610 5th St St · Gladbrook, IA 50635

$129,900

4 bd · 1.5 ba · 2,512 sqft · SingleFamily public records · 117 Days on market

Built 1910 0.37 ac lot $52/sqft · 21% below area Est $165k · 21% under

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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 +15.8/30.0
• ARV discount +15.0/15.0
• Schools +6.4/10.0
• DSCR +4.9/10.0
• 1% rule +4.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fall in the love with this charming two-story home featuring beautiful original woodwork and hardwood floors. There is main floor laundry with a formal dining room, and sun porch currently used as an office. The upper level includes three bedrooms and a bathroom. A detached garage and additional shed with a loft allows additional space or hobby room. Give your realtor a call today to take a look.

Key facts

• Formal dining room
• Sun porch
• Main floor laundry

Tags

• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• MAIN FLOOR LAUNDRY
• FORMAL DINING ROOM
• SUN PORCH
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $60 ($715/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 $127k (2.5% below list).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#599 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D, amenities F.
• Gladbrook-Reinbeck Community School District (rural): math 76% / reading 74% proficiency, ranked #71 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 16 active listings in the ZIP; 17 units permitted in Tama County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Tama County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,209 (9.0% 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 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.98% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• GRM: 8.5

CMA / ARV

• ARV (median comp): $165,000
• List price: $129,900
• Delta: -21.27%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 Johnston Street St	0.24mi	4/2.0	2,174 (-14%)	5mo	$165,000	$76	60
705 Lincoln St	0.41mi	5/2.5 (+1)	2,746 (+9%)	6mo	$272,000	$99	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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-17,208
• Equity at exit: $19,369

10-year hold

• IRR: -4.1%
• Equity multiple: 0.73×
• Total profit: $-9,911
• Equity at exit: $11,231

Cash invested: $36,372 (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 50635

• Home prices YoY: -18.1%
• Active inventory: 16
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,267 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$206 /mo · $2,472/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $60

Break-even live

Break-even rent $1,192

Max offer price $129,900

Occupancy floor 90%

Sensitivity live

Price	-10% $133	-5% $96	+0% $60	+5% $23	+10% $-14
Rent	-10% $-41	-5% $10	+0% $60	+5% $110	+10% $160
Rate	-1.0pp $125	-0.5pp $93	base $60	+0.5pp $26	+1.0pp $-8

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $129,900 Active 117 DOM
2. 2026-06-19
   days on market $129,900 Active 115 DOM
3. 2026-06-18
   days on market $129,900 Active 114 DOM
4. 2026-06-17
   days on market $129,900 Active 113 DOM
5. 2026-06-16
   days on market $129,900 Active 112 DOM
6. 2026-06-15
   days on market $129,900 Active 111 DOM
7. 2026-06-14
   days on market $129,900 Active 109 DOM
8. 2026-06-12
   pricedays on market $129,900 Active 108 DOM
9. 2026-06-09
   days on market $135,900 Active 105 DOM
10. 2026-06-08
    days on market $135,900 Active 104 DOM
11. 2026-06-07
    remarks 452-char remark
12. 2026-06-07
    days on market $135,900 Active 103 DOM
13. 2026-06-05
    days on market $135,900 Active 100 DOM
14. 2026-06-03
    days on market $135,900 Active 99 DOM
15. 2026-06-02
    days on market $135,900 Active 98 DOM
16. 2026-06-01
    days on market $135,900 Active 97 DOM
17. 2026-05-31
    days on market $135,900 Active 96 DOM
18. 2026-05-30
    days on market $135,900 Active 95 DOM
19. 2026-05-15
    price $135,900 399-char remark

    Show marketing remark (399 chars)

    Fall in the love with this charming two-story home featuring beautiful original woodwork and hardwood floors. There is main floor laundry with a formal dining room, and sun porch currently used as an office. The upper level includes three bedrooms and a bathroom. A detached garage and additional shed with a loft allows additional space or hobby room. Give your realtor a call today to take a look.

20. 2026-05-15
    price $135,900 399-char remark

    Show marketing remark (399 chars)

    Fall in the love with this charming two-story home featuring beautiful original woodwork and hardwood floors. There is main floor laundry with a formal dining room, and sun porch currently used as an office. The upper level includes three bedrooms and a bathroom. A detached garage and additional shed with a loft allows additional space or hobby room. Give your realtor a call today to take a look.

21. 2026-02-24
    listed $139,900 Active 399-char remark

    Show marketing remark (399 chars)

    Fall in the love with this charming two-story home featuring beautiful original woodwork and hardwood floors. There is main floor laundry with a formal dining room, and sun porch currently used as an office. The upper level includes three bedrooms and a bathroom. A detached garage and additional shed with a loft allows additional space or hobby room. Give your realtor a call today to take a look.

22. 2026-02-24
    listed $139,900 Active 399-char remark

    Show marketing remark (399 chars)

    Fall in the love with this charming two-story home featuring beautiful original woodwork and hardwood floors. There is main floor laundry with a formal dining room, and sun porch currently used as an office. The upper level includes three bedrooms and a bathroom. A detached garage and additional shed with a loft allows additional space or hobby room. Give your realtor a call today to take a look.

23. 2023-04-10
    soldstatus $135,000
24. 2023-04-07
    soldstatus $134,900 Closed
25. 2023-03-15
    status Pending
26. 2022-10-24
    listed $134,900 Active

ⓘ 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: $2,472 · $206/mo
• Projected year-2 tax: $2,472 · $206/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 2/10 Low 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,204
• − Mortgage interest: −$7,276
• − Property taxes: −$2,472
• − Insurance: −$650
• − Repairs & maintenance: −$1,216
• − Management: −$1,216
• − Depreciation: −$3,779
• Taxable loss: −$1,406
• Est. tax savings @ 24.0%: +$337
• After-tax cash flow: $1,052/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: Gladbrook-Reinbeck Community School District
• NCES district ID: 1912660
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 74% ▲ 9.00%
• Median HH income: $55,866
• Composite: 64.09/100
• National rank: #576
• State rank: #71 of 289 in IA

Livability — Gladbrook

• Score: 64/100
• State rank: #599
• US rank: #13664

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gladbrook, IA
• Population (ZIP): 1,470

Population outlook (Tama County) Hauer SSP2

• Today (2025): 16,690 people
• By 2030: 16,217 · -2.8%
• By 2040: 15,207 · -8.9%
• By 2050: 14,186 · -15.0%
• By 2075: 12,228 · -26.7%
• By 2100: 10,386 · -37.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Black 2% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Slovak 2% Portuguese 2% Hungarian 1%
• Foreign-born: 1%

Political lean MEDSL · Tama

• 2024 margin: Strong R (+26.9) · D 35.7% · R 62.6% · Other 1.7%
• 2008→2024 swing: -39.1pp toward R · 2008: 12.2pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+19.1 2016: R+20.6 2012: D+7.4 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.47%
• Current HPI: 160.84
• 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

+0.7% since first listed

8 events — show timeline

• 2026-05-15 Price Changed $135,900 NEIRBR as distributed by MLS GRID
• 2026-05-15 Price Changed $135,900 IAR
• 2026-02-24 Listed $139,900 IAR
• 2026-02-24 Listed $139,900 NEIRBR as distributed by MLS GRID
• 2023-04-10 Sold (Public Records) $135,000 Public Records
• 2023-04-07 Sold (MLS) $134,900 IAR
• 2023-03-15 Pending — IAR
• 2022-10-24 Listed $134,900 IAR

Property tax history

+2.1%/yr

Latest (2025): $2,472 · +5.6% YoY. Source: county tax records.