209 Main St · Van Meter, IA 50261

$138,000

2 bd · 1.0 ba · 975 sqft · SingleFamily · 86 Days on market

Built 1880 Fair condition 8,712 sqft lot $142/sqft · 39% below area Est $226k · 39% under ↓ 8% since listing

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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 +20.7/30.0
• ARV discount +15.0/15.0
• Schools +7.8/10.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Small town charm in Van Meter! An affordable 2 bedroom 1 bath home that has been in the same family for over 50 years! Great opportunity to add a little sweat equity to bring it back to it's glory. Includes a 2 car detached garage and a yard full of perennials! Call your favorite agent today to take a peek.

Key facts

• Detached garage
• 8,712 sq ft lot
• 2 garage spots

Tags

• DETACHED GARAGE
• YARD FULL OF PERENNIALS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $138k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $138k).
• Recommended offer: $130k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 1.1% in Van Meter — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#43 in IA, #1,112 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Van Meter Community School District (rural): math 85% / reading 90% proficiency, ranked #1 of 289 in IA (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: 134 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,719 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.05% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• GRM: 8.0

CMA / ARV

• ARV (median comp): $226,130
• List price: $138,000
• Delta: -38.97%
• 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
624 Pleasant St	0.16mi	2/2.0	1,012 (+4%)	7mo	$155,000	$153	76
112 Arlington Ave	0.52mi	3/1.5 (+1)	908 (-7%)	4mo	$112,000	$123	54
511 Lakeview Dr	0.59mi	3/2.0 (+1)	946 (-3%)	7mo	$240,000	$254	53
116 Arlington Ave	0.52mi	3/1.5 (+1)	908 (-7%)	8mo	$250,000	$275	51

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-10,375
• Equity at exit: $20,576

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $6,461
• Equity at exit: $11,932

Cash invested: $38,640 (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 50261

• Home prices YoY: -24.1%
• Active inventory: 134
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,445 medium
• Mortgage (P&I): −$724
• Tax est. 1.5%: −$172 /mo · $2,070/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $188

Break-even live

Break-even rent $1,207

Max offer price $138,000

Occupancy floor 82%

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 S Hazel St Van Meter, IA	3.0	1.5	1104	$1,445	$1.31	14d	1	0.39mi

Listing history 19 events

1. 2026-06-18
   days on market $138,000 Active 86 DOM
2. 2026-06-17
   days on market $138,000 Active 85 DOM
3. 2026-06-16
   days on market $138,000 Active 84 DOM
4. 2026-06-15
   days on market $138,000 Active 83 DOM
5. 2026-06-14
   days on market $138,000 Active 81 DOM
6. 2026-06-13
   days on market $138,000 Active 80 DOM
7. 2026-06-10
   days on market $138,000 Active 78 DOM
8. 2026-06-09
   days on market $138,000 Active 77 DOM
9. 2026-06-08
   days on market $138,000 Active 76 DOM
10. 2026-06-07
    days on market $138,000 Active 75 DOM
11. 2026-06-03
    days on market $138,000 Active 71 DOM
12. 2026-06-02
    days on market $138,000 Active 70 DOM
13. 2026-06-01
    days on market $138,000 Active 69 DOM
14. 2026-05-31
    days on market $138,000 Active 68 DOM
15. 2026-05-31
    days on market $138,000 Active 67 DOM
16. 2026-05-19
    price $138,000 309-char remark

    Show marketing remark (309 chars)

    Small town charm in Van Meter! An affordable 2 bedroom 1 bath home that has been in the same family for over 50 years! Great opportunity to add a little sweat equity to bring it back to it's glory. Includes a 2 car detached garage and a yard full of perennials! Call your favorite agent today to take a peek.

17. 2026-04-13
    status Active 309-char remark

    Show marketing remark (309 chars)

    Small town charm in Van Meter! An affordable 2 bedroom 1 bath home that has been in the same family for over 50 years! Great opportunity to add a little sweat equity to bring it back to it's glory. Includes a 2 car detached garage and a yard full of perennials! Call your favorite agent today to take a peek.

18. 2026-03-23
    status Pending 309-char remark

    Show marketing remark (309 chars)

    Small town charm in Van Meter! An affordable 2 bedroom 1 bath home that has been in the same family for over 50 years! Great opportunity to add a little sweat equity to bring it back to it's glory. Includes a 2 car detached garage and a yard full of perennials! Call your favorite agent today to take a peek.

19. 2026-03-03
    listed $150,000 Active 309-char remark

    Show marketing remark (309 chars)

    Small town charm in Van Meter! An affordable 2 bedroom 1 bath home that has been in the same family for over 50 years! Great opportunity to add a little sweat equity to bring it back to it's glory. Includes a 2 car detached garage and a yard full of perennials! Call your favorite agent today to take a peek.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $17,340
• − Mortgage interest: −$7,730
• − Property taxes: −$2,070
• − Insurance: −$690
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − Depreciation: −$4,015
• Taxable income: $61
• Est. tax owed @ 24.0%: −$15
• After-tax cash flow: $2,240/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This home requires significant repairs and maintenance, including roof and exterior siding, to improve its condition and value.

Repairs flagged

• Major roof — Snow on roof, potential ice dam
• Major exterior siding — Weathered siding

Value-add opportunities

• Both roof repair — Fixes major issue and improves safety
• Both exterior siding repair — Enhances curb appeal and value
• Both interior paint — Improves appearance and value
• Both kitchen and bathroom updates — Modernizes and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Snow on roof, potential ice dam	Major	$15,000–50,000
exterior siding · Weathered siding	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both roof repair — Fixes major issue and improves safety ↑
• Both exterior siding repair — Enhances curb appeal and value ↑
• Both interior paint — Improves appearance and value ↑
• Both kitchen and bathroom updates — Modernizes and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Van Meter Community School District
• NCES district ID: 1929010
• Math proficiency: 85% ▼ -2.00%
• Reading proficiency: 90% ▲ 3.00%
• Median HH income: $91,885
• Composite: 77.87/100
• National rank: #89
• State rank: #1 of 289 in IA

Livability — Van Meter

• Score: 82/100
• State rank: #43
• US rank: #1112

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Van Meter, IA
• Population (ZIP): 3,105

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1%
• Common ancestry: Portuguese 5% Italian 3% Iranian 2%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 98% English-only · Other Asian/Pacific 1%

Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.78%
• Current HPI: 213.8942
• 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

-8.0% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $138,000 DMMLS
• 2026-04-13 Relisted — DMMLS
• 2026-03-23 Pending — DMMLS
• 2026-03-03 Listed $150,000 DMMLS