599 Rock Grove Dr Dr · Nora Springs, IA 50458

$149,900

3 bd · 3.5 ba · 2,052 sqft · Manufactured public records · 36 Days on market

Built 2003 0.52 ac lot $73/sqft · 8% below area Est $163k · 8% under

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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 +12.1/30.0
• ARV discount +11.2/15.0
• Appreciation +10.0/10.0
• Schools +6.4/10.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great home at an even better price. This 3 bd, 2 1/2 bath home sits on a 1/2 acre lot with a 2 stall detached garage. Inside you can find all the amenities on the main floor including the master bedroom with master bath, 2 extra bedrooms, a full bath and a half bath, and the laundry room. There have been several updates throughout including all new windows, full and 1/2 bathrooms, living room and laundry room flooring, kitchen cabinets, counter tops, and sink. The full basement is wide open with 2 egress windows already installed and is ready to be finished to your liking. Don't miss out! Call today to see all this home has to offer!

Key facts

• 1/2 acre lot
• Kitchen cabinets
• Counter tops

Tags

• 1/2 ACRE LOT
• NEW WINDOWS
• EGRESS WINDOWS
• KITCHEN CABINETS
• COUNTER TOPS
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached carport (2 spaces)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-story
• Construction: Vinyl siding; Asphalt roof; Has basement (unfinished, concrete with sump pump)
• Exterior features: Deck; Irregular lot; Gravel road access

Interior

• Kitchen: Dishwasher; Microwave; Free-standing range; Refrigerator
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Dishwasher; Dryer; Microwave; Free-standing range; Refrigerator; Washer; Electric water heater; Owned water softener; No fireplace
• Laundry & utility: Washer and dryer on the main level; Electric water heater; Owned water softener

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $-34 ($-410/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (14.9% below list).
• Recommended offer: $128k (14.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#268 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Central Springs Community School District (rural): math 75% / reading 76% proficiency, ranked #64 of 289 in IA (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Central Springs Elem. Manly Campus (math 90% / reading 70%, grade A+, #68 of 616 statewide, top 11%, 147 students, 48% FRL); Central Springs Middle School (math 73% / reading 77%, grade A, #72 of 246 statewide, top 30%, 277 students, 43% FRL); Central Springs High School (math 77% / reading 77%, grade A-, #60 of 336 statewide, top 21%, 226 students, 38% FRL).
• Market conditions: 15 active listings in the ZIP; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,618 (14.9% 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 15% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.85% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

• ARV (median comp): $163,246
• List price: $149,900
• Delta: -8.18%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 2.89×
• Total profit: $79,484
• Equity at exit: $135,042

10-year hold

• IRR: 21.0%
• Equity multiple: 6.62×
• Total profit: $235,828
• Equity at exit: $291,223

Cash invested: $41,972 (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 50458

• Home prices YoY: 6.8%
• Active inventory: 15
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,276 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$194 /mo · $2,326/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $-34

Break-even live

Break-even rent $1,319

Max offer price $143,858

Occupancy floor 98%

Sensitivity live

Price	-10% $51	-5% $8	+0% $-34	+5% $-77	+10% $-119
Rent	-10% $-135	-5% $-85	+0% $-34	+5% $16	+10% $67
Rate	-1.0pp $41	-0.5pp $4	base $-34	+0.5pp $-73	+1.0pp $-113

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   pricedays on market $149,900 Active 36 DOM
2. 2026-06-18
   days on market $159,900 Active 34 DOM
3. 2026-06-17
   days on market $159,900 Active 33 DOM
4. 2026-06-16
   days on market $159,900 Active 32 DOM
5. 2026-06-15
   days on market $159,900 Active 31 DOM
6. 2026-06-13
   days on market $159,900 Active 29 DOM
7. 2026-06-12
   days on market $159,900 Active 28 DOM
8. 2026-06-09
   days on market $159,900 Active 25 DOM
9. 2026-06-08
   days on market $159,900 Active 24 DOM
10. 2026-06-07
    days on market $159,900 Active 23 DOM
11. 2026-06-07
    days on market $159,900 Active 22 DOM
12. 2026-06-04
    days on market $159,900 Active 19 DOM
13. 2026-06-02
    days on market $159,900 Active 18 DOM
14. 2026-06-01
    days on market $159,900 Active 17 DOM
15. 2026-05-31
    days on market $159,900 Active 16 DOM
16. 2026-05-31
    days on market $159,900 Active 15 DOM
17. 2026-05-11
    historical Active Under Contract 642-char remark

    Show marketing remark (642 chars)

    Great home at an even better price. This 3 bd, 2 1/2 bath home sits on a 1/2 acre lot with a 2 stall detached garage. Inside you can find all the amenities on the main floor including the master bedroom with master bath, 2 extra bedrooms, a full bath and a half bath, and the laundry room. There have been several updates throughout including all new windows, full and 1/2 bathrooms, living room and laundry room flooring, kitchen cabinets, counter tops, and sink. The full basement is wide open with 2 egress windows already installed and is ready to be finished to your liking. Don't miss out! Call today to see all this home has to offer!

18. 2026-05-11
    status Pending 641-char remark

    Show marketing remark (642 chars)

    Great home at an even better price. This 3 bd, 2 1/2 bath home sits on a 1/2 acre lot with a 2 stall detached garage. Inside you can find all the amenities on the main floor including the master bedroom with master bath, 2 extra bedrooms, a full bath and a half bath, and the laundry room. There have been several updates throughout including all new windows, full and 1/2 bathrooms, living room and laundry room flooring, kitchen cabinets, counter tops, and sink. The full basement is wide open with 2 egress windows already installed and is ready to be finished to your liking. Don't miss out! Call today to see all this home has to offer!

19. 2026-05-05
    listed $159,900 Active 642-char remark

    Show marketing remark (642 chars)

    Great home at an even better price. This 3 bd, 2 1/2 bath home sits on a 1/2 acre lot with a 2 stall detached garage. Inside you can find all the amenities on the main floor including the master bedroom with master bath, 2 extra bedrooms, a full bath and a half bath, and the laundry room. There have been several updates throughout including all new windows, full and 1/2 bathrooms, living room and laundry room flooring, kitchen cabinets, counter tops, and sink. The full basement is wide open with 2 egress windows already installed and is ready to be finished to your liking. Don't miss out! Call today to see all this home has to offer!

20. 2026-05-05
    listed $159,900 Active 641-char remark

    Show marketing remark (642 chars)

    Great home at an even better price. This 3 bd, 2 1/2 bath home sits on a 1/2 acre lot with a 2 stall detached garage. Inside you can find all the amenities on the main floor including the master bedroom with master bath, 2 extra bedrooms, a full bath and a half bath, and the laundry room. There have been several updates throughout including all new windows, full and 1/2 bathrooms, living room and laundry room flooring, kitchen cabinets, counter tops, and sink. The full basement is wide open with 2 egress windows already installed and is ready to be finished to your liking. Don't miss out! Call today to see all this home has to offer!

ⓘ 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: $2,326 · $194/mo
• Projected year-2 tax: $2,340 · $195/mo
• Expected delta: +$14/yr (+$1/mo · 0.6%)

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 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: $15,314
• − Mortgage interest: −$8,397
• − Property taxes: −$2,326
• − Insurance: −$750
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$4,361
• Taxable loss: −$2,969
• Est. tax savings @ 24.0%: +$713
• After-tax cash flow: $302/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: Central Springs Community School District
• NCES district ID: 1920760
• Math proficiency: 75% ▲ 3.00%
• Reading proficiency: 76% ▲ 15.00%
• Median HH income: $54,070
• Composite: 64.32/100
• National rank: #553
• State rank: #64 of 289 in IA

Livability — Nora Springs

• Score: 73/100
• State rank: #268
• US rank: #5165

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nora Springs, IA
• Population (ZIP): 2,242

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Portuguese 11% Scotch-Irish 4% Italian 4%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.85%
• Current HPI: 262.8536
• 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

+0.0% since first listed

6 events — show timeline

• 2026-05-21 Relisted — Greater Mason BOR
• 2026-05-21 Relisted — NEIRBR as distributed by MLS GRID
• 2026-05-11 Contingent — Greater Mason BOR
• 2026-05-11 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-05 Listed $159,900 NEIRBR as distributed by MLS GRID
• 2026-05-05 Listed $159,900 Greater Mason BOR

Property tax history

+3.1%/yr

Latest (2025): $2,326 · +7.9% YoY. Source: county tax records.