412 E State St · Corydon, IA 50060

$90,000

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 5 Days on market

Built 1920 Est $100k · 10% under

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Why this score? — see what drove the C 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 +14.3/30.0
• ARV discount +11.9/15.0
• Appreciation +10.0/10.0
• Schools +6.0/10.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Delightful 2 bedroom bungalow that feels so much larger on the inside. The front deck opens to a cute entryway then into a huge living area (once was a 3 bedroom, but converted to make a sizable living space, could convert back if you needed more bedrooms). Bedrooms are located at opposite ends and a very nice updated 3/4 bath in the center of the home. Well laid out eat in kitchen has lots of counter space. Laundry is located on main floor in the mud room that connects kitchen and attached garage and features a sliding glass door onto the back deck. Large shed with concrete floor provides lots of storage.

Key facts

• Decks on both sides
• Dine-in kitchen
• Attached garage

Tags

• ATTACHED GARAGE
• DINE-IN KITCHEN
• LAUNDRY AREA
• DECKS ON BOTH SIDES
• LARGE STORAGE SHED
• ALL APPLIANCES INCLUDED

Property features AI

Finance

• Other: Located on State Street

Exterior

• Parking: Attached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residential property
• Construction: 960 sq ft foundation area; Vinyl siding construction
• Exterior features: Shingle roof; Vinyl siding; Publicly maintained road access; City street frontage; Lot dimensions approximately 80 x 80 x 80 x 80; Zoned for single-family residential

Interior

• Bathrooms: One three-quarter bathroom
• Interior features: Window cooling units; Forced air heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $17 ($201/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $80k (11.7% below list).
• Recommended offer: $80k (11.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 83/100 on livability (#33 in IA, #995 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wayne Community School District (rural): math 69% / reading 74% proficiency, ranked #139 of 289 in IA (top 48%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Wayne County population projected to shrink 8% 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.
• Current owner paid $74k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $79,500 (11.7% 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 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: 0.88% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $99,840
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E Jackson St	0.12mi	2/1.0	838 (-13%)	5mo	$87,000	$104	69
307 E Moore St E	0.37mi	2/1.0	961 (+0%)	21mo	$92,500	$96	65
406 W Jackson St	0.49mi	3/1.5 (+1)	1,009 (+5%)	4mo	$145,000	$144	59
408 N Butler St	0.27mi	3/1.5 (+1)	944 (-2%)	24mo	$100,000	$106	58
311 N Greeley St	0.56mi	3/1.0 (+1)	994 (+4%)	9mo	$20,000	$20	56
505 N Dekalb St	0.48mi	2/1.0	1,006 (+5%)	17mo	$15,000	$15	55
401 E Moore St	0.36mi	3/2.0 (+1)	1,008 (+5%)	21mo	$132,500	$131	48

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: 24.9%
• Equity multiple: 2.99×
• Total profit: $50,088
• Equity at exit: $81,079

10-year hold

• IRR: 21.9%
• Equity multiple: 6.82×
• Total profit: $146,674
• Equity at exit: $174,850

Cash invested: $25,200 (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 50060

• Home prices YoY: 5.1%
• Active inventory: 13
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $795 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$102 /mo · $1,222/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$167
• Net cashflow: $17

Break-even live

Break-even rent $774

Max offer price $90,000

Occupancy floor 93%

Sensitivity live

Price	-10% $68	-5% $42	+0% $17	+5% $-9	+10% $-34
Rent	-10% $-46	-5% $-15	+0% $17	+5% $48	+10% $80
Rate	-1.0pp $62	-0.5pp $40	base $17	+0.5pp $-7	+1.0pp $-30

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2218 Newton Rd Corydon, IA	2.0–3.0	1.0–2.0	1042	$795	$0.76	44d	5	0.90mi

Listing history 5 events

1. 2026-06-21
   days on market $90,000 Active 5 DOM
2. 2026-06-18
   days on market $90,000 Active 3 DOM
3. 2026-06-17
   days on market $90,000 Active 2 DOM
4. 2026-06-16
   remarks 699-char remark
5. 2026-06-16
   listed $90,000 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: $1,222 · $102/mo
• Projected year-2 tax: $1,318 · $110/mo
• Expected delta: +$96/yr (+$8/mo · 7.8%)

ⓘ 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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,540
• − Mortgage interest: −$5,041
• − Property taxes: −$1,222
• − Insurance: −$450
• − Repairs & maintenance: −$763
• − Management: −$763
• − Depreciation: −$2,618
• Taxable loss: −$1,318
• Est. tax savings @ 24.0%: +$316
• After-tax cash flow: $517/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: Wayne Community School District
• NCES district ID: 1930560
• Math proficiency: 69% ▼ -7.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $40,872
• Composite: 59.73/100
• National rank: #902
• State rank: #139 of 289 in IA

Livability — Corydon

• Score: 83/100
• State rank: #33
• US rank: #995

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: Corydon, IA
• City population: 2,385
• Population (ZIP): 2,385

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 6,213 people
• By 2030: 6,109 · -1.7%
• By 2040: 5,926 · -4.6%
• By 2050: 5,716 · -8.0%
• By 2075: 5,502 · -11.4%
• By 2100: 4,890 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 2% Hispanic / Latino 1% Asian 1% Black 1%
• Common ancestry: Iranian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 98% English-only · Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+57.2) · D 20.6% · R 77.8% · Other 1.6%
• 2008→2024 swing: -50.2pp toward R · 2008: -7.0pp · 2024: -57.2pp
• All cycles: 2024: R+57.2 2020: R+51.8 2016: R+46.2 2012: R+11.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.57%
• Current HPI: 259.5272
• 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

+13.9% since first listed

4 events — show timeline

• 2026-06-15 Listed $90,000 IAR
• 2020-08-31 Sold (Public Records) $74,000 Public Records
• 2020-08-28 Sold (MLS) $74,000 DMMLS
• 2019-07-30 Listed $79,000 DMMLS

Property tax history

+9.6%/yr

Latest (2025): $1,222 · +0.8% YoY. Source: county tax records.