1101 Locust St · Atlantic, IA 50022

$170,000

6 bd · 2.0 ba · 2,182 sqft · SingleFamily public records · 186 Days on market

Built 1890 0.34 ac lot $78/sqft · 20% below area Est $189k · 10% under

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Why this score? — see what drove the D 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).

• ARV discount +12.1/15.0
• Cash flow +10.1/30.0
• Schools +5.9/10.0
• Livability +3.7/5.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don’t miss this rare opportunity to own a spacious 6-bedroom home on a large corner lot in Atlantic! Inside, you’ll find a warm and inviting living room and formal dining area featuring original woodwork and charming built-ins. The updated eat-in kitchen offers plenty of space to gather and entertain family or guests. Two spacious bedrooms and a freshly renovated bathroom complete the main level. Head upstairs to find the four additional bedrooms and another beautifully updated bathroom. Outside, enjoy the expansive yard, perfect for playing games, starting a garden, or unwinding after a long day. Schedule your showing today—this one won’t last!

Key facts

• Expansive yard
• Updated kitchen
• Original woodwork

Tags

• CORNER LOT
• ORIGINAL WOODWORK
• BUILT-INS
• UPDATED KITCHEN
• EXPANSIVE YARD

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (25.5% below list).
• Recommended offer: $127k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: 51 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 $1k of loan paydown is wiped out by about $5k 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 186 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask is 13% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,618 (25.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.74% ✗
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• GRM: 11.2

CMA / ARV

• ARV (median comp): $189,481
• List price: $170,000
• Delta: -10.28%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.5%
• Equity multiple: 0.29×
• Total profit: $-33,915
• Equity at exit: $25,348

10-year hold

• IRR: -13.7%
• Equity multiple: 0.21×
• Total profit: $-37,806
• Equity at exit: $14,698

Cash invested: $47,600 (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: 51
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,266 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$138 /mo · $1,650/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $-100

Break-even live

Break-even rent $1,392

Max offer price $152,414

Occupancy floor —

Sensitivity live

Price	-10% $-3	-5% $-51	+0% $-100	+5% $-148	+10% $-196
Rent	-10% $-200	-5% $-150	+0% $-100	+5% $-50	+10% $0
Rate	-1.0pp $-14	-0.5pp $-56	base $-100	+0.5pp $-144	+1.0pp $-188

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-03
   status Pending 677-char remark

   Show marketing remark (677 chars)

   Don’t miss this rare opportunity to own a spacious 6-bedroom home on a large corner lot in Atlantic! Inside, you’ll find a warm and inviting living room and formal dining area featuring original woodwork and charming built-ins. The updated eat-in kitchen offers plenty of space to gather and entertain family or guests. Two spacious bedrooms and a freshly renovated bathroom complete the main level. Head upstairs to find the four additional bedrooms and another beautifully updated bathroom. Outside, enjoy the expansive yard, perfect for playing games, starting a garden, or unwinding after a long day. Schedule your showing today—this one won’t last!

2. 2026-04-30
   status Active 677-char remark

   Show marketing remark (677 chars)

   Don’t miss this rare opportunity to own a spacious 6-bedroom home on a large corner lot in Atlantic! Inside, you’ll find a warm and inviting living room and formal dining area featuring original woodwork and charming built-ins. The updated eat-in kitchen offers plenty of space to gather and entertain family or guests. Two spacious bedrooms and a freshly renovated bathroom complete the main level. Head upstairs to find the four additional bedrooms and another beautifully updated bathroom. Outside, enjoy the expansive yard, perfect for playing games, starting a garden, or unwinding after a long day. Schedule your showing today—this one won’t last!

3. 2026-04-27
   price $170,000 677-char remark

   Show marketing remark (677 chars)

   Don’t miss this rare opportunity to own a spacious 6-bedroom home on a large corner lot in Atlantic! Inside, you’ll find a warm and inviting living room and formal dining area featuring original woodwork and charming built-ins. The updated eat-in kitchen offers plenty of space to gather and entertain family or guests. Two spacious bedrooms and a freshly renovated bathroom complete the main level. Head upstairs to find the four additional bedrooms and another beautifully updated bathroom. Outside, enjoy the expansive yard, perfect for playing games, starting a garden, or unwinding after a long day. Schedule your showing today—this one won’t last!

4. 2025-10-29
   listed $150,000 Active 677-char remark

   Show marketing remark (677 chars)

   Don’t miss this rare opportunity to own a spacious 6-bedroom home on a large corner lot in Atlantic! Inside, you’ll find a warm and inviting living room and formal dining area featuring original woodwork and charming built-ins. The updated eat-in kitchen offers plenty of space to gather and entertain family or guests. Two spacious bedrooms and a freshly renovated bathroom complete the main level. Head upstairs to find the four additional bedrooms and another beautifully updated bathroom. Outside, enjoy the expansive yard, perfect for playing games, starting a garden, or unwinding after a long day. Schedule your showing today—this one won’t last!

5. 2012-03-07
   historical
6. 2011-08-31
   listed $79,900

ⓘ 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: $1,650 · $138/mo
• Projected year-2 tax: $2,160 · $180/mo
• Expected delta: +$510/yr (+$42/mo · 30.9%)

ⓘ 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 ≥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: $15,194
• − Mortgage interest: −$9,523
• − Property taxes: −$1,650
• − Insurance: −$850
• − Repairs & maintenance: −$1,216
• − Management: −$1,216
• − Depreciation: −$4,945
• Taxable loss: −$4,205
• Est. tax savings @ 24.0%: +$1,009
• After-tax cash flow: $-185/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

+112.8% since first listed

6 events — show timeline

• 2026-05-03 Pending — IAR
• 2026-04-30 Relisted — IAR
• 2026-04-27 Price Changed $170,000 IAR
• 2025-10-29 Listed $150,000 IAR
• 2012-03-07 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-08-31 Listed $79,900 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2025): $1,650 · -1.1% YoY. Source: county tax records.