409 W Bertha St · Paullina, IA 51046

$72,500

4 bd · 2.5 ba · 1,982 sqft · SingleFamily public records · 229 Days on market

Built 1955 0.26 ac lot $37/sqft · 55% below area Est $133k · 46% under

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Why this score? — see what drove the A 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.1/10.0
• Schools +5.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

Key facts

• 0.26 acre lot
• 3 garage spots
• Built 1955

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $64k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#204 in IA, #3,719 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• South O'Brien Community School District (rural): math 64% / reading 66% proficiency, ranked #196 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 5 active listings in the ZIP; 13 units permitted in O'Brien County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($501 loan paydown + $4k appreciation (6.1% local appreciation)).
• O'Brien County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 229 days — a 12% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $44k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — 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. 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?
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: 1.79% ✓
• Cap rate: 14.47%
• Cash-on-cash: 29.21%
• DSCR: 2.30
• GRM: 4.6

CMA / ARV

• ARV (median comp): $133,134
• List price: $72,500
• Delta: -45.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
420 W Day St	0.10mi	4/2.0	1,864 (-6%)	11mo	$130,000	$70	74
417 S Rutledge St	0.21mi	4/2.0	1,819 (-8%)	15mo	$158,000	$87	62
223 N Main St	0.61mi	4/2.0	1,954 (-1%)	10mo	$30,000	$15	59
315 South Cannon St	0.16mi	3/2.0 (-1)	1,820 (-8%)	17mo	$163,000	$90	57
103 S Harker St	0.65mi	4/4.0	2,002 (+1%)	9mo	$175,000	$87	55
303 E Broadway St	0.56mi	4/2.0	2,112 (+7%)	8mo	$80,000	$38	54
114 S Maple St	0.54mi	5/1.5 (+1)	1,915 (-3%)	15mo	$80,000	$42	48
214 W Logan St	0.71mi	3/2.0 (-1)	2,140 (+8%)	5mo	$74,900	$35	42
213 N Main St	0.57mi	3/2.0 (-1)	1,844 (-7%)	23mo	$125,000	$68	35

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

Projected returns pro-forma

6.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.3%
• Equity multiple: 3.61×
• Total profit: $52,930
• Equity at exit: $46,099

10-year hold

• IRR: 37.4%
• Equity multiple: 7.45×
• Total profit: $131,001
• Equity at exit: $84,053

Cash invested: $20,300 (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 51046

• Home prices YoY: 3.1%
• Active inventory: 5
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,300 medium
• Mortgage (P&I): −$380
• Tax from tax record: −$122 /mo · $1,468/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $494

Break-even live

Break-even rent $674

Max offer price $72,500

Occupancy floor 57%

Sensitivity live

Price	-10% $535	-5% $515	+0% $494	+5% $474	+10% $453
Rent	-10% $391	-5% $443	+0% $494	+5% $545	+10% $597
Rate	-1.0pp $531	-0.5pp $513	base $494	+0.5pp $475	+1.0pp $456

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $72,500 Active 229 DOM
2. 2026-06-21
   days on market $72,500 Active 228 DOM
3. 2026-06-18
   days on market $72,500 Active 226 DOM
4. 2026-06-17
   days on market $72,500 Active 225 DOM
5. 2026-06-16
   days on market $72,500 Active 224 DOM
6. 2026-06-15
   days on market $72,500 Active 223 DOM
7. 2026-06-13
   days on market $72,500 Active 221 DOM
8. 2026-06-12
   days on market $72,500 Active 220 DOM
9. 2026-06-09
   days on market $72,500 Active 217 DOM
10. 2026-06-08
    days on market $72,500 Active 216 DOM
11. 2026-06-07
    days on market $72,500 Active 215 DOM
12. 2026-06-05
    days on market $72,500 Active 213 DOM
13. 2026-06-04
    days on market $72,500 Active 211 DOM
14. 2026-06-02
    days on market $72,500 Active 210 DOM
15. 2026-06-01
    days on market $72,500 Active 209 DOM
16. 2026-05-31
    days on market $72,500 Active 208 DOM
17. 2026-05-31
    days on market $72,500 Active 207 DOM
18. 2026-05-18
    price $72,500 1038-char remark

    Show marketing remark (1038 chars)

    Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

19. 2026-04-11
    price $79,900 1038-char remark

    Show marketing remark (1038 chars)

    Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

20. 2026-03-18
    price $87,500 1038-char remark

    Show marketing remark (1038 chars)

    Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

21. 2026-02-02
    status Active 1038-char remark

    Show marketing remark (1038 chars)

    Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

22. 2026-02-02
    price $94,900 1038-char remark

    Show marketing remark (1038 chars)

    Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

23. 2025-12-29
    price $104,900 1038-char remark

    Show marketing remark (1038 chars)

    Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

24. 2025-10-28
    listed $117,000 Active 1038-char remark

    Show marketing remark (1038 chars)

    Charming mid-century home built in 1955, offering the perfect blend of vintage character and modern updates. This well-maintained property features three spacious bedrooms, and a finished attic, and third bedroom—ideal for a home office, guest suite, or playroom. Enjoy a bright and inviting living space with plenty of natural light, a functional kitchen with ample cabinetry, and comfortable flow throughout. The addiction provides a large informal living space or den. The exterior boasts a two-car garage, generous driveway space, and a private yard—perfect for relaxing or entertaining. There is also a second single stall garage perfect storing the lawn mower and outdoor equipment and furnishings. With its classic curb appeal and versatile layout, this home is move-in ready and full of potential. Property is being sold AS-IS, WHERE-IS. SELLER WILL MAKE NO REPAIRS, BUYER TO VERIFY ALL INFORMATION, BUYER IS RESPONSIBLE FOR ALL INSPECTIONS. Proof of Funds must accompany every offer. Some photos are vurtually staged.

25. 2024-09-04
    soldstatus $97,000
26. 2024-08-29
    soldstatus $97,000 Closed 409-char remark

    Show marketing remark (409 chars)

    The perfect house to make your own! Enjoy plenty of space for entertaining both indoors and outdoors. Some updates made, but lots of opportunity to add your own personal touches. Three bedrooms, including large upstairs loft. Additional bedrooms and full bathroom on the main level. And don't miss the playhouse, cleverly hidden under the stairs. * * * Seller to offer up to $10,000 in concessions * * *

27. 2024-07-15
    historical Active Under Contract 409-char remark

    Show marketing remark (409 chars)

    The perfect house to make your own! Enjoy plenty of space for entertaining both indoors and outdoors. Some updates made, but lots of opportunity to add your own personal touches. Three bedrooms, including large upstairs loft. Additional bedrooms and full bathroom on the main level. And don't miss the playhouse, cleverly hidden under the stairs. * * * Seller to offer up to $10,000 in concessions * * *

28. 2024-04-26
    price $109,000 409-char remark

    Show marketing remark (409 chars)

    The perfect house to make your own! Enjoy plenty of space for entertaining both indoors and outdoors. Some updates made, but lots of opportunity to add your own personal touches. Three bedrooms, including large upstairs loft. Additional bedrooms and full bathroom on the main level. And don't miss the playhouse, cleverly hidden under the stairs. * * * Seller to offer up to $10,000 in concessions * * *

29. 2023-10-17
    price $114,000 409-char remark

    Show marketing remark (409 chars)

    The perfect house to make your own! Enjoy plenty of space for entertaining both indoors and outdoors. Some updates made, but lots of opportunity to add your own personal touches. Three bedrooms, including large upstairs loft. Additional bedrooms and full bathroom on the main level. And don't miss the playhouse, cleverly hidden under the stairs. * * * Seller to offer up to $10,000 in concessions * * *

30. 2023-08-30
    listed $120,000 Active 409-char remark

    Show marketing remark (409 chars)

    The perfect house to make your own! Enjoy plenty of space for entertaining both indoors and outdoors. Some updates made, but lots of opportunity to add your own personal touches. Three bedrooms, including large upstairs loft. Additional bedrooms and full bathroom on the main level. And don't miss the playhouse, cleverly hidden under the stairs. * * * Seller to offer up to $10,000 in concessions * * *

31. 2023-08-09
    historical
32. 2023-05-30
    price $117,609
33. 2023-05-05
    listed $119,000 Active
34. 2014-12-09
    soldstatus $70,000

ⓘ 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: $1,468 · $122/mo
• Projected year-2 tax: $1,468 · $122/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°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: $15,597
• − Mortgage interest: −$4,061
• − Property taxes: −$1,468
• − Insurance: −$362
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − Depreciation: −$2,109
• Taxable income: $5,101
• Est. tax owed @ 24.0%: −$1,224
• After-tax cash flow: $4,705/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: South O'Brien Community School District
• NCES district ID: 1900026
• Math proficiency: 64% ▼ -6.00%
• Reading proficiency: 66% ▼ -7.00%
• Median HH income: $50,412
• Composite: 55.26/100
• National rank: #1267
• State rank: #196 of 289 in IA

Livability — Paullina

• Score: 76/100
• State rank: #204
• US rank: #3719

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Paullina, IA
• Population (ZIP): 1,407

Population outlook (O'Brien County) Hauer SSP2

• Today (2025): 13,353 people
• By 2030: 13,040 · -2.3%
• By 2040: 12,422 · -7.0%
• By 2050: 11,887 · -11.0%
• By 2075: 11,132 · -16.6%
• By 2100: 10,176 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Asian 1%
• Common ancestry: Iranian 13% Portuguese 3% Serbian 1%
• Foreign-born: 2% · South Korea
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · O'Brien

• 2024 margin: Solid R (+60.9) · D 19.0% · R 80.0% · Other 1.0%
• 2008→2024 swing: -26.1pp toward R · 2008: -34.9pp · 2024: -60.9pp
• All cycles: 2024: R+60.9 2020: R+56.8 2016: R+60.2 2012: R+45.2 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.11%
• Current HPI: 201.747
• 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

+3.6% since first listed

17 events — show timeline

• 2026-05-18 Price Changed $72,500 NWIA
• 2026-04-11 Price Changed $79,900 NWIA
• 2026-03-18 Price Changed $87,500 NWIA
• 2026-02-02 Relisted — NWIA
• 2026-02-02 Price Changed $94,900 NWIA
• 2025-12-29 Price Changed $104,900 NWIA
• 2025-10-28 Listed $117,000 NWIA
• 2024-09-04 Sold (Public Records) $97,000 Public Records
• 2024-08-29 Sold (MLS) $97,000 Iowa Great Lakes BOR
• 2024-07-15 Contingent — Iowa Great Lakes BOR
• 2024-04-26 Price Changed $109,000 Iowa Great Lakes BOR
• 2023-10-17 Price Changed $114,000 Iowa Great Lakes BOR
• 2023-08-30 Listed $120,000 Iowa Great Lakes BOR
• 2023-08-09 Delisted — NWIA
• 2023-05-30 Price Changed $117,609 NWIA
• 2023-05-05 Listed $119,000 NWIA
• 2014-12-09 Sold (Public Records) $70,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,468 · -1.2% YoY. Source: county tax records.