24 2nd St St NW · Nora Springs, IA 50458

$194,917

2 bd · 2.0 ba · 1,673 sqft · SingleFamily public records · 8 Days on market

Built 1956 0.30 ac lot Est $151k · 29% 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).

• Appreciation +10.0/10.0
• Schools +6.4/10.0
• Cash flow +5.3/30.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

AFFORDABLE RANCH HOME WITH TERRIFIC UPDATES ~ NEWER ATTACHED 2 + STALL HEATED GARAGE! This spacious bright and airy ranch home offers over 1,600 square feet of comfortable main level living with an open floor plan perfect for everyday enjoyment and entertaining! Heated and insulated 2+ stall garage provides ample space for vehicles, storage or workshop! The lower level features a professionally installed basement system with over $45,000 invested by the seller, ready for the next owner to finish according to their needs & style! Situated on a desirable corner lot, this home is conveniently located near Boulder Park and downtown amenities. Recent improvements include an updated bathroom, newer shingles, & many additional updates throughout! Wonderful opportunity to own an affordable home with major improvements already completed and plenty of room to add your personal touch! Deck in back can stay, seller had above ground pool previously. Call today and make this YOUR new HOME! :)

Key facts

• Newer shingles
• Corner lot
• Updated bathroom

Tags

• ATTACHED HEATED GARAGE
• CORNER LOT
• UPDATED BATHROOM
• NEWER SHINGLES
• DECK IN BACK

Property features AI

Exterior

• Parking: Attached 2-car garage; Concrete and gravel driveway; Garage door opener
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Asphalt roof
• Exterior features: Patio; Vinyl siding

Interior

• Kitchen: Dishwasher; Gas range; Refrigerator; Disposal
• Bedrooms: 3 main-level bedrooms
• Flooring: Carpet
• Bathrooms: 1 main-level bathroom
• Heating & cooling: Forced air heating (natural gas); Central air; Ceiling fans
• Interior features: Dishwasher; Disposal; Gas range; Refrigerator; Therapeutic whirlpool; Full basement with sump pump

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $-435 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $118k (39.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (45.8% below list).
• Recommended offer: $106k (45.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#268 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Central Springs Community School District (rural): math 75% / reading 76% proficiency, ranked #64 of 289 in IA (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 15 active listings in the ZIP; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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 $78k; list at $195k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,740 (45.8% 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. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.54% ✗
• Cap rate: 3.61%
• Cash-on-cash: -9.57%
• DSCR: 0.57
• GRM: 15.4

CMA / ARV

• ARV (on-the-fly): $150,570
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 N Hawkeye Ave	0.07mi	3/1.5 (+1)	1,672 (-0%)	14mo	$135,000	$81	77
309 3rd St St NE	0.27mi	3/2.0 (+1)	1,820 (+9%)	1mo	$156,000	$86	67
12 N Gaylord Ave	0.15mi	3/1.2 (+1)	1,795 (+7%)	7mo	$82,000	$46	67
116 W Congress St St	0.14mi	3/1.8 (+1)	1,896 (+13%)	3mo	$243,000	$128	63
712 Bison Dr Dr	0.57mi	3/1.8 (+1)	1,698 (+2%)	7mo	$290,000	$171	59
403 N Iowa Ave	0.18mi	3/1.5 (+1)	1,888 (+13%)	8mo	$169,900	$90	57
102 E Congress St	0.18mi	3/1.5 (+1)	1,464 (-12%)	12mo	$155,000	$106	54

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: 17.6%
• Equity multiple: 2.44×
• Total profit: $78,418
• Equity at exit: $175,597

10-year hold

• IRR: 16.5%
• Equity multiple: 5.63×
• Total profit: $252,656
• Equity at exit: $378,681

Cash invested: $54,577 (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 50458

• Home prices YoY: 6.8%
• Active inventory: 15
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $1,057 medium
• Mortgage (P&I): −$1,022
• Tax from tax record: −$167 /mo · $2,004/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $-435

Break-even live

Break-even rent $1,608

Max offer price $118,066

Occupancy floor —

Sensitivity live

Price	-10% $-325	-5% $-380	+0% $-435	+5% $-490	+10% $-545
Rent	-10% $-519	-5% $-477	+0% $-435	+5% $-393	+10% $-352
Rate	-1.0pp $-337	-0.5pp $-385	base $-435	+0.5pp $-486	+1.0pp $-537

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: $48,729
• Closing costs: $5,848
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $194,917 Active 8 DOM
2. 2026-06-18
   days on market $194,917 Active 6 DOM
3. 2026-06-17
   days on market $194,917 Active 5 DOM
4. 2026-06-16
   days on market $194,917 Active 4 DOM
5. 2026-06-15
   days on market $194,917 Active 3 DOM
6. 2026-06-13
   remarks 695-char remark
7. 2026-06-13
   listed $194,917 Active 1 DOM

ⓘ 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: $2,004 · $167/mo
• Projected year-2 tax: $2,532 · $211/mo
• Expected delta: +$528/yr (+$44/mo · 26.4%)

ⓘ 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 · 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: $12,689
• − Mortgage interest: −$10,918
• − Property taxes: −$2,004
• − Insurance: −$975
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$5,670
• Taxable loss: −$8,909
• Est. tax savings @ 24.0%: +$2,138
• After-tax cash flow: $-3,082/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: Central Springs Community School District
• NCES district ID: 1920760
• Math proficiency: 75% ▲ 3.00%
• Reading proficiency: 76% ▲ 15.00%
• Median HH income: $54,070
• Composite: 64.32/100
• National rank: #553
• State rank: #64 of 289 in IA

Livability — Nora Springs

• Score: 73/100
• State rank: #268
• US rank: #5165

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nora Springs, IA
• Population (ZIP): 2,242

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Portuguese 11% Scotch-Irish 4% Italian 4%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.85%
• Current HPI: 262.8536
• 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

+132.0% since first listed

4 events — show timeline

• 2026-06-12 Listed $194,917 IAR
• 2026-06-12 Listed $194,917 Greater Mason BOR
• 2017-05-05 Sold (MLS) $78,000 Greater Mason BOR
• 2017-03-10 Listed $84,000 Greater Mason BOR

Property tax history

+5.0%/yr

Latest (2025): $2,004 · +8.2% YoY. Source: county tax records.