1601 2nd St · Boone, IA 50036

$99,999

3 bd · 1.5 ba · 1,528 sqft · SingleFamily public records · 55 Days on market

Built 1912 7,000 sqft lot $65/sqft · 66% below area Est $145k · 31% under ↓ 23% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BIG PRICE REDUCTION!!! Great Location!! Close to the Middle School, Ledges Grade School and Cedar Pointe Golf Course. Solid, well built home. Property tax incentives with the City of Boone. The first $75,000.00 of assessed value will be forgiven for 5 years with $10,000.00 in updates. Info at www. boonegov.com Main level includes living room, dining room, sunroom, kitchen and 3/4 bath. Upper floor has a full bath, 2 bedrooms with an adjoining 3rd bedroom. Full basement with 3/4 bath, possible future rec room and lots of storage. Newer furnace and water heater. 2 car detached garage. Located on a full corner lot, mature trees, on the east side of Boone.

Key facts

• Kitchen
• Living room
• Sunroom

Tags

• LIVING ROOM
• DINING ROOM
• SUNROOM
• KITCHEN
• FULL BASEMENT
• CORNER LOT

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels
• Construction: Other construction materials
• Exterior features: Level lot; Shed(s)

Interior

• Kitchen: Range; Microwave; Refrigerator
• Flooring: Vinyl; Hardwood; Carpet
• Bathrooms: 1 full bathroom; 2 three-quarter bathrooms
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Ceiling fan(s); Gas fireplace; Full basement with sump pump; 12 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 3.6% in Boone — 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 79/100 on livability (#112 in IA, #2,144 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Boone Community School District (town): math 57% / reading 66% proficiency, ranked #232 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 215 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 80 units permitted in Boone County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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 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?
5. 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.
6. 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.
7. 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: 1.72% ✓
• Cap rate: 14.18%
• Cash-on-cash: 28.19%
• DSCR: 2.25
• GRM: 4.8

CMA / ARV

• ARV (median comp): $145,034
• List price: $99,999
• Delta: -31.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
127 Tama St	0.50mi	3/1.5	1,512 (-1%)	2mo	$240,000	$159	74
1632 Mamie Eisenhower Ave	0.13mi	4/2.0 (+1)	1,647 (+8%)	2mo	$169,000	$103	72
1427 Garst Ave	0.25mi	3/3.0	1,602 (+5%)	3mo	$282,500	$176	72
514 S Jackson St	0.43mi	3/3.0	1,559 (+2%)	1mo	$280,000	$180	69
1322 7th St	0.41mi	3/1.5	1,406 (-8%)	2mo	$225,000	$160	66
522 Linn St	0.38mi	4/3.0 (+1)	1,554 (+2%)	4mo	$310,000	$199	65
1115 Garst Ave	0.51mi	3/2.0	1,600 (+5%)	3mo	$230,000	$144	64
1554 6th St	0.26mi	4/2.0 (+1)	1,393 (-9%)	6mo	$257,930	$185	61
1022 Linn St	0.67mi	3/2.0	1,545 (+1%)	5mo	$282,000	$183	60
1110 Aldrich Ave	0.58mi	4/2.0 (+1)	1,409 (-8%)	3mo	$131,000	$93	51
1116 Linn St	0.74mi	3/1.0	1,652 (+8%)	1mo	$99,000	$60	49
815 3rd St	0.70mi	2/1.0 (-1)	1,675 (+10%)	1mo	$150,000	$90	43

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: 22.4%
• Equity multiple: 1.92×
• Total profit: $25,714
• Equity at exit: $14,910

10-year hold

• IRR: 30.4%
• Equity multiple: 3.73×
• Total profit: $76,456
• Equity at exit: $8,646

Cash invested: $28,000 (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 50036

• Home prices YoY: -27.1%
• Active inventory: 215
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,720 high
• Mortgage (P&I): −$524
• Tax from tax record: −$135 /mo · $1,618/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $658

Break-even live

Break-even rent $887

Max offer price $99,999

Occupancy floor 57%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1318 SE Linn St Boone, IA	3.0	2.0	1896	$1,695	$0.89	44d	1	0.52mi
1208 S Linn St Boone, IA	3.0	2.5	1449	$1,800	$1.24	44d	1	1.08mi
1428 Story St Boone, IA	4.0	3.0	1900	$2,000	$1.05	44d	1	1.11mi
1221 S Linn St Boone, IA	2.0–3.0	1.0	1025	$1,025	$1.00	14d	2	1.11mi
1109 Ida Pl Boone, IA	3.0	2.5	1715	$1,950	$1.14	44d	1	1.12mi

Listing history 20 events

1. 2026-06-18
   days on market $99,999 Active 55 DOM
2. 2026-06-18
   price $99,999 Active 54 DOM
3. 2026-06-17
   days on market $110,000 Active 54 DOM
4. 2026-06-16
   days on market $110,000 Active 53 DOM
5. 2026-06-15
   days on market $110,000 Active 52 DOM
6. 2026-06-13
   days on market $110,000 Active 50 DOM
7. 2026-06-12
   days on market $110,000 Active 49 DOM
8. 2026-06-09
   days on market $110,000 Active 46 DOM
9. 2026-06-08
   days on market $110,000 Active 45 DOM
10. 2026-06-07
    days on market $110,000 Active 44 DOM
11. 2026-06-05
    days on market $110,000 Active 42 DOM
12. 2026-06-04
    days on market $110,000 Active 40 DOM
13. 2026-06-02
    days on market $110,000 Active 39 DOM
14. 2026-06-01
    days on market $110,000 Active 38 DOM
15. 2026-05-31
    days on market $110,000 Active 37 DOM
16. 2026-05-31
    days on market $110,000 Active 36 DOM
17. 2026-05-11
    price $122,000
18. 2026-05-11
    price $122,000 641-char remark
19. 2026-04-23
    listed $130,000 Active
20. 2026-04-23
    listed $130,000 Active 641-char remark

ⓘ 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: $1,618 · $135/mo
• Projected year-2 tax: $1,618 · $135/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,636
• − Mortgage interest: −$5,601
• − Property taxes: −$1,618
• − Insurance: −$500
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$2,909
• Taxable income: $6,706
• Est. tax owed @ 24.0%: −$1,609
• After-tax cash flow: $6,282/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: Boone Community School District
• NCES district ID: 1905130
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $48,703
• Composite: 52.16/100
• National rank: #1613
• State rank: #232 of 289 in IA

Livability — Boone

• Score: 79/100
• State rank: #112
• US rank: #2144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boone, IA
• Population (ZIP): 16,318

Population outlook (Boone County) Hauer SSP2

• Today (2025): 27,674 people
• By 2030: 28,058 · +1.4%
• By 2040: 28,474 · +2.9%
• By 2050: 28,383 · +2.6%
• By 2075: 27,647 · -0.1%
• By 2100: 25,485 · -7.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Iranian 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Boone

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 7.6pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+15.6 2016: R+13.9 2012: D+6.4 2008: D+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.62%
• Current HPI: 216.6814
• 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

-23.1% since first listed

8 events — show timeline

• 2026-06-18 Price Changed $99,999 DMMLS
• 2026-06-18 Price Changed $99,999 CIBOR
• 2026-05-29 Price Changed $110,000 DMMLS
• 2026-05-29 Price Changed $110,000 CIBOR
• 2026-05-11 Price Changed $122,000 DMMLS
• 2026-05-11 Price Changed $122,000 CIBOR
• 2026-04-23 Listed $130,000 CIBOR
• 2026-04-23 Listed $130,000 DMMLS

Property tax history

+4.4%/yr

Latest (2025): $1,618 · -3.1% YoY. Source: county tax records.