202 E 1st St · Villisca, IA 50864

$50,000

3 bd · 2.0 ba · 1,603 sqft · SingleFamily public records · 20 Days on market

Built 1897 7,841 sqft lot $31/sqft · 67% below area

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Opportunity is knocking! This handyman special is packed with character and ready for someone to bring it back to life. Inside you'll find stunning original ornate woodwork, beautiful stained glass windows, and an amazing fireplace that anchors the home with timeless charm. The home offers 3 bedrooms plus a finished attic with a non-conforming bedroom--perfect for an office, den, playroom, or cozy sitting room. Sitting on a large lot with a 2-car detached garage, this property is full of potential for the right buyer with vision.

Key facts

• Finished attic
• Large lot
• Detached garage

Tags

• ORIGINAL ORNATE WOODWORK
• STAINED GLASS WINDOWS
• FINISHED ATTIC
• LARGE LOT
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#350 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Villisca Community School District (rural): math 58% / reading 58% proficiency, ranked #256 of 289 in IA (top 89%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 17 active listings in the ZIP; 13 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($346 loan paydown + $5k appreciation (10.0% local appreciation)).
• Montgomery County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $31k; list at $50k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,250 (1.5% below list)

Questions for the listing agent

1. Built in 1897 — 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. 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.
4. 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.
5. 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: 2.37% ✓
• Cap rate: 19.50%
• Cash-on-cash: 47.16%
• DSCR: 3.10
• GRM: 3.5

CMA / ARV

• ARV (median comp): $150,124
• List price: $50,000
• Delta: -63.36%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 E 1st St	0.09mi	3/2.0	1,418 (-12%)	10mo	$53,000	$37	68
105 E 5th St	0.30mi	4/2.0 (+1)	1,610 (+0%)	16mo	$215,000	$134	67
301 S 7th Ave	0.39mi	3/1.5	1,680 (+5%)	16mo	$170,000	$101	58
118 W High St	0.30mi	3/3.0	1,533 (-4%)	20mo	$187,000	$122	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 61.2%
• Equity multiple: 5.45×
• Total profit: $62,319
• Equity at exit: $45,044

10-year hold

• IRR: 54.8%
• Equity multiple: 12.15×
• Total profit: $156,045
• Equity at exit: $97,139

Cash invested: $14,000 (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 50864

• Active inventory: 17
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,185 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$103 /mo · $1,238/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $550

Break-even live

Break-even rent $489

Max offer price $50,000

Occupancy floor 49%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $50,000 Active 20 DOM
2. 2026-06-17
   days on market $50,000 Active 19 DOM
3. 2026-06-16
   days on market $50,000 Active 18 DOM
4. 2026-06-15
   days on market $50,000 Active 17 DOM
5. 2026-06-13
   days on market $50,000 Active 15 DOM
6. 2026-06-12
   days on market $50,000 Active 14 DOM
7. 2026-06-09
   days on market $50,000 Active 11 DOM
8. 2026-06-08
   days on market $50,000 Active 10 DOM
9. 2026-06-07
   days on market $50,000 Active 9 DOM
10. 2026-06-04
    statusdays on market $50,000 Active 5 DOM
11. 2026-06-02
    days on market $50,000 New 4 DOM
12. 2026-06-01
    days on market $50,000 New 3 DOM
13. 2026-05-31
    days on market $50,000 New 2 DOM
14. 2026-05-06
    price $55,000 535-char remark

    Show marketing remark (535 chars)

    Opportunity is knocking! This handyman special is packed with character and ready for someone to bring it back to life. Inside you'll find stunning original ornate woodwork, beautiful stained glass windows, and an amazing fireplace that anchors the home with timeless charm. The home offers 3 bedrooms plus a finished attic with a non-conforming bedroom--perfect for an office, den, playroom, or cozy sitting room. Sitting on a large lot with a 2-car detached garage, this property is full of potential for the right buyer with vision.

15. 2026-04-22
    price $55,000 535-char remark

    Show marketing remark (535 chars)

    Opportunity is knocking! This handyman special is packed with character and ready for someone to bring it back to life. Inside you'll find stunning original ornate woodwork, beautiful stained glass windows, and an amazing fireplace that anchors the home with timeless charm. The home offers 3 bedrooms plus a finished attic with a non-conforming bedroom--perfect for an office, den, playroom, or cozy sitting room. Sitting on a large lot with a 2-car detached garage, this property is full of potential for the right buyer with vision.

16. 2026-02-28
    listed $60,000 New 535-char remark

    Show marketing remark (535 chars)

    Opportunity is knocking! This handyman special is packed with character and ready for someone to bring it back to life. Inside you'll find stunning original ornate woodwork, beautiful stained glass windows, and an amazing fireplace that anchors the home with timeless charm. The home offers 3 bedrooms plus a finished attic with a non-conforming bedroom--perfect for an office, den, playroom, or cozy sitting room. Sitting on a large lot with a 2-car detached garage, this property is full of potential for the right buyer with vision.

17. 2026-02-28
    listed $60,000 Active 535-char remark

    Show marketing remark (535 chars)

    Opportunity is knocking! This handyman special is packed with character and ready for someone to bring it back to life. Inside you'll find stunning original ornate woodwork, beautiful stained glass windows, and an amazing fireplace that anchors the home with timeless charm. The home offers 3 bedrooms plus a finished attic with a non-conforming bedroom--perfect for an office, den, playroom, or cozy sitting room. Sitting on a large lot with a 2-car detached garage, this property is full of potential for the right buyer with vision.

18. 2022-05-02
    soldstatus $31,000 Sold
19. 2022-05-02
    soldstatus $31,000
20. 2022-04-11
    status Pending
21. 2022-01-15
    price $39,000
22. 2021-09-28
    listed $42,500 Active
23. 2021-09-28
    listed $39,000
24. 2021-03-03
    soldstatus $32,500
25. 2021-03-01
    soldstatus $32,500
26. 2021-03-01
    soldstatus $32,500
27. 2021-01-07
    listed $32,500
28. 2021-01-07
    listed $32,500

ⓘ 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: $1,238 · $103/mo
• Projected year-2 tax: $1,238 · $103/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $14,224
• − Mortgage interest: −$2,801
• − Property taxes: −$1,238
• − Insurance: −$250
• − Repairs & maintenance: −$1,138
• − Management: −$1,138
• − Depreciation: −$1,455
• Taxable income: $6,205
• Est. tax owed @ 24.0%: −$1,489
• After-tax cash flow: $5,114/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: Villisca Community School District
• NCES district ID: 1929280
• Math proficiency: 58% ▼ -5.00%
• Reading proficiency: 58% ▲ 5.00%
• Median HH income: $42,223
• Composite: 48.68/100
• National rank: #2102
• State rank: #256 of 289 in IA

Livability — Villisca

• Score: 71/100
• State rank: #350
• US rank: #7170

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Villisca, IA
• Population (ZIP): 1,627

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 9,518 people
• By 2030: 9,116 · -4.2%
• By 2040: 8,303 · -12.8%
• By 2050: 7,595 · -20.2%
• By 2075: 6,568 · -31.0%
• By 2100: 5,800 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Serbian 3% Portuguese 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 2% Arabic 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+39.1) · D 29.8% · R 68.9% · Other 1.3%
• 2008→2024 swing: -28.5pp toward R · 2008: -10.6pp · 2024: -39.1pp
• All cycles: 2024: R+39.1 2020: R+39.0 2016: R+42.4 2012: R+21.6 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 108.18%
• Current HPI: 269.67
• 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

+69.2% since first listed

15 events — show timeline

• 2026-05-06 Price Changed $55,000 GPRMLS
• 2026-04-22 Price Changed $55,000 SWIAR
• 2026-02-28 Listed $60,000 SWIAR
• 2026-02-28 Listed $60,000 GPRMLS
• 2022-05-02 Sold (MLS) $31,000 IAR
• 2022-05-02 Sold (MLS) $31,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-04-11 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2022-01-15 Price Changed $39,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-28 Listed $39,000 IAR
• 2021-09-28 Listed $42,500 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-03 Sold (Public Records) $32,500 Public Records
• 2021-03-01 Sold (MLS) $32,500 NORTHSTARMLS as Distributed by MLS Grid
• 2021-03-01 Sold (MLS) $32,500 IAR
• 2021-01-07 Listed $32,500 NORTHSTARMLS as Distributed by MLS Grid
• 2021-01-07 Listed $32,500 IAR

Property tax history

+5.2%/yr

Latest (2025): $1,238 · +2.3% YoY. Source: county tax records.