2405 II Ave · Garwin, IA 52342

$144,900

3 bd · 1.0 ba · 1,387 sqft · SingleFamily public records · 32 Days on market

Built 1926 0.57 ac lot

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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 +9.4/30.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• Livability +3.4/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0

Listing remarks MLS

Welcome to country living. This 3-bedroom acreage sits just ½ mile on gravel and offers the perfect blend of comfort, convenience, and open space. Step inside to find a refreshed kitchen and bath, plus the rare bonus of main-floor bedroom, bath, and laundry—ideal for easy everyday living. Two additional bedrooms upstairs provide for family, guests, or work-from-home needs. If you’ve been waiting for an acreage that’s move-in ready and room to grow, this is the one.

Key facts

• Move-in ready
• Main-floor bedroom
• Main-floor laundry

Tags

• REFRESHED KITCHEN
• MAIN-FLOOR BEDROOM
• MAIN-FLOOR LAUNDRY
• MOVE-IN READY

Property features AI

Exterior

• Parking: Detached carport; Carport for 2 vehicles
• Utilities: Septic tank
• Home design: Residential property; Listed property subtype: Acres
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Asphalt roof; Vinyl siding; Lot approximately 0.57 acres; Lot dimensions approximately 100-90; Zoned R-1

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Propane heating; Ceiling fan(s) for cooling
• Interior features: No fireplace listed; Ceiling fan(s)

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 $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (28.3% below list).
• Recommended offer: $104k (28.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#483 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Gmg Community School District (rural): math 50% / reading 68% proficiency, ranked #247 of 289 in IA (top 86%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gmg Elementary School (math 42% / reading 52%, grade D-, #530 of 616 statewide, top 88%, 267 students, 42% FRL); Gmg Secondary School (math 57% / reading 82%, grade B, #152 of 336 statewide, top 52%, 211 students, 44% FRL) — zoned schools average 43% FRL vs 28% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP; 17 units permitted in Tama County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.8% local appreciation)).
• Tama County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $50k; list at $145k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,896 (28.3% 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. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1926 — 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 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. 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: 0.72% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.04%
• DSCR: 0.86
• GRM: 11.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.78% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 2.04×
• Total profit: $42,088
• Equity at exit: $98,346

10-year hold

• IRR: 14.8%
• Equity multiple: 4.14×
• Total profit: $127,383
• Equity at exit: $184,972

Cash invested: $40,572 (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 52342

• Home prices YoY: 3.6%
• Active inventory: 17
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,039 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$103 /mo · $1,238/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $-103

Break-even live

Break-even rent $1,169

Max offer price $126,769

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-62	+0% $-103	+5% $-144	+10% $-185
Rent	-10% $-185	-5% $-144	+0% $-103	+5% $-62	+10% $-21
Rate	-1.0pp $-30	-0.5pp $-66	base $-103	+0.5pp $-140	+1.0pp $-178

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-12
   statusdays on market $144,900 Pending 32 DOM
2. 2026-06-09
   days on market $144,900 Active 30 DOM
3. 2026-06-08
   days on market $144,900 Active 29 DOM
4. 2026-06-07
   days on market $144,900 Active 28 DOM
5. 2026-06-05
   pricedays on market $144,900 Active 25 DOM

   Show marketing remark (495 chars)

   Welcome to country living. This 3-bedroom acreage sits just ½ mile on gravel and offers the perfect blend of comfort, convenience, and open space. Step inside to find a refreshed kitchen and bath, plus the rare bonus of main-floor bedroom, bath, and laundry—ideal for easy everyday living. Two additional bedrooms upstairs provide for family, guests, or work-from-home needs. If you’ve been waiting for an acreage that’s move-in ready and room to grow, this is the one.

6. 2026-06-03
   days on market $149,900 Active 24 DOM
7. 2026-06-02
   days on market $149,900 Active 23 DOM
8. 2026-06-01
   days on market $149,900 Active 22 DOM
9. 2026-05-31
   days on market $149,900 Active 21 DOM
10. 2026-05-30
    days on market $149,900 Active 20 DOM
11. 2026-05-10
    price $149,900 495-char remark

    Show marketing remark (495 chars)

    Welcome to country living. This 3-bedroom acreage sits just ½ mile on gravel and offers the perfect blend of comfort, convenience, and open space. Step inside to find a refreshed kitchen and bath, plus the rare bonus of main-floor bedroom, bath, and laundry—ideal for easy everyday living. Two additional bedrooms upstairs provide for family, guests, or work-from-home needs. If you’ve been waiting for an acreage that’s move-in ready and room to grow, this is the one.

12. 2026-05-10
    listed $149,900 Active 495-char remark

    Show marketing remark (495 chars)

    Welcome to country living. This 3-bedroom acreage sits just ½ mile on gravel and offers the perfect blend of comfort, convenience, and open space. Step inside to find a refreshed kitchen and bath, plus the rare bonus of main-floor bedroom, bath, and laundry—ideal for easy everyday living. Two additional bedrooms upstairs provide for family, guests, or work-from-home needs. If you’ve been waiting for an acreage that’s move-in ready and room to grow, this is the one.

13. 2026-05-10
    listed $149,901 Active 495-char remark

    Show marketing remark (495 chars)

    Welcome to country living. This 3-bedroom acreage sits just ½ mile on gravel and offers the perfect blend of comfort, convenience, and open space. Step inside to find a refreshed kitchen and bath, plus the rare bonus of main-floor bedroom, bath, and laundry—ideal for easy everyday living. Two additional bedrooms upstairs provide for family, guests, or work-from-home needs. If you’ve been waiting for an acreage that’s move-in ready and room to grow, this is the one.

14. 2023-11-06
    soldstatus $50,500
15. 2023-11-03
    soldstatus $50,500 Closed

    Show marketing remark (579 chars)

    1.5 Story dwelling. Located on . 57 acres. This houses main floor has an eat in kitchen, dining room, living room, bedroom, and full bathroom/laundry area. The upper level has three bedrooms. The house has vinyl siding, an asphalt roof in good condition, older double hung windows. The forced air furnace and central air are in good condition. There is a three-stall detached garage. This house needs a little TLC but is a great starter house for someone wanting to be in the country. The house is located . 57 acres and a 1/2 mile off a paved county road. Call today for a look.

16. 2023-10-09
    status Pending

    Show marketing remark (579 chars)

    1.5 Story dwelling. Located on . 57 acres. This houses main floor has an eat in kitchen, dining room, living room, bedroom, and full bathroom/laundry area. The upper level has three bedrooms. The house has vinyl siding, an asphalt roof in good condition, older double hung windows. The forced air furnace and central air are in good condition. There is a three-stall detached garage. This house needs a little TLC but is a great starter house for someone wanting to be in the country. The house is located . 57 acres and a 1/2 mile off a paved county road. Call today for a look.

17. 2023-09-29
    listed $55,000 Active

    Show marketing remark (579 chars)

    1.5 Story dwelling. Located on . 57 acres. This houses main floor has an eat in kitchen, dining room, living room, bedroom, and full bathroom/laundry area. The upper level has three bedrooms. The house has vinyl siding, an asphalt roof in good condition, older double hung windows. The forced air furnace and central air are in good condition. There is a three-stall detached garage. This house needs a little TLC but is a great starter house for someone wanting to be in the country. The house is located . 57 acres and a 1/2 mile off a paved county road. Call today for a look.

ⓘ 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: $1,238 · $103/mo
• Projected year-2 tax: $1,756 · $146/mo
• Expected delta: +$518/yr (+$43/mo · 41.9%)

ⓘ 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 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: $12,468
• − Mortgage interest: −$8,117
• − Property taxes: −$1,238
• − Insurance: −$724
• − Repairs & maintenance: −$997
• − Management: −$997
• − Depreciation: −$4,215
• Taxable loss: −$3,822
• Est. tax savings @ 24.0%: +$917
• After-tax cash flow: $-314/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: Gmg Community School District
• NCES district ID: 1900060
• Math proficiency: 50% ▼ -18.00%
• Reading proficiency: 68% ▼ -8.00%
• Median HH income: $57,443
• Composite: 50.89/100
• National rank: #1789
• State rank: #247 of 289 in IA

Livability — Garwin

• Score: 67/100
• State rank: #483
• US rank: #10764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,898

Population outlook (Tama County) Hauer SSP2

• Today (2025): 16,690 people
• By 2030: 16,217 · -2.8%
• By 2040: 15,207 · -8.9%
• By 2050: 14,186 · -15.0%
• By 2075: 12,228 · -26.7%
• By 2100: 10,386 · -37.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Native American 6% Two or more races 3% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 2% Iranian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Tama

• 2024 margin: Strong R (+26.9) · D 35.7% · R 62.6% · Other 1.7%
• 2008→2024 swing: -39.1pp toward R · 2008: 12.2pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+19.1 2016: R+20.6 2012: D+7.4 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.78%
• Current HPI: 195.2678
• 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

+163.5% since first listed

11 events — show timeline

• 2026-06-11 Pending — IAR
• 2026-06-11 Pending — NEIRBR as distributed by MLS GRID
• 2026-06-05 Price Changed $144,900 IAR
• 2026-06-05 Price Changed $144,900 NEIRBR as distributed by MLS GRID
• 2026-05-10 Price Changed $149,900 IAR
• 2026-05-10 Listed $149,900 NEIRBR as distributed by MLS GRID
• 2026-05-10 Listed $149,901 IAR
• 2023-11-06 Sold (Public Records) $50,500 Public Records
• 2023-11-03 Sold (MLS) $50,500 IAR
• 2023-10-09 Pending — IAR
• 2023-09-29 Listed $55,000 IAR

Property tax history

+6.4%/yr

Latest (2025): $1,238 · +33.7% YoY. Source: county tax records.