4065 Airport Rd · Shenandoah, IA 51601

$102,750

4 bd · 2.0 ba · 2,240 sqft · SingleFamily public records · 85 Days on market

Built 1910 1.65 ac lot

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Why this score? — see what drove the B 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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Acreage located on 1.65 acres near the airport in Shenandoah, Iowa. The home has steel siding, a full unfinished basement, and the interior of the house is unfinished. The house has the potential for 4 bedrooms, one full bath on the main floor, and a 1/2 bath upstairs. The oversized (24'x40') garage has a concrete floor. The roof and siding of the garage need to be repaired or replaced. This is a fixer upper and is being sold "AS IS".

Key facts

• Steel siding
• Oversized garage
• 1.65 acres

Tags

• 1.65 ACRES
• STEEL SIDING
• FULL UNFINISHED BASEMENT
• OVERSIZED GARAGE
• CONCRETE FLOOR

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $103k.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $103k).
• Recommended offer: $97k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#206 in IA, #3,757 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Shenandoah Community School District (town): math 64% / reading 69% proficiency, ranked #190 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 24 active listings in the ZIP; 7 units permitted in Fremont County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $710 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Fremont County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $96,585 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% 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 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.83%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 6.7%
• Equity multiple: 1.26×
• Total profit: $7,548
• Equity at exit: $15,320

10-year hold

• IRR: 16.1%
• Equity multiple: 2.31×
• Total profit: $37,789
• Equity at exit: $8,884

Cash invested: $28,770 (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 51601

• Home prices YoY: -14.9%
• Active inventory: 24
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,378 medium
• Mortgage (P&I): −$539
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $380

Break-even live

Break-even rent $898

Max offer price $102,750

Occupancy floor 67%

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: $25,688
• Closing costs: $3,082
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $102,750 Active 85 DOM
2. 2026-06-17
   days on market $102,750 Active 84 DOM
3. 2026-06-16
   days on market $102,750 Active 83 DOM
4. 2026-06-15
   days on market $102,750 Active 82 DOM
5. 2026-06-13
   days on market $102,750 Active 80 DOM
6. 2026-06-12
   days on market $102,750 Active 79 DOM
7. 2026-06-09
   days on market $102,750 Active 76 DOM
8. 2026-06-09
   price $102,750 Active 75 DOM
9. 2026-06-08
   days on market $107,500 Active 75 DOM
10. 2026-06-07
    days on market $107,500 Active 74 DOM
11. 2026-06-07
    days on market $107,500 Active 73 DOM
12. 2026-06-04
    days on market $107,500 Active 70 DOM
13. 2026-06-02
    days on market $107,500 Active 69 DOM
14. 2026-06-01
    days on market $107,500 Active 68 DOM
15. 2026-05-31
    days on market $107,500 Active 67 DOM
16. 2026-05-31
    days on market $107,500 Active 66 DOM
17. 2026-05-19
    price $107,500 448-char remark

    Show marketing remark (448 chars)

    Acreage located on 1.65 acres near the airport in Shenandoah, Iowa. The home has steel siding, a full unfinished basement, and the interior of the house is unfinished. The house has the potential for 4 bedrooms, one full bath on the main floor, and a 1/2 bath upstairs. The oversized (24'x40') garage has a concrete floor. The roof and siding of the garage need to be repaired or replaced. This is a fixer upper and is being sold "AS IS".

18. 2026-04-20
    price $117,877 448-char remark

    Show marketing remark (448 chars)

    Acreage located on 1.65 acres near the airport in Shenandoah, Iowa. The home has steel siding, a full unfinished basement, and the interior of the house is unfinished. The house has the potential for 4 bedrooms, one full bath on the main floor, and a 1/2 bath upstairs. The oversized (24'x40') garage has a concrete floor. The roof and siding of the garage need to be repaired or replaced. This is a fixer upper and is being sold "AS IS".

19. 2026-03-24
    listed $124,400 Active 448-char remark

    Show marketing remark (448 chars)

    Acreage located on 1.65 acres near the airport in Shenandoah, Iowa. The home has steel siding, a full unfinished basement, and the interior of the house is unfinished. The house has the potential for 4 bedrooms, one full bath on the main floor, and a 1/2 bath upstairs. The oversized (24'x40') garage has a concrete floor. The roof and siding of the garage need to be repaired or replaced. This is a fixer upper and is being sold "AS IS".

20. 2010-07-14
    soldstatus $75,000
21. 2010-07-14
    soldstatus $70,000
22. 2010-06-23
    soldstatus $75,000

ⓘ 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: $1,532 · $128/mo
• Projected year-2 tax: $1,573 · $131/mo
• Expected delta: +$41/yr (+$3/mo · 2.6%)

ⓘ 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 ≥108°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: $16,541
• − Mortgage interest: −$5,756
• − Property taxes: −$1,532
• − Insurance: −$514
• − Repairs & maintenance: −$1,323
• − Management: −$1,323
• − Depreciation: −$2,989
• Taxable income: $3,104
• Est. tax owed @ 24.0%: −$745
• After-tax cash flow: $3,811/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: Shenandoah Community School District
• NCES district ID: 1926070
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 69% ▼ -5.00%
• Median HH income: $41,835
• Composite: 55.67/100
• National rank: #1225
• State rank: #190 of 289 in IA

Livability — Shenandoah

• Score: 76/100
• State rank: #206
• US rank: #3757

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,562

Population outlook (Fremont County) Hauer SSP2

• Today (2025): 6,095 people
• By 2030: 5,632 · -7.6%
• By 2040: 4,806 · -21.1%
• By 2050: 4,106 · -32.6%
• By 2075: 2,947 · -51.6%
• By 2100: 2,205 · -63.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Greek 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Fremont

• 2024 margin: Solid R (+44.6) · D 27.0% · R 71.6% · Other 1.4%
• 2008→2024 swing: -41.0pp toward R · 2008: -3.6pp · 2024: -44.6pp
• All cycles: 2024: R+44.6 2020: R+42.3 2016: R+40.6 2012: R+9.2 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.90%
• Current HPI: 181.7259
• 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

+43.3% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $107,500 IAR
• 2026-04-20 Price Changed $117,877 IAR
• 2026-03-24 Listed $124,400 IAR
• 2010-07-14 Sold (Public Records) $70,000 Public Records
• 2010-07-14 Sold (Public Records) $75,000 Public Records
• 2010-06-23 Sold (Public Records) $75,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $1,532 · +4.1% YoY. Source: county tax records.