604 Frankfort Avenue Ave NE · Orange City, IA 51041

$224,000

4 bd · 2.5 ba · 1,325 sqft · SingleFamily public records · 36 Days on market

Built 1970 0.27 ac lot $169/sqft · 64% above area Est $271k · 17% under ↓ 10% 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).

• ARV discount +15.0/15.0
• Schools +7.2/10.0
• Cash flow +6.8/30.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Step into this affordable starter home with 4 bedrooms and 3 bathrooms. There are 2 bedrooms in the lower level with the addition of egress windows for 6 possible bedrooms. This 70's home has great bones and a functional layout. Features of the home include tons of shelving and storage throughout, built in desks in several bedrooms, and 2 full bathrooms located on the upper level by bedrooms. The exterior was professionally painted 2021, front deck/porch/steps and railing stained 2021, roof replaced approximately 8 years ago. This home is an excellent opportunity for buyers looking to add value through cosmetic improvements and updates. Check out this rare addition to the market in a price

Key facts

• Built in desks
• Tons of shelving
• Egress windows

Tags

• EGRESS WINDOWS
• TONS OF SHELVING
• BUILT IN DESKS
• PROFESSIONALLY PAINTED
• FRONT DECK PORCH STEPS
• ROOF REPLACED

Property features AI

Exterior

• Parking: Attached concrete 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Wood siding construction
• Exterior features: Shingle roof; Wood siding; 0.27-acre lot; Residential zoning

Interior

• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: Water softener; Partially finished basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $224k.

Deal economics

• At list price, monthly cash flow is $-350 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (27.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $143k (36.3% below list).
• Recommended offer: $143k (36.3% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 2.1% in Orange City — 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 88/100 on livability (#9 in IA, #216 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• Moc-Floyd Valley Community School District (town): math 83% / reading 86% proficiency, ranked #12 of 289 in IA (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Moc-Floyd Valley Middle School (math 80% / reading 85%, grade A+, #16 of 246 statewide, top 8%, 329 students, 26% FRL); Moc-Floyd Valley High School (math 79% / reading 82%, grade A, #30 of 336 statewide, top 9%, 487 students, 26% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 69 active listings in the ZIP; 201 units permitted in Sioux County in 2024 (52 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Sioux County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($217k) is reasonable based on typical stale-listing flexibility.

Recommended offer $142,704 (36.3% 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. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 0.64% ✗
• Cap rate: 4.42%
• Cash-on-cash: -6.70%
• DSCR: 0.70
• GRM: 13.1

CMA / ARV

• ARV (median comp): $271,299
• List price: $224,000
• Delta: -17.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 4th St St NE	0.19mi	3/1.0 (-1)	1,301 (-2%)	9mo	$189,000	$145	70
415 4th St St NE	0.16mi	3/2.0 (-1)	1,292 (-2%)	17mo	$193,000	$149	67
421 Dover Ave Ave NE	0.11mi	3/2.0 (-1)	1,451 (+10%)	10mo	$210,000	$145	64
401 Hartford Ave Ave SE	0.62mi	3/3.0 (-1)	1,330 (+0%)	5mo	$320,000	$241	60
113 Boston Ave Ave SE	0.46mi	3/2.0 (-1)	1,210 (-9%)	1mo	$252,500	$209	56
317 Central Ave Ave NE	0.36mi	3/2.0 (-1)	1,434 (+8%)	10mo	$220,000	$153	54
411 2nd Street St NE	0.31mi	3/2.0 (-1)	1,488 (+12%)	8mo	$87,000	$58	51
516 Arizona Ave Ave NW	0.41mi	4/1.0	1,256 (-5%)	20mo	$220,000	$175	50
415 3rd St St NW	0.62mi	4/2.0	1,466 (+11%)	8mo	$242,000	$165	45
130 Concord Ave Ave SE	0.49mi	3/2.0 (-1)	1,195 (-10%)	11mo	$235,000	$197	45
417 4th St NW	0.60mi	3/1.0 (-1)	1,188 (-10%)	10mo	$180,000	$152	36

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: -27.9%
• Equity multiple: 0.07×
• Total profit: $-58,621
• Equity at exit: $33,399

10-year hold

• IRR: -26.7%
• Equity multiple: -0.27×
• Total profit: $-79,851
• Equity at exit: $19,367

Cash invested: $62,720 (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 51041

• Active inventory: 69
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,427 medium
• Mortgage (P&I): −$1,175
• Tax from tax record: −$210 /mo · $2,514/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $-350

Break-even live

Break-even rent $1,870

Max offer price $162,144

Occupancy floor —

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: $56,000
• Closing costs: $6,720
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-09
   status $224,000 Pending 36 DOM
2. 2026-06-08
   days on market $224,000 Active 36 DOM
3. 2026-06-07
   days on market $224,000 Active 35 DOM
4. 2026-06-07
   days on market $224,000 Active 34 DOM
5. 2026-06-04
   days on market $224,000 Active 31 DOM
6. 2026-06-02
   days on market $224,000 Active 30 DOM
7. 2026-06-01
   days on market $224,000 Active 29 DOM
8. 2026-05-31
   days on market $224,000 Active 28 DOM
9. 2026-05-31
   days on market $224,000 Active 27 DOM
10. 2026-05-03
    listed $249,000 Active 723-char remark

ⓘ 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: $2,514 · $210/mo
• Projected year-2 tax: $3,015 · $251/mo
• Expected delta: +$501/yr (+$42/mo · 19.9%)

ⓘ 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 ≥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: $17,124
• − Mortgage interest: −$12,547
• − Property taxes: −$2,514
• − Insurance: −$1,120
• − Repairs & maintenance: −$1,370
• − Management: −$1,370
• − Depreciation: −$6,516
• Taxable loss: −$8,313
• Est. tax savings @ 24.0%: +$1,995
• After-tax cash flow: $-2,207/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: Moc-Floyd Valley Community School District
• NCES district ID: 1918840
• Math proficiency: 83% ▬ 0.00%
• Reading proficiency: 86% ▼ -2.00%
• Median HH income: $59,388
• Composite: 72.28/100
• National rank: #204
• State rank: #12 of 289 in IA

Livability — Orange City

• Score: 88/100
• State rank: #9
• US rank: #216

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orange City, IA
• Population (ZIP): 7,173

Population outlook (Sioux County) Hauer SSP2

• Today (2025): 35,762 people
• By 2030: 36,317 · +1.6%
• By 2040: 37,204 · +4.0%
• By 2050: 37,990 · +6.2%
• By 2075: 39,504 · +10.5%
• By 2100: 39,809 · +11.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Iranian 44% Portuguese 4% Lithuanian 3%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Sioux

• 2024 margin: Solid R (+71.1) · D 13.9% · R 85.0% · Other 1.1%
• 2008→2024 swing: -8.3pp toward R · 2008: -62.8pp · 2024: -71.1pp
• All cycles: 2024: R+71.1 2020: R+66.5 2016: R+69.3 2012: R+68.0 2008: R+62.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -169.41%
• Current HPI: 224.4649
• 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

-10.0% since first listed

3 events — show timeline

• 2026-06-08 Pending — NWIA
• 2026-05-22 Price Changed $224,000 NWIA
• 2026-05-03 Listed $249,000 NWIA

Property tax history

+3.0%/yr

Latest (2025): $2,514 · -1.6% YoY. Source: county tax records.