205 Lake St · Joice, IA 50446

$125,000

4 bd · 1.5 ba · 1,523 sqft · SingleFamily public records · 4 Days on market

Built 1944 0.46 ac lot Est $129k · at est.

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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 +13.1/30.0
• ARV discount +9.0/15.0
• Appreciation +8.8/10.0
• Schools +5.9/10.0
• DSCR +3.9/10.0
• 1% rule +3.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This idyllic 1 1/2 story home is Farm House chic with matching outdoor space to match! Located in Worth County with educational incentives, and quietly tucked into a large lot on the North side of Joice! The formal front entry offers storage shelves and coat closet. An open-concept living room and dining room welcome your friends and family. Two corner cabinets in the dining room add charm and a space for heirloom pieces. A nice-sized kitchen has room for a large island! Adjacent to the kitchen is the back foyer with a built-in bench, shelving, and hooks! The main level half bath conveniently has doors connecting to the second back entry and the main level bedroom! The second story features three large bedrooms with hardwood floors and lots of closet space! The full bathroom offers nice space (new tub/shower surround to be installed)! The City owns the land to the North, and it is wild growth, so always full of wildlife for great views!

Key facts

• Workshop space
• Updated kitchen
• Backyard pergola

Tags

• BACKYARD PERGOLA
• DOUBLE DETACHED GARAGE
• WORKSHOP SPACE
• CHICKEN COOP
• UPDATED KITCHEN
• OPEN DINING LIVING AREA

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $-4 ($-50/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (18.6% below list).
• Recommended offer: $102k (18.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#752 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, schools D-.
• Lake Mills Community School District (rural): math 68% / reading 72% proficiency, ranked #148 of 289 in IA (top 51%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 3 active listings in the ZIP.

Forward outlook

• In year one you build about $10k of equity ($864 loan paydown + $9k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 3.0% rent growth), your $35k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $85k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,746 (18.6% 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. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 0.81% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.14%
• DSCR: 0.99
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $129,455
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Lake St	0.00mi	4/1.5	1,523 (0%)	1mo	$130,000	$85	99

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

Projected returns pro-forma

7.53% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.8%
• Equity multiple: 2.36×
• Total profit: $47,520
• Equity at exit: $91,040

10-year hold

• IRR: 17.8%
• Equity multiple: 4.94×
• Total profit: $138,006
• Equity at exit: $177,091

Cash invested: $35,000 (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 50446

• Home prices YoY: 5.0%
• Active inventory: 3
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,017 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $-4

Break-even live

Break-even rent $1,023

Max offer price $124,269

Occupancy floor 95%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-27
   status Pending
2. 2026-04-23
   listed $125,000 Active
3. 2022-12-13
   soldstatus $85,000
4. 2022-12-09
   soldstatus $85,000 Closed 950-char remark

   Show marketing remark (950 chars)

   This idyllic 1 1/2 story home is Farm House chic with matching outdoor space to match! Located in Worth County with educational incentives, and quietly tucked into a large lot on the North side of Joice! The formal front entry offers storage shelves and coat closet. An open-concept living room and dining room welcome your friends and family. Two corner cabinets in the dining room add charm and a space for heirloom pieces. A nice-sized kitchen has room for a large island! Adjacent to the kitchen is the back foyer with a built-in bench, shelving, and hooks! The main level half bath conveniently has doors connecting to the second back entry and the main level bedroom! The second story features three large bedrooms with hardwood floors and lots of closet space! The full bathroom offers nice space (new tub/shower surround to be installed)! The City owns the land to the North, and it is wild growth, so always full of wildlife for great views!

5. 2022-11-25
   status Pending 950-char remark

   Show marketing remark (950 chars)

   This idyllic 1 1/2 story home is Farm House chic with matching outdoor space to match! Located in Worth County with educational incentives, and quietly tucked into a large lot on the North side of Joice! The formal front entry offers storage shelves and coat closet. An open-concept living room and dining room welcome your friends and family. Two corner cabinets in the dining room add charm and a space for heirloom pieces. A nice-sized kitchen has room for a large island! Adjacent to the kitchen is the back foyer with a built-in bench, shelving, and hooks! The main level half bath conveniently has doors connecting to the second back entry and the main level bedroom! The second story features three large bedrooms with hardwood floors and lots of closet space! The full bathroom offers nice space (new tub/shower surround to be installed)! The City owns the land to the North, and it is wild growth, so always full of wildlife for great views!

6. 2022-10-24
   listed $84,900 Active 950-char remark

   Show marketing remark (950 chars)

   This idyllic 1 1/2 story home is Farm House chic with matching outdoor space to match! Located in Worth County with educational incentives, and quietly tucked into a large lot on the North side of Joice! The formal front entry offers storage shelves and coat closet. An open-concept living room and dining room welcome your friends and family. Two corner cabinets in the dining room add charm and a space for heirloom pieces. A nice-sized kitchen has room for a large island! Adjacent to the kitchen is the back foyer with a built-in bench, shelving, and hooks! The main level half bath conveniently has doors connecting to the second back entry and the main level bedroom! The second story features three large bedrooms with hardwood floors and lots of closet space! The full bathroom offers nice space (new tub/shower surround to be installed)! The City owns the land to the North, and it is wild growth, so always full of wildlife for great views!

7. 2008-02-05
   soldstatus $49,500

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $1,583 · $132/mo
• Expected delta: +$379/yr (+$32/mo · 31.5%)

ⓘ 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 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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,210
• − Mortgage interest: −$7,002
• − Property taxes: −$1,204
• − Insurance: −$625
• − Repairs & maintenance: −$977
• − Management: −$977
• − Depreciation: −$3,636
• Taxable loss: −$2,211
• Est. tax savings @ 24.0%: +$531
• After-tax cash flow: $481/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: Lake Mills Community School District
• NCES district ID: 1916110
• Math proficiency: 68% ▼ -5.00%
• Reading proficiency: 72% ▼ -2.00%
• Median HH income: $48,268
• Composite: 59.19/100
• National rank: #945
• State rank: #148 of 289 in IA

Livability — Joice

• Score: 61/100
• State rank: #752
• US rank: #17322

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Joice, IA
• Population (ZIP): 518

Population outlook (Worth County) Hauer SSP2

• Today (2025): 7,751 people
• By 2030: 7,775 · +0.3%
• By 2040: 7,722 · -0.4%
• By 2050: 7,645 · -1.4%
• By 2075: 7,785 · +0.4%
• By 2100: 7,554 · -2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 28% Scottish 9% Lithuanian 3%
• Foreign-born: 0%

Political lean MEDSL · Worth

• 2024 margin: Strong R (+28.2) · D 35.2% · R 63.5% · Other 1.3%
• 2008→2024 swing: -50.6pp toward R · 2008: 22.4pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+25.9 2016: R+21.8 2012: D+14.5 2008: D+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.53%
• Current HPI: 158.6483
• 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

+152.5% since first listed

7 events — show timeline

• 2026-04-27 Pending — IAR
• 2026-04-23 Listed $125,000 IAR
• 2022-12-13 Sold (Public Records) $85,000 Public Records
• 2022-12-09 Sold (MLS) $85,000 IAR
• 2022-11-25 Pending — IAR
• 2022-10-24 Listed $84,900 IAR
• 2008-02-05 Sold (Public Records) $49,500 Public Records

Property tax history

+7.1%/yr

Latest (2025): $1,204 · +6.0% YoY. Source: county tax records.