708 Locust St · Atlantic, IA 50022

$124,900

4 bd · 1.5 ba · 2,182 sqft · SingleFamily public records · 254 Days on market

Built 1910 6,970 sqft lot $57/sqft · 15% below area Est $147k · 15% under ↓ 7% 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 +16.3/30.0
• ARV discount +14.4/15.0
• Schools +5.9/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

You'll find timeless charm in this beautiful two-story home with original woodwork and wood floors throughout. The character and craftsmanship will draw you in, then the spacious rooms, including four bedrooms, will provide plenty of space for family and friends. Convenient off-street parking off the alley. Make this beauty yours today!

Key facts

• Off street parking
• Wood floors
• Original woodwork

Tags

• ORIGINAL WOODWORK
• WOOD FLOORS
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $69 ($825/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 $124k (0.3% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 3.0% in Atlantic — 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 74/100 on livability (#243 in IA, #4,704 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime D+, amenities F, commute F.
• Atlantic Community School District (town): math 68% / reading 72% proficiency, ranked #155 of 289 in IA (top 54%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 49 active listings in the ZIP; 14 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 254 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $27k (18%) 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 $109,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
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: 1.00% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.36%
• DSCR: 1.10
• GRM: 8.4

CMA / ARV

• ARV (median comp): $147,441
• List price: $124,900
• Delta: -15.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 Maple St	0.37mi	4/2.0	2,156 (-1%)	3mo	$168,000	$78	77
900 Chestnut St	0.18mi	3/2.0 (-1)	2,037 (-7%)	10mo	$157,000	$77	66
204 E 10th St	0.34mi	3/2.0 (-1)	2,206 (+1%)	12mo	$110,000	$50	65
1402 Chestnut St	0.50mi	4/2.0	2,157 (-1%)	10mo	$190,000	$88	65
1201 Locust St	0.30mi	4/1.5	2,385 (+9%)	9mo	$265,000	$111	63
1006 Locust St	0.20mi	3/1.0 (-1)	1,904 (-13%)	3mo	$60,000	$32	60
1310 Chestnut St	0.45mi	4/2.5	2,116 (-3%)	16mo	$320,000	$151	56
606 W 6th St	0.36mi	3/2.0 (-1)	1,936 (-11%)	6mo	$50,000	$26	52
501 Elm St	0.31mi	3/1.0 (-1)	1,868 (-14%)	4mo	$98,000	$52	51
511 E 5th St	0.57mi	4/1.5	2,424 (+11%)	6mo	$85,000	$35	50
300 E 4th St	0.45mi	4/2.0	2,449 (+12%)	14mo	$44,000	$18	45
1 Ridge Rd	0.61mi	4/3.0	2,407 (+10%)	16mo	$245,000	$102	35

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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-15,808
• Equity at exit: $18,623

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-7,921
• Equity at exit: $10,799

Cash invested: $34,972 (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 50022

• Home prices YoY: -28.8%
• Active inventory: 49
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,245 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$208 /mo · $2,492/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $69

Break-even live

Break-even rent $1,158

Max offer price $124,900

Occupancy floor 89%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $124,900 Active 254 DOM
2. 2026-06-17
   days on market $124,900 Active 253 DOM
3. 2026-06-16
   days on market $124,900 Active 252 DOM
4. 2026-06-15
   days on market $124,900 Active 251 DOM
5. 2026-06-13
   days on market $124,900 Active 249 DOM
6. 2026-06-12
   days on market $124,900 Active 248 DOM
7. 2026-06-09
   days on market $124,900 Active 245 DOM
8. 2026-06-08
   days on market $124,900 Active 244 DOM
9. 2026-06-07
   days on market $124,900 Active 243 DOM
10. 2026-06-07
    days on market $124,900 Active 242 DOM
11. 2026-06-04
    days on market $124,900 Active 239 DOM
12. 2026-06-02
    days on market $124,900 Active 238 DOM
13. 2026-06-01
    days on market $124,900 Active 237 DOM
14. 2026-05-31
    days on market $124,900 Active 236 DOM
15. 2026-05-31
    days on market $124,900 Active 235 DOM
16. 2026-04-01
    price $124,900 338-char remark

    Show marketing remark (338 chars)

    You'll find timeless charm in this beautiful two-story home with original woodwork and wood floors throughout. The character and craftsmanship will draw you in, then the spacious rooms, including four bedrooms, will provide plenty of space for family and friends. Convenient off-street parking off the alley. Make this beauty yours today!

17. 2025-11-19
    price $129,900 338-char remark

    Show marketing remark (338 chars)

    You'll find timeless charm in this beautiful two-story home with original woodwork and wood floors throughout. The character and craftsmanship will draw you in, then the spacious rooms, including four bedrooms, will provide plenty of space for family and friends. Convenient off-street parking off the alley. Make this beauty yours today!

18. 2025-10-22
    price $140,000 338-char remark

    Show marketing remark (338 chars)

    You'll find timeless charm in this beautiful two-story home with original woodwork and wood floors throughout. The character and craftsmanship will draw you in, then the spacious rooms, including four bedrooms, will provide plenty of space for family and friends. Convenient off-street parking off the alley. Make this beauty yours today!

19. 2025-10-07
    listed $152,000 Active 338-char remark

    Show marketing remark (338 chars)

    You'll find timeless charm in this beautiful two-story home with original woodwork and wood floors throughout. The character and craftsmanship will draw you in, then the spacious rooms, including four bedrooms, will provide plenty of space for family and friends. Convenient off-street parking off the alley. Make this beauty yours today!

20. 2020-04-06
    soldstatus $119,000 801-char remark

    Show marketing remark (801 chars)

    Yes, you can have it all in this wonderful two story home--the seller has provided you with so many news that you can enjoy years of free maintenance, a beautiful open stairway, all hardwood floors upstairs and in formal dining room, more hardwood under carpeted living and main floor bedroom. Over 2.000 sq ft, 4 bedrooms and 1 1/4 baths. SO much new in the past 2-3 years including new vinyl siding, all new triple pane windows (30 of them), gas water heater. new hot water heat system, new electric box, new water line to street main, all new sidewalks, central air units for both upstairs and downstairs, vinyl back porch floor and outside vinyl fencing. Lots of extra storage for those extras upstairs. You'll fall in love with this immaculate home as soon as entering! Make an appointment today!

21. 2020-04-06
    soldstatus $119,000 801-char remark

    Show marketing remark (801 chars)

    Yes, you can have it all in this wonderful two story home--the seller has provided you with so many news that you can enjoy years of free maintenance, a beautiful open stairway, all hardwood floors upstairs and in formal dining room, more hardwood under carpeted living and main floor bedroom. Over 2.000 sq ft, 4 bedrooms and 1 1/4 baths. SO much new in the past 2-3 years including new vinyl siding, all new triple pane windows (30 of them), gas water heater. new hot water heat system, new electric box, new water line to street main, all new sidewalks, central air units for both upstairs and downstairs, vinyl back porch floor and outside vinyl fencing. Lots of extra storage for those extras upstairs. You'll fall in love with this immaculate home as soon as entering! Make an appointment today!

22. 2020-04-06
    soldstatus $119,000

    Show marketing remark (801 chars)

    Yes, you can have it all in this wonderful two story home--the seller has provided you with so many news that you can enjoy years of free maintenance, a beautiful open stairway, all hardwood floors upstairs and in formal dining room, more hardwood under carpeted living and main floor bedroom. Over 2.000 sq ft, 4 bedrooms and 1 1/4 baths. SO much new in the past 2-3 years including new vinyl siding, all new triple pane windows (30 of them), gas water heater. new hot water heat system, new electric box, new water line to street main, all new sidewalks, central air units for both upstairs and downstairs, vinyl back porch floor and outside vinyl fencing. Lots of extra storage for those extras upstairs. You'll fall in love with this immaculate home as soon as entering! Make an appointment today!

23. 2020-04-06
    soldstatus $119,000

    Show marketing remark (801 chars)

    Yes, you can have it all in this wonderful two story home--the seller has provided you with so many news that you can enjoy years of free maintenance, a beautiful open stairway, all hardwood floors upstairs and in formal dining room, more hardwood under carpeted living and main floor bedroom. Over 2.000 sq ft, 4 bedrooms and 1 1/4 baths. SO much new in the past 2-3 years including new vinyl siding, all new triple pane windows (30 of them), gas water heater. new hot water heat system, new electric box, new water line to street main, all new sidewalks, central air units for both upstairs and downstairs, vinyl back porch floor and outside vinyl fencing. Lots of extra storage for those extras upstairs. You'll fall in love with this immaculate home as soon as entering! Make an appointment today!

24. 2020-03-04
    listed $139,000
25. 2019-05-16
    listed $134,000 801-char remark

    Show marketing remark (801 chars)

    Yes, you can have it all in this wonderful two story home--the seller has provided you with so many news that you can enjoy years of free maintenance, a beautiful open stairway, all hardwood floors upstairs and in formal dining room, more hardwood under carpeted living and main floor bedroom. Over 2.000 sq ft, 4 bedrooms and 1 1/4 baths. SO much new in the past 2-3 years including new vinyl siding, all new triple pane windows (30 of them), gas water heater. new hot water heat system, new electric box, new water line to street main, all new sidewalks, central air units for both upstairs and downstairs, vinyl back porch floor and outside vinyl fencing. Lots of extra storage for those extras upstairs. You'll fall in love with this immaculate home as soon as entering! Make an appointment today!

26. 2019-05-16
    listed $134,000 801-char remark

    Show marketing remark (801 chars)

    Yes, you can have it all in this wonderful two story home--the seller has provided you with so many news that you can enjoy years of free maintenance, a beautiful open stairway, all hardwood floors upstairs and in formal dining room, more hardwood under carpeted living and main floor bedroom. Over 2.000 sq ft, 4 bedrooms and 1 1/4 baths. SO much new in the past 2-3 years including new vinyl siding, all new triple pane windows (30 of them), gas water heater. new hot water heat system, new electric box, new water line to street main, all new sidewalks, central air units for both upstairs and downstairs, vinyl back porch floor and outside vinyl fencing. Lots of extra storage for those extras upstairs. You'll fall in love with this immaculate home as soon as entering! Make an appointment today!

ⓘ 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: $2,492 · $208/mo
• Projected year-2 tax: $2,492 · $208/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $14,939
• − Mortgage interest: −$6,996
• − Property taxes: −$2,492
• − Insurance: −$624
• − Repairs & maintenance: −$1,195
• − Management: −$1,195
• − Depreciation: −$3,633
• Taxable loss: −$1,198
• Est. tax savings @ 24.0%: +$287
• After-tax cash flow: $1,113/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: Atlantic Community School District
• NCES district ID: 1903930
• Math proficiency: 68% ▬ 0.00%
• Reading proficiency: 72% ▲ 6.00%
• Median HH income: $41,877
• Composite: 58.58/100
• National rank: #987
• State rank: #155 of 289 in IA

Livability — Atlantic

• Score: 74/100
• State rank: #243
• US rank: #4704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlantic, IA
• City population: 8,472
• Population (ZIP): 8,472

Population outlook (Cass County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 11,911 · -4.3%
• By 2040: 10,904 · -12.4%
• By 2050: 10,005 · -19.7%
• By 2075: 8,030 · -35.5%
• By 2100: 5,865 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 1% Black 1%
• Common ancestry: Iranian 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+40.7) · D 28.9% · R 69.6% · Other 1.5%
• 2008→2024 swing: -29.9pp toward R · 2008: -10.8pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+38.0 2016: R+39.8 2012: R+18.9 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.62%
• Current HPI: 162.2127
• 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

-6.8% since first listed

11 events — show timeline

• 2026-04-01 Price Changed $124,900 IAR
• 2025-11-19 Price Changed $129,900 IAR
• 2025-10-22 Price Changed $140,000 IAR
• 2025-10-07 Listed $152,000 IAR
• 2020-04-06 Sold (Public Records) $119,000 Public Records
• 2020-04-06 Sold (MLS) $119,000 SWIAR
• 2020-04-06 Sold (MLS) $119,000 NORTHSTARMLS as Distributed by MLS Grid
• 2020-04-06 Sold (MLS) $119,000 IAR
• 2020-03-04 Listed $139,000 SWIAR
• 2019-05-16 Listed $134,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-05-16 Listed $134,000 IAR

Property tax history

+6.3%/yr

Latest (2025): $2,492 · -8.1% YoY. Source: county tax records.