928 Water St · Webster City, IA 50595

$88,400

3 bd · 1.0 ba · 1,090 sqft · SingleFamily public records · 41 Days on market

Built 1890 5,500 ac lot $81/sqft · 36% below area Est $138k · 36% 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 +16.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• Schools +5.1/10.0
• 1% rule +4.3/10.0
• 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

This attractively priced 4 bedroom story-and-a-half has a great central location. Property includes permanent siding, covered front porch, main floor bedroom, bathroom, and laundry besides a dining room and family room. Washer and Dryer and kitchen appliances are included. There are three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large shop area that could be renovated for another garage stall. Great home for the price!

Key facts

• Covered front porch
• Central location
• Dining room

Tags

• CENTRAL LOCATION
• PERMANENT SIDING
• COVERED FRONT PORCH
• MAIN FLOOR BEDROOM
• LAUNDRY
• DINING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $88k.

Deal economics

• At list price, monthly cash flow is $51 ($610/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 $82k (6.7% below list).
• Recommended offer: $82k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 4.3% in Webster City — 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 (#137 in IA, #2,493 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Webster City Community School District (town): math 60% / reading 60% proficiency, ranked #250 of 289 in IA (top 86%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 83 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 29 units permitted in Hamilton County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $611 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Hamilton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.
• Current owner paid $73k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,500 (6.7% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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: 0.93% ✗
• Cap rate: 6.98%
• Cash-on-cash: 2.46%
• DSCR: 1.11
• GRM: 8.9

CMA / ARV

• ARV (median comp): $138,111
• List price: $88,400
• Delta: -35.99%
• 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
1305 Bank St	0.43mi	3/1.0	1,104 (+1%)	3mo	$110,000	$100	75
1034 Elm St	0.13mi	2/1.0 (-1)	1,002 (-8%)	1mo	$63,500	$63	74
1141 Water St	0.27mi	3/1.5	1,152 (+6%)	8mo	$150,000	$130	69
1013 Wood St	0.30mi	3/1.0	1,008 (-8%)	6mo	$125,000	$124	68
1416 1st St	0.60mi	3/2.0	1,112 (+2%)	1mo	$162,500	$146	64
1328 1st St	0.50mi	3/1.5	1,053 (-3%)	10mo	$115,000	$109	61
1132 2nd St	0.36mi	3/2.0	1,181 (+8%)	6mo	$50,000	$42	60
1200 Betsy Ln	0.47mi	3/1.0	1,008 (-8%)	7mo	$75,000	$74	59
626 Cedar St	0.46mi	4/2.0 (+1)	1,050 (-4%)	6mo	$244,900	$233	58
1012 Madsen Ave	0.54mi	2/1.0 (-1)	1,026 (-6%)	4mo	$115,000	$112	57
512 Grove St	0.36mi	3/1.5	960 (-12%)	7mo	$130,800	$136	56
501 Wood St	0.48mi	4/2.0 (+1)	1,152 (+6%)	8mo	$59,000	$51	52

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: -12.4%
• Equity multiple: 0.55×
• Total profit: $-11,080
• Equity at exit: $13,181

10-year hold

• IRR: -3.3%
• Equity multiple: 0.78×
• Total profit: $-5,454
• Equity at exit: $7,643

Cash invested: $24,752 (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 50595

• Home prices YoY: -20.7%
• Active inventory: 83
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $825 medium
• Mortgage (P&I): −$464
• Tax from tax record: −$100 /mo · $1,206/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $51

Break-even live

Break-even rent $761

Max offer price $88,400

Occupancy floor 89%

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: $22,100
• Closing costs: $2,652
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
639 2nd St Unit 1 Webster City, IA	2.0	1.0	900	$825	$0.92	44d	1	0.44mi

Listing history 20 events

1. 2026-06-16
   days on market $88,400 Active 41 DOM
2. 2026-06-15
   days on market $88,400 Active 40 DOM
3. 2026-06-14
   days on market $88,400 Active 38 DOM
4. 2026-06-12
   days on market $88,400 Active 37 DOM
5. 2026-06-09
   days on market $88,400 Active 34 DOM
6. 2026-06-08
   days on market $88,400 Active 33 DOM
7. 2026-06-07
   days on market $88,400 Active 32 DOM
8. 2026-06-03
   pricedays on market $88,400 Active 28 DOM
9. 2026-06-02
   days on market $89,900 Active 27 DOM
10. 2026-06-01
    days on market $89,900 Active 26 DOM
11. 2026-05-31
    days on market $89,900 Active 25 DOM
12. 2026-05-30
    days on market $89,900 Active 24 DOM
13. 2026-05-08
    status Active 456-char remark

    Show marketing remark (456 chars)

    This attractively priced 4 bedroom story-and-a-half has a great central location. Property includes permanent siding, covered front porch, main floor bedroom, bathroom, and laundry besides a dining room and family room. Washer and Dryer and kitchen appliances are included. There are three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large shop area that could be renovated for another garage stall. Great home for the price!

14. 2026-03-10
    status Pending 456-char remark

    Show marketing remark (456 chars)

    This attractively priced 4 bedroom story-and-a-half has a great central location. Property includes permanent siding, covered front porch, main floor bedroom, bathroom, and laundry besides a dining room and family room. Washer and Dryer and kitchen appliances are included. There are three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large shop area that could be renovated for another garage stall. Great home for the price!

15. 2026-03-08
    listed $89,900 Active 456-char remark

    Show marketing remark (456 chars)

    This attractively priced 4 bedroom story-and-a-half has a great central location. Property includes permanent siding, covered front porch, main floor bedroom, bathroom, and laundry besides a dining room and family room. Washer and Dryer and kitchen appliances are included. There are three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large shop area that could be renovated for another garage stall. Great home for the price!

16. 2024-04-26
    soldstatus $73,000
17. 2023-12-07
    soldstatus $72,785 Closed 594-char remark

    Show marketing remark (594 chars)

    This attractively priced 3 bedroom story-and-a-half home is in a great central location. Permanant siding and newer roof. Covered front porch area to welcome guests. Main floor formal living room and a cozy family room. Large dining room off kitchen perfect for family dinners. Kitchen appliances all can stay. A full bath on the main floor as well as the convenience of a main floor laundry. Washer and Dryer negotiable. All three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large raised shop/storage area where a second stall could go. Great home for the price!

18. 2023-10-22
    status Pending 594-char remark

    Show marketing remark (594 chars)

    This attractively priced 3 bedroom story-and-a-half home is in a great central location. Permanant siding and newer roof. Covered front porch area to welcome guests. Main floor formal living room and a cozy family room. Large dining room off kitchen perfect for family dinners. Kitchen appliances all can stay. A full bath on the main floor as well as the convenience of a main floor laundry. Washer and Dryer negotiable. All three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large raised shop/storage area where a second stall could go. Great home for the price!

19. 2023-10-18
    price $69,900 594-char remark

    Show marketing remark (594 chars)

    This attractively priced 3 bedroom story-and-a-half home is in a great central location. Permanant siding and newer roof. Covered front porch area to welcome guests. Main floor formal living room and a cozy family room. Large dining room off kitchen perfect for family dinners. Kitchen appliances all can stay. A full bath on the main floor as well as the convenience of a main floor laundry. Washer and Dryer negotiable. All three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large raised shop/storage area where a second stall could go. Great home for the price!

20. 2023-10-05
    listed $79,900 Active 594-char remark

    Show marketing remark (594 chars)

    This attractively priced 3 bedroom story-and-a-half home is in a great central location. Permanant siding and newer roof. Covered front porch area to welcome guests. Main floor formal living room and a cozy family room. Large dining room off kitchen perfect for family dinners. Kitchen appliances all can stay. A full bath on the main floor as well as the convenience of a main floor laundry. Washer and Dryer negotiable. All three bedrooms upstairs. Detached garage with a single stall for a vehicle and a large raised shop/storage area where a second stall could go. Great home for the price!

ⓘ 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: $1,206 · $100/mo
• Projected year-2 tax: $1,297 · $108/mo
• Expected delta: +$91/yr (+$8/mo · 7.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $9,900
• − Mortgage interest: −$4,952
• − Property taxes: −$1,206
• − Insurance: −$442
• − Repairs & maintenance: −$792
• − Management: −$792
• − Depreciation: −$2,572
• Taxable loss: −$855
• Est. tax savings @ 24.0%: +$205
• After-tax cash flow: $815/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: Webster City Community School District
• NCES district ID: 1930630
• Math proficiency: 60% ▼ -7.00%
• Reading proficiency: 60% ▲ 2.00%
• Median HH income: $45,510
• Composite: 50.65/100
• National rank: #1831
• State rank: #250 of 289 in IA

Livability — Webster City

• Score: 78/100
• State rank: #137
• US rank: #2493

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Webster City, IA
• City population: 8,768
• Population (ZIP): 8,768

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 14,602 people
• By 2030: 14,210 · -2.7%
• By 2040: 13,312 · -8.8%
• By 2050: 12,469 · -14.6%
• By 2075: 11,449 · -21.6%
• By 2100: 10,806 · -26.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 15% Two or more races 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 10% Lithuanian 2% Iranian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 85% English-only · Spanish 13% Other Asian/Pacific 1% German/W. Germanic 1%

Political lean MEDSL · Hamilton

• 2024 margin: Solid R (+33.3) · D 32.8% · R 66.1% · Other 1.1%
• 2008→2024 swing: -34.6pp toward R · 2008: 1.3pp · 2024: -33.3pp
• All cycles: 2024: R+33.3 2020: R+26.6 2016: R+22.9 2012: R+2.7 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.55%
• Current HPI: 182.2704
• 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

+12.5% since first listed

8 events — show timeline

• 2026-05-08 Relisted — IAR
• 2026-03-10 Pending — IAR
• 2026-03-08 Listed $89,900 IAR
• 2024-04-26 Sold (Public Records) $73,000 Public Records
• 2023-12-07 Sold (MLS) $72,785 IAR
• 2023-10-22 Pending — IAR
• 2023-10-18 Price Changed $69,900 IAR
• 2023-10-05 Listed $79,900 IAR

Property tax history

+4.9%/yr

Latest (2025): $1,206 · +20.4% YoY. Source: county tax records.