading 55% proficiency, ranked #281 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oelwein Middle School (math 44% / reading 54%, grade C-, #219 of 246 statewide, top 90%, 359 students, 60% FRL); Oelwein High School (math 46% / reading 62%, grade C-, #293 of 336 statewide, top 87%, 314 students, 46% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 8 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fayette 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1905 — 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. 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.
4. 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.
5. 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: 2.02% ✓
• Cap rate: 17.61%
• Cash-on-cash: 40.41%
• DSCR: 2.80
• GRM: 4.1

CMA / ARV

• ARV (median comp): $95,191
• List price: $60,000
• Delta: -34.34%
• 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
410 N Frederick Ave. Ave	0.05mi	4/2.0	1,915 (+1%)	3mo	$47,000	$25	94
16 5th St NW	0.08mi	4/1.5	2,016 (+6%)	2mo	$105,000	$52	82
202 N Frederick Ave Ave	0.12mi	4/2.0	1,718 (-10%)	4mo	$105,000	$61	76
112 6th St. St NE	0.19mi	3/2.0 (-1)	1,772 (-7%)	4mo	$140,000	$79	72
829 2nd Ave Ave NE	0.38mi	3/1.5 (-1)	1,881 (-1%)	8mo	$135,000	$72	66
617 E Charles	0.53mi	4/2.0	1,694 (-11%)	2mo	$156,000	$92	56
625 6th Ave NE	0.46mi	4/2.0	1,687 (-11%)	10mo	$220,000	$130	52
201 3rd Ave Ave SE	0.59mi	4/2.0	2,138 (+12%)	0mo	$170,000	$80	52
45 7th Ave SE	0.63mi	3/3.0 (-1)	1,965 (+3%)	6mo	$195,000	$99	50
30 Maplewood Dr. Dr	0.31mi	3/1.0 (-1)	2,132 (+12%)	9mo	$180,000	$84	48
12 5th Ave Ave NW	0.53mi	3/1.0 (-1)	1,697 (-11%)	5mo	$50,000	$29	44
127 7th Ave	0.61mi	3/2.0 (-1)	1,638 (-14%)	1mo	$135,000	$82	43

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: 36.8%
• Equity multiple: 2.57×
• Total profit: $26,318
• Equity at exit: $8,946

10-year hold

• IRR: 43.5%
• Equity multiple: 5.13×
• Total profit: $69,335
• Equity at exit: $5,188

Cash invested: $16,800 (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 50662

• Home prices YoY: -21.7%
• Active inventory: 60
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,211 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$51 /mo · $616/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $566

Break-even live

Break-even rent $495

Max offer price $60,000

Occupancy floor 48%

Sensitivity live

Price	-10% $600	-5% $583	+0% $566	+5% $549	+10% $532
Rent	-10% $470	-5% $518	+0% $566	+5% $614	+10% $661
Rate	-1.0pp $596	-0.5pp $581	base $566	+0.5pp $550	+1.0pp $534

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $60,000 Active 12 DOM
2. 2026-06-18
   days on market $60,000 Active 10 DOM
3. 2026-06-17
   days on market $60,000 Active 9 DOM
4. 2026-06-16
   days on market $60,000 Active 8 DOM
5. 2026-06-15
   days on market $60,000 Active 7 DOM
6. 2026-06-13
   days on market $60,000 Active 5 DOM
7. 2026-06-12
   days on market $60,000 Active 4 DOM
8. 2026-06-09
   pricestatusdays on marketlisting id $60,000 Active 1 DOM
9. 2026-04-28
   price $62,500

ⓘ 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: $616 · $51/mo
• Projected year-2 tax: $779 · $65/mo
• Expected delta: +$163/yr (+$14/mo · 26.5%)

ⓘ 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 ≥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: $14,533
• − Mortgage interest: −$3,361
• − Property taxes: −$616
• − Insurance: −$300
• − Repairs & maintenance: −$1,163
• − Management: −$1,163
• − Depreciation: −$1,745
• Taxable income: $6,186
• Est. tax owed @ 24.0%: −$1,485
• After-tax cash flow: $5,305/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: Oelwein Community School District
• NCES district ID: 1921630
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $39,812
• Composite: 42.61/100
• National rank: #3189
• State rank: #281 of 289 in IA

Livability — Oelwein

• Score: 76/100
• State rank: #186
• US rank: #3329

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oelwein, IA
• Population (ZIP): 6,497

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 19,299 people
• By 2030: 18,701 · -3.1%
• By 2040: 17,469 · -9.5%
• By 2050: 16,389 · -15.1%
• By 2075: 15,156 · -21.5%
• By 2100: 14,214 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+30.5) · D 34.0% · R 64.4% · Other 1.6%
• 2008→2024 swing: -47.1pp toward R · 2008: 16.6pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+22.7 2016: R+19.6 2012: D+11.9 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.26%
• Current HPI: 177.9399
• 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

-4.0% since first listed

2 events — show timeline

• 2026-06-08 Listed $60,000 NEIRBR as distributed by MLS GRID
• 2026-04-28 Price Changed $62,500 NEIRBR as distributed by MLS GRID

Property tax history

-1.8%/yr

Latest (2025): $616 · +3.4% YoY. Source: county tax records.