906 S 4th Ave · Winterset, IA 50273

$140,000

3 bd · 2.5 ba · 1,548 sqft · SingleFamily public records · 58 Days on market

Built 1896 8,280 sqft lot $90/sqft · 45% below area Est $182k · 23% under

---

Why this score? — see what drove the C- 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 +15.3/30.0
• ARV discount +15.0/15.0
• Schools +6.0/10.0
• 1% rule +4.7/10.0
• DSCR +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

You will love this old home made new, maintaining character from the past, but encompassing present day conveniences. All new appliances are in the opened up kitchen to dining room that has a fireplace. The main level has tall ceilings and beautiful windows that let in tons of natural light. The main floor also has a nice sized mudroom and laundry room. There is a master bedroom and full bathroom on the main floor, along with a half bath. Upstairs there are two bedrooms and another full bathroom with a tub. The CA is new and the furnace only a few years old. This home is close to the local schools, so if you are a Husky fan, you’ll be ready to walk right to the games! There is a nice sized driveway with a two car detached garage.

Key facts

• Flexible space
• Main floor laundry
• Functional layout

Tags

• MAIN FLOOR LAUNDRY
• FENCED BACKYARD
• 2 CAR DETACHED GARAGE
• FUNCTIONAL LAYOUT
• FLEXIBLE SPACE

Property features AI

Exterior

• Parking: Attached or detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding; Partial basement
• Exterior features: Deck; Fenced yard; Cleared lot

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Primary suite on the main level
• Flooring: Vinyl; Laminate; Hardwood; Carpet
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Fireplace with electric insert
• Interior features: Primary bedroom located on the main floor; Basement is partial
• Laundry & utility: Washer; Dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $52 ($628/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (2.9% below list).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 2.2% in Winterset — 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 78/100 on livability (#139 in IA, #2,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Winterset Community School District (town): math 73% / reading 69% proficiency, ranked #123 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Winterset Elementary School (math 82% / reading 47%, grade B, #317 of 616 statewide, top 58%, 499 students, 32% FRL); Winterset Middle School (math 72% / reading 74%, grade A, #87 of 246 statewide, top 36%, 358 students, 35% FRL); Winterset Senior High School (math 71% / reading 72%, grade B+, #134 of 336 statewide, top 41%, 565 students, 35% FRL).
• Market conditions: 122 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 125 units permitted in Madison County in 2024 (51 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Madison County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.60%
• DSCR: 1.07
• GRM: 8.6

CMA / ARV

• ARV (median comp): $182,396
• List price: $140,000
• Delta: -23.24%
• 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
114 N 8th Ave	0.57mi	3/2.0	1,545 (-0%)	1mo	$240,000	$155	70
120 S 8th Ave	0.50mi	3/2.5	1,560 (+1%)	6mo	$242,000	$155	70
417 S 2nd St	0.43mi	3/2.0	1,524 (-2%)	8mo	$205,500	$135	69
66 E High St	0.37mi	3/2.0	1,452 (-6%)	4mo	$199,000	$137	68
317 E Washington St	0.62mi	3/2.0	1,498 (-3%)	0mo	$245,000	$164	64
317 W Jefferson St	0.57mi	2/1.5 (-1)	1,620 (+5%)	1mo	$160,000	$99	56
623 W Green St	0.65mi	4/3.0 (+1)	1,464 (-5%)	1mo	$298,000	$204	53
604 W Jefferson St	0.55mi	3/3.0	1,694 (+9%)	9mo	$308,900	$182	49
715 W North St	0.73mi	2/2.0 (-1)	1,480 (-4%)	10mo	$226,000	$153	43
1427 W Washington St	0.75mi	3/2.0	1,414 (-9%)	10mo	$325,000	$230	40
620 W Filmore St	0.75mi	3/2.0	1,741 (+12%)	7mo	$265,000	$152	36
114 S 14th Ave	0.74mi	4/1.5 (+1)	1,344 (-13%)	4mo	$190,000	$141	32

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: -13.7%
• Equity multiple: 0.51×
• Total profit: $-19,297
• Equity at exit: $20,874

10-year hold

• IRR: -4.8%
• Equity multiple: 0.69×
• Total profit: $-12,289
• Equity at exit: $12,105

Cash invested: $39,200 (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 50273

• Home prices YoY: -14.1%
• Active inventory: 122
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,360 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$229 /mo · $2,752/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $52

Break-even live

Break-even rent $1,293

Max offer price $140,000

Occupancy floor 91%

Sensitivity live

Price	-10% $132	-5% $92	+0% $52	+5% $13	+10% $-27
Rent	-10% $-55	-5% $-1	+0% $52	+5% $106	+10% $160
Rate	-1.0pp $123	-0.5pp $88	base $52	+0.5pp $16	+1.0pp $-21

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 W Summit St Winterset, IA	3.0	1.0	1200	$1,400	$1.17	4d	1	0.22mi
1407 W Mills St Winterset, IA	3.0	1.0	1092	$1,108	$1.01	4d	3	1.24mi

Listing history 30 events

1. 2026-06-21
   days on market $140,000 Active 58 DOM
2. 2026-06-18
   days on market $140,000 Active 55 DOM
3. 2026-06-17
   days on market $140,000 Active 54 DOM
4. 2026-06-16
   days on market $140,000 Active 53 DOM
5. 2026-06-15
   days on market $140,000 Active 52 DOM
6. 2026-06-14
   days on market $140,000 Active 50 DOM
7. 2026-06-13
   days on market $140,000 Active 49 DOM
8. 2026-06-10
   days on market $140,000 Active 47 DOM
9. 2026-06-09
   days on market $140,000 Active 46 DOM
10. 2026-06-08
    days on market $140,000 Active 45 DOM
11. 2026-06-07
    days on market $140,000 Active 44 DOM
12. 2026-06-05
    days on market $140,000 Active 41 DOM
13. 2026-06-03
    days on market $140,000 Active 40 DOM
14. 2026-06-02
    days on market $140,000 Active 39 DOM
15. 2026-06-01
    days on market $140,000 Active 38 DOM
16. 2026-05-31
    days on market $140,000 Active 37 DOM
17. 2026-05-31
    days on market $140,000 Active 36 DOM
18. 2026-04-24
    listed $140,000 Active 940-char remark
19. 2019-06-12
    soldstatus $177,000
20. 2019-06-07
    soldstatus $177,000 Sold 746-char remark

    Show marketing remark (746 chars)

    You will love this old home made new, maintaining character from the past, but encompassing present day conveniences. All new appliances are in the opened up kitchen to dining room that has a fireplace. The main level has tall ceilings and beautiful windows that let in tons of natural light. The main floor also has a nice sized mudroom and laundry room. There is a master bedroom and full bathroom on the main floor, along with a half bath. Upstairs there are two bedrooms and another full bathroom with a tub. The CA is new and the furnace only a few years old. This home is close to the local schools, so if you are a Husky fan, you’ll be ready to walk right to the games! There is a nice sized driveway with a two car detached garage.

21. 2019-05-09
    status Pending 746-char remark

    Show marketing remark (746 chars)

    You will love this old home made new, maintaining character from the past, but encompassing present day conveniences. All new appliances are in the opened up kitchen to dining room that has a fireplace. The main level has tall ceilings and beautiful windows that let in tons of natural light. The main floor also has a nice sized mudroom and laundry room. There is a master bedroom and full bathroom on the main floor, along with a half bath. Upstairs there are two bedrooms and another full bathroom with a tub. The CA is new and the furnace only a few years old. This home is close to the local schools, so if you are a Husky fan, you’ll be ready to walk right to the games! There is a nice sized driveway with a two car detached garage.

22. 2019-04-11
    listed $182,000 Active 746-char remark

    Show marketing remark (746 chars)

    You will love this old home made new, maintaining character from the past, but encompassing present day conveniences. All new appliances are in the opened up kitchen to dining room that has a fireplace. The main level has tall ceilings and beautiful windows that let in tons of natural light. The main floor also has a nice sized mudroom and laundry room. There is a master bedroom and full bathroom on the main floor, along with a half bath. Upstairs there are two bedrooms and another full bathroom with a tub. The CA is new and the furnace only a few years old. This home is close to the local schools, so if you are a Husky fan, you’ll be ready to walk right to the games! There is a nice sized driveway with a two car detached garage.

23. 2018-08-13
    soldstatus $70,000 Sold
24. 2018-08-10
    soldstatus $70,000
25. 2018-07-12
    status Pending
26. 2018-06-29
    listed $70,000 Active
27. 2016-10-17
    historical
28. 2016-10-12
    listed $67,900
29. 2013-01-10
    historical
30. 2012-07-10
    listed $67,900

ⓘ 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: $2,752 · $229/mo
• Projected year-2 tax: $2,752 · $229/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 ≥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: $16,317
• − Mortgage interest: −$7,842
• − Property taxes: −$2,752
• − Insurance: −$700
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − Depreciation: −$4,073
• Taxable loss: −$1,661
• Est. tax savings @ 24.0%: +$399
• After-tax cash flow: $1,027/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: Winterset Community School District
• NCES district ID: 1931860
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $52,350
• Composite: 60.45/100
• National rank: #848
• State rank: #123 of 289 in IA

Livability — Winterset

• Score: 78/100
• State rank: #139
• US rank: #2547

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: Winterset, IA
• Population (ZIP): 9,123

Population outlook (Madison County) Hauer SSP2

• Today (2025): 15,715 people
• By 2030: 15,565 · -1.0%
• By 2040: 15,203 · -3.3%
• By 2050: 14,640 · -6.8%
• By 2075: 13,384 · -14.8%
• By 2100: 11,967 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Iranian 4% Portuguese 4% Polish 3%
• Foreign-born: 0%
• Languages at home: 97% English-only · German/W. Germanic 3%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+38.6) · D 30.1% · R 68.7% · Other 1.2%
• 2008→2024 swing: -28.6pp toward R · 2008: -10.0pp · 2024: -38.6pp
• All cycles: 2024: R+38.6 2020: R+34.3 2016: R+31.3 2012: R+12.1 2008: R+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.44%
• Current HPI: 276.4611
• 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

+106.2% since first listed

13 events — show timeline

• 2026-04-24 Listed $140,000 CIBOR
• 2019-06-12 Sold (Public Records) $177,000 Public Records
• 2019-06-07 Sold (MLS) $177,000 DMMLS
• 2019-05-09 Pending — DMMLS
• 2019-04-11 Listed $182,000 DMMLS
• 2018-08-13 Sold (MLS) $70,000 DMMLS
• 2018-08-10 Sold (Public Records) $70,000 Public Records
• 2018-07-12 Pending — DMMLS
• 2018-06-29 Listed $70,000 DMMLS
• 2016-10-17 Listing Removed — DMMLS
• 2016-10-12 Listed $67,900 DMMLS
• 2013-01-10 Listing Removed — DMMLS
• 2012-07-10 Listed $67,900 DMMLS

Property tax history

+14.8%/yr

Latest (2025): $2,752 · +5.0% YoY. Source: county tax records.