140 2nd Ave Ave NW · Oelwein, IA 50662

$59,900

3 bd · 1.5 ba · 1,222 sqft · SingleFamily public records · 22 Days on market

Built 1900 7,500 sqft lot Est $104k · 42% under

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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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.6/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This three-bedroom home provides affordable living! This home has separate dining, first floor bedroom & nice sized living room. Don't delay book an appointment today!

Key facts

• Metal roof
• Spacious backyard
• Main floor laundry

Tags

• METAL ROOF
• MAIN FLOOR LAUNDRY
• NEW HVAC SYSTEM
• SPACIOUS BACKYARD
• MATURE TREES

Property features AI

Exterior

• Parking: No dedicated parking listed
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Enclosed porch
• Construction: Vinyl siding; Metal roof; Partially finished basement
• Exterior features: Concrete, paved road access; 50 x 150 lot (approximately 0.17 acre); Sidewalks

Interior

• Kitchen: Refrigerator; Free-standing range; Microwave; Dishwasher
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Eat-in kitchen; Partially finished basement; Porch is enclosed
• Laundry & utility: Washer and dryer included; Laundry on main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($696 rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.4% in Oelwein — 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 76/100 on livability (#186 in IA, #3,329 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Oelwein Community School District (town): math 47% / reading 55% proficiency, ranked #281 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oelwein Middle School (math 44% / reading 54%, grade C-, #219 of 246 statewide, top 90%, 359 students, 60% FRL); Oelwein High School (math 46% / reading 62%, grade C-, #293 of 336 statewide, top 87%, 314 students, 46% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fayette County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.
• Current owner paid $36k; list at $60k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.16% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.84%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $103,870
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23 4th St NW	0.23mi	4/1.5 (+1)	1,234 (+1%)	8mo	$98,000	$79	76
514 NW 5th Ave	0.35mi	3/1.5	1,260 (+3%)	4mo	$87,000	$69	75
32 6th St. St NW	0.35mi	3/2.0	1,256 (+3%)	4mo	$118,000	$94	74
205 NE 4th Ave	0.49mi	3/1.0	1,192 (-2%)	0mo	$59,900	$50	71
811 NE 1st Ave	0.54mi	3/1.0	1,262 (+3%)	6mo	$45,000	$36	63
413 4th Ave Ave NE	0.52mi	3/1.0	1,306 (+7%)	2mo	$175,000	$134	61
906 N Frederick Ave	0.66mi	3/2.0	1,140 (-7%)	4mo	$65,000	$57	53
205 SW 8th Ave	0.56mi	2/1.5 (-1)	1,056 (-14%)	2mo	$150,000	$142	45
309 3rd Ave Ave SE	0.65mi	3/2.0	1,399 (+14%)	2mo	$120,000	$86	42
40 SE 5th Ave	0.58mi	3/1.5	1,404 (+15%)	8mo	$119,000	$85	42
309 SE 3rd Ave	0.65mi	3/2.5	1,400 (+15%)	2mo	$120,000	$86	39
115 6th St. St SW	0.70mi	2/1.5 (-1)	1,058 (-13%)	2mo	$79,000	$75	38

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-937
• Equity at exit: $8,931

10-year hold

• IRR: 8.2%
• Equity multiple: 1.63×
• Total profit: $10,502
• Equity at exit: $5,179

Cash invested: $16,772 (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 50662

• Home prices YoY: -21.7%
• Active inventory: 60
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $696 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$146
• Net cashflow: $138

Break-even live

Break-even rent $521

Max offer price $59,900

Occupancy floor 75%

Sensitivity live

Price	-10% $171	-5% $155	+0% $138	+5% $121	+10% $104
Rent	-10% $83	-5% $110	+0% $138	+5% $165	+10% $192
Rate	-1.0pp $168	-0.5pp $153	base $138	+0.5pp $122	+1.0pp $106

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 N Frederick Ave Apt 1 Oelwein, IA	2.0	1.0	1125	$650	$0.58	44d	1	0.25mi
1297 S Frederick Ave Unit 3 Oelwein, IA	3.0	1.0	1500	$1,000	$0.67	21d	1	1.47mi

Listing history 24 events

1. 2026-06-21
   days on market $59,900 Active 22 DOM
2. 2026-06-18
   days on market $59,900 Active 20 DOM
3. 2026-06-17
   days on market $59,900 Active 19 DOM
4. 2026-06-16
   days on market $59,900 Active 18 DOM
5. 2026-06-15
   days on market $59,900 Active 17 DOM
6. 2026-06-13
   days on market $59,900 Active 15 DOM
7. 2026-06-12
   days on market $59,900 Active 14 DOM
8. 2026-06-09
   days on market $59,900 Active 11 DOM
9. 2026-06-08
   days on market $59,900 Active 10 DOM
10. 2026-06-07
    days on market $59,900 Active 9 DOM
11. 2026-06-07
    days on market $59,900 Active 8 DOM
12. 2026-06-04
    days on market $59,900 Active 5 DOM
13. 2026-06-02
    days on market $59,900 Active 4 DOM
14. 2026-06-01
    days on market $59,900 Active 3 DOM
15. 2026-05-31
    days on market $59,900 Active 2 DOM
16. 2026-05-28
    listed $59,900 Active
17. 2024-12-02
    soldstatus $35,500
18. 2024-11-27
    soldstatus $35,500 Closed 173-char remark

    Show marketing remark (173 chars)

    This three-bedroom home provides affordable living! This home has separate dining, first floor bedroom & nice sized living room. Don't delay book an appointment today!

19. 2024-10-24
    status Pending 173-char remark

    Show marketing remark (173 chars)

    This three-bedroom home provides affordable living! This home has separate dining, first floor bedroom & nice sized living room. Don't delay book an appointment today!

20. 2024-10-18
    price $39,500 173-char remark

    Show marketing remark (173 chars)

    This three-bedroom home provides affordable living! This home has separate dining, first floor bedroom & nice sized living room. Don't delay book an appointment today!

21. 2024-09-19
    price $54,500 173-char remark

    Show marketing remark (173 chars)

    This three-bedroom home provides affordable living! This home has separate dining, first floor bedroom & nice sized living room. Don't delay book an appointment today!

22. 2024-08-01
    price $56,900 173-char remark

    Show marketing remark (173 chars)

    This three-bedroom home provides affordable living! This home has separate dining, first floor bedroom & nice sized living room. Don't delay book an appointment today!

23. 2024-06-30
    listed $59,900 Active 173-char remark

    Show marketing remark (173 chars)

    This three-bedroom home provides affordable living! This home has separate dining, first floor bedroom & nice sized living room. Don't delay book an appointment today!

24. 2024-05-29
    soldstatus $14,500

ⓘ 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: $874 · $73/mo
• Projected year-2 tax: $907 · $76/mo
• Expected delta: +$33/yr (+$3/mo · 3.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $8,346
• − Mortgage interest: −$3,355
• − Property taxes: −$874
• − Insurance: −$300
• − Repairs & maintenance: −$668
• − Management: −$668
• − Depreciation: −$1,743
• Taxable income: $739
• Est. tax owed @ 24.0%: −$177
• After-tax cash flow: $1,473/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: Oelwein Community School District
• NCES district ID: 1921630
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $39,812
• Composite: 42.61/100
• National rank: #3189
• State rank: #281 of 289 in IA

Livability — Oelwein

• Score: 76/100
• State rank: #186
• US rank: #3329

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oelwein, IA
• Population (ZIP): 6,497

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 19,299 people
• By 2030: 18,701 · -3.1%
• By 2040: 17,469 · -9.5%
• By 2050: 16,389 · -15.1%
• By 2075: 15,156 · -21.5%
• By 2100: 14,214 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+30.5) · D 34.0% · R 64.4% · Other 1.6%
• 2008→2024 swing: -47.1pp toward R · 2008: 16.6pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+22.7 2016: R+19.6 2012: D+11.9 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.26%
• Current HPI: 177.9399
• 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

+313.1% since first listed

9 events — show timeline

• 2026-05-28 Listed $59,900 NEIRBR as distributed by MLS GRID
• 2024-12-02 Sold (Public Records) $35,500 Public Records
• 2024-11-27 Sold (MLS) $35,500 NEIRBR as distributed by MLS GRID
• 2024-10-24 Pending — NEIRBR as distributed by MLS GRID
• 2024-10-18 Price Changed $39,500 NEIRBR as distributed by MLS GRID
• 2024-09-19 Price Changed $54,500 NEIRBR as distributed by MLS GRID
• 2024-08-01 Price Changed $56,900 NEIRBR as distributed by MLS GRID
• 2024-06-30 Listed $59,900 NEIRBR as distributed by MLS GRID
• 2024-05-29 Sold (Public Records) $14,500 Public Records

Property tax history

+4.3%/yr

Latest (2025): $874 · +2.1% YoY. Source: county tax records.