208 W Michigan St · Lenox, IA 50851

$145,000

4 bd · 2.0 ba · 1,629 sqft · SingleFamily · 158 Days on market

Built 1900 Fair condition 10,362 sqft lot $89/sqft · 53% below area ↓ 9% since listing

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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 +11.9/30.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Appreciation +5.0/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

This 1900 farmhouse blends classic character with comfortable every day living. It features an open porch leading to an open floor plan. The home offers three bedrooms with two bathrooms. A fireplace serves as a cozy focal point in the living room. Original character compliments functionality, including a main floor laundry, making living convenient. At the rear of the house a deck extends the living space outdoors, the deck overlooks a large backyard with plenty of room for gardening or play.

Key facts

• Open floor plan
• Large backyard
• Main floor laundry

Tags

• OPEN PORCH
• OPEN FLOOR PLAN
• FIREPLACE
• MAIN FLOOR LAUNDRY
• DECK
• LARGE BACKYARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $145k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-38 ($-457/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (3.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (15.8% below list).
• Recommended offer: $122k (15.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#127 in IA, #2,338 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Lenox Community School District (rural): math 72% / reading 68% proficiency, ranked #157 of 289 in IA (top 54%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 4 active listings in the ZIP; 4 units permitted in Taylor County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (3.0% local appreciation)).
• At projected returns (3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, 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 158 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $122,020 (15.8% 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 158 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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?
9. 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.
10. 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.
11. 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: 0.84% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.13%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

• ARV (median comp): $309,267
• List price: $145,000
• Delta: -53.11%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.5%
• Equity multiple: 1.37×
• Total profit: $15,059
• Equity at exit: $65,198

10-year hold

• IRR: 9.3%
• Equity multiple: 2.41×
• Total profit: $57,057
• Equity at exit: $100,478

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 50851

• Active inventory: 4
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,220 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-38

Break-even live

Break-even rent $1,268

Max offer price $139,486

Occupancy floor 98%

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 22 events

1. 2026-06-18
   days on market $145,000 Active 158 DOM
2. 2026-06-17
   days on market $145,000 Active 157 DOM
3. 2026-06-16
   days on market $145,000 Active 156 DOM
4. 2026-06-15
   days on market $145,000 Active 155 DOM
5. 2026-06-13
   days on market $145,000 Active 153 DOM
6. 2026-06-12
   days on market $145,000 Active 152 DOM
7. 2026-06-09
   days on market $145,000 Active 149 DOM
8. 2026-06-08
   days on market $145,000 Active 148 DOM
9. 2026-06-07
   days on market $145,000 Active 147 DOM
10. 2026-06-05
    days on market $145,000 Active 145 DOM
11. 2026-06-04
    days on market $145,000 Active 143 DOM
12. 2026-06-02
    days on market $145,000 Active 142 DOM
13. 2026-06-01
    days on market $145,000 Active 141 DOM
14. 2026-05-31
    days on market $145,000 Active 140 DOM
15. 2026-05-31
    days on market $145,000 Active 139 DOM
16. 2026-04-29
    price $145,000 498-char remark

    Show marketing remark (498 chars)

    This 1900 farmhouse blends classic character with comfortable every day living. It features an open porch leading to an open floor plan. The home offers three bedrooms with two bathrooms. A fireplace serves as a cozy focal point in the living room. Original character compliments functionality, including a main floor laundry, making living convenient. At the rear of the house a deck extends the living space outdoors, the deck overlooks a large backyard with plenty of room for gardening or play.

17. 2026-04-19
    price $165,000 498-char remark

    Show marketing remark (498 chars)

    This 1900 farmhouse blends classic character with comfortable every day living. It features an open porch leading to an open floor plan. The home offers three bedrooms with two bathrooms. A fireplace serves as a cozy focal point in the living room. Original character compliments functionality, including a main floor laundry, making living convenient. At the rear of the house a deck extends the living space outdoors, the deck overlooks a large backyard with plenty of room for gardening or play.

18. 2026-01-04
    listed $175,000 Active 498-char remark

    Show marketing remark (498 chars)

    This 1900 farmhouse blends classic character with comfortable every day living. It features an open porch leading to an open floor plan. The home offers three bedrooms with two bathrooms. A fireplace serves as a cozy focal point in the living room. Original character compliments functionality, including a main floor laundry, making living convenient. At the rear of the house a deck extends the living space outdoors, the deck overlooks a large backyard with plenty of room for gardening or play.

19. 2024-03-04
    soldstatus $163,000 Closed 1234-char remark

    Show marketing remark (1234 chars)

    Take a look at this completely remodeled 3-4 bedroom home. The house has new kitchen with maple cabinets and granite counter top on the island. The center island houses the range and place to for 2 or 3 bar stools. New metal roof in 2021, new vinyl siding and trim. The home was completely taken down to studs, with all new electrical (200 amp panel) and plumbing. New water line from street to the house. New HVAC and all new dry wall, restored hard wood floors. Remodeled bath rooms; full bath on upper level has large soaker tub with tile surround and floors. Main floor bath has custom tile shower and tile floor. This cozy home has been opened up on the main floor for an open concept and also has main floor laundry. The living room has new electric fireplace to enjoy our cooler Iowa weather. LED lighting throughout. The property has storm cellar under the cement front porch. The house has energy efficient windows, sprayed with foam insulation and batting insulation in the attic for additional efficiency. Check out the restored fireplace in the back yard along with the new wood 12 x 16 wood deck. This property is receiving a tax abetment for being updated and remodeled. This is a must see property that won't last long.

20. 2023-12-23
    status Pending 1234-char remark

    Show marketing remark (1234 chars)

    Take a look at this completely remodeled 3-4 bedroom home. The house has new kitchen with maple cabinets and granite counter top on the island. The center island houses the range and place to for 2 or 3 bar stools. New metal roof in 2021, new vinyl siding and trim. The home was completely taken down to studs, with all new electrical (200 amp panel) and plumbing. New water line from street to the house. New HVAC and all new dry wall, restored hard wood floors. Remodeled bath rooms; full bath on upper level has large soaker tub with tile surround and floors. Main floor bath has custom tile shower and tile floor. This cozy home has been opened up on the main floor for an open concept and also has main floor laundry. The living room has new electric fireplace to enjoy our cooler Iowa weather. LED lighting throughout. The property has storm cellar under the cement front porch. The house has energy efficient windows, sprayed with foam insulation and batting insulation in the attic for additional efficiency. Check out the restored fireplace in the back yard along with the new wood 12 x 16 wood deck. This property is receiving a tax abetment for being updated and remodeled. This is a must see property that won't last long.

21. 2023-12-10
    price $168,000 1234-char remark

    Show marketing remark (1234 chars)

    Take a look at this completely remodeled 3-4 bedroom home. The house has new kitchen with maple cabinets and granite counter top on the island. The center island houses the range and place to for 2 or 3 bar stools. New metal roof in 2021, new vinyl siding and trim. The home was completely taken down to studs, with all new electrical (200 amp panel) and plumbing. New water line from street to the house. New HVAC and all new dry wall, restored hard wood floors. Remodeled bath rooms; full bath on upper level has large soaker tub with tile surround and floors. Main floor bath has custom tile shower and tile floor. This cozy home has been opened up on the main floor for an open concept and also has main floor laundry. The living room has new electric fireplace to enjoy our cooler Iowa weather. LED lighting throughout. The property has storm cellar under the cement front porch. The house has energy efficient windows, sprayed with foam insulation and batting insulation in the attic for additional efficiency. Check out the restored fireplace in the back yard along with the new wood 12 x 16 wood deck. This property is receiving a tax abetment for being updated and remodeled. This is a must see property that won't last long.

22. 2023-12-08
    listed $160,000 Active 1234-char remark

    Show marketing remark (1234 chars)

    Take a look at this completely remodeled 3-4 bedroom home. The house has new kitchen with maple cabinets and granite counter top on the island. The center island houses the range and place to for 2 or 3 bar stools. New metal roof in 2021, new vinyl siding and trim. The home was completely taken down to studs, with all new electrical (200 amp panel) and plumbing. New water line from street to the house. New HVAC and all new dry wall, restored hard wood floors. Remodeled bath rooms; full bath on upper level has large soaker tub with tile surround and floors. Main floor bath has custom tile shower and tile floor. This cozy home has been opened up on the main floor for an open concept and also has main floor laundry. The living room has new electric fireplace to enjoy our cooler Iowa weather. LED lighting throughout. The property has storm cellar under the cement front porch. The house has energy efficient windows, sprayed with foam insulation and batting insulation in the attic for additional efficiency. Check out the restored fireplace in the back yard along with the new wood 12 x 16 wood deck. This property is receiving a tax abetment for being updated and remodeled. This is a must see property that won't last long.

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,642
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,171
• − Management: −$1,171
• − Depreciation: −$4,218
• Taxable loss: −$2,941
• Est. tax savings @ 24.0%: +$706
• After-tax cash flow: $249/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The home is in fair condition with moderate rehab needed, including a new deck and landscaping. Updates to the exterior and interior can significantly increase its value.

Repairs flagged

• Major Deck — Worn and needs replacement.
• Major Landscaping — Needs trimming and planting.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal.
• Both Replace deck — Improves both resale and rental value.
• Both Landscaping — Enhances curb appeal and rental value.
• Both New flooring — Improves both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Deck · Worn and needs replacement.	Major	$15,000–50,000
Landscaping · Needs trimming and planting.	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal. ↑
• Both Replace deck — Improves both resale and rental value. ↑
• Both Landscaping — Enhances curb appeal and rental value. ↑
• Both New flooring — Improves both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lenox Community School District
• NCES district ID: 1916620
• Math proficiency: 72% ▼ -5.00%
• Reading proficiency: 68% ▼ -2.00%
• Median HH income: $40,932
• Composite: 58.52/100
• National rank: #995
• State rank: #157 of 289 in IA

Livability — Lenox

• Score: 79/100
• State rank: #127
• US rank: #2338

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: Lenox, IA
• Population (ZIP): 2,145

Population outlook (Taylor County) Hauer SSP2

• Today (2025): 6,143 people
• By 2030: 6,100 · -0.7%
• By 2040: 6,080 · -1.0%
• By 2050: 6,146 · +0.0%
• By 2075: 6,596 · +7.4%
• By 2100: 6,954 · +13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 18% Two or more races 8%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Slovak 3% Iranian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 86% English-only · Spanish 14% German/W. Germanic 1%

Political lean MEDSL · Taylor

• 2024 margin: Solid R (+55.7) · D 21.6% · R 77.4% · Other 1.0%
• 2008→2024 swing: -47.1pp toward R · 2008: -8.6pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+52.9 2016: R+45.1 2012: R+14.1 2008: R+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-9.4% since first listed

7 events — show timeline

• 2026-04-29 Price Changed $145,000 DMMLS
• 2026-04-19 Price Changed $165,000 DMMLS
• 2026-01-04 Listed $175,000 DMMLS
• 2024-03-04 Sold (MLS) $163,000 IAR
• 2023-12-23 Pending — IAR
• 2023-12-10 Price Changed $168,000 IAR
• 2023-12-08 Listed $160,000 IAR