115 3rd Ave Ave NW · Fostoria, IA 51340

$41,905

3 bd · 2.0 ba · 1,261 sqft · SingleFamily public records · 9 Days on market

Built 1929 7,100 sqft lot $33/sqft · 71% below area ↓ 48% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• Appreciation +5.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

HUD HOMES are Sold AS IS. SUBMIT OFFERS AT HUDHOMESTORE. GOV. CASE# 161-372445.

Key facts

• 7,100 sq ft lot
• 3 garage spots
• Built 1929

Property features AI

Exterior

• Parking: Detached 3-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Shingle roof
• Exterior features: Deck; Patio; Porch; Level lot

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas, forced air heating; Central air conditioning
• Interior features: Full, unfinished basement; Fixer condition

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).

Location & tenants

• Location reads 68/100 on livability (#420 in IA) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Okoboji Community School District (town): math 78% / reading 80% proficiency, ranked #40 of 289 in IA (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Okoboji Elementary School (math 82% / reading 67%, grade A, #131 of 616 statewide, top 27%, 533 students, 40% FRL); Okoboji Middle School (math 83% / reading 82%, grade A+, #16 of 246 statewide, top 8%, 346 students, 36% FRL); Okoboji High School (math 68% / reading 85%, grade A-, #73 of 336 statewide, top 22%, 365 students, 37% FRL).
• Market conditions: 2 active listings in the ZIP; 11 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($290 loan paydown + $744 appreciation (1.8% local appreciation)).
• Clay County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $41,905

Questions for the listing agent

1. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 2.53% ✓
• Cap rate: 20.88%
• Cash-on-cash: 52.08%
• DSCR: 3.32
• GRM: 3.3

CMA / ARV

• ARV (median comp): $150,000
• List price: $41,905
• Delta: -72.06%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 2nd Ave SW	0.23mi	4/1.5 (+1)	1,284 (+2%)	3mo	$150,000	$117	77
201 1st St NW	0.05mi	3/1.5	1,320 (+5%)	19mo	$132,500	$100	73
118 3rd Ave NW	0.03mi	2/1.0 (-1)	1,285 (+2%)	18mo	$70,000	$54	71
316 Hwy 71	0.25mi	3/2.0	1,368 (+8%)	18mo	$270,000	$197	59
118 5th Ave SW	0.20mi	4/2.0 (+1)	1,080 (-14%)	6mo	$152,500	$141	56
208 Hwy Ave SW	0.38mi	3/2.0	1,136 (-10%)	22mo	$178,500	$157	48

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

Projected returns pro-forma

1.77% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 55.8%
• Equity multiple: 3.97×
• Total profit: $34,872
• Equity at exit: $16,020

10-year hold

• IRR: 56.5%
• Equity multiple: 8.01×
• Total profit: $82,216
• Equity at exit: $22,686

Cash invested: $11,733 (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 51340

• Home prices YoY: 1.6%
• Active inventory: 2
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,062 medium
• Mortgage (P&I): −$220
• Tax from tax record: −$92 /mo · $1,108/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $509

Break-even live

Break-even rent $417

Max offer price $41,905

Occupancy floor 47%

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: $10,476
• Closing costs: $1,257
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-18
   status Active 79-char remark
2. 2026-05-13
   status Pending 79-char remark
3. 2026-05-05
   listed $41,905 Active 79-char remark
4. 2026-04-07
   listed $49,300 Active
5. 2026-03-25
   status Active
6. 2026-01-13
   status Pending
7. 2026-01-07
   listed $58,000 Active
8. 2025-12-30
   listed $64,000 Active
9. 2025-11-14
   listed $80,000 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: $1,108 · $92/mo
• Projected year-2 tax: $1,108 · $92/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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,741
• − Mortgage interest: −$2,347
• − Property taxes: −$1,108
• − Insurance: −$210
• − Repairs & maintenance: −$1,019
• − Management: −$1,019
• − Depreciation: −$1,219
• Taxable income: $5,819
• Est. tax owed @ 24.0%: −$1,397
• After-tax cash flow: $4,715/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: Okoboji Community School District
• NCES district ID: 1900021
• Math proficiency: 78% ▲ 8.00%
• Reading proficiency: 80% ▲ 6.00%
• Median HH income: $50,522
• Composite: 66.88/100
• National rank: #403
• State rank: #40 of 289 in IA

Livability — Fostoria

• Score: 68/100
• State rank: #420
• US rank: #9074

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fostoria, IA
• City population: 80
• Population (ZIP): 80

Population outlook (Clay County) Hauer SSP2

• Today (2025): 16,277 people
• By 2030: 16,073 · -1.3%
• By 2040: 15,638 · -3.9%
• By 2050: 15,315 · -5.9%
• By 2075: 15,026 · -7.7%
• By 2100: 14,638 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Black 2%
• Common ancestry: Portuguese 14% Iranian 5% English 2%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+43.2) · D 27.8% · R 71.0% · Other 1.2%
• 2008→2024 swing: -38.1pp toward R · 2008: -5.1pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.7 2016: R+42.4 2012: R+18.7 2008: R+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.77%
• Current HPI: 115.582
• 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

-47.6% since first listed

10 events — show timeline

• 2026-05-20 Pending — NWIA
• 2026-05-18 Relisted — NWIA
• 2026-05-13 Pending — NWIA
• 2026-05-05 Listed $41,905 NWIA
• 2026-04-07 Listed $49,300 NWIA
• 2026-03-25 Relisted — NWIA
• 2026-01-13 Pending — NWIA
• 2026-01-07 Listed $58,000 NWIA
• 2025-12-30 Listed $64,000 NWIA
• 2025-11-14 Listed $80,000 NWIA

Property tax history

+4.1%/yr

Latest (2025): $1,108 · +14.9% YoY. Source: county tax records.