704 W Summit Ave. Ave · Shenandoah, IA 51601

$127,500

2 bd · 1.0 ba · 1,142 sqft · SingleFamily public records · 25 Days on market

Built 1900 3,485 sqft lot Est $139k · 8% under

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Why this score? — see what drove the C+ 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 +23.8/30.0
• ARV discount +11.3/15.0
• DSCR +7.7/10.0
• 1% rule +5.6/10.0
• Schools +5.6/10.0
• 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

If you like hardwood floors and character in a home you need to see this one. Wood floors throughout home. Carpet in only 1 bedroom. Built ins in kitchen and dining room. Beautiful staircase leads to 2 large bedrooms upstairs with full bath. Brand new furnace and central air conditioning. Front porch has been redone with composite boards for no maintenance. Ready for you to pull up a chair and relax.

Key facts

• Wood flooring
• Remodeled bathroom
• Kitchen

Tags

• WOOD STAIRCASE
• WOOD FLOORING
• LARGE LIVING ROOM
• DINING ROOM
• KITCHEN
• REMODELED BATHROOM

Property features AI

Exterior

• Parking: Attached garage (1 space); Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Other construction materials
• Exterior features: Fenced yard

Interior

• Kitchen: Range; Refrigerator
• Flooring: Concrete; Hardwood; Laminate
• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Range, Refrigerator, Electric Water Heater; Basement
• Laundry & utility: Washer, Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $128k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $128k).
• Recommended offer: $126k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#206 in IA, #3,757 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Shenandoah Community School District (town): math 64% / reading 69% proficiency, ranked #190 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 24 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $882 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Page County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($126k) 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.
• Current owner paid $70k; list at $128k implies a 82% 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 $125,587 (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. 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?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.06% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $139,324
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
908 W Nishna Rd	0.23mi	3/2.0 (+1)	1,112 (-3%)	6mo	$145,000	$130	70
806 5th Ave	0.35mi	2/2.0	1,290 (+13%)	2mo	$95,000	$74	56
204 W Nishna Rd	0.37mi	2/2.0	1,064 (-7%)	15mo	$90,000	$85	55
107 Swanson Dr	0.52mi	3/2.0 (+1)	1,144 (+0%)	18mo	$160,000	$140	52
907 8th Ave	0.26mi	2/1.0	1,003 (-12%)	20mo	$67,900	$68	51
601 Matthews St	0.71mi	3/1.0 (+1)	1,110 (-3%)	8mo	$139,000	$125	51
405 Park Ave	0.34mi	2/1.0	1,308 (+14%)	21mo	$160,000	$122	43
310 E Washington Ave	0.65mi	2/1.0	1,058 (-7%)	19mo	$82,000	$78	41

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-5,019
• Equity at exit: $19,011

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $15,733
• Equity at exit: $11,024

Cash invested: $35,700 (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 51601

• Home prices YoY: -14.9%
• Active inventory: 24
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$669
• Tax from tax record: −$104 /mo · $1,252/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $246

Break-even live

Break-even rent $1,046

Max offer price $127,500

Occupancy floor 77%

Sensitivity live

Price	-10% $318	-5% $282	+0% $246	+5% $210	+10% $174
Rent	-10% $139	-5% $192	+0% $246	+5% $299	+10% $353
Rate	-1.0pp $310	-0.5pp $278	base $246	+0.5pp $213	+1.0pp $179

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: $31,875
• Closing costs: $3,825
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $127,500 Active 25 DOM
2. 2026-06-18
   days on market $127,500 Active 23 DOM
3. 2026-06-17
   days on market $127,500 Active 22 DOM
4. 2026-06-16
   days on market $127,500 Active 21 DOM
5. 2026-06-15
   days on market $127,500 Active 20 DOM
6. 2026-06-13
   days on market $127,500 Active 18 DOM
7. 2026-06-12
   days on market $127,500 Active 17 DOM
8. 2026-06-09
   days on market $127,500 Active 14 DOM
9. 2026-06-08
   days on market $127,500 Active 13 DOM
10. 2026-06-07
    days on market $127,500 Active 12 DOM
11. 2026-06-07
    days on market $127,500 Active 11 DOM
12. 2026-06-04
    days on market $127,500 Active 8 DOM
13. 2026-06-02
    days on market $127,500 Active 7 DOM
14. 2026-06-01
    days on market $127,500 Active 6 DOM
15. 2026-05-31
    days on market $127,500 Active 5 DOM
16. 2026-05-31
    days on market $127,500 Active 4 DOM
17. 2026-05-26
    listed $127,500 Active
18. 2022-11-14
    soldstatus $70,000
19. 2022-11-08
    soldstatus $70,000 403-char remark

    Show marketing remark (403 chars)

    If you like hardwood floors and character in a home you need to see this one. Wood floors throughout home. Carpet in only 1 bedroom. Built ins in kitchen and dining room. Beautiful staircase leads to 2 large bedrooms upstairs with full bath. Brand new furnace and central air conditioning. Front porch has been redone with composite boards for no maintenance. Ready for you to pull up a chair and relax.

20. 2022-08-30
    listed $75,000 403-char remark

    Show marketing remark (403 chars)

    If you like hardwood floors and character in a home you need to see this one. Wood floors throughout home. Carpet in only 1 bedroom. Built ins in kitchen and dining room. Beautiful staircase leads to 2 large bedrooms upstairs with full bath. Brand new furnace and central air conditioning. Front porch has been redone with composite boards for no maintenance. Ready for you to pull up a chair and relax.

21. 2013-09-25
    soldstatus $10,500

ⓘ 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: $1,252 · $104/mo
• Projected year-2 tax: $1,627 · $136/mo
• Expected delta: +$375/yr (+$31/mo · 29.9%)

ⓘ 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 4/10 Moderate 7 d/yr ≥106°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: $16,282
• − Mortgage interest: −$7,142
• − Property taxes: −$1,252
• − Insurance: −$638
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$3,709
• Taxable income: $936
• Est. tax owed @ 24.0%: −$225
• After-tax cash flow: $2,725/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: Shenandoah Community School District
• NCES district ID: 1926070
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 69% ▼ -5.00%
• Median HH income: $41,835
• Composite: 55.67/100
• National rank: #1225
• State rank: #190 of 289 in IA

Livability — Shenandoah

• Score: 76/100
• State rank: #206
• US rank: #3757

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shenandoah, IA
• Population (ZIP): 5,562

Population outlook (Page County) Hauer SSP2

• Today (2025): 15,052 people
• By 2030: 14,709 · -2.3%
• By 2040: 13,981 · -7.1%
• By 2050: 13,302 · -11.6%
• By 2075: 11,678 · -22.4%
• By 2100: 9,213 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Greek 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Page

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -19.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+43.0 2016: R+44.1 2012: R+24.9 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.90%
• Current HPI: 181.7259
• 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

+1114.3% since first listed

5 events — show timeline

• 2026-05-26 Listed $127,500 IAR
• 2022-11-14 Sold (Public Records) $70,000 Public Records
• 2022-11-08 Sold (MLS) $70,000 IAR
• 2022-08-30 Listed $75,000 IAR
• 2013-09-25 Sold (Public Records) $10,500 Public Records

Property tax history

+13.5%/yr

Latest (2025): $1,252 · -1.4% YoY. Source: county tax records.