408 N Main St · Buffalo Center, IA 50424

$135,000

3 bd · 2.0 ba · 1,345 sqft · SingleFamily public records · 135 Days on market

Built 1920 0.30 ac lot $100/sqft · 13% above area Est $116k · 17% over

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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).

• Cash flow +14.5/30.0
• Appreciation +8.4/10.0
• Schools +4.9/10.0
• DSCR +4.4/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Located just one block from the school and downtown, this charming 3-bedroom home combines small-town walk-ability with practical living. This home offers flexibility with two included lots - one open to the south - providing room to expand, garden, or simply enjoy the extra space. The property features two garages and all appliances are included. A great opportunity with room to grow!

Key facts

• Two included lots
• Two garages
• Room to expand

Tags

• ONE BLOCK FROM THE SCHOOL
• ONE BLOCK FROM DOWNTOWN
• TWO INCLUDED LOTS
• ROOM TO EXPAND
• TWO GARAGES
• ALL APPLIANCES INCLUDED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $29 ($353/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 $116k (14.3% below list).
• Recommended offer: $116k (14.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#227 in IA, #4,313 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• North Iowa Community School District (rural): math 56% / reading 60% proficiency, ranked #252 of 289 in IA (top 87%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: North Iowa Elem Buffalo Center (math 62% / reading 72%, grade B+, #273 of 616 statewide, top 51%, 256 students, 45% FRL); North Iowa Middle School (math 62% / reading 57%, grade B, #185 of 246 statewide, top 78%, 107 students, 38% FRL); North Iowa High School (math 42% / reading 52%, grade D-, #319 of 336 statewide, top 95%, 117 students, 43% FRL).
• Market conditions: 12 active listings in the ZIP; 6 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($933 loan paydown + $9k appreciation (6.8% local appreciation)).
• Winnebago County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $135k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,629 (14.3% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.86% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.93%
• DSCR: 1.04
• GRM: 9.7

CMA / ARV

• ARV (median comp): $115,731
• List price: $135,000
• Delta: 16.65%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 2nd St NE	0.22mi	3/2.0	1,312 (-2%)	5mo	$109,000	$83	82
616 1st St NE	0.19mi	4/1.5 (+1)	1,383 (+3%)	19mo	$86,000	$62	64
410 2nd Ave NW	0.33mi	3/2.5	1,238 (-8%)	13mo	$84,500	$68	58

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

Projected returns pro-forma

6.8% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 2.25×
• Total profit: $47,378
• Equity at exit: $91,823

10-year hold

• IRR: 17.3%
• Equity multiple: 4.61×
• Total profit: $136,468
• Equity at exit: $172,878

Cash invested: $37,800 (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 50424

• Home prices YoY: 5.3%
• Active inventory: 12
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$120 /mo · $1,438/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $29

Break-even live

Break-even rent $1,119

Max offer price $135,000

Occupancy floor 92%

Sensitivity live

Price	-10% $106	-5% $68	+0% $29	+5% $-9	+10% $-47
Rent	-10% $-62	-5% $-16	+0% $29	+5% $75	+10% $121
Rate	-1.0pp $97	-0.5pp $64	base $29	+0.5pp $-6	+1.0pp $-41

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $135,000 Active 135 DOM
2. 2026-06-21
   days on market $135,000 Active 134 DOM
3. 2026-06-18
   days on market $135,000 Active 132 DOM
4. 2026-06-17
   days on market $135,000 Active 131 DOM
5. 2026-06-16
   days on market $135,000 Active 130 DOM
6. 2026-06-15
   days on market $135,000 Active 129 DOM
7. 2026-06-13
   days on market $135,000 Active 127 DOM
8. 2026-06-12
   days on market $135,000 Active 126 DOM
9. 2026-06-09
   days on market $135,000 Active 123 DOM
10. 2026-06-08
    days on market $135,000 Active 122 DOM
11. 2026-06-07
    days on market $135,000 Active 121 DOM
12. 2026-06-05
    days on market $135,000 Active 119 DOM
13. 2026-06-04
    days on market $135,000 Active 117 DOM
14. 2026-06-02
    days on market $135,000 Active 116 DOM
15. 2026-06-01
    days on market $135,000 Active 115 DOM
16. 2026-05-31
    days on market $135,000 Active 114 DOM
17. 2026-05-31
    days on market $135,000 Active 113 DOM
18. 2026-04-17
    price $135,000 388-char remark

    Show marketing remark (388 chars)

    Located just one block from the school and downtown, this charming 3-bedroom home combines small-town walk-ability with practical living. This home offers flexibility with two included lots - one open to the south - providing room to expand, garden, or simply enjoy the extra space. The property features two garages and all appliances are included. A great opportunity with room to grow!

19. 2026-02-06
    listed $140,000 Active 388-char remark

    Show marketing remark (388 chars)

    Located just one block from the school and downtown, this charming 3-bedroom home combines small-town walk-ability with practical living. This home offers flexibility with two included lots - one open to the south - providing room to expand, garden, or simply enjoy the extra space. The property features two garages and all appliances are included. A great opportunity with room to grow!

20. 2023-11-27
    soldstatus $72,000

ⓘ 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: $1,438 · $120/mo
• Projected year-2 tax: $1,779 · $148/mo
• Expected delta: +$341/yr (+$28/mo · 23.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $13,875
• − Mortgage interest: −$7,562
• − Property taxes: −$1,438
• − Insurance: −$675
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$3,927
• Taxable loss: −$1,947
• Est. tax savings @ 24.0%: +$467
• After-tax cash flow: $820/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: North Iowa Community School District
• NCES district ID: 1905750
• Math proficiency: 56% ▬ 0.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $48,123
• Composite: 49.23/100
• National rank: #2034
• State rank: #252 of 289 in IA

Livability — Buffalo Center

• Score: 75/100
• State rank: #227
• US rank: #4313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buffalo Center, IA
• Population (ZIP): 1,590

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 10,099 people
• By 2030: 9,831 · -2.7%
• By 2040: 9,326 · -7.7%
• By 2050: 9,073 · -10.2%
• By 2075: 9,448 · -6.4%
• By 2100: 10,279 · +1.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 28% Iranian 14% Lithuanian 4%
• Foreign-born: 1% · Canada, Vietnam
• Languages at home: 95% English-only · Other Indo-European 2% Spanish 2% Vietnamese 1%

Political lean MEDSL · Winnebago

• 2024 margin: Solid R (+30.7) · D 33.9% · R 64.6% · Other 1.5%
• 2008→2024 swing: -39.3pp toward R · 2008: 8.6pp · 2024: -30.7pp
• All cycles: 2024: R+30.7 2020: R+26.3 2016: R+26.5 2012: R+0.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.80%
• Current HPI: 134.7177
• 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

+87.5% since first listed

3 events — show timeline

• 2026-04-17 Price Changed $135,000 IAR
• 2026-02-06 Listed $140,000 IAR
• 2023-11-27 Sold (Public Records) $72,000 Public Records

Property tax history

+14.4%/yr

Latest (2025): $1,438 · +64.2% YoY. Source: county tax records.