704 N Main St · Mount Pleasant, IA 52641

$139,900

4 bd · 2.0 ba · 1,524 sqft · SingleFamily public records · 48 Days on market

Built 1938 0.27 ac lot $92/sqft · 10% below area Est $156k · 10% under ↓ 3% since listing

---

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 +12.0/15.0
• Cash flow +11.5/30.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• DSCR +3.4/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

4 BED 2 BATH MOUNT PLEASANT HOME! This two-story home offers a functional layout with generous living space and a large outdoor setting. The main level features a spacious living area with durable wood flooring and a kitchen equipped with solid wood cabinetry for long-lasting use. Bathrooms are located on both levels, providing added convenience and flexibility. The basement includes laundry, a mix of stone and concrete construction, and has been professionally reinforced. Mechanical features include a gas furnace, electric water heater, and 100-amp electrical service. Replacement vinyl windows enhance efficiency and natural light. Outside, enjoy a rear porch ideal for relaxing or entertain

Key facts

• Solid wood cabinetry
• Gas furnace
• Spacious living area

Tags

• TWO STORY HOME
• LARGE OUTDOOR SETTING
• SPACIOUS LIVING AREA
• SOLID WOOD CABINETRY
• GAS FURNACE
• ELECTRIC WATER HEATER

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: HardiPlank-type siding
• Exterior features: Shingle roof; Lot approximately 0.27 acres (80 x 144)

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Range; Refrigerator; Fireplace (1); Basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $-46 ($-554/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (20.0% below list).
• Recommended offer: $112k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.3% in Mount Pleasant — 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 84/100 on livability (#20 in IA, #662 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Mount Pleasant Community School District (town): math 63% / reading 66% proficiency, ranked #207 of 289 in IA (top 72%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harlan Elementary School (math 57% / reading 57%, grade C+, #436 of 616 statewide, top 74%, 220 students, 48% FRL); Mount Pleasant Middle School (math 64% / reading 70%, grade A-, #140 of 246 statewide, top 60%, 406 students, 49% FRL); Mount Pleasant High School (math 65% / reading 67%, grade B, #200 of 336 statewide, top 60%, 582 students, 45% FRL).
• Market conditions: 93 active listings in the ZIP; 30 units permitted in Henry County in 2024 (8 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Henry County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,957 (20.0% 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 48 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1938 — 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 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?
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: 0.80% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.41%
• DSCR: 0.94
• GRM: 10.4

CMA / ARV

• ARV (median comp): $155,548
• List price: $139,900
• Delta: -10.06%
• 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
704 N Broadway St N	0.15mi	3/1.5 (-1)	1,520 (-0%)	1mo	$135,000	$89	85
406 Broad St	0.27mi	3/2.5 (-1)	1,545 (+1%)	1mo	$174,900	$113	78
409 W Broad St. St	0.28mi	4/1.5	1,568 (+3%)	12mo	$140,000	$89	70
907 N Aldrin Dr	0.42mi	5/2.0 (+1)	1,500 (-2%)	9mo	$152,000	$101	65
204 W Henry St	0.51mi	3/2.0 (-1)	1,584 (+4%)	1mo	$111,000	$70	64
311 W State St	0.28mi	4/2.5	1,704 (+12%)	3mo	$185,000	$109	63
415 N Adams St	0.31mi	3/1.5 (-1)	1,680 (+10%)	7mo	$120,223	$72	56
502 E Harlan St. St	0.43mi	3/1.5 (-1)	1,636 (+7%)	9mo	$135,000	$83	53
407 E Mill St	0.39mi	5/2.0 (+1)	1,306 (-14%)	1mo	$269,000	$206	52
423 E Becky Ln	0.31mi	3/3.0 (-1)	1,365 (-10%)	9mo	$255,000	$187	51
708 N Bergdahl Ct	0.51mi	4/2.0	1,696 (+11%)	12mo	$142,000	$84	47
910 W Hill Ave. Ave	0.63mi	5/2.0 (+1)	1,706 (+12%)	13mo	$175,000	$103	35

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: -18.6%
• Equity multiple: 0.35×
• Total profit: $-25,614
• Equity at exit: $20,860

10-year hold

• IRR: -11.1%
• Equity multiple: 0.33×
• Total profit: $-26,111
• Equity at exit: $12,096

Cash invested: $39,172 (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 52641

• Home prices YoY: -25.2%
• Active inventory: 93
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,120 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$139 /mo · $1,664/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $-46

Break-even live

Break-even rent $1,178

Max offer price $131,748

Occupancy floor 99%

Sensitivity live

Price	-10% $33	-5% $-7	+0% $-46	+5% $-86	+10% $-125
Rent	-10% $-135	-5% $-90	+0% $-46	+5% $-2	+10% $42
Rate	-1.0pp $24	-0.5pp $-11	base $-46	+0.5pp $-82	+1.0pp $-119

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $139,900 Active 48 DOM
2. 2026-06-21
   days on market $139,900 Active 47 DOM
3. 2026-06-18
   days on market $139,900 Active 45 DOM
4. 2026-06-17
   days on market $139,900 Active 44 DOM
5. 2026-06-16
   days on market $139,900 Active 43 DOM
6. 2026-06-15
   days on market $139,900 Active 42 DOM
7. 2026-06-13
   days on market $139,900 Active 40 DOM
8. 2026-06-12
   days on market $139,900 Active 39 DOM
9. 2026-06-09
   days on market $139,900 Active 36 DOM
10. 2026-06-08
    days on market $139,900 Active 35 DOM
11. 2026-06-07
    days on market $139,900 Active 34 DOM
12. 2026-06-07
    days on market $139,900 Active 33 DOM
13. 2026-06-04
    days on market $139,900 Active 30 DOM
14. 2026-06-02
    pricedays on market $139,900 Active 29 DOM
15. 2026-06-01
    days on market $144,500 Active 28 DOM
16. 2026-05-31
    days on market $144,500 Active 27 DOM
17. 2026-05-31
    days on market $144,500 Active 26 DOM
18. 2026-05-04
    listed $144,500 Active 932-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: $1,664 · $139/mo
• Projected year-2 tax: $1,930 · $161/mo
• Expected delta: +$266/yr (+$22/mo · 16.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,435
• − Mortgage interest: −$7,837
• − Property taxes: −$1,664
• − Insurance: −$700
• − Repairs & maintenance: −$1,075
• − Management: −$1,075
• − Depreciation: −$4,070
• Taxable loss: −$2,985
• Est. tax savings @ 24.0%: +$716
• After-tax cash flow: $163/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: Mount Pleasant Community School District
• NCES district ID: 1919890
• Math proficiency: 63% ▼ -5.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $46,805
• Composite: 54.49/100
• National rank: #1348
• State rank: #207 of 289 in IA

Livability — Mount Pleasant

• Score: 84/100
• State rank: #20
• US rank: #662

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Pleasant, IA
• Population (ZIP): 12,796

Population outlook (Henry County) Hauer SSP2

• Today (2025): 19,583 people
• By 2030: 19,271 · -1.6%
• By 2040: 18,505 · -5.5%
• By 2050: 17,796 · -9.1%
• By 2075: 16,821 · -14.1%
• By 2100: 15,549 · -20.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+36.0) · D 31.3% · R 67.3% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: -5.0pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+32.4 2016: R+30.9 2012: R+6.0 2008: R+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.39%
• Current HPI: 179.2437
• 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

-3.2% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $139,900 IAR
• 2026-05-04 Listed $144,500 IAR

Property tax history

+5.3%/yr

Latest (2025): $1,664 · +5.4% YoY. Source: county tax records.