502 State St · Ackley, IA 50601

$24,000

3 bd · 1.0 ba · 1,578 sqft · SingleFamily public records · 143 Days on market

Built 1885 3,400 sqft lot $15/sqft · 79% below area ↓ 16% 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
• Appreciation +6.4/10.0
• Schools +5.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Foreclosure. Great upside potential.

Key facts

• 3,400 sq ft lot
• Garage
• Built 1885

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $24k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($989 rent vs $24k).
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#377 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Agwsr Community School District (rural): math 60% / reading 69% proficiency, ranked #198 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 6 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $845 of equity ($166 loan paydown + $679 appreciation (2.8% local appreciation)).
• Hardin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $21,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 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 1885 — 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. 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: 4.12% ✓
• Cap rate: 36.89%
• Cash-on-cash: 109.29%
• DSCR: 5.86
• GRM: 2.0

CMA / ARV

• ARV (median comp): $113,756
• List price: $24,000
• Delta: -78.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1111 2nd Ave	0.34mi	4/2.0 (+1)	1,636 (+4%)	1mo	$179,900	$110	68
422 Cerro Gordo St St	0.17mi	4/1.0 (+1)	1,744 (+10%)	2mo	$35,000	$20	68
910 2nd Ave Ave	0.13mi	4/1.0 (+1)	1,420 (-10%)	6mo	$20,000	$14	67
600 5th Ave Ave	0.25mi	3/1.0	1,628 (+3%)	21mo	$104,900	$64	65
918 Main St	0.20mi	3/1.5	1,760 (+12%)	6mo	$95,000	$54	65
606 4th Ave Ave	0.19mi	2/2.0 (-1)	1,786 (+13%)	4mo	$117,000	$66	57
1108 3rd Ave	0.29mi	3/2.0	1,493 (-5%)	22mo	$105,000	$70	55
609 5th Ave	0.22mi	2/3.0 (-1)	1,440 (-9%)	14mo	$94,000	$65	51
408 Blackhawk St	0.39mi	4/2.0 (+1)	1,365 (-14%)	23mo	$165,000	$121	31

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

Projected returns pro-forma

2.83% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.20×
• Total profit: $41,670
• Equity at exit: $10,560

10-year hold

• IRR: —
• Equity multiple: 14.99×
• Total profit: $94,012
• Equity at exit: $16,097

Cash invested: $6,720 (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 50601

• Home prices YoY: 1.9%
• Active inventory: 29
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $989 medium
• Mortgage (P&I): −$126
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $612

Break-even live

Break-even rent $215

Max offer price $24,000

Occupancy floor 33%

Sensitivity live

Price	-10% $626	-5% $619	+0% $612	+5% $605	+10% $598
Rent	-10% $534	-5% $573	+0% $612	+5% $651	+10% $690
Rate	-1.0pp $624	-0.5pp $618	base $612	+0.5pp $606	+1.0pp $599

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: $6,000
• Closing costs: $720
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $24,000 Active 143 DOM
2. 2026-06-18
   days on market $24,000 Active 141 DOM
3. 2026-06-17
   days on market $24,000 Active 140 DOM
4. 2026-06-16
   days on market $24,000 Active 139 DOM
5. 2026-06-15
   days on market $24,000 Active 138 DOM
6. 2026-06-13
   days on market $24,000 Active 136 DOM
7. 2026-06-12
   pricedays on market $24,000 Active 135 DOM
8. 2026-06-09
   days on market $25,500 Active 132 DOM
9. 2026-06-08
   days on market $25,500 Active 131 DOM
10. 2026-06-07
    days on market $25,500 Active 130 DOM
11. 2026-06-07
    days on market $25,500 Active 129 DOM
12. 2026-06-04
    days on market $25,500 Active 126 DOM
13. 2026-06-02
    days on market $25,500 Active 125 DOM
14. 2026-06-01
    days on market $25,500 Active 124 DOM
15. 2026-05-31
    days on market $25,500 Active 123 DOM
16. 2026-05-31
    days on market $25,500 Active 122 DOM
17. 2026-05-11
    price $25,500 36-char remark

    Show marketing remark (91 chars)

    Two Story home to make your own. Three bedroom one bath on a corner lot. One stall garage.

18. 2026-05-11
    price $25,500 91-char remark

    Show marketing remark (91 chars)

    Two Story home to make your own. Three bedroom one bath on a corner lot. One stall garage.

19. 2026-04-03
    price $27,000 91-char remark

    Show marketing remark (36 chars)

    Foreclosure. Great upside potential.

20. 2026-04-03
    price $27,000 36-char remark

    Show marketing remark (36 chars)

    Foreclosure. Great upside potential.

21. 2026-03-04
    price $28,500 36-char remark

    Show marketing remark (91 chars)

    Two Story home to make your own. Three bedroom one bath on a corner lot. One stall garage.

22. 2026-03-04
    price $28,500 91-char remark

    Show marketing remark (91 chars)

    Two Story home to make your own. Three bedroom one bath on a corner lot. One stall garage.

23. 2026-01-28
    listed $30,000 Active 36-char remark

    Show marketing remark (91 chars)

    Two Story home to make your own. Three bedroom one bath on a corner lot. One stall garage.

24. 2026-01-28
    listed $30,000 Active 91-char remark

    Show marketing remark (91 chars)

    Two Story home to make your own. Three bedroom one bath on a corner lot. One stall garage.

25. 2023-03-08
    soldstatus $30,500

ⓘ 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: $404 · $34/mo
• Projected year-2 tax: $404 · $34/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $11,871
• − Mortgage interest: −$1,344
• − Property taxes: −$404
• − Insurance: −$120
• − Repairs & maintenance: −$950
• − Management: −$950
• − Depreciation: −$698
• Taxable income: $7,405
• Est. tax owed @ 24.0%: −$1,777
• After-tax cash flow: $5,567/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: Agwsr Community School District
• NCES district ID: 1903060
• Math proficiency: 60% ▼ -9.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $51,863
• Composite: 54.95/100
• National rank: #1304
• State rank: #198 of 289 in IA

Livability — Ackley

• Score: 70/100
• State rank: #377
• US rank: #7968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ackley, IA
• Population (ZIP): 2,377

Population outlook (Hardin County) Hauer SSP2

• Today (2025): 17,474 people
• By 2030: 17,369 · -0.6%
• By 2040: 17,018 · -2.6%
• By 2050: 16,454 · -5.8%
• By 2075: 14,665 · -16.1%
• By 2100: 12,404 · -29.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 8% Two or more races 4%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Iranian 3% Slovak 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Hardin

• 2024 margin: Solid R (+38.4) · D 30.3% · R 68.7% · Other 1.1%
• 2008→2024 swing: -39.3pp toward R · 2008: 0.9pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+32.0 2016: R+29.2 2012: R+7.1 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.83%
• Current HPI: 154.031
• 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

-16.4% since first listed

9 events — show timeline

• 2026-05-11 Price Changed $25,500 IAR
• 2026-05-11 Price Changed $25,500 DMMLS
• 2026-04-03 Price Changed $27,000 DMMLS
• 2026-04-03 Price Changed $27,000 IAR
• 2026-03-04 Price Changed $28,500 IAR
• 2026-03-04 Price Changed $28,500 DMMLS
• 2026-01-28 Listed $30,000 DMMLS
• 2026-01-28 Listed $30,000 IAR
• 2023-03-08 Sold (Public Records) $30,500 Public Records

Property tax history

+0.0%/yr

Latest (2025): $404 · -9.0% YoY. Source: county tax records.