304 E 3rd St · Kanawha, IA 50447

$184,900

3 bd · 3.0 ba · 1,552 sqft · SingleFamily public records · 46 Days on market

Built 1951 0.34 ac lot Est $124k · 49% over

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Why this score? — see what drove the F 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 +6.7/30.0
• Appreciation +6.4/10.0
• Schools +6.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.1/10.0
• DSCR +1.0/10.0
• ARV discount +0.0/15.0

Listing remarks

This special 4 bedroom, 2 bathroom house could be a wonderful place to call your new home…PLUS…the deal is sweetened by an additional 60 x 36 Wick building, complete with a concrete floor. These kind of properties just don’t come on the market often! All of this is nicely located near the WH Middle school on an extra large corner lot. You may be amazed at the size of the upper level bedrooms and the spacious double garage which was added in 1970. Check in for additional details and take a look for yourself!

Key facts

• 0.34 acre lot
• 2 garage spots
• Built 1951

Property features AI

Exterior

• Parking: Attached garage with 2 spaces; Concrete driveway; Garage door opener; Detached parking available
• Utilities: Public water; Public sewer
• Home design: Single-family residential property
• Construction: Wood siding construction; Other construction materials
• Exterior features: Shingle roof; Outbuilding on the property; Lot approximately 0.34 acres (100 x 150)

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Central air conditioning; Baseboard and forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-294 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (28.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (38.7% below list).
• Recommended offer: $113k (38.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#208 in IA, #3,798 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• West Hancock Community School District (rural): math 76% / reading 74% proficiency, ranked #77 of 289 in IA (top 27%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 7 active listings in the ZIP; 11 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.8% local appreciation)).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, 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 46 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,393 (38.7% 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 46 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Built in 1951 — 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: 0.61% ✗
• Cap rate: 4.39%
• Cash-on-cash: -6.80%
• DSCR: 0.70
• GRM: 13.6

CMA / ARV

• ARV (on-the-fly): $124,160
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E 3rd St	0.00mi	4/2.0 (+1)	1,552 (0%)	0mo	$180,000	$116	91
318 N Locust St St	0.06mi	3/1.5	1,517 (-2%)	12mo	$147,999	$98	78
305 E 6th St	0.14mi	2/2.0 (-1)	1,572 (+1%)	16mo	$105,000	$67	69
410 E 5th St	0.13mi	3/1.5	1,640 (+6%)	22mo	$140,000	$85	60
311 W 2nd St	0.41mi	4/2.0 (+1)	1,558 (+0%)	21mo	$110,000	$71	54
210 W 3rd St	0.32mi	4/2.0 (+1)	1,410 (-9%)	9mo	$91,900	$65	54
805 N Main St	0.36mi	3/2.0	1,420 (-8%)	16mo	$95,000	$67	51
615 N Main St	0.26mi	3/1.5	1,724 (+11%)	19mo	$137,500	$80	48
723 N Sunset St	0.40mi	3/2.0	1,344 (-13%)	11mo	$195,000	$145	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $1,100
• Equity at exit: $80,542

10-year hold

• IRR: 4.3%
• Equity multiple: 1.64×
• Total profit: $33,159
• Equity at exit: $122,142

Cash invested: $51,772 (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 50447

• Home prices YoY: 1.4%
• Active inventory: 7
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $1,134 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$143 /mo · $1,712/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $-294

Break-even live

Break-even rent $1,505

Max offer price $133,045

Occupancy floor —

Sensitivity live

Price	-10% $-189	-5% $-241	+0% $-294	+5% $-346	+10% $-398
Rent	-10% $-383	-5% $-338	+0% $-294	+5% $-249	+10% $-204
Rate	-1.0pp $-200	-0.5pp $-247	base $-294	+0.5pp $-341	+1.0pp $-390

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-20
   historical Active Under Contract
2. 2026-04-10
   listed $184,900 Active

ⓘ 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: $1,712 · $143/mo
• Projected year-2 tax: $2,307 · $192/mo
• Expected delta: +$595/yr (+$50/mo · 34.8%)

ⓘ 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 ≥100°F today · 16 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: $13,607
• − Mortgage interest: −$10,357
• − Property taxes: −$1,712
• − Insurance: −$924
• − Repairs & maintenance: −$1,089
• − Management: −$1,089
• − Depreciation: −$5,379
• Taxable loss: −$6,943
• Est. tax savings @ 24.0%: +$1,666
• After-tax cash flow: $-1,856/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: West Hancock Community School District
• NCES district ID: 1905430
• Math proficiency: 76% ▼ -5.00%
• Reading proficiency: 74% ▼ -1.00%
• Median HH income: $46,779
• Composite: 63.22/100
• National rank: #634
• State rank: #77 of 289 in IA

Livability — Kanawha

• Score: 76/100
• State rank: #208
• US rank: #3798

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kanawha, IA
• City population: 1,079
• Population (ZIP): 1,079

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 10,462 people
• By 2030: 10,154 · -2.9%
• By 2040: 9,552 · -8.7%
• By 2050: 9,034 · -13.6%
• By 2075: 8,233 · -21.3%
• By 2100: 7,050 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 17% Iranian 8% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+47.4) · D 25.7% · R 73.1% · Other 1.2%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.6pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.9 2016: R+41.1 2012: R+13.6 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.75%
• Current HPI: 196.9218
• 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

2 events — show timeline

• 2026-04-20 Contingent — IAR
• 2026-04-10 Listed $184,900 IAR

Property tax history

+5.8%/yr

Latest (2025): $1,712 · +43.6% YoY. Source: county tax records.