513 SW 4th St · Independence, IA 50644

$99,000

4 bd · 2.0 ba · 1,740 sqft · SingleFamily public records · 94 Days on market

Built 1890 6,534 sqft lot $57/sqft · 40% below area Est $165k · 40% under

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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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Schools +6.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Almost $25,000 less than assessed value! Welcome home to this charming 2-story property, offering over 1,700 square feet of comfortable living space! Nestled on a desirable corner lot, this 4-bedroom home features a functional layout with a first-floor laundry and a spacious mudroom for added convenience. The main floor includes a formal dining room, perfect for family dinners or entertaining guests. Outside, the fenced-in yard provides a private retreat, complete with a storage shed for all your tools and outdoor gear. The home also boasts a brand-new roof, ensuring peace of mind for years to come. With its inviting spaces and thoughtful updates, this home is move-in ready and waiting for you to make it your own, or ready to be a rental! Most recently, it was rented for $850.00/month. Don’t miss the chance to own this home—schedule your showing today! Home is being sold As-Is

Key facts

• Spacious mudroom
• Storage shed
• Brand-new roof

Tags

• CORNER LOT
• FIRST-FLOOR LAUNDRY
• SPACIOUS MUDROOM
• FENCED-IN YARD
• STORAGE SHED
• BRAND-NEW ROOF

🏷️ Possibly a rental listed for sale. The $99,000 price doesn't fit this home's estimated sale value (~$165,235) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 3.6% in Independence — 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 76/100 on livability (#198 in IA, #3,628 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Independence Community School District (rural): math 73% / reading 74% proficiency, ranked #86 of 289 in IA (top 30%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 61 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 19 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Buchanan County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago 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.
• Current owner paid $35k; list at $99k implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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 A-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: 1.26% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• GRM: 6.6

CMA / ARV

• ARV (median comp): $165,235
• List price: $99,000
• Delta: -40.09%
• 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
510 SW 6th Ave	0.06mi	3/1.5 (-1)	1,727 (-1%)	1mo	$208,500	$121	88
505 SW 5th Ave	0.06mi	4/1.5	1,883 (+8%)	0mo	$125,000	$66	81
714 SW 4th Ave	0.24mi	4/1.0	1,680 (-3%)	1mo	$128,000	$76	78
601 NW 6th Ave	0.53mi	3/1.5 (-1)	1,787 (+3%)	3mo	$225,000	$126	62
810 3rd Ave. S.w. Ave	0.33mi	3/2.0 (-1)	1,950 (+12%)	7mo	$270,000	$138	54
201 SE 4th St	0.35mi	3/1.0 (-1)	1,516 (-13%)	0mo	$160,000	$106	53
311 11th Ave. N.w. Ave	0.50mi	3/2.0 (-1)	1,875 (+8%)	10mo	$210,500	$112	50
811 SW 9th Ave	0.34mi	3/1.5 (-1)	1,960 (+13%)	9mo	$199,000	$102	49
800 NE Nelson Ave	0.73mi	3/1.0 (-1)	1,655 (-5%)	2mo	$60,000	$36	47
1212 3rd St St NW	0.55mi	4/2.0	1,962 (+13%)	10mo	$204,900	$104	45
401 O'brien Ct	0.60mi	3/1.0 (-1)	1,896 (+9%)	5mo	$175,000	$92	44
414 6th Ave. N.w. Ave	0.44mi	3/1.0 (-1)	1,488 (-14%)	4mo	$86,500	$58	43

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: 5.5%
• Equity multiple: 1.21×
• Total profit: $5,898
• Equity at exit: $14,761

10-year hold

• IRR: 14.9%
• Equity multiple: 2.20×
• Total profit: $33,369
• Equity at exit: $8,560

Cash invested: $27,720 (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 50644

• Home prices YoY: -24.3%
• Active inventory: 61
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,250 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$82 /mo · $990/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $345

Break-even live

Break-even rent $814

Max offer price $99,000

Occupancy floor 67%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 8th Ave SW Independence, IA	3.0	1.5	1421	$1,250	$0.88	43d	1	0.19mi

Listing history 22 events

1. 2026-06-18
   days on market $99,000 Active 94 DOM
2. 2026-06-17
   days on market $99,000 Active 93 DOM
3. 2026-06-16
   days on market $99,000 Active 92 DOM
4. 2026-06-15
   days on market $99,000 Active 91 DOM
5. 2026-06-13
   days on market $99,000 Active 89 DOM
6. 2026-06-12
   days on market $99,000 Active 88 DOM
7. 2026-06-09
   days on market $99,000 Active 85 DOM
8. 2026-06-08
   days on market $99,000 Active 84 DOM
9. 2026-06-07
   days on market $99,000 Active 83 DOM
10. 2026-06-07
    days on market $99,000 Active 82 DOM
11. 2026-06-04
    days on market $99,000 Active 79 DOM
12. 2026-06-02
    days on market $99,000 Active 78 DOM
13. 2026-06-01
    days on market $99,000 Active 77 DOM
14. 2026-05-31
    days on market $99,000 Active 76 DOM
15. 2026-05-31
    days on market $99,000 Active 75 DOM
16. 2026-03-16
    listed $99,000 Active 902-char remark

    Show marketing remark (902 chars)

    Almost $25,000 less than assessed value! Welcome home to this charming 2-story property, offering over 1,700 square feet of comfortable living space! Nestled on a desirable corner lot, this 4-bedroom home features a functional layout with a first-floor laundry and a spacious mudroom for added convenience. The main floor includes a formal dining room, perfect for family dinners or entertaining guests. Outside, the fenced-in yard provides a private retreat, complete with a storage shed for all your tools and outdoor gear. The home also boasts a brand-new roof, ensuring peace of mind for years to come. With its inviting spaces and thoughtful updates, this home is move-in ready and waiting for you to make it your own, or ready to be a rental! Most recently, it was rented for $850.00/month. Don’t miss the chance to own this home—schedule your showing today! Home is being sold As-Is

17. 2025-03-20
    price $119,000
18. 2025-02-12
    price $139,000
19. 2025-01-27
    price $144,200
20. 2024-04-25
    soldstatus $35,000 Closed
21. 2024-04-16
    status Pending
22. 2024-02-15
    listed $49,900 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: $990 · $82/mo
• Projected year-2 tax: $1,272 · $106/mo
• Expected delta: +$282/yr (+$24/mo · 28.5%)

ⓘ 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 ≥101°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: $15,000
• − Mortgage interest: −$5,546
• − Property taxes: −$990
• − Insurance: −$495
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$2,880
• Taxable income: $2,689
• Est. tax owed @ 24.0%: −$645
• After-tax cash flow: $3,490/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: Independence Community School District
• NCES district ID: 1914580
• Math proficiency: 73% ▼ -3.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $54,269
• Composite: 62.68/100
• National rank: #674
• State rank: #86 of 289 in IA

Livability — Independence

• Score: 76/100
• State rank: #198
• US rank: #3628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, IA
• City population: 8,475
• Population (ZIP): 8,475

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 20,892 people
• By 2030: 20,578 · -1.5%
• By 2040: 19,906 · -4.7%
• By 2050: 19,024 · -8.9%
• By 2075: 16,289 · -22.0%
• By 2100: 12,561 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Portuguese 5% Iranian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.2) · D 35.1% · R 63.4% · Other 1.5%
• 2008→2024 swing: -46.7pp toward R · 2008: 18.5pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.9 2016: R+15.2 2012: D+13.9 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.31%
• Current HPI: 190.6265
• 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

+98.4% since first listed

7 events — show timeline

• 2026-03-16 Listed $99,000 NEIRBR as distributed by MLS GRID
• 2025-03-20 Price Changed $119,000 NEIRBR as distributed by MLS GRID
• 2025-02-12 Price Changed $139,000 NEIRBR as distributed by MLS GRID
• 2025-01-27 Price Changed $144,200 NEIRBR as distributed by MLS GRID
• 2024-04-25 Sold (MLS) $35,000 NEIRBR as distributed by MLS GRID
• 2024-04-16 Pending — NEIRBR as distributed by MLS GRID
• 2024-02-15 Listed $49,900 NEIRBR as distributed by MLS GRID

Property tax history

-1.5%/yr

Latest (2025): $990 · -40.9% YoY. Source: county tax records.