703 W North St · Winterset, IA 50273

$160,000

2 bd · 1.0 ba · 950 sqft · SingleFamily public records · 20 Days on market

Built 1947 8,712 sqft lot $168/sqft · 18% below area Est $195k · 18% under

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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).

• ARV discount +15.0/15.0
• Schools +6.0/10.0
• Cash flow +5.8/30.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedroom home on nice corner lot. Many updates which include wiring, plumbing, etc. Full unfinished basement. Fenced back yard. Wooden playset - negotiable

Key facts

• Spacious yard
• Newer lvp flooring
• Gas stove

Tags

• NEWER LVP FLOORING
• GOOD CABINET SPACE
• GAS STOVE
• PANTRY CLOSET
• SPACIOUS YARD
• BACK COVERED PATIO

Property features AI

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer
• Home design: Single-story; Residential zoning; Concrete road access; Entry level: main level living
• Construction: Block foundation; Asphalt shingle roof
• Exterior features: Covered patio; Patio

Interior

• Kitchen: Dishwasher; Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Flooring: Carpet; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Dining area; Unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-319 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (35.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (39.4% below list).
• Recommended offer: $97k (39.4% below list) — sets the bar for 1% rule.
• Cap rate 3.9% vs local median 2.2% in Winterset — 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 78/100 on livability (#139 in IA, #2,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Winterset Community School District (town): math 73% / reading 69% proficiency, ranked #123 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 122 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 125 units permitted in Madison County in 2024 (51 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 $5k of value loss. Plan a longer hold.
• Madison County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $88k; list at $160k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,039 (39.4% 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 1947 — 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. 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: 0.61% ✗
• Cap rate: 3.90%
• Cash-on-cash: -8.56%
• DSCR: 0.62
• GRM: 13.7

CMA / ARV

• ARV (median comp): $194,773
• List price: $160,000
• Delta: -17.85%
• 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
59 Washington St E	0.50mi	2/1.0	942 (-1%)	7mo	$107,500	$114	70
703 N 3rd Ave	0.34mi	3/1.0 (+1)	960 (+1%)	12mo	$225,000	$234	67
324 W Filmore St	0.22mi	2/2.0	1,008 (+6%)	11mo	$200,000	$198	67
834 S 7th Ave	0.68mi	2/1.0	952 (+0%)	2mo	$185,000	$194	66
1021 W South St	0.41mi	3/1.5 (+1)	912 (-4%)	6mo	$225,000	$247	62
202 S 7th Ave	0.30mi	2/2.0	1,050 (+10%)	7mo	$204,000	$194	59
315 4th Ave N	0.21mi	3/1.0 (+1)	1,075 (+13%)	6mo	$84,000	$78	58
1221 W Washington St	0.43mi	2/1.0	816 (-14%)	1mo	$212,000	$260	56
501 W Hutchings St	0.60mi	3/1.5 (+1)	988 (+4%)	3mo	$187,500	$190	56
1509 W South St	0.59mi	3/2.0 (+1)	864 (-9%)	0mo	$260,000	$301	48
1424 W Jefferson St	0.50mi	3/1.0 (+1)	1,088 (+14%)	9mo	$212,000	$195	40
415 W Summit St	0.52mi	3/2.0 (+1)	810 (-15%)	8mo	$169,000	$209	36

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: -31.4%
• Equity multiple: -0.03×
• Total profit: $-46,270
• Equity at exit: $23,857

10-year hold

• IRR: -35.1%
• Equity multiple: -0.48×
• Total profit: $-66,479
• Equity at exit: $13,834

Cash invested: $44,800 (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 50273

• Home prices YoY: -14.1%
• Active inventory: 122
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $970 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$180 /mo · $2,164/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $-319

Break-even live

Break-even rent $1,375

Max offer price $103,568

Occupancy floor —

Sensitivity live

Price	-10% $-229	-5% $-274	+0% $-319	+5% $-365	+10% $-410
Rent	-10% $-396	-5% $-358	+0% $-319	+5% $-281	+10% $-243
Rate	-1.0pp $-239	-0.5pp $-279	base $-319	+0.5pp $-361	+1.0pp $-403

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 John Wayne Dr Winterset, IA	2.0	1.0	650	$820	$1.26	3d	1	0.47mi
1407 W Mills St Winterset, IA	3.0	1.0	1092	$1,108	$1.01	3d	3	0.54mi

Listing history 7 events

1. 2026-05-13
   status Pending 364-char remark
2. 2026-05-06
   price $160,000 364-char remark
3. 2026-04-23
   listed $170,000 Active 364-char remark
4. 2017-02-21
   soldstatus $87,500
5. 2011-02-07
   soldstatus $71,000
6. 2011-02-04
   soldstatus $71,000 156-char remark

   Show marketing remark (156 chars)

   2 bedroom home on nice corner lot. Many updates which include wiring, plumbing, etc. Full unfinished basement. Fenced back yard. Wooden playset - negotiable

7. 2010-10-12
   listed $79,900 156-char remark

   Show marketing remark (156 chars)

   2 bedroom home on nice corner lot. Many updates which include wiring, plumbing, etc. Full unfinished basement. Fenced back yard. Wooden playset - negotiable

ⓘ 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: $2,164 · $180/mo
• Projected year-2 tax: $2,338 · $195/mo
• Expected delta: +$174/yr (+$14/mo · 8.0%)

ⓘ 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 4/10 Moderate
• 🌡 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: $11,645
• − Mortgage interest: −$8,962
• − Property taxes: −$2,164
• − Insurance: −$800
• − Repairs & maintenance: −$932
• − Management: −$932
• − Depreciation: −$4,655
• Taxable loss: −$6,800
• Est. tax savings @ 24.0%: +$1,632
• After-tax cash flow: $-2,202/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: Winterset Community School District
• NCES district ID: 1931860
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $52,350
• Composite: 60.45/100
• National rank: #848
• State rank: #123 of 289 in IA

Livability — Winterset

• Score: 78/100
• State rank: #139
• US rank: #2547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winterset, IA
• Population (ZIP): 9,123

Population outlook (Madison County) Hauer SSP2

• Today (2025): 15,715 people
• By 2030: 15,565 · -1.0%
• By 2040: 15,203 · -3.3%
• By 2050: 14,640 · -6.8%
• By 2075: 13,384 · -14.8%
• By 2100: 11,967 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Iranian 4% Portuguese 4% Polish 3%
• Foreign-born: 0%
• Languages at home: 97% English-only · German/W. Germanic 3%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+38.6) · D 30.1% · R 68.7% · Other 1.2%
• 2008→2024 swing: -28.6pp toward R · 2008: -10.0pp · 2024: -38.6pp
• All cycles: 2024: R+38.6 2020: R+34.3 2016: R+31.3 2012: R+12.1 2008: R+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.44%
• Current HPI: 276.4611
• 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

+100.3% since first listed

7 events — show timeline

• 2026-05-13 Pending — DMMLS
• 2026-05-06 Price Changed $160,000 DMMLS
• 2026-04-23 Listed $170,000 DMMLS
• 2017-02-21 Sold (Public Records) $87,500 Public Records
• 2011-02-07 Sold (Public Records) $71,000 Public Records
• 2011-02-04 Sold (MLS) $71,000 DMMLS
• 2010-10-12 Listed $79,900 DMMLS

Property tax history

+3.3%/yr

Latest (2025): $2,164 · +5.0% YoY. Source: county tax records.