423 Ash St · Cherokee, IA 51012

$165,750

3 bd · 2.5 ba · 1,432 sqft · SingleFamily public records · 56 Days on market

Built 1962 6,840 sqft lot $116/sqft · 48% above area Est $159k · at est.

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Why this score? — see what drove the D- 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 +10.2/30.0
• Schools +5.6/10.0
• ARV discount +5.5/15.0
• Livability +4.0/5.0
• 1% rule +2.9/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A classic early-1960s ranch with modest, welcoming presence. Built in 1962, this home has brick accents, attached garage, fenced in backyard, and the large front windows that let in plenty of natural light. Inside, the layout is straightforward and functional. The large living room is the heart of the home, designed for gathering—spacious enough for a full sofa set, a coffee table, and maybe even a reading nook. The picture window overlooking the front yard creates a natural focal point. The kitchen is efficient and neatly arranged, with "L" shaped counters creating a corridor workspace. Everything is within arm’s reach, making it practical for everyday cooking. Three bedrooms are grouped along a hallway, each modest in size but functional, with built-in closets and large windows. The den offers a more relaxed, secondary living space—ideal for a home office, TV room, or quiet retreat. The fireplace gives this room a cozier feel compared to the main living room. At the back , the three-season room provides a transitional space between indoors and outdoors. With large windows, it’s perfect for enjoying fresh air without full exposure to the elements—great for spring, summer, and fall lounging. An attached single-car garage connects directly to the home, leading into the kitchen. Making unpacking groceries convenient. Overall, the house is practical, comfortable, and unpretentious—built for everyday living, with just enough separation of spaces to balance privacy and togetherness.

Key facts

• Fenced in backyard
• Picture window
• Den

Tags

• FENCED IN BACKYARD
• LARGE FRONT WINDOWS
• PICTURE WINDOW
• L SHAPED COUNTERS
• BUILT-IN CLOSETS
• DEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $166k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (10.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (21.3% below list).
• Recommended offer: $131k (21.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#83 in IA, #1,698 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Cherokee Community School District (town): math 65% / reading 67% proficiency, ranked #191 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cherokee Elementary School (math 57% / reading 52%, grade C, #462 of 616 statewide, top 79%, 492 students, 43% FRL); Cherokee Middle School (math 65% / reading 64%, grade A-, #157 of 246 statewide, top 67%, 355 students, 42% FRL); Washington High School (math 69% / reading 81%, grade A-, #86 of 336 statewide, top 26%, 353 students, 33% FRL).
• Market conditions: 44 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 10 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cherokee County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $118k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,506 (21.3% 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. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• GRM: 10.6

CMA / ARV

• ARV (median comp): $158,634
• List price: $165,750
• Delta: 4.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
442 Dakota Ave	0.16mi	3/1.5	1,360 (-5%)	11mo	$31,000	$23	70
440 E Spruce St	0.09mi	3/2.0	1,597 (+12%)	12mo	$135,000	$85	64
1403 Susan Ave	0.63mi	3/2.0	1,464 (+2%)	2mo	$140,000	$96	64
415 E Cedar St	0.28mi	3/1.5	1,292 (-10%)	4mo	$87,500	$68	63
544 Park Ave	0.20mi	3/2.0	1,620 (+13%)	6mo	$159,250	$98	62
1008 N Hughes Ave	0.40mi	3/2.0	1,550 (+8%)	6mo	$124,000	$80	60
518 E Spruce St	0.12mi	3/2.0	1,642 (+15%)	10mo	$205,000	$125	59
6 Sioux Valley Dr	0.46mi	3/1.0	1,483 (+4%)	10mo	$120,000	$81	58
410 Valley View Dr	0.56mi	3/2.0	1,310 (-8%)	1mo	$169,000	$129	57
441 Magnetic Ave	0.20mi	4/3.0 (+1)	1,574 (+10%)	13mo	$215,000	$137	56
613 Jefferies St	0.25mi	3/1.0	1,296 (-10%)	14mo	$105,000	$81	55
426 W Cedar St	0.60mi	4/2.0 (+1)	1,615 (+13%)	4mo	$35,000	$22	40

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: -20.3%
• Equity multiple: 0.29×
• Total profit: $-32,803
• Equity at exit: $24,714

10-year hold

• IRR: -13.4%
• Equity multiple: 0.22×
• Total profit: $-36,200
• Equity at exit: $14,331

Cash invested: $46,410 (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 51012

• Home prices YoY: -21.1%
• Active inventory: 44
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,305 medium
• Mortgage (P&I): −$869
• Tax from tax record: −$186 /mo · $2,234/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $-93

Break-even live

Break-even rent $1,423

Max offer price $149,243

Occupancy floor —

Sensitivity live

Price	-10% $0	-5% $-47	+0% $-93	+5% $-140	+10% $-187
Rent	-10% $-197	-5% $-145	+0% $-93	+5% $-42	+10% $10
Rate	-1.0pp $-10	-0.5pp $-51	base $-93	+0.5pp $-136	+1.0pp $-180

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: $41,438
• Closing costs: $4,972
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
942 Riverview Dr Cherokee, IA	1.0–2.0	1.0–2.0	1050	$1,495	$1.42	15d	20	0.56mi
729 W Cedar St Unit 405 Cherokee, IA	3.0	1.5	1100	$1,050	$0.95	23d	1	0.91mi
900 Rock Island Ave Cherokee, IA	2.0–3.0	1.0–2.0	1058	$1,245	$1.18	23d	12	1.26mi

Listing history 4 events

1. 2026-04-23
   price $165,750 1549-char remark

   Show marketing remark (1549 chars)

   A classic early-1960s ranch with modest, welcoming presence. Built in 1962, this home has brick accents, attached garage, fenced in backyard, and the large front windows that let in plenty of natural light. Inside, the layout is straightforward and functional. The large living room is the heart of the home, designed for gathering—spacious enough for a full sofa set, a coffee table, and maybe even a reading nook. The picture window overlooking the front yard creates a natural focal point. The kitchen is efficient and neatly arranged, with "L" shaped counters creating a corridor workspace. Everything is within arm’s reach, making it practical for everyday cooking. Three bedrooms are grouped along a hallway, each modest in size but functional, with built-in closets and large windows. The den offers a more relaxed, secondary living space—ideal for a home office, TV room, or quiet retreat. The fireplace gives this room a cozier feel compared to the main living room. At the back , the three-season room provides a transitional space between indoors and outdoors. With large windows, it’s perfect for enjoying fresh air without full exposure to the elements—great for spring, summer, and fall lounging. An attached single-car garage connects directly to the home, leading into the kitchen. Making unpacking groceries convenient. Overall, the house is practical, comfortable, and unpretentious—built for everyday living, with just enough separation of spaces to balance privacy and togetherness.

2. 2026-03-29
   listed $175,750 Active 1549-char remark

   Show marketing remark (1549 chars)

   A classic early-1960s ranch with modest, welcoming presence. Built in 1962, this home has brick accents, attached garage, fenced in backyard, and the large front windows that let in plenty of natural light. Inside, the layout is straightforward and functional. The large living room is the heart of the home, designed for gathering—spacious enough for a full sofa set, a coffee table, and maybe even a reading nook. The picture window overlooking the front yard creates a natural focal point. The kitchen is efficient and neatly arranged, with "L" shaped counters creating a corridor workspace. Everything is within arm’s reach, making it practical for everyday cooking. Three bedrooms are grouped along a hallway, each modest in size but functional, with built-in closets and large windows. The den offers a more relaxed, secondary living space—ideal for a home office, TV room, or quiet retreat. The fireplace gives this room a cozier feel compared to the main living room. At the back , the three-season room provides a transitional space between indoors and outdoors. With large windows, it’s perfect for enjoying fresh air without full exposure to the elements—great for spring, summer, and fall lounging. An attached single-car garage connects directly to the home, leading into the kitchen. Making unpacking groceries convenient. Overall, the house is practical, comfortable, and unpretentious—built for everyday living, with just enough separation of spaces to balance privacy and togetherness.

3. 2018-03-13
   soldstatus $118,000
4. 2011-07-15
   soldstatus $114,000

ⓘ 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: $2,234 · $186/mo
• Projected year-2 tax: $2,418 · $202/mo
• Expected delta: +$184/yr (+$15/mo · 8.2%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $15,661
• − Mortgage interest: −$9,285
• − Property taxes: −$2,234
• − Insurance: −$829
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − Depreciation: −$4,822
• Taxable loss: −$4,014
• Est. tax savings @ 24.0%: +$963
• After-tax cash flow: $-158/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: Cherokee Community School District
• NCES district ID: 1907170
• Math proficiency: 65% ▼ -5.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $45,935
• Composite: 55.66/100
• National rank: #1226
• State rank: #191 of 289 in IA

Livability — Cherokee

• Score: 80/100
• State rank: #83
• US rank: #1698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cherokee, IA
• City population: 6,313
• Population (ZIP): 6,313

Population outlook (Cherokee County) Hauer SSP2

• Today (2025): 10,631 people
• By 2030: 10,077 · -5.2%
• By 2040: 9,015 · -15.2%
• By 2050: 8,175 · -23.1%
• By 2075: 7,192 · -32.3%
• By 2100: 6,738 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Iranian 3% Slovak 1% Portuguese 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7% Other Asian/Pacific 1%

Political lean MEDSL · Cherokee

• 2024 margin: Solid R (+45.8) · D 26.5% · R 72.2% · Other 1.3%
• 2008→2024 swing: -38.2pp toward R · 2008: -7.6pp · 2024: -45.8pp
• All cycles: 2024: R+45.8 2020: R+39.3 2016: R+40.6 2012: R+16.2 2008: R+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.34%
• Current HPI: 221.5831
• 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

+45.4% since first listed

4 events — show timeline

• 2026-04-23 Price Changed $165,750 NWIA
• 2026-03-29 Listed $175,750 NWIA
• 2018-03-13 Sold (Public Records) $118,000 Public Records
• 2011-07-15 Sold (Public Records) $114,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $2,234 · -5.9% YoY. Source: county tax records.