205 Washington Ave · Sheldon, IA 51201

$174,900

3 bd · 2.0 ba · 1,601 sqft · SingleFamily public records · 193 Days on market

Built 1940 10,019 sqft lot $109/sqft · at area comps Est $195k · 10% under ↓ 3% since listing

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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).

• ARV discount +12.2/15.0
• Cash flow +10.2/30.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• DSCR +2.9/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Solid 3-bedroom, 2-bath home in a central location near schools and parks. The home offers a practical layout and generous living spaces, with plenty of potential for updates to make it your own. A great opportunity for buyers looking to add value while enjoying a convenient, well-established neighborhood.

Key facts

• Near schools
• Practical layout
• Central location

Tags

• CENTRAL LOCATION
• NEAR SCHOOLS
• NEAR PARKS
• PRACTICAL LAYOUT
• GENEROUS LIVING SPACES
• WELL-ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (10.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (25.1% below list).
• Recommended offer: $131k (25.1% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.6% in Sheldon — 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 (#23 in IA, #688 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Sheldon Community School District (town): math 74% / reading 78% proficiency, ranked #63 of 289 in IA (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: East Elementary School (math 87% / reading 72%, grade A, #71 of 616 statewide, top 15%, 450 students, 44% FRL); Sheldon Middle School (math 70% / reading 78%, grade A, #83 of 246 statewide, top 34%, 320 students, 47% FRL); Sheldon High School (math 73% / reading 81%, grade A-, #60 of 336 statewide, top 21%, 342 students, 39% FRL).
• Market conditions: 49 active listings in the ZIP; 13 units permitted in O'Brien County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• O'Brien County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,048 (25.1% 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 193 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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?
8. 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.
9. 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.
10. 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: 0.75% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.42%
• DSCR: 0.89
• GRM: 11.1

CMA / ARV

• ARV (median comp): $195,231
• List price: $174,900
• Delta: -10.41%
• 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
515 8th Ave	0.27mi	3/1.0	1,627 (+2%)	1mo	$162,000	$100	80
902 6th Street St	0.28mi	3/1.5	1,520 (-5%)	6mo	$180,000	$118	71
823 8th	0.43mi	4/2.0 (+1)	1,592 (-1%)	3mo	$83,000	$52	71
412 Washington Ave	0.12mi	2/2.0 (-1)	1,720 (+7%)	7mo	$260,000	$151	71
905 6th St	0.25mi	4/2.0 (+1)	1,720 (+7%)	3mo	$193,000	$112	68
703 9th Ave	0.39mi	3/2.0	1,736 (+8%)	0mo	$217,000	$125	68
711 8th St	0.48mi	3/2.0	1,492 (-7%)	6mo	$182,000	$122	61
1670 Pleasant Ct. Dr	0.61mi	3/1.0	1,602 (+0%)	8mo	$186,000	$116	61
620 6th Ave	0.46mi	2/2.0 (-1)	1,430 (-11%)	1mo	$175,000	$122	55
1144 11th St	0.71mi	3/2.0	1,744 (+9%)	3mo	$187,000	$107	50
806 10th St	0.63mi	3/1.5	1,440 (-10%)	7mo	$150,000	$104	46
1812 E 9th St	0.64mi	3/2.0	1,771 (+11%)	8mo	$198,000	$112	46

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: -20.3%
• Equity multiple: 0.29×
• Total profit: $-34,659
• Equity at exit: $26,078

10-year hold

• IRR: -13.5%
• Equity multiple: 0.22×
• Total profit: $-38,389
• Equity at exit: $15,122

Cash invested: $48,972 (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 51201

• Home prices YoY: -25.9%
• Active inventory: 49
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,310 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$144 /mo · $1,728/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $-99

Break-even live

Break-even rent $1,436

Max offer price $157,448

Occupancy floor —

Sensitivity live

Price	-10% $0	-5% $-49	+0% $-99	+5% $-148	+10% $-198
Rent	-10% $-202	-5% $-151	+0% $-99	+5% $-47	+10% $5
Rate	-1.0pp $-11	-0.5pp $-54	base $-99	+0.5pp $-144	+1.0pp $-190

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $174,900 Active 193 DOM
2. 2026-06-21
   days on market $174,900 Active 192 DOM
3. 2026-06-18
   days on market $174,900 Active 190 DOM
4. 2026-06-17
   days on market $174,900 Active 189 DOM
5. 2026-06-16
   days on market $174,900 Active 188 DOM
6. 2026-06-15
   days on market $174,900 Active 187 DOM
7. 2026-06-13
   days on market $174,900 Active 185 DOM
8. 2026-06-12
   days on market $174,900 Active 184 DOM
9. 2026-06-09
   days on market $174,900 Active 181 DOM
10. 2026-06-08
    days on market $174,900 Active 180 DOM
11. 2026-06-07
    days on market $174,900 Active 179 DOM
12. 2026-06-05
    days on market $174,900 Active 177 DOM
13. 2026-06-04
    days on market $174,900 Active 175 DOM
14. 2026-06-02
    days on market $174,900 Active 174 DOM
15. 2026-06-01
    days on market $174,900 Active 173 DOM
16. 2026-05-31
    days on market $174,900 Active 172 DOM
17. 2026-05-31
    days on market $174,900 Active 171 DOM
18. 2026-05-05
    price $174,900 307-char remark

    Show marketing remark (307 chars)

    Solid 3-bedroom, 2-bath home in a central location near schools and parks. The home offers a practical layout and generous living spaces, with plenty of potential for updates to make it your own. A great opportunity for buyers looking to add value while enjoying a convenient, well-established neighborhood.

19. 2025-12-10
    listed $179,900 Active 307-char remark

    Show marketing remark (307 chars)

    Solid 3-bedroom, 2-bath home in a central location near schools and parks. The home offers a practical layout and generous living spaces, with plenty of potential for updates to make it your own. A great opportunity for buyers looking to add value while enjoying a convenient, well-established neighborhood.

ⓘ 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: $1,728 · $144/mo
• Projected year-2 tax: $2,237 · $186/mo
• Expected delta: +$509/yr (+$42/mo · 29.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 14 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: $15,726
• − Mortgage interest: −$9,797
• − Property taxes: −$1,728
• − Insurance: −$874
• − Repairs & maintenance: −$1,258
• − Management: −$1,258
• − Depreciation: −$5,088
• Taxable loss: −$4,278
• Est. tax savings @ 24.0%: +$1,027
• After-tax cash flow: $-159/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: Sheldon Community School District
• NCES district ID: 1925980
• Math proficiency: 74% ▼ -4.00%
• Reading proficiency: 78% ▬ 0.00%
• Median HH income: $50,644
• Composite: 64.39/100
• National rank: #545
• State rank: #63 of 289 in IA

Livability — Sheldon

• Score: 84/100
• State rank: #23
• US rank: #688

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheldon, IA
• City population: 6,226
• Population (ZIP): 6,226

Population outlook (O'Brien County) Hauer SSP2

• Today (2025): 13,353 people
• By 2030: 13,040 · -2.3%
• By 2040: 12,422 · -7.0%
• By 2050: 11,887 · -11.0%
• By 2075: 11,132 · -16.6%
• By 2100: 10,176 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 14% Two or more races 8% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Iranian 24% Portuguese 6% Ukrainian 2%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Arabic 2%

Political lean MEDSL · O'Brien

• 2024 margin: Solid R (+60.9) · D 19.0% · R 80.0% · Other 1.0%
• 2008→2024 swing: -26.1pp toward R · 2008: -34.9pp · 2024: -60.9pp
• All cycles: 2024: R+60.9 2020: R+56.8 2016: R+60.2 2012: R+45.2 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.15%
• Current HPI: 214.5955
• 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

-2.8% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $174,900 NWIA
• 2025-12-10 Listed $179,900 NWIA

Property tax history

+3.9%/yr

Latest (2025): $1,728 · -3.7% YoY. Source: county tax records.