506 Cass St · Adair, IA 50002

$109,000

3 bd · 1.0 ba · 1,196 sqft · SingleFamily public records · 117 Days on market

Built 1925 7,500 sqft lot $91/sqft · 30% below area Est $156k · 30% under

---

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 +16.5/30.0
• ARV discount +15.0/15.0
• Appreciation +9.4/10.0
• Schools +6.8/10.0
• DSCR +5.1/10.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to small-town charm in the heart of Adair! This inviting 3-bedroom, 1-bath, two-story home offers 1,196 sq ft of comfortable living. Enjoy a spacious great room with cozy carpet, a bright kitchen and dining area, and stylish LVP flooring with freshly painted white trim throughout. Two bedrooms and a full bath are conveniently located on the main floor, with an additional bedroom upstairs for added privacy. The first-floor, side-by-side washer and dryer add everyday convenience. Unwind on the screened porch or take advantage of the 2-car detached garage with a bonus shop area—perfect for hobbies or extra storage. A great opportunity to enjoy quiet, small-town living!

Key facts

• Bright kitchen
• Dining area
• Bonus shop area

Tags

• GREAT ROOM
• BRIGHT KITCHEN
• DINING AREA
• SCREENED PORCH
• DETACHED GARAGE
• BONUS SHOP AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $64 ($762/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $91k (16.8% below list).
• Recommended offer: $91k (16.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#271 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Adair-Casey Community School District (rural): math 85% / reading 75% proficiency, ranked #52 of 330 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 12 active listings in the ZIP; 5 units permitted in Adair County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($754 loan paydown + $10k appreciation (8.8% local appreciation)).
• Adair County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($99k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,682 (16.8% below list)

Questions for the listing agent

1. It's been on market 117 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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: 0.83% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• GRM: 10.0

CMA / ARV

• ARV (median comp): $155,876
• List price: $109,000
• Delta: -30.07%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 6th St	0.09mi	2/1.0 (-1)	1,176 (-2%)	11mo	$124,000	$105	79
305 6th St	0.13mi	3/1.0	1,112 (-7%)	9mo	$179,900	$162	75
904 Guthrie St	0.34mi	3/1.0	1,118 (-6%)	7mo	$163,000	$146	68
1007 Madison Dr	0.36mi	4/3.0 (+1)	1,364 (+14%)	18mo	$355,000	$260	32

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

Projected returns pro-forma

8.83% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.80×
• Total profit: $54,799
• Equity at exit: $89,086

10-year hold

• IRR: 21.3%
• Equity multiple: 6.13×
• Total profit: $156,447
• Equity at exit: $183,180

Cash invested: $30,520 (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 50002

• Home prices YoY: 3.8%
• Active inventory: 12
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $907 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$36 /mo · $430/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $64

Break-even live

Break-even rent $826

Max offer price $109,000

Occupancy floor 88%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-02
   days on market $109,000 Active 117 DOM
2. 2026-06-01
   days on market $109,000 Active 116 DOM
3. 2026-05-31
   days on market $109,000 Active 115 DOM
4. 2026-05-31
   days on market $109,000 Active 114 DOM
5. 2026-04-06
   price $109,000 688-char remark

   Show marketing remark (688 chars)

   Welcome to small-town charm in the heart of Adair! This inviting 3-bedroom, 1-bath, two-story home offers 1,196 sq ft of comfortable living. Enjoy a spacious great room with cozy carpet, a bright kitchen and dining area, and stylish LVP flooring with freshly painted white trim throughout. Two bedrooms and a full bath are conveniently located on the main floor, with an additional bedroom upstairs for added privacy. The first-floor, side-by-side washer and dryer add everyday convenience. Unwind on the screened porch or take advantage of the 2-car detached garage with a bonus shop area—perfect for hobbies or extra storage. A great opportunity to enjoy quiet, small-town living!

6. 2026-02-19
   price $117,500 688-char remark

   Show marketing remark (688 chars)

   Welcome to small-town charm in the heart of Adair! This inviting 3-bedroom, 1-bath, two-story home offers 1,196 sq ft of comfortable living. Enjoy a spacious great room with cozy carpet, a bright kitchen and dining area, and stylish LVP flooring with freshly painted white trim throughout. Two bedrooms and a full bath are conveniently located on the main floor, with an additional bedroom upstairs for added privacy. The first-floor, side-by-side washer and dryer add everyday convenience. Unwind on the screened porch or take advantage of the 2-car detached garage with a bonus shop area—perfect for hobbies or extra storage. A great opportunity to enjoy quiet, small-town living!

7. 2026-02-05
   listed $125,000 Active 688-char remark

   Show marketing remark (688 chars)

   Welcome to small-town charm in the heart of Adair! This inviting 3-bedroom, 1-bath, two-story home offers 1,196 sq ft of comfortable living. Enjoy a spacious great room with cozy carpet, a bright kitchen and dining area, and stylish LVP flooring with freshly painted white trim throughout. Two bedrooms and a full bath are conveniently located on the main floor, with an additional bedroom upstairs for added privacy. The first-floor, side-by-side washer and dryer add everyday convenience. Unwind on the screened porch or take advantage of the 2-car detached garage with a bonus shop area—perfect for hobbies or extra storage. A great opportunity to enjoy quiet, small-town living!

8. 2025-12-17
   soldstatus $105,000

ⓘ 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: $430 · $36/mo
• Projected year-2 tax: $1,071 · $89/mo
• Expected delta: +$641/yr (+$53/mo · 149.0%)

ⓘ 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 2/10 Low 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: $10,882
• − Mortgage interest: −$6,106
• − Property taxes: −$430
• − Insurance: −$545
• − Repairs & maintenance: −$871
• − Management: −$871
• − Depreciation: −$3,171
• Taxable loss: −$1,111
• Est. tax savings @ 24.0%: +$267
• After-tax cash flow: $1,029/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: Adair-Casey Community School District
• NCES district ID: 1903090
• Math proficiency: 85% ▬ 0.00%
• Reading proficiency: 75% ▬ 0.00%
• Median HH income: $44,664
• Composite: 67.96/100
• National rank: #760
• State rank: #52 of 330 in IA

Livability — Adair

• Score: 73/100
• State rank: #271
• US rank: #5188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adair, IA
• Population (ZIP): 1,522

Population outlook (Adair County) Hauer SSP2

• Today (2025): 6,573 people
• By 2030: 6,252 · -4.9%
• By 2040: 5,655 · -14.0%
• By 2050: 5,154 · -21.6%
• By 2075: 4,460 · -32.1%
• By 2100: 3,951 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 3% Portuguese 1% Danish 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Adair

• 2024 margin: Solid R (+45.0) · D 26.7% · R 71.8% · Other 1.5%
• 2008→2024 swing: -41.7pp toward R · 2008: -3.4pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+41.1 2016: R+35.4 2012: R+8.1 2008: R+3.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.83%
• Current HPI: 242.2443
• 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

+3.8% since first listed

4 events — show timeline

• 2026-04-06 Price Changed $109,000 DMMLS
• 2026-02-19 Price Changed $117,500 DMMLS
• 2026-02-05 Listed $125,000 DMMLS
• 2025-12-17 Sold (Public Records) $105,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $430 · +2.9% YoY. Source: county tax records.