204 S Madison St · Hazleton, IA 50641

$145,000

3 bd · 1.0 ba · 1,640 sqft · SingleFamily · 38 Days on market

Built 1900 0.25 ac lot $88/sqft · 16% above area Est $125k · 16% over

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Why this score? — see what drove the D- 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 +11.1/30.0
• Appreciation +6.2/10.0
• Schools +4.3/10.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.2/15.0

Listing remarks MLS

Great Investment Property! 2 BR, 1 BA, 1640 SQ FT. 1st Floor Laundry. Appliances and wood burner included! Low taxes! Owner will consider selling on Contract! Call Today !

Key facts

• Plumbing updated
• Refrigerator updated
• Siding updated

Tags

• SIDING UPDATED
• FURNACE UPDATED
• PLUMBING UPDATED
• ELECTRICAL UPDATED
• MOST WINDOWS UPDATED
• REFRIGERATOR UPDATED

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Lot dimensions approximately 75 x 150; Quarter-acre lot; R-1 zoning

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Forced air heating; Natural gas heating; Ceiling fans for cooling
• Interior features: No fireplace; Partially finished concrete basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-57 ($-686/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (17.5% below list).
• Recommended offer: $120k (17.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#813 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment 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: Wings Park Elementary School (math 52% / reading 47%, grade D, #514 of 616 statewide, top 85%, 345 students, 64% FRL); 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).
• Market conditions: 5 active listings in the ZIP; 19 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.5% local appreciation)).
• Buchanan County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 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 $15k; list at $145k implies a 867% 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 $119,607 (17.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.69%
• DSCR: 0.92
• GRM: 10.1

CMA / ARV

• ARV (median comp): $124,872
• List price: $145,000
• Delta: 16.12%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 E Benton St	0.32mi	3/2.0	1,565 (-5%)	1mo	$176,500	$113	72
201 Westline Dr	0.40mi	3/2.0	1,648 (+0%)	6mo	$125,000	$76	72
209 E Hayes St	0.20mi	4/1.0 (+1)	1,618 (-1%)	15mo	$92,700	$57	71
105 1st St. St N	0.23mi	2/1.5 (-1)	1,749 (+7%)	11mo	$119,000	$68	62
404 Hayes St E	0.22mi	4/1.0 (+1)	1,862 (+14%)	15mo	$65,000	$35	50
307 E Hayes St. St	0.21mi	2/2.0 (-1)	1,429 (-13%)	16mo	$113,000	$79	46

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

Projected returns pro-forma

2.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.25×
• Total profit: $9,958
• Equity at exit: $61,063

10-year hold

• IRR: 7.8%
• Equity multiple: 2.12×
• Total profit: $45,534
• Equity at exit: $91,009

Cash invested: $40,600 (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 50641

• Home prices YoY: 1.3%
• Active inventory: 5
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,196 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $-57

Break-even live

Break-even rent $1,268

Max offer price $136,728

Occupancy floor 100%

Sensitivity live

Price	-10% $43	-5% $-7	+0% $-57	+5% $-107	+10% $-157
Rent	-10% $-152	-5% $-104	+0% $-57	+5% $-10	+10% $37
Rate	-1.0pp $16	-0.5pp $-20	base $-57	+0.5pp $-95	+1.0pp $-133

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-22
   days on market $145,000 Active 38 DOM
2. 2026-06-21
   days on market $145,000 Active 37 DOM
3. 2026-06-21
   days on market $145,000 Active 36 DOM
4. 2026-06-18
   days on market $145,000 Active 34 DOM
5. 2026-06-17
   days on market $145,000 Active 33 DOM
6. 2026-06-16
   days on market $145,000 Active 32 DOM
7. 2026-06-15
   days on market $145,000 Active 31 DOM
8. 2026-06-13
   days on market $145,000 Active 29 DOM
9. 2026-06-12
   days on market $145,000 Active 28 DOM
10. 2026-06-09
    days on market $145,000 Active 25 DOM
11. 2026-06-08
    days on market $145,000 Active 24 DOM
12. 2026-06-07
    days on market $145,000 Active 23 DOM
13. 2026-06-07
    days on market $145,000 Active 22 DOM
14. 2026-06-04
    days on market $145,000 Active 19 DOM
15. 2026-06-02
    days on market $145,000 Active 18 DOM
16. 2026-06-01
    days on market $145,000 Active 17 DOM
17. 2026-05-31
    days on market $145,000 Active 16 DOM
18. 2026-05-31
    days on market $145,000 Active 15 DOM
19. 2026-05-15
    listed $145,000 Active 425-char remark
20. 2020-08-15
    soldstatus $15,000 172-char remark

    Show marketing remark (172 chars)

    Great Investment Property! 2 BR, 1 BA, 1640 SQ FT. 1st Floor Laundry. Appliances and wood burner included! Low taxes! Owner will consider selling on Contract! Call Today !

21. 2019-06-19
    listed $20,000 172-char remark

    Show marketing remark (172 chars)

    Great Investment Property! 2 BR, 1 BA, 1640 SQ FT. 1st Floor Laundry. Appliances and wood burner included! Low taxes! Owner will consider selling on Contract! Call Today !

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $14,353
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,148
• − Management: −$1,148
• − Depreciation: −$4,218
• Taxable loss: −$3,184
• Est. tax savings @ 24.0%: +$764
• After-tax cash flow: $78/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 — Hazleton

• Score: 60/100
• State rank: #813
• US rank: #18681

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hazleton, IA
• Population (ZIP): 1,665

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 20,892 people
• By 2030: 20,578 · -1.5%
• By 2040: 19,906 · -4.7%
• By 2050: 19,024 · -8.9%
• By 2075: 16,289 · -22.0%
• By 2100: 12,561 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Iranian 3% Portuguese 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 78% English-only · German/W. Germanic 21% Spanish 1%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.2) · D 35.1% · R 63.4% · Other 1.5%
• 2008→2024 swing: -46.7pp toward R · 2008: 18.5pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.9 2016: R+15.2 2012: D+13.9 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.49%
• Current HPI: 196.7411
• 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

+625.0% since first listed

3 events — show timeline

• 2026-05-15 Listed $145,000 NEIRBR as distributed by MLS GRID
• 2020-08-15 Sold (MLS) $15,000 NEIRBR as distributed by MLS GRID
• 2019-06-19 Listed $20,000 NEIRBR as distributed by MLS GRID