1400 22nd St Unit #6 St · Boone, IA 50036

$99,200

2 bd · 1.0 ba · 798 sqft · Condo public records · 24 Days on market

Built 1967 $95/mo HOA · 10% of rent ↓ 4% since listing

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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).

• Cash flow +11.7/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• DSCR +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Easy to maintain. Low HOA dues. Efficient, with low heat and cooling costs. Move-in condition. Freshly painted interior. New flooring throughout. New kitchen appliances. Stacked washer/dryer. 2 bed-1bath. Patio overlooking the green space. 2 designated parking spaces

Key facts

• New flooring
• Stacked washer dryer
• $95 HOA

Tags

• FRESHLY PAINTED INTERIOR
• NEW FLOORING
• NEW KITCHEN APPLIANCES
• STACKED WASHER DRYER
• PATIO OVERLOOKING GREEN SPACE
• DESIGNATED PARKING SPACES

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee of $95; HOA covers trash, snow removal, structure maintenance and grounds maintenance

Exterior

• Utilities: Public water; Public sewer
• Home design: Condominium; One story
• Construction: Wood siding, aluminum siding and brick exterior; Slab foundation
• Exterior features: Patio; Level lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Master on main level
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Ceiling fans; Master bedroom on main level; Window treatments; Gas fireplace; Partial basement
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $99k.

Deal economics

• At list price, monthly cash flow is $-30 ($-355/yr) — negative.
• To cash-flow at today's rent, offer at most $94k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (3.0% below list).
• Recommended offer: $94k (5.3% below list) — sets the bar for cash-flow.
• Cap rate 5.9% vs local median 3.7% in Boone — 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 79/100 on livability (#112 in IA, #2,144 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Boone Community School District (town): math 57% / reading 66% proficiency, ranked #232 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Franklin Elementary School (math 75% / reading 69%, grade A-, #181 of 616 statewide, top 34%, 357 students, 41% FRL); Boone Middle School (math 48% / reading 63%, grade B-, #199 of 246 statewide, top 81%, 582 students, 39% FRL); Boone High School (math 60% / reading 69%, grade B-, #211 of 336 statewide, top 70%, 711 students, 36% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 216 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 80 units permitted in Boone County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $686 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Recommended offer $93,967 (5.3% 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. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• GRM: 8.6

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: -18.3%
• Equity multiple: 0.36×
• Total profit: $-17,883
• Equity at exit: $14,791

10-year hold

• IRR: -10.4%
• Equity multiple: 0.36×
• Total profit: $-17,683
• Equity at exit: $8,577

Cash invested: $27,776 (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 50036

• Home prices YoY: -27.1%
• Active inventory: 216
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $962 high
• Mortgage (P&I): −$520
• Tax from tax record: −$133 /mo · $1,598/yr
• Insurance: −$41
• HOA: −$95
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $-30

Break-even live

Break-even rent $1,000

Max offer price $93,967

Occupancy floor 98%

Sensitivity live

Price	-10% $27	-5% $-2	+0% $-30	+5% $-58	+10% $-86
Rent	-10% $-106	-5% $-68	+0% $-30	+5% $8	+10% $46
Rate	-1.0pp $20	-0.5pp $-4	base $-30	+0.5pp $-55	+1.0pp $-81

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: $24,800
• Closing costs: $2,976
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2160 Cedar St Boone, IA	3.0	1.0	1008	$1,045	$1.04	46d	2	0.05mi
1202 8th St Unit 3 Boone, IA	2.0	1.0	620	$825	$1.33	45d	1	1.01mi
1104 8th St Boone, IA	1.0	1.0	600	$647	$1.08	15d	3	1.03mi
724 7th St Unit 2 Boone, IA	2.0	1.0	700	$825	$1.18	45d	1	1.20mi
610 Greene St Unit 1 Boone, IA	1.0	1.0	580	$775	$1.34	45d	1	1.24mi
608 Greene St Unit 735-5 Boone, IA	1.0	1.5	580	$775	$1.34	45d	1	1.24mi

HOA detail condo

• Monthly dues: $95 · $1,140/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $99,200 Active 24 DOM
2. 2026-06-21
   days on market $99,200 Active 23 DOM
3. 2026-06-18
   days on market $99,200 Active 21 DOM
4. 2026-06-17
   days on market $99,200 Active 20 DOM
5. 2026-06-16
   days on market $99,200 Active 19 DOM
6. 2026-06-15
   days on market $99,200 Active 18 DOM
7. 2026-06-13
   days on market $99,200 Active 16 DOM
8. 2026-06-12
   days on market $99,200 Active 15 DOM
9. 2026-06-09
   days on market $99,200 Active 12 DOM
10. 2026-06-08
    days on market $99,200 Active 11 DOM
11. 2026-06-07
    days on market $99,200 Active 10 DOM
12. 2026-06-05
    days on market $99,200 Active 8 DOM
13. 2026-06-04
    days on market $99,200 Active 6 DOM
14. 2026-06-02
    days on market $99,200 Active 5 DOM
15. 2026-06-01
    days on market $99,200 Active 4 DOM
16. 2026-05-31
    days on market $99,200 Active 3 DOM
17. 2026-05-31
    days on market $99,200 Active 2 DOM
18. 2026-05-28
    listed $99,200 Active
19. 2026-05-28
    listed $99,200 Active
20. 2026-04-27
    historical
21. 2026-03-25
    price $98,970
22. 2026-03-25
    price $98,970
23. 2026-03-04
    price $99,970
24. 2026-03-04
    price $99,970
25. 2026-01-05
    listed $102,900 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: $1,598 · $133/mo
• Projected year-2 tax: $1,598 · $133/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 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: $11,546
• − Mortgage interest: −$5,557
• − Property taxes: −$1,598
• − Insurance: −$496
• − Repairs & maintenance: −$924
• − Management: −$924
• − HOA: −$1,140
• − Depreciation: −$2,886
• Taxable loss: −$1,978
• Est. tax savings @ 24.0%: +$475
• After-tax cash flow: $119/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: Boone Community School District
• NCES district ID: 1905130
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $48,703
• Composite: 52.16/100
• National rank: #1613
• State rank: #232 of 289 in IA

Livability — Boone

• Score: 79/100
• State rank: #112
• US rank: #2144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boone, IA
• Population (ZIP): 16,318

Population outlook (Boone County) Hauer SSP2

• Today (2025): 27,674 people
• By 2030: 28,058 · +1.4%
• By 2040: 28,474 · +2.9%
• By 2050: 28,383 · +2.6%
• By 2075: 27,647 · -0.1%
• By 2100: 25,485 · -7.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Iranian 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Boone

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 7.6pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+15.6 2016: R+13.9 2012: D+6.4 2008: D+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.62%
• Current HPI: 216.6814
• 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

-3.6% since first listed

8 events — show timeline

• 2026-05-28 Listed $99,200 CIBOR
• 2026-05-28 Listed $99,200 DMMLS
• 2026-04-27 Listing Removed — DMMLS
• 2026-03-25 Price Changed $98,970 DMMLS
• 2026-03-25 Price Changed $98,970 CIBOR
• 2026-03-04 Price Changed $99,970 DMMLS
• 2026-03-04 Price Changed $99,970 CIBOR
• 2026-01-05 Listed $102,900 DMMLS

Property tax history

+4.4%/yr

Latest (2025): $1,598 · +3.9% YoY. Source: county tax records.