610 4th St St SW · Le Mars, IA 51031

$215,000

3 bd · 1.0 ba · 1,020 sqft · SingleFamily public records · 7 Days on market

Built 1962 6,750 sqft lot Est $165k · 30% 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 +12.9/30.0
• Schools +6.2/10.0
• Livability +4.1/5.0
• DSCR +3.9/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

3 bed 1 bath ranch home with detached garage, alley access and off street parking. This home has original wood flooring and all the updates. .. 2018~new roof, siding, windows, gutters with screens~ 2019 new flooring, countertops, backsplash and sink in kitchen. SO MANY UPDATES!!! Ask for the complete list!

Key facts

• New siding
• New flooring
• New gutters

Tags

• ORIGINAL WOOD FLOORING
• NEW ROOF
• NEW SIDING
• NEW WINDOWS
• NEW GUTTERS
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-17 ($-198/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (20.3% below list).
• Recommended offer: $171k (20.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.7% in Le Mars — 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 82/100 on livability (#48 in IA, #1,235 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Le Mars Community School District (town): math 73% / reading 72% proficiency, ranked #96 of 289 in IA (top 33%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Kluckhohn Elementary School (math 76% / reading 76%, grade A, #123 of 616 statewide, top 20%, 439 students, 35% FRL); Le Mars Middle School (math 71% / reading 71%, grade A, #110 of 246 statewide, top 44%, 488 students, 38% FRL); Le Mars High School (math 73% / reading 75%, grade B+, #103 of 336 statewide, top 32%, 675 students, 30% FRL).
• Market conditions: 59 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $85k; list at $215k implies a 153% gain — meaningful room to come down on a strong offer.

Recommended offer $171,400 (20.3% 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. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.80% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.33%
• DSCR: 0.99
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $165,240
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 6th Ave. Ave SW	0.12mi	2/1.0 (-1)	1,030 (+1%)	12mo	$160,000	$155	78
834 Central Ave. Ave SE	0.61mi	2/1.0 (-1)	1,043 (+2%)	14mo	$169,000	$162	51
418 3rd St. St NW	0.61mi	2/1.5 (-1)	1,086 (+6%)	6mo	$200,000	$184	49

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: -16.9%
• Equity multiple: 0.40×
• Total profit: $-35,936
• Equity at exit: $32,057

10-year hold

• IRR: -8.8%
• Equity multiple: 0.45×
• Total profit: $-32,828
• Equity at exit: $18,589

Cash invested: $60,200 (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 51031

• Home prices YoY: -22.2%
• Active inventory: 59
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,714 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$154 /mo · $1,842/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $-17

Break-even live

Break-even rent $1,735

Max offer price $212,084

Occupancy floor 96%

Sensitivity live

Price	-10% $105	-5% $44	+0% $-17	+5% $-77	+10% $-138
Rent	-10% $-152	-5% $-84	+0% $-17	+5% $51	+10% $119
Rate	-1.0pp $92	-0.5pp $38	base $-17	+0.5pp $-72	+1.0pp $-129

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
427 4th St NW Le Mars, IA	1.0–2.0	1.0–2.0	1011	$1,714	$1.70	45d	32	0.71mi

Listing history 3 events

1. 2026-03-27
   status Pending
2. 2026-03-19
   listed $215,000 Active
3. 2011-09-09
   soldstatus $85,000

ⓘ 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: $1,842 · $154/mo
• Projected year-2 tax: $2,609 · $217/mo
• Expected delta: +$767/yr (+$64/mo · 41.6%)

ⓘ 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 1/10 Low
• 🌡 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,568
• − Mortgage interest: −$12,043
• − Property taxes: −$1,842
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$6,255
• Taxable loss: −$3,938
• Est. tax savings @ 24.0%: +$945
• After-tax cash flow: $747/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: Le Mars Community School District
• NCES district ID: 1916530
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $55,414
• Composite: 61.97/100
• National rank: #723
• State rank: #96 of 289 in IA

Livability — Le Mars

• Score: 82/100
• State rank: #48
• US rank: #1235

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Le Mars, IA
• Population (ZIP): 12,785

Population outlook (Plymouth County) Hauer SSP2

• Today (2025): 25,214 people
• By 2030: 25,257 · +0.2%
• By 2040: 25,304 · +0.4%
• By 2050: 25,421 · +0.8%
• By 2075: 26,820 · +6.4%
• By 2100: 27,604 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Black 4% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 6% Portuguese 3% Ukrainian 2%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Plymouth

• 2024 margin: Solid R (+54.2) · D 22.3% · R 76.5% · Other 1.2%
• 2008→2024 swing: -29.2pp toward R · 2008: -25.1pp · 2024: -54.2pp
• All cycles: 2024: R+54.2 2020: R+49.3 2016: R+51.9 2012: R+34.3 2008: R+25.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.02%
• Current HPI: 283.6093
• 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

+152.9% since first listed

3 events — show timeline

• 2026-03-27 Pending — NWIA
• 2026-03-19 Listed $215,000 NWIA
• 2011-09-09 Sold (Public Records) $85,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,842 · +9.3% YoY. Source: county tax records.