508 Commercial St Unit J · La Porte City, IA 50651

$61,900

2 bd · 1.0 ba · 891 sqft · Condo public records · 5 Days on market

Built 1980 $200/mo HOA · 23% of rent

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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 +20.1/30.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• DSCR +6.4/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Top level condo available in La Porte City within walking distance to Main Street for shopping and restaurants. Condo offers great layout with an open concept living room and kitchen area with large picture window giving off plenty of natural light. 2 bedrooms and 1 bathroom finish off this lovely home. Building offers storage, on site laundry, and courtyard.

Key facts

• Large closets
• Eat-in kitchen
• Roomy pantry

Tags

• EAT-IN KITCHEN
• ROOMY PANTRY
• LARGE CLOSETS
• TUB SHOWER COMBO
• EXTRA HALLWAY CLOSETS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $62k.

Deal economics

• At list price, monthly cash flow is $77 ($927/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $62k).

Location & tenants

• Location reads 84/100 on livability (#26 in IA, #774 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Union Community School District (rural): math 77% / reading 75% proficiency, ranked #53 of 289 in IA (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: La Porte City Elementary School (math 92% / reading 82%, grade A+, #16 of 616 statewide, top 3%, 273 students, 23% FRL); Union High School (math 69% / reading 75%, grade B+, #117 of 336 statewide, top 39%, 316 students, 28% FRL).
• Market conditions: 26 active listings in the ZIP; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $428 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Black Hawk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $35k; list at $62k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $61,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.35%
• DSCR: 1.24
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.8%
• Equity multiple: 0.71×
• Total profit: $-4,991
• Equity at exit: $9,229

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $2,466
• Equity at exit: $5,352

Cash invested: $17,332 (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 50651

• Home prices YoY: -26.5%
• Active inventory: 26
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $853 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$46 /mo · $554/yr
• Insurance: −$26
• HOA: −$200
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $77

Break-even live

Break-even rent $755

Max offer price $61,900

Occupancy floor 86%

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: $15,475
• Closing costs: $1,857
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-03-08
   status Pending
2. 2026-03-02
   listed $61,900 Active
3. 2018-10-03
   soldstatus $35,000
4. 2018-09-28
   soldstatus $35,000 361-char remark

   Show marketing remark (361 chars)

   Top level condo available in La Porte City within walking distance to Main Street for shopping and restaurants. Condo offers great layout with an open concept living room and kitchen area with large picture window giving off plenty of natural light. 2 bedrooms and 1 bathroom finish off this lovely home. Building offers storage, on site laundry, and courtyard.

5. 2018-06-05
   listed $34,000 361-char remark

   Show marketing remark (361 chars)

   Top level condo available in La Porte City within walking distance to Main Street for shopping and restaurants. Condo offers great layout with an open concept living room and kitchen area with large picture window giving off plenty of natural light. 2 bedrooms and 1 bathroom finish off this lovely home. Building offers storage, on site laundry, and courtyard.

6. 2010-07-29
   soldstatus $30,000

ⓘ 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: $554 · $46/mo
• Projected year-2 tax: $763 · $64/mo
• Expected delta: +$209/yr (+$17/mo · 37.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 15 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: $10,236
• − Mortgage interest: −$3,467
• − Property taxes: −$554
• − Insurance: −$310
• − Repairs & maintenance: −$819
• − Management: −$819
• − HOA: −$2,400
• − Depreciation: −$1,801
• Taxable income: $66
• Est. tax owed @ 24.0%: −$16
• After-tax cash flow: $911/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: Union Community School District
• NCES district ID: 1900022
• Math proficiency: 77% ▼ -3.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $58,114
• Composite: 65.13/100
• National rank: #496
• State rank: #53 of 289 in IA

Livability — La Porte City

• Score: 84/100
• State rank: #26
• US rank: #774

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Porte City, IA
• City population: 3,349
• Population (ZIP): 3,349

Population outlook (Black Hawk County) Hauer SSP2

• Today (2025): 139,716 people
• By 2030: 142,853 · +2.2%
• By 2040: 147,843 · +5.8%
• By 2050: 153,247 · +9.7%
• By 2075: 167,977 · +20.2%
• By 2100: 177,320 · +26.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Portuguese 7% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada, Guatemala
• Languages at home: 98% English-only · Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Black Hawk

• 2024 margin: Toss-up / Even · D 50.0% · R 48.8% · Other 1.2%
• 2008→2024 swing: -21.3pp toward R · 2008: 22.4pp · 2024: 1.2pp
• All cycles: 2024: D+1.2 2020: D+9.0 2016: D+7.3 2012: D+20.0 2008: D+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.76%
• Current HPI: 188.2486
• 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

+106.3% since first listed

6 events — show timeline

• 2026-03-08 Pending — NEIRBR as distributed by MLS GRID
• 2026-03-02 Listed $61,900 NEIRBR as distributed by MLS GRID
• 2018-10-03 Sold (Public Records) $35,000 Public Records
• 2018-09-28 Sold (MLS) $35,000 NEIRBR as distributed by MLS GRID
• 2018-06-05 Listed $34,000 NEIRBR as distributed by MLS GRID
• 2010-07-29 Sold (Public Records) $30,000 Public Records

Property tax history

-1.6%/yr

Latest (2025): $554 · +3.7% YoY. Source: county tax records.