400 Plymouth St St SE · Le Mars, IA 51031

$169,500

2 bd · 1.0 ba · 940 sqft · SingleFamily public records · 30 Days on market

Built 1940 4,500 sqft lot $180/sqft · 9% above area Est $156k · 9% over

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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 +20.8/30.0
• DSCR +6.6/10.0
• Schools +6.2/10.0
• 1% rule +5.1/10.0
• Livability +4.1/5.0
• ARV discount +3.6/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 400 Plymouth St. SE in Le Mars, Iowa! This move-in ready, 2 bedroom, 1 bathroom home offers comfort, convenience, and great updates throughout. Enjoy peace of mind with a brand-new roof (2025), newer siding, new water heater, and a new concrete driveway and sidewalk. The property also features a single stall detached garage plus an additional parking space. Located just minutes from parks and downtown, you’ll love the easy access to local shops, dining, and everyday amenities. Whether you're looking for your first home, downsizing, or an investment opportunity, this one checks all the boxes!

Key facts

• New water heater
• Newer siding
• New roof

Tags

• NEW ROOF
• NEWER SIDING
• NEW WATER HEATER
• NEW CONCRETE DRIVEWAY
• SINGLE STALL DETACHED GARAGE
• ADDITIONAL PARKING SPACE

Property features AI

Exterior

• Parking: Detached garage with garage door opener (1 car); Concrete parking
• Utilities: Public water; Public sewer
• Home design: Single-family residential; Residential property
• Construction: Vinyl siding construction
• Exterior features: Patio; Shingle roof; Vinyl siding; In-ground pool

Interior

• Kitchen: Eat-in kitchen; Water softener
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric and natural gas forced-air heating
• Interior features: Eat-in kitchen; Built-in features; Water softener; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.7% in Le Mars — 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 82/100 on livability (#48 in IA, #1,235 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Le Mars Community School District (town): math 73% / reading 72% proficiency, ranked #96 of 289 in IA (top 33%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 59 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $74k; list at $170k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $166,957 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.90%
• DSCR: 1.26
• GRM: 8.2

CMA / ARV

• ARV (median comp): $155,891
• List price: $169,500
• Delta: 8.73%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 6th Ave. Ave SW	0.26mi	2/1.0	1,030 (+10%)	12mo	$160,000	$155	62

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: -7.2%
• Equity multiple: 0.73×
• Total profit: $-12,617
• Equity at exit: $25,273

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $8,119
• Equity at exit: $14,655

Cash invested: $47,460 (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 51031

• Home prices YoY: -22.2%
• Active inventory: 59
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,714 medium
• Mortgage (P&I): −$889
• Tax from tax record: −$161 /mo · $1,936/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $233

Break-even live

Break-even rent $1,419

Max offer price $169,500

Occupancy floor 81%

Sensitivity live

Price	-10% $329	-5% $281	+0% $233	+5% $185	+10% $137
Rent	-10% $98	-5% $166	+0% $233	+5% $301	+10% $369
Rate	-1.0pp $319	-0.5pp $276	base $233	+0.5pp $189	+1.0pp $145

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: $42,375
• Closing costs: $5,085
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
427 4th St NW Le Mars, IA	1.0–2.0	1.0–2.0	1011	$1,714	$1.70	44d	32	0.36mi

Listing history 4 events

1. 2026-05-13
   price $169,500 615-char remark
2. 2026-04-27
   listed $178,500 Active 615-char remark
3. 2020-06-30
   soldstatus $74,000
4. 2019-09-18
   soldstatus $92,000

ⓘ 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: $1,936 · $161/mo
• Projected year-2 tax: $2,299 · $192/mo
• Expected delta: +$363/yr (+$30/mo · 18.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $20,568
• − Mortgage interest: −$9,495
• − Property taxes: −$1,936
• − Insurance: −$848
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$4,931
• Taxable income: $68
• Est. tax owed @ 24.0%: −$16
• After-tax cash flow: $2,782/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: Le Mars Community School District
• NCES district ID: 1916530
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $55,414
• Composite: 61.97/100
• National rank: #723
• State rank: #96 of 289 in IA

Livability — Le Mars

• Score: 82/100
• State rank: #48
• US rank: #1235

Category grades

Amenities F 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: Le Mars, IA
• Population (ZIP): 12,785

Population outlook (Plymouth County) Hauer SSP2

• Today (2025): 25,214 people
• By 2030: 25,257 · +0.2%
• By 2040: 25,304 · +0.4%
• By 2050: 25,421 · +0.8%
• By 2075: 26,820 · +6.4%
• By 2100: 27,604 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Black 4% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 6% Portuguese 3% Ukrainian 2%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Plymouth

• 2024 margin: Solid R (+54.2) · D 22.3% · R 76.5% · Other 1.2%
• 2008→2024 swing: -29.2pp toward R · 2008: -25.1pp · 2024: -54.2pp
• All cycles: 2024: R+54.2 2020: R+49.3 2016: R+51.9 2012: R+34.3 2008: R+25.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.02%
• Current HPI: 283.6093
• 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

+84.2% since first listed

5 events — show timeline

• 2026-05-27 Pending — NWIA
• 2026-05-13 Price Changed $169,500 NWIA
• 2026-04-27 Listed $178,500 NWIA
• 2020-06-30 Sold (Public Records) $74,000 Public Records
• 2019-09-18 Sold (Public Records) $92,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,936 · +53.9% YoY. Source: county tax records.