809 3rd St #7 · Reinbeck, IA 50669

$55,000

2 bd · 1.0 ba · 792 sqft · Condo public records · 219 Days on market

Built 1978 $69/sqft · 7% above area Est $52k · 7% over $200/mo HOA · 21% of rent

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Why this score? — see what drove the B+ 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 +28.9/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +6.4/10.0
• ARV discount +4.5/15.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover comfort and convenience in this clean, well cared for Condo in a great location. Perfect for a primary residence or a turnkey getaway, this home offers an easy lifestyle with lawn care and snow removal taken care of for you! Moving will be a breeze, too with this home coming fully furnished. Enjoy covered parking in your garage, an open concept kitchen, on site laundry and a roomy living space. You can relax after a long day or gear up with your morning coffee on the north facing balcony. With its low maintenance living and included furnishings, this home is a rare find. Schedule your showing today and discover the ease of condo living!

Key facts

• On site laundry
• North facing balcony
• Open concept kitchen

Tags

• COVERED PARKING
• OPEN CONCEPT KITCHEN
• ON SITE LAUNDRY
• NORTH FACING BALCONY
• LOW MAINTENANCE LIVING
• INCLUDED FURNISHINGS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $55k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#382 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Gladbrook-Reinbeck Community School District (rural): math 76% / reading 74% proficiency, ranked #71 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Gladbrook-Reinbeck Elementary School (math 77% / reading 67%, grade A-, #181 of 616 statewide, top 34%, 253 students, 33% FRL); Gladbrook-Reinbeck Jr. High & High School (math 77% / reading 77%, grade A-, #60 of 336 statewide, top 21%, 212 students, 35% FRL).
• Market conditions: 16 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 14 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($380 loan paydown + $6k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 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 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 10.36%
• Cash-on-cash: 14.53%
• DSCR: 1.65
• GRM: 4.7

CMA / ARV

• ARV (median comp): $51,534
• List price: $55,000
• Delta: 6.73%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.1%
• Equity multiple: 3.73×
• Total profit: $41,967
• Equity at exit: $49,548

10-year hold

• IRR: 30.3%
• Equity multiple: 8.44×
• Total profit: $114,527
• Equity at exit: $106,853

Cash invested: $15,400 (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 50669

• Home prices YoY: 4.9%
• Active inventory: 16
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$72 /mo · $870/yr
• Insurance: −$23
• HOA: −$200
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $186

Break-even live

Break-even rent $739

Max offer price $55,000

Occupancy floor 76%

Sensitivity live

Price	-10% $218	-5% $202	+0% $186	+5% $171	+10% $155
Rent	-10% $109	-5% $148	+0% $186	+5% $225	+10% $263
Rate	-1.0pp $214	-0.5pp $200	base $186	+0.5pp $172	+1.0pp $158

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 Main St Reinbeck, IA	1.0	1.0	564	$975	$1.73	22d	4	0.31mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: landscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-19
   remarks 654-char remark
2. 2026-06-19
   days on marketlisting id $55,000 Pending 219 DOM
3. 2026-05-03
   status Pending 654-char remark

   Show marketing remark (397 chars)

   Adorable AND affordable! Discover comfort and convenience with this easy to maintain, turn key condo in a quiet neighborhood. This property comes fully furnished, making this moving day the easiest you'll ever have! Let the HOA take care of your yard maintenance and snow removal while you put your feet up and relax. This property is a rare find and priced to sell, schedule your showing today!

4. 2026-05-03
   status Pending 397-char remark

   Show marketing remark (397 chars)

   Adorable AND affordable! Discover comfort and convenience with this easy to maintain, turn key condo in a quiet neighborhood. This property comes fully furnished, making this moving day the easiest you'll ever have! Let the HOA take care of your yard maintenance and snow removal while you put your feet up and relax. This property is a rare find and priced to sell, schedule your showing today!

5. 2026-02-03
   price $55,000 654-char remark

   Show marketing remark (397 chars)

   Adorable AND affordable! Discover comfort and convenience with this easy to maintain, turn key condo in a quiet neighborhood. This property comes fully furnished, making this moving day the easiest you'll ever have! Let the HOA take care of your yard maintenance and snow removal while you put your feet up and relax. This property is a rare find and priced to sell, schedule your showing today!

6. 2026-02-03
   price $55,000 397-char remark

   Show marketing remark (397 chars)

   Adorable AND affordable! Discover comfort and convenience with this easy to maintain, turn key condo in a quiet neighborhood. This property comes fully furnished, making this moving day the easiest you'll ever have! Let the HOA take care of your yard maintenance and snow removal while you put your feet up and relax. This property is a rare find and priced to sell, schedule your showing today!

7. 2025-10-05
   listed $59,900 Active 397-char remark

   Show marketing remark (397 chars)

   Adorable AND affordable! Discover comfort and convenience with this easy to maintain, turn key condo in a quiet neighborhood. This property comes fully furnished, making this moving day the easiest you'll ever have! Let the HOA take care of your yard maintenance and snow removal while you put your feet up and relax. This property is a rare find and priced to sell, schedule your showing today!

8. 2025-09-25
   listed $59,900 Active 654-char remark

   Show marketing remark (654 chars)

   Discover comfort and convenience in this clean, well cared for Condo in a great location. Perfect for a primary residence or a turnkey getaway, this home offers an easy lifestyle with lawn care and snow removal taken care of for you! Moving will be a breeze, too with this home coming fully furnished. Enjoy covered parking in your garage, an open concept kitchen, on site laundry and a roomy living space. You can relax after a long day or gear up with your morning coffee on the north facing balcony. With its low maintenance living and included furnishings, this home is a rare find. Schedule your showing today and discover the ease of condo living!

9. 2024-05-30
   soldstatus $60,000
10. 2024-05-13
    soldstatus $60,000 Closed
11. 2024-04-08
    status Pending
12. 2024-03-19
    price $62,000
13. 2023-11-08
    listed $67,000 Active
14. 2023-04-21
    soldstatus $64,000
15. 2023-04-20
    soldstatus $64,000 Closed
16. 2023-03-13
    status Pending
17. 2023-03-09
    listed $64,000 Active
18. 2014-11-04
    soldstatus $29,100
19. 2006-09-27
    soldstatus $29,000

ⓘ 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: $870 · $72/mo
• Projected year-2 tax: $870 · $72/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $11,700
• − Mortgage interest: −$3,081
• − Property taxes: −$870
• − Insurance: −$275
• − Repairs & maintenance: −$936
• − Management: −$936
• − HOA: −$2,400
• − Depreciation: −$1,600
• Taxable income: $1,602
• Est. tax owed @ 24.0%: −$385
• After-tax cash flow: $1,852/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: Gladbrook-Reinbeck Community School District
• NCES district ID: 1912660
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 74% ▲ 9.00%
• Median HH income: $55,866
• Composite: 64.09/100
• National rank: #576
• State rank: #71 of 289 in IA

Livability — Reinbeck

• Score: 70/100
• State rank: #382
• US rank: #8130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reinbeck, IA
• Population (ZIP): 2,447

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 12,452 · +0.0%
• By 2040: 12,437 · -0.1%
• By 2050: 12,370 · -0.7%
• By 2075: 12,495 · +0.3%
• By 2100: 11,823 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 3% Native American 1%
• Common ancestry: Portuguese 3% Slovak 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Grundy

• 2024 margin: Solid R (+41.8) · D 28.3% · R 70.1% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: -16.9pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+37.4 2016: R+39.5 2012: R+23.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.93%
• Current HPI: 257.04
• 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

+89.7% since first listed

17 events — show timeline

• 2026-05-03 Pending — IAR
• 2026-05-03 Pending — DMMLS
• 2026-02-03 Price Changed $55,000 IAR
• 2026-02-03 Price Changed $55,000 DMMLS
• 2025-10-05 Listed $59,900 DMMLS
• 2025-09-25 Listed $59,900 IAR
• 2024-05-30 Sold (Public Records) $60,000 Public Records
• 2024-05-13 Sold (MLS) $60,000 NEIRBR as distributed by MLS GRID
• 2024-04-08 Pending — NEIRBR as distributed by MLS GRID
• 2024-03-19 Price Changed $62,000 NEIRBR as distributed by MLS GRID
• 2023-11-08 Listed $67,000 NEIRBR as distributed by MLS GRID
• 2023-04-21 Sold (Public Records) $64,000 Public Records
• 2023-04-20 Sold (MLS) $64,000 NEIRBR as distributed by MLS GRID
• 2023-03-13 Pending — NEIRBR as distributed by MLS GRID
• 2023-03-09 Listed $64,000 NEIRBR as distributed by MLS GRID
• 2014-11-04 Sold (Public Records) $29,100 Public Records
• 2006-09-27 Sold (Public Records) $29,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $870 · -10.1% YoY. Source: county tax records.