120 Lakeview Dr · Montezuma, IA 50171

$399,900

3 bd · 2.5 ba · 2,838 sqft · SingleFamily public records · 69 Days on market

Built 1978 0.73 ac lot $141/sqft · 43% below area Est $688k · 42% under ↓ 30% since listing

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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
• Appreciation +10.0/10.0
• Schools +6.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

This spacious 3,000 sq ft ranch-style residence offers fantastic views of Lake Ponderosa, a 400-acre private lake in central Iowa, conveniently located between the Des Moines Metro area and Iowa City. Positioned on four adjoining lots totaling nearly three-quarters of an acre, the property provides multiple opportunities to enjoy lake living—whether on the water, at the over 100-foot access area, relaxing in the landscaped patio with fire pit, enjoying the covered porch or private deck, or from the gorgeous sun room. The interior features an open floor plan with great kitchen offering plenty of cabinet space and center island that looks into the dining area and living area with gas fireplace. Adjacent to that is a gorgeous sunroom with views of the lake from inside the home. Finishing out the main level is a master bedroom suite with pass thru master bath with heated floors and walk-in closet, main floor hall bathroom, laundry room, two more bedrooms , mud room and attached single car garage. The lower level offers a large family room and a fourth bedroom to sleep a ton of guests in addition to a third bathroom and tons of storage. Newer furnace and air conditioning are to be installed soon. There is an included 10’ boat slip with boat lift. Call today to schedule a private tour.

Key facts

• Covered porch
• Private deck
• 0.73 acre lot

Tags

• OVER 100-FOOT ACCESS AREA
• LANDSCAPED PATIO WITH FIRE PIT
• COVERED PORCH
• PRIVATE DECK
• GORGEOUS SUNROOM WITH VIEWS

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (65.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (66.8% below list).
• Recommended offer: $133k (66.8% below list) — sets the bar for 1% rule.
• Cap rate 1.9% vs local median 1.5% in Montezuma — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#228 in IA, #4,319 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Montezuma Community School District (rural): math 73% / reading 79% proficiency, ranked #55 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Montezuma Elementary School (math 92% / reading 77%, grade A+, #31 of 616 statewide, top 6%, 229 students, 34% FRL); Montezuma Junior High School (math 62% / reading 72%, grade A-, #140 of 246 statewide, top 60%, 112 students, 39% FRL); Montezuma High School (math 67% / reading 87%, grade A-, #60 of 336 statewide, top 21%, 148 students, 28% FRL).
• Market conditions: 67 active listings in the ZIP; 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Recommended offer $132,708 (66.8% 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 69 days. Have you received any prior offers? Is the seller open to a 67% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 0.33% ✗
• Cap rate: 1.86%
• Cash-on-cash: -15.84%
• DSCR: 0.30
• GRM: 25.1

CMA / ARV

• ARV (median comp): $688,212
• List price: $399,900
• Delta: -41.89%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 Falcon Dr	0.69mi	3/3.5	2,508 (-12%)	9mo	$900,000	$359	37
239 Whippoorwill Rd Rd	0.66mi	4/3.5 (+1)	2,524 (-11%)	12mo	$1,100,000	$436	32

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

Projected returns pro-forma

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

5-year hold

• IRR: 13.3%
• Equity multiple: 2.10×
• Total profit: $123,545
• Equity at exit: $360,262

10-year hold

• IRR: 13.5%
• Equity multiple: 4.91×
• Total profit: $437,589
• Equity at exit: $776,918

Cash invested: $111,972 (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 50171

• Home prices YoY: 9.3%
• Active inventory: 67
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $1,327 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$262 /mo · $3,150/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $-1,478

Break-even live

Break-even rent $3,198

Max offer price $138,831

Occupancy floor —

Sensitivity live

Price	-10% $-1,251	-5% $-1,365	+0% $-1,478	+5% $-1,591	+10% $-1,704
Rent	-10% $-1,583	-5% $-1,530	+0% $-1,478	+5% $-1,425	+10% $-1,373
Rate	-1.0pp $-1,276	-0.5pp $-1,376	base $-1,478	+0.5pp $-1,581	+1.0pp $-1,687

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-03-21
   listed $399,900 Active 1312-char remark

   Show marketing remark (1312 chars)

   This spacious 3,000 sq ft ranch-style residence offers fantastic views of Lake Ponderosa, a 400-acre private lake in central Iowa, conveniently located between the Des Moines Metro area and Iowa City. Positioned on four adjoining lots totaling nearly three-quarters of an acre, the property provides multiple opportunities to enjoy lake living—whether on the water, at the over 100-foot access area, relaxing in the landscaped patio with fire pit, enjoying the covered porch or private deck, or from the gorgeous sun room. The interior features an open floor plan with great kitchen offering plenty of cabinet space and center island that looks into the dining area and living area with gas fireplace. Adjacent to that is a gorgeous sunroom with views of the lake from inside the home. Finishing out the main level is a master bedroom suite with pass thru master bath with heated floors and walk-in closet, main floor hall bathroom, laundry room, two more bedrooms , mud room and attached single car garage. The lower level offers a large family room and a fourth bedroom to sleep a ton of guests in addition to a third bathroom and tons of storage. Newer furnace and air conditioning are to be installed soon. There is an included 10’ boat slip with boat lift. Call today to schedule a private tour.

2. 2023-10-02
   soldstatus $350,000
3. 2023-09-29
   soldstatus $350,000 Closed 961-char remark

   Show marketing remark (961 chars)

   120 Lakeview Drive Lake Ponderosa offered for sale. This lakeview home offers the best expansive views , 4 lot . Own a lake home with tons of space inside and out! This home offers over 3400 sq. ft. of living space. The main floor has 3 bedrooms, 2 bathrooms, one being a master, living room, family room, kitchen, dining and storage space galore. The walkout lower level can be used in many ways, make one of the large rooms into a bunk room or a large family room, there is a huge room with french doors leading out to the beautiful newer professionally done fire pit area. The storage area's won't disappoint in this large home. There have been many updates with newer roof, newer kitchen, new flooring throughout, newer septic, newer furnace and tankless water heater, added water pressure pump. This home has an access with newer dock system and boat lift just down the hill. So many updates and such hard to find space at Lake Ponderosa. Call for a tour.

4. 2023-09-20
   status Pending 961-char remark

   Show marketing remark (961 chars)

   120 Lakeview Drive Lake Ponderosa offered for sale. This lakeview home offers the best expansive views , 4 lot . Own a lake home with tons of space inside and out! This home offers over 3400 sq. ft. of living space. The main floor has 3 bedrooms, 2 bathrooms, one being a master, living room, family room, kitchen, dining and storage space galore. The walkout lower level can be used in many ways, make one of the large rooms into a bunk room or a large family room, there is a huge room with french doors leading out to the beautiful newer professionally done fire pit area. The storage area's won't disappoint in this large home. There have been many updates with newer roof, newer kitchen, new flooring throughout, newer septic, newer furnace and tankless water heater, added water pressure pump. This home has an access with newer dock system and boat lift just down the hill. So many updates and such hard to find space at Lake Ponderosa. Call for a tour.

5. 2023-01-25
   price $399,000 961-char remark

   Show marketing remark (961 chars)

   120 Lakeview Drive Lake Ponderosa offered for sale. This lakeview home offers the best expansive views , 4 lot . Own a lake home with tons of space inside and out! This home offers over 3400 sq. ft. of living space. The main floor has 3 bedrooms, 2 bathrooms, one being a master, living room, family room, kitchen, dining and storage space galore. The walkout lower level can be used in many ways, make one of the large rooms into a bunk room or a large family room, there is a huge room with french doors leading out to the beautiful newer professionally done fire pit area. The storage area's won't disappoint in this large home. There have been many updates with newer roof, newer kitchen, new flooring throughout, newer septic, newer furnace and tankless water heater, added water pressure pump. This home has an access with newer dock system and boat lift just down the hill. So many updates and such hard to find space at Lake Ponderosa. Call for a tour.

6. 2022-09-29
   listed $569,900 Active 961-char remark

   Show marketing remark (961 chars)

   120 Lakeview Drive Lake Ponderosa offered for sale. This lakeview home offers the best expansive views , 4 lot . Own a lake home with tons of space inside and out! This home offers over 3400 sq. ft. of living space. The main floor has 3 bedrooms, 2 bathrooms, one being a master, living room, family room, kitchen, dining and storage space galore. The walkout lower level can be used in many ways, make one of the large rooms into a bunk room or a large family room, there is a huge room with french doors leading out to the beautiful newer professionally done fire pit area. The storage area's won't disappoint in this large home. There have been many updates with newer roof, newer kitchen, new flooring throughout, newer septic, newer furnace and tankless water heater, added water pressure pump. This home has an access with newer dock system and boat lift just down the hill. So many updates and such hard to find space at Lake Ponderosa. Call for a tour.

ⓘ 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: $3,150 · $262/mo
• Projected year-2 tax: $4,714 · $393/mo
• Expected delta: +$1,564/yr (+$130/mo · 49.7%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,925
• − Mortgage interest: −$22,401
• − Property taxes: −$3,150
• − Insurance: −$2,000
• − Repairs & maintenance: −$1,274
• − Management: −$1,274
• − Depreciation: −$11,633
• Taxable loss: −$25,807
• Est. tax savings @ 24.0%: +$6,194
• After-tax cash flow: $-11,541/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: Montezuma Community School District
• NCES district ID: 1919590
• Math proficiency: 73% ▼ -6.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $57,449
• Composite: 65.04/100
• National rank: #503
• State rank: #55 of 289 in IA

Livability — Montezuma

• Score: 75/100
• State rank: #228
• US rank: #4319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,445
• Population (ZIP): 2,445

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 5% Portuguese 5% Lithuanian 3%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.91%
• Current HPI: 364.6554
• 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

-29.8% since first listed

6 events — show timeline

• 2026-03-21 Listed $399,900 IAR
• 2023-10-02 Sold (Public Records) $350,000 Public Records
• 2023-09-29 Sold (MLS) $350,000 IAR
• 2023-09-20 Pending — IAR
• 2023-01-25 Price Changed $399,000 IAR
• 2022-09-29 Listed $569,900 IAR

Property tax history

+4.3%/yr

Latest (2025): $3,150 · -8.9% YoY. Source: county tax records.