311 S Elm St · Creston, IA 50801

$39,000

2 bd · 1.0 ba · 756 sqft · SingleFamily public records · 4 Days on market

Built 1873 6,534 sqft lot Est $62k · 37% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This 2 bedroom 1 bathroom house would be a great opportunity for an investor to fix up and rent out or a possible flip. Newer electric water heater. Electric baseboard heat provides nice even heat during the winter months. It has a detached garage with extra parking along the street and in the back by the alley.

Key facts

• 6,534 sq ft lot
• Garage
• Built 1873

Property features AI

Exterior

• Parking: Garage (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Wood siding
• Construction: Wood siding construction
• Exterior features: Lot approximately 0.15 acres (54 x 120)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Window cooling units
• Interior features: One and one-half story layout

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $450 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($891 rent vs $39k).
• Cap rate 20.1% vs local median 4.6% in Creston — 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 81/100 on livability (#76 in IA, #1,607 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F.
• Creston Community School District (town): math 63% / reading 69% proficiency, ranked #195 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 78 active listings in the ZIP; 5 units permitted in Union County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $6k; list at $39k implies a 550% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1873 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,000

Questions for the listing agent

1. Built in 1873 — 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. 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?
4. 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.
5. 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.
6. 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: 2.29% ✓
• Cap rate: 20.15%
• Cash-on-cash: 49.49%
• DSCR: 3.20
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $61,992
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 S Elm St	0.07mi	2/1.0	852 (+13%)	2mo	$68,000	$80	74
701 S Pine St	0.29mi	2/1.0	784 (+4%)	14mo	$64,000	$82	69
405 S Vine St	0.32mi	2/1.0	826 (+9%)	3mo	$86,000	$104	67
409 S Vine St	0.32mi	2/1.0	812 (+7%)	9mo	$53,000	$65	65
307 N Birch St	0.51mi	2/1.0	688 (-9%)	2mo	$65,950	$96	59
301 N Spruce St	0.50mi	2/1.0	768 (+2%)	19mo	$79,000	$103	58
509 N Elm St	0.62mi	2/1.0	762 (+1%)	15mo	$35,000	$46	57
209 S Lincoln	0.65mi	2/1.0	700 (-7%)	9mo	$117,500	$168	50
700 S Vine St	0.39mi	2/1.0	867 (+15%)	10mo	$105,000	$121	49
903 W Montgomery St	0.58mi	2/1.0	824 (+9%)	11mo	$18,500	$22	49
411 N Oak St	0.55mi	2/1.0	846 (+12%)	15mo	$67,000	$79	42
901 W Adair St	0.68mi	3/1.0 (+1)	864 (+14%)	2mo	$30,000	$35	37

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: 47.1%
• Equity multiple: 3.05×
• Total profit: $22,367
• Equity at exit: $5,815

10-year hold

• IRR: 52.8%
• Equity multiple: 6.17×
• Total profit: $56,426
• Equity at exit: $3,372

Cash invested: $10,920 (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 50801

• Home prices YoY: -5.9%
• Active inventory: 78
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $891 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$33 /mo · $396/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $450

Break-even live

Break-even rent $321

Max offer price $39,000

Occupancy floor 44%

Sensitivity live

Price	-10% $472	-5% $461	+0% $450	+5% $439	+10% $428
Rent	-10% $380	-5% $415	+0% $450	+5% $486	+10% $521
Rate	-1.0pp $470	-0.5pp $460	base $450	+0.5pp $440	+1.0pp $430

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-14
   status Pending
2. 2026-05-09
   listed $39,000 Active
3. 2023-04-18
   soldstatus $6,000

ⓘ 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: $396 · $33/mo
• Projected year-2 tax: $504 · $42/mo
• Expected delta: +$108/yr (+$9/mo · 27.3%)

ⓘ 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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,695
• − Mortgage interest: −$2,185
• − Property taxes: −$396
• − Insurance: −$195
• − Repairs & maintenance: −$856
• − Management: −$856
• − Depreciation: −$1,135
• Taxable income: $5,074
• Est. tax owed @ 24.0%: −$1,218
• After-tax cash flow: $4,186/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: Creston Community School District
• NCES district ID: 1908310
• Math proficiency: 63% ▬ 0.00%
• Reading proficiency: 69% ▲ 4.00%
• Median HH income: $42,292
• Composite: 55.29/100
• National rank: #1263
• State rank: #195 of 289 in IA

Livability — Creston

• Score: 81/100
• State rank: #76
• US rank: #1607

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Creston, IA
• Population (ZIP): 9,027

Population outlook (Union County) Hauer SSP2

• Today (2025): 12,536 people
• By 2030: 12,561 · +0.2%
• By 2040: 12,583 · +0.4%
• By 2050: 12,543 · +0.1%
• By 2075: 12,816 · +2.2%
• By 2100: 12,754 · +1.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Romanian 3% Slovak 2% Portuguese 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Union

• 2024 margin: Solid R (+36.2) · D 31.2% · R 67.4% · Other 1.3%
• 2008→2024 swing: -39.9pp toward R · 2008: 3.7pp · 2024: -36.2pp
• All cycles: 2024: R+36.2 2020: R+31.5 2016: R+27.8 2012: D+3.9 2008: D+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.71%
• Current HPI: 217.2057
• 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

+550.0% since first listed

3 events — show timeline

• 2026-05-14 Pending — IAR
• 2026-05-09 Listed $39,000 IAR
• 2023-04-18 Sold (Public Records) $6,000 Public Records

Property tax history

-2.1%/yr

Latest (2025): $396 · -37.3% YoY. Source: county tax records.