510 1st St · Whittemore, IA 50598

$140,000

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 115 Days on market

Built 1900 8,712 sqft lot $104/sqft · 35% above area Est $104k · 35% 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 +14.0/30.0
• Appreciation +6.5/10.0
• Schools +5.7/10.0
• DSCR +4.2/10.0
• Livability +3.4/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Very nice 2 story home with a single attached garage. The main level offers a spacious kitchen, dining room, living room, a half bath and the laundry. The upper level offers 3 bedrooms and a full bath. This home has many updates that include new central air, updated downstairs bath, flooring/carpet, windows, new paint, 3 closets, lighting and so much more. Take a look at the charm this home has to offer. A great family home with curb appeal and new landscaping.

Key facts

• Half bath
• Spacious kitchen
• Living room

Tags

• SPACIOUS KITCHEN
• DINING ROOM
• LIVING ROOM
• HALF BATH
• LAUNDRY
• FULL BATH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $17 ($200/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 $109k (22.5% below list).
• Recommended offer: $109k (22.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#436 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Algona Community School District (town): math 65% / reading 70% proficiency, ranked #170 of 289 in IA (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 8 active listings in the ZIP; 15 units permitted in Kossuth County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($968 loan paydown + $4k appreciation (3.1% local appreciation)).
• Kossuth County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $48k; list at $140k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,505 (22.5% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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?
6. 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.
7. 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.
8. 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: 0.78% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 10.8

CMA / ARV

• ARV (median comp): $103,570
• List price: $140,000
• Delta: 35.17%
• Verdict: OVERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Kossuth St	0.06mi	3/1.0	1,273 (-5%)	10mo	$112,000	$88	80
502 6th St	0.33mi	2/1.0 (-1)	1,268 (-6%)	10mo	$99,300	$78	62
509 2nd St	0.04mi	2/2.0 (-1)	1,182 (-12%)	23mo	$125,000	$106	50
206 5th St	0.38mi	4/2.5 (+1)	1,448 (+8%)	23mo	$198,050	$137	39
702 7th St	0.42mi	3/1.0	1,143 (-15%)	20mo	$80,000	$70	39

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

Projected returns pro-forma

3.07% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.2%
• Equity multiple: 1.47×
• Total profit: $18,385
• Equity at exit: $63,502

10-year hold

• IRR: 10.7%
• Equity multiple: 2.61×
• Total profit: $63,254
• Equity at exit: $98,296

Cash invested: $39,200 (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 50598

• Home prices YoY: 2.7%
• Active inventory: 8
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,085 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$48 /mo · $576/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $17

Break-even live

Break-even rent $1,064

Max offer price $140,000

Occupancy floor 93%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $140,000 Active 115 DOM
2. 2026-06-17
   days on market $140,000 Active 114 DOM
3. 2026-06-16
   days on market $140,000 Active 113 DOM
4. 2026-06-15
   days on market $140,000 Active 112 DOM
5. 2026-06-13
   days on market $140,000 Active 110 DOM
6. 2026-06-12
   days on market $140,000 Active 109 DOM
7. 2026-06-09
   days on market $140,000 Active 106 DOM
8. 2026-06-08
   days on market $140,000 Active 105 DOM
9. 2026-06-07
   days on market $140,000 Active 104 DOM
10. 2026-06-07
    days on market $140,000 Active 103 DOM
11. 2026-06-04
    days on market $140,000 Active 100 DOM
12. 2026-06-02
    days on market $140,000 Active 99 DOM
13. 2026-06-01
    days on market $140,000 Active 98 DOM
14. 2026-05-31
    days on market $140,000 Active 97 DOM
15. 2026-05-31
    days on market $140,000 Active 96 DOM
16. 2026-02-23
    listed $140,000 Active 465-char remark

    Show marketing remark (465 chars)

    Very nice 2 story home with a single attached garage. The main level offers a spacious kitchen, dining room, living room, a half bath and the laundry. The upper level offers 3 bedrooms and a full bath. This home has many updates that include new central air, updated downstairs bath, flooring/carpet, windows, new paint, 3 closets, lighting and so much more. Take a look at the charm this home has to offer. A great family home with curb appeal and new landscaping.

17. 2025-05-14
    soldstatus $47,500

ⓘ 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: $576 · $48/mo
• Projected year-2 tax: $1,387 · $116/mo
• Expected delta: +$811/yr (+$68/mo · 140.8%)

ⓘ 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 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,021
• − Mortgage interest: −$7,842
• − Property taxes: −$576
• − Insurance: −$700
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$4,073
• Taxable loss: −$2,254
• Est. tax savings @ 24.0%: +$541
• After-tax cash flow: $741/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: Algona Community School District
• NCES district ID: 1903360
• Math proficiency: 65% ▼ -8.00%
• Reading proficiency: 70% ▼ -7.00%
• Median HH income: $51,369
• Composite: 57.41/100
• National rank: #1076
• State rank: #170 of 289 in IA

Livability — Whittemore

• Score: 68/100
• State rank: #436
• US rank: #9475

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whittemore, IA
• Population (ZIP): 927

Population outlook (Kossuth County) Hauer SSP2

• Today (2025): 14,667 people
• By 2030: 14,445 · -1.5%
• By 2040: 14,093 · -3.9%
• By 2050: 13,825 · -5.7%
• By 2075: 14,039 · -4.3%
• By 2100: 13,662 · -6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 2% Native American 1%
• Common ancestry: Portuguese 13% Iranian 6% Lithuanian 4%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Kossuth

• 2024 margin: Solid R (+44.2) · D 27.3% · R 71.4% · Other 1.3%
• 2008→2024 swing: -47.4pp toward R · 2008: 3.2pp · 2024: -44.2pp
• All cycles: 2024: R+44.2 2020: R+39.4 2016: R+36.5 2012: R+12.3 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.07%
• Current HPI: 115.3277
• 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

+194.7% since first listed

2 events — show timeline

• 2026-02-23 Listed $140,000 IAR
• 2025-05-14 Sold (Public Records) $47,500 Public Records

Property tax history

+6.8%/yr

Latest (2025): $576 · +2.5% YoY. Source: county tax records.