209 N Main St. St · Salem, IA 52649

$109,500

3 bd · 2.5 ba · 1,462 sqft · Manufactured public records · 21 Days on market

Built 1994 10,454 sqft lot

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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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• Appreciation +7.0/10.0
• 1% rule +5.6/10.0
• Schools +5.4/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Investment property! Three bedroom, 2 bath home located in the community of Salem.

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1994

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Manufactured home; Single-level living; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: 70 x 149 lot (0.24 acre); Residential single-family zoning

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bathrooms: One full bathroom; One three-quarter bathroom
• Interior features: Range, Dishwasher, Refrigerator; Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#533 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: crime C-, health & safety C-, amenities F.
• Mount Pleasant Community School District (town): math 63% / reading 66% proficiency, ranked #207 of 289 in IA (top 72%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 5 active listings in the ZIP; 30 units permitted in Henry County in 2024 (8 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($757 loan paydown + $4k appreciation (4.0% local appreciation)).
• Henry County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $40k; list at $110k implies a 174% gain — meaningful room to come down on a strong offer.

Recommended offer $107,857 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
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: 1.06% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.41%
• DSCR: 1.33
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $45,322
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 E School St	0.37mi	3/2.0	1,456 (-0%)	6mo	$45,000	$31	75

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

Projected returns pro-forma

4.03% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 2.02×
• Total profit: $31,312
• Equity at exit: $55,683

10-year hold

• IRR: 17.7%
• Equity multiple: 3.85×
• Total profit: $87,416
• Equity at exit: $91,206

Cash invested: $30,660 (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 52649

• Home prices YoY: 3.6%
• Active inventory: 5
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,162 medium
• Mortgage (P&I): −$574
• Tax from tax record: −$108 /mo · $1,302/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $189

Break-even live

Break-even rent $922

Max offer price $109,500

Occupancy floor 79%

Sensitivity live

Price	-10% $251	-5% $220	+0% $189	+5% $158	+10% $127
Rent	-10% $98	-5% $143	+0% $189	+5% $235	+10% $281
Rate	-1.0pp $245	-0.5pp $217	base $189	+0.5pp $161	+1.0pp $132

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: $27,375
• Closing costs: $3,285
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $109,500 Active 21 DOM
2. 2026-06-18
   days on market $109,500 Active 19 DOM
3. 2026-06-17
   days on market $109,500 Active 18 DOM
4. 2026-06-16
   days on market $109,500 Active 17 DOM
5. 2026-06-15
   days on market $109,500 Active 16 DOM
6. 2026-06-13
   days on market $109,500 Active 14 DOM
7. 2026-06-12
   days on market $109,500 Active 13 DOM
8. 2026-06-09
   days on market $109,500 Active 10 DOM
9. 2026-06-08
   days on market $109,500 Active 9 DOM
10. 2026-06-07
    days on market $109,500 Active 8 DOM
11. 2026-06-07
    days on market $109,500 Active 7 DOM
12. 2026-06-04
    days on market $109,500 Active 4 DOM
13. 2026-06-02
    days on market $109,500 Active 3 DOM
14. 2026-06-01
    days on market $109,500 Active 2 DOM
15. 2026-05-31
    remarks 411-char remark
16. 2026-05-31
    listed $109,500 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: $1,302 · $108/mo
• Projected year-2 tax: $1,511 · $126/mo
• Expected delta: +$209/yr (+$17/mo · 16.0%)

ⓘ 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 ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,940
• − Mortgage interest: −$6,134
• − Property taxes: −$1,302
• − Insurance: −$548
• − Repairs & maintenance: −$1,115
• − Management: −$1,115
• − Depreciation: −$3,185
• Taxable income: $541
• Est. tax owed @ 24.0%: −$130
• After-tax cash flow: $2,143/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: Mount Pleasant Community School District
• NCES district ID: 1919890
• Math proficiency: 63% ▼ -5.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $46,805
• Composite: 54.49/100
• National rank: #1348
• State rank: #207 of 289 in IA

Livability — Salem

• Score: 66/100
• State rank: #533
• US rank: #11886

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salem, IA
• Population (ZIP): 845

Population outlook (Henry County) Hauer SSP2

• Today (2025): 19,583 people
• By 2030: 19,271 · -1.6%
• By 2040: 18,505 · -5.5%
• By 2050: 17,796 · -9.1%
• By 2075: 16,821 · -14.1%
• By 2100: 15,549 · -20.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 9% Hispanic / Latino 3% Asian 1%
• Common ancestry: Italian 3% Slovak 3% Scottish 2%
• Foreign-born: 1%
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+36.0) · D 31.3% · R 67.3% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: -5.0pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+32.4 2016: R+30.9 2012: R+6.0 2008: R+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.03%
• Current HPI: 114.9294
• 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

+173.8% since first listed

3 events — show timeline

• 2026-05-30 Listed $109,500 IAR
• 2015-04-30 Sold (MLS) $40,000 IAR
• 2015-03-11 Listed $40,000 IAR

Property tax history

+4.4%/yr

Latest (2025): $1,302 · +3.7% YoY. Source: county tax records.