309 Summit St · Marshalltown, IA 50158

$89,900

3 bd · 1.0 ba · 1,598 sqft · SingleFamily public records · 84 Days on market

Built 1900 3,485 sqft lot $56/sqft · 28% below area Est $124k · 28% under ↓ 9% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The plumbing and electrical has already been upgraded, modern breaker box. There are new toilets. The furnace & air conditioner are in excellent condition. New CA in 2025 & forced air runs installed to upper level. The chimney has a stainless steel cap that can easily be removed if you want to use the fireplace. Structurally & exterior cosmetics are great, just needs some interior cosmetics & decorating to make this a nice sound home. Main level laundry off kitchen. Since the derecho it does need some ceiling work in a couple of spots.

Key facts

• Modern breaker box
• New toilets
• Upgraded plumbing

Tags

• UPGRADED PLUMBING
• UPGRADED ELECTRICAL
• MODERN BREAKER BOX
• NEW TOILETS
• EXCELLENT CONDITION FURNACE
• MAIN LEVEL LAUNDRY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 4.5% in Marshalltown — 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 (#133 in IA, #2,464 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, amenities F.
• Marshalltown Community School District (town): math 50% / reading 52% proficiency, ranked #278 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 161 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 35 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Marshall County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.39% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.08%
• DSCR: 1.85
• GRM: 6.0

CMA / ARV

• ARV (median comp): $124,203
• List price: $89,900
• Delta: -27.62%
• 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
309 W State St	0.16mi	3/2.0	1,570 (-2%)	2mo	$160,000	$102	84
308 Summit St	0.02mi	3/2.0	1,476 (-8%)	1mo	$105,500	$71	81
305 N 2nd St	0.16mi	4/2.0 (+1)	1,520 (-5%)	6mo	$159,900	$105	70
9 S 4th St	0.33mi	4/1.5 (+1)	1,680 (+5%)	4mo	$133,000	$79	66
5 S 8th St	0.48mi	3/1.5	1,520 (-5%)	4mo	$110,000	$72	64
603 Fremont St	0.20mi	3/1.5	1,362 (-15%)	6mo	$122,000	$90	59
406 N 1st Ave	0.40mi	4/1.0 (+1)	1,764 (+10%)	0mo	$76,000	$43	59
912 W Church St	0.63mi	3/2.0	1,680 (+5%)	1mo	$150,000	$89	57
303 N 7th St	0.27mi	3/2.0	1,398 (-12%)	7mo	$109,900	$79	57
208 N Center St	0.29mi	4/2.0 (+1)	1,799 (+13%)	6mo	$129,000	$72	51
408 N 3rd Ave	0.56mi	3/2.0	1,428 (-11%)	7mo	$85,000	$60	47
406 Swayze St	0.69mi	2/1.0 (-1)	1,429 (-11%)	2mo	$79,900	$56	44

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: 11.0%
• Equity multiple: 1.43×
• Total profit: $10,927
• Equity at exit: $13,404

10-year hold

• IRR: 20.0%
• Equity multiple: 2.68×
• Total profit: $42,336
• Equity at exit: $7,773

Cash invested: $25,172 (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 50158

• Active inventory: 161
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,249 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$78 /mo · $934/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $400

Break-even live

Break-even rent $743

Max offer price $89,900

Occupancy floor 63%

Sensitivity live

Price	-10% $451	-5% $426	+0% $400	+5% $375	+10% $349
Rent	-10% $302	-5% $351	+0% $400	+5% $450	+10% $499
Rate	-1.0pp $446	-0.5pp $423	base $400	+0.5pp $377	+1.0pp $353

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
511 W State St Unit 3 Marshalltown, IA	4.0	2.0	1580	$1,150	$0.73	44d	1	0.21mi
1010 Washington St Marshalltown, IA	3.0	1.0–2.0	1098	$1,262	$1.15	44d	3	1.04mi

Listing history 18 events

1. 2026-06-19
   days on market $89,900 Active 84 DOM
2. 2026-06-18
   days on market $89,900 Active 83 DOM
3. 2026-06-17
   days on market $89,900 Active 82 DOM
4. 2026-06-16
   days on market $89,900 Active 81 DOM
5. 2026-06-15
   days on market $89,900 Active 80 DOM
6. 2026-06-14
   days on market $89,900 Active 78 DOM
7. 2026-06-12
   days on market $89,900 Active 77 DOM
8. 2026-06-09
   days on market $89,900 Active 74 DOM
9. 2026-06-08
   days on market $89,900 Active 73 DOM
10. 2026-06-07
    days on market $89,900 Active 72 DOM
11. 2026-06-05
    days on market $89,900 Active 69 DOM
12. 2026-06-03
    days on market $89,900 Active 68 DOM
13. 2026-06-02
    days on market $89,900 Active 67 DOM
14. 2026-06-01
    days on market $89,900 Active 66 DOM
15. 2026-05-31
    days on market $89,900 Active 65 DOM
16. 2026-05-30
    days on market $89,900 Active 64 DOM
17. 2026-04-15
    price $89,900 565-char remark

    Show marketing remark (565 chars)

    The plumbing and electrical has already been upgraded, modern breaker box. There are new toilets. The furnace & air conditioner are in excellent condition. New CA in 2025 & forced air runs installed to upper level. The chimney has a stainless steel cap that can easily be removed if you want to use the fireplace. Structurally & exterior cosmetics are great, just needs some interior cosmetics & decorating to make this a nice sound home. Main level laundry off kitchen. Since the derecho it does need some ceiling work in a couple of spots.

18. 2026-03-27
    listed $98,500 Active 565-char remark

    Show marketing remark (565 chars)

    The plumbing and electrical has already been upgraded, modern breaker box. There are new toilets. The furnace & air conditioner are in excellent condition. New CA in 2025 & forced air runs installed to upper level. The chimney has a stainless steel cap that can easily be removed if you want to use the fireplace. Structurally & exterior cosmetics are great, just needs some interior cosmetics & decorating to make this a nice sound home. Main level laundry off kitchen. Since the derecho it does need some ceiling work in a couple of spots.

ⓘ 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: $934 · $78/mo
• Projected year-2 tax: $1,173 · $98/mo
• Expected delta: +$239/yr (+$20/mo · 25.6%)

ⓘ 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 ≥102°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: $14,993
• − Mortgage interest: −$5,036
• − Property taxes: −$934
• − Insurance: −$450
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$2,615
• Taxable income: $3,560
• Est. tax owed @ 24.0%: −$854
• After-tax cash flow: $3,949/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: Marshalltown Community School District
• NCES district ID: 1918720
• Math proficiency: 50% ▼ -8.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $47,877
• Composite: 43.41/100
• National rank: #3015
• State rank: #278 of 289 in IA

Livability — Marshalltown

• Score: 78/100
• State rank: #133
• US rank: #2464

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marshalltown, IA
• County: Marshall County · 31,396 people
• City population: 31,396
• Metro: Marshalltown, IA
• Population (ZIP): 31,396
• Household income: $70,367
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 369.0

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 41,166 people
• By 2030: 41,477 · +0.8%
• By 2040: 42,548 · +3.4%
• By 2050: 44,472 · +8.0%
• By 2075: 52,719 · +28.1%
• By 2100: 60,912 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (60%)
• Race & ethnicity: White 60% Hispanic / Latino 30% Two or more races 14% Asian 5% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Portuguese 3% Italian 2% Iranian 1%
• Foreign-born: 17% · Canada, Philippines, China
• Languages at home: 71% English-only · Spanish 24% Other Asian/Pacific 4% French/Haitian/Cajun 1%

Political lean MEDSL · Marshall

• 2024 margin: R (+15.6) · D 41.4% · R 57.0% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: 9.3pp · 2024: -15.6pp
• All cycles: 2024: R+15.6 2020: R+7.7 2016: R+8.5 2012: D+8.9 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -161.80%
• Current HPI: 177.4692
• Rent YoY: —
• Metro: Marshalltown, IA
• 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

-8.7% since first listed

2 events — show timeline

• 2026-04-15 Price Changed $89,900 IAR
• 2026-03-27 Listed $98,500 IAR

Property tax history

+1.3%/yr

Latest (2025): $934 · -6.6% YoY. Source: county tax records.