121 2nd St · Manning, IA 51455

$119,500

2 bd · 1.5 ba · 1,228 sqft · SingleFamily public records · 78 Days on market

Built 1900 0.40 ac lot $97/sqft · 6% above area Est $113k · 6% over

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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 +16.2/30.0
• Appreciation +10.0/10.0
• Schools +6.5/10.0
• DSCR +5.0/10.0
• ARV discount +4.8/15.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Inviting 2-bedroom, 2-bath home featuring a thoughtful mix of comfort and recent updates. Improvements include newer siding, updated electrical, and energy-efficient windows for added efficiency and curb appeal. Inside, you’ll find a spacious living area ideal for both everyday living and entertaining, along with well-sized bedrooms and plenty of natural light throughout. The generous yard provides great space for outdoor activities, gardening, or relaxing. A full basement adds valuable square footage with endless possibilities for storage, a workshop, or future finished living space. This well-cared-for home is move-in ready and offers great potential.

Key facts

• 0.4 acre lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $64 ($770/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 $105k (11.9% below list).
• Recommended offer: $105k (11.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#107 in IA, #2,085 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Ikm-Manning Community School District (rural): math 75% / reading 78% proficiency, ranked #58 of 289 in IA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 36 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($826 loan paydown + $12k appreciation (10.0% local appreciation)).
• Carroll County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $58k; list at $120k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,313 (11.9% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 0.88% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.30%
• DSCR: 1.10
• GRM: 9.5

CMA / ARV

• ARV (median comp): $112,723
• List price: $119,500
• Delta: 6.01%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 2nd St	0.04mi	3/1.5 (+1)	1,312 (+7%)	10mo	$80,000	$61	74
520 6th St	0.44mi	3/1.0 (+1)	1,161 (-6%)	10mo	$95,000	$82	56

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: 25.9%
• Equity multiple: 3.07×
• Total profit: $69,151
• Equity at exit: $107,655

10-year hold

• IRR: 22.8%
• Equity multiple: 6.99×
• Total profit: $200,383
• Equity at exit: $232,162

Cash invested: $33,460 (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 51455

• Active inventory: 36
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,053 medium
• Mortgage (P&I): −$627
• Tax from tax record: −$91 /mo · $1,096/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $64

Break-even live

Break-even rent $972

Max offer price $119,500

Occupancy floor 89%

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $119,500 Active 78 DOM
2. 2026-06-17
   days on market $119,500 Active 77 DOM
3. 2026-06-16
   days on market $119,500 Active 76 DOM
4. 2026-06-15
   days on market $119,500 Active 75 DOM
5. 2026-06-13
   days on market $119,500 Active 73 DOM
6. 2026-06-12
   days on market $119,500 Active 72 DOM
7. 2026-06-09
   days on market $119,500 Active 69 DOM
8. 2026-06-08
   days on market $119,500 Active 68 DOM
9. 2026-06-07
   days on market $119,500 Active 67 DOM
10. 2026-06-07
    days on market $119,500 Active 66 DOM
11. 2026-06-04
    days on market $119,500 Active 63 DOM
12. 2026-06-02
    days on market $119,500 Active 62 DOM
13. 2026-06-01
    days on market $119,500 Active 61 DOM
14. 2026-05-31
    days on market $119,500 Active 60 DOM
15. 2026-05-31
    days on market $119,500 Active 59 DOM
16. 2026-05-01
    price $119,500 667-char remark

    Show marketing remark (667 chars)

    Inviting 2-bedroom, 2-bath home featuring a thoughtful mix of comfort and recent updates. Improvements include newer siding, updated electrical, and energy-efficient windows for added efficiency and curb appeal. Inside, you’ll find a spacious living area ideal for both everyday living and entertaining, along with well-sized bedrooms and plenty of natural light throughout. The generous yard provides great space for outdoor activities, gardening, or relaxing. A full basement adds valuable square footage with endless possibilities for storage, a workshop, or future finished living space. This well-cared-for home is move-in ready and offers great potential.

17. 2026-03-31
    listed $122,000 Active 667-char remark

    Show marketing remark (667 chars)

    Inviting 2-bedroom, 2-bath home featuring a thoughtful mix of comfort and recent updates. Improvements include newer siding, updated electrical, and energy-efficient windows for added efficiency and curb appeal. Inside, you’ll find a spacious living area ideal for both everyday living and entertaining, along with well-sized bedrooms and plenty of natural light throughout. The generous yard provides great space for outdoor activities, gardening, or relaxing. A full basement adds valuable square footage with endless possibilities for storage, a workshop, or future finished living space. This well-cared-for home is move-in ready and offers great potential.

18. 2020-08-14
    soldstatus $57,500
19. 2020-08-04
    soldstatus $57,500 316-char remark

    Show marketing remark (316 chars)

    Check out this quaint 2 bedroom home situated on a spacious double lot. Outside, find an over sized garage that includes a bonus space for a workshop, storage, etc. Inside, you will love the well-kept, original wood floors throughout, main floor laundry, and an updated bathroom. All appliances included! Call today.

20. 2020-04-01
    listed $62,900 316-char remark

    Show marketing remark (316 chars)

    Check out this quaint 2 bedroom home situated on a spacious double lot. Outside, find an over sized garage that includes a bonus space for a workshop, storage, etc. Inside, you will love the well-kept, original wood floors throughout, main floor laundry, and an updated bathroom. All appliances included! Call today.

21. 2009-04-02
    soldstatus $22,500

ⓘ 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: $1,096 · $91/mo
• Projected year-2 tax: $1,486 · $124/mo
• Expected delta: +$390/yr (+$33/mo · 35.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 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: $12,638
• − Mortgage interest: −$6,694
• − Property taxes: −$1,096
• − Insurance: −$598
• − Repairs & maintenance: −$1,011
• − Management: −$1,011
• − Depreciation: −$3,476
• Taxable loss: −$1,248
• Est. tax savings @ 24.0%: +$300
• After-tax cash flow: $1,070/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: Ikm-Manning Community School District
• NCES district ID: 1914880
• Math proficiency: 75% ▼ -1.00%
• Reading proficiency: 78% ▬ 0.00%
• Median HH income: $49,285
• Composite: 64.68/100
• National rank: #524
• State rank: #58 of 289 in IA

Livability — Manning

• Score: 79/100
• State rank: #107
• US rank: #2085

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manning, IA
• City population: 2,303
• Population (ZIP): 2,303

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,745 people
• By 2030: 19,244 · -2.5%
• By 2040: 18,251 · -7.6%
• By 2050: 17,223 · -12.8%
• By 2075: 16,258 · -17.7%
• By 2100: 15,591 · -21.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Slovak 4% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+41.9) · D 28.4% · R 70.3% · Other 1.4%
• 2008→2024 swing: -45.6pp toward R · 2008: 3.6pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+37.8 2016: R+31.8 2012: R+6.3 2008: D+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 106.68%
• Current HPI: 296.99
• 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

+431.1% since first listed

6 events — show timeline

• 2026-05-01 Price Changed $119,500 IAR
• 2026-03-31 Listed $122,000 IAR
• 2020-08-14 Sold (Public Records) $57,500 Public Records
• 2020-08-04 Sold (MLS) $57,500 IAR
• 2020-04-01 Listed $62,900 IAR
• 2009-04-02 Sold (Public Records) $22,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,096 · +4.8% YoY. Source: county tax records.