513 SE 3rd Ave · Oelwein, IA 50662

$42,090

2 bd · 1.0 ba · 1,324 sqft · SingleFamily public records · 14 Days on market

Built 1925 0.28 ac lot $32/sqft · 59% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

One level 2 bedroom, one bath has 1324 SF with main level laundry. There is an attached single car garage, concrete patio, and a large metal 36 x 24 detached garage built in 1997. This is a USDA property sold "As-Is, Where-Is". Title will only be conveyed by Quitclaim Deed. Everyone must sign a Hold Harmless form before entering the property. Please visit www. MyNextBid for additional details or to submit an offer. All information believed accurate but not guaranteed. Auction ends, Tuesday, May 12th

Key facts

• Concrete patio
• Main level laundry
• 0.28 acre lot

Tags

• MAIN LEVEL LAUNDRY
• ATTACHED SINGLE CAR GARAGE
• CONCRETE PATIO
• LARGE METAL DETACHED GARAGE

Property features AI

Exterior

• Parking: Attached garage; 1-car carport
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Masonite exterior
• Exterior features: Shingle roof; Lot approximately 85 x 145 (0.28 acre); R-1 zoning

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: No fireplace; Unfinished basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($802 rent vs $42k).
• Cap rate 13.8% vs local median 4.5% in Oelwein — 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 76/100 on livability (#186 in IA, #3,329 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Oelwein Community School District (town): math 47% / reading 55% proficiency, ranked #281 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oelwein Middle School (math 44% / reading 54%, grade C-, #219 of 246 statewide, top 90%, 359 students, 60% FRL); Oelwein High School (math 46% / reading 62%, grade C-, #293 of 336 statewide, top 87%, 314 students, 46% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $292 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Fayette County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $42,090

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.90% ✓
• Cap rate: 13.82%
• Cash-on-cash: 26.88%
• DSCR: 2.20
• GRM: 4.4

CMA / ARV

• ARV (median comp): $102,901
• List price: $42,090
• Delta: -59.10%
• 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
513 SE 3rd Ave	0.00mi	2/1.0	1,324 (0%)	0mo	$68,000	$51	100
300 SE 6th Ave	0.27mi	2/1.0	1,286 (-3%)	7mo	$97,900	$76	77
309 3rd Ave Ave SE	0.18mi	3/2.0 (+1)	1,399 (+6%)	2mo	$120,000	$86	71
309 SE 3rd Ave	0.18mi	3/2.5 (+1)	1,400 (+6%)	2mo	$120,000	$86	69
534 SE 4th Ave	0.07mi	3/1.5 (+1)	1,152 (-13%)	6mo	$91,000	$79	62
316 3rd Ave SE	0.17mi	3/2.0 (+1)	1,198 (-10%)	10mo	$143,000	$119	59
40 SE 5th Ave	0.44mi	3/1.5 (+1)	1,404 (+6%)	8mo	$119,000	$85	56
33 5th Ave Ave SE	0.46mi	3/1.5 (+1)	1,409 (+6%)	7mo	$75,000	$53	55
701 5th St. St SE	0.26mi	3/1.5 (+1)	1,508 (+14%)	9mo	$150,000	$99	50
13 Hillside Dr E	0.70mi	3/2.0 (+1)	1,344 (+2%)	8mo	$150,000	$112	49
205 NE 4th Ave	0.74mi	3/1.0 (+1)	1,192 (-10%)	0mo	$59,900	$50	44
24 12th Ave Ave SE	0.72mi	3/2.0 (+1)	1,220 (-8%)	2mo	$149,000	$122	42

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: 20.9%
• Equity multiple: 1.85×
• Total profit: $10,052
• Equity at exit: $6,276

10-year hold

• IRR: 29.1%
• Equity multiple: 3.60×
• Total profit: $30,647
• Equity at exit: $3,639

Cash invested: $11,785 (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 50662

• Home prices YoY: -21.7%
• Active inventory: 60
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $802 medium
• Mortgage (P&I): −$221
• Tax from tax record: −$131 /mo · $1,574/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$168
• Net cashflow: $264

Break-even live

Break-even rent $468

Max offer price $42,090

Occupancy floor 62%

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: $10,522
• Closing costs: $1,263
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 N Frederick Ave Apt 1 Oelwein, IA	2.0	1.0	1125	$650	$0.58	43d	1	0.58mi
1297 S Frederick Ave Unit 3 Oelwein, IA	3.0	1.0	1500	$1,000	$0.67	20d	1	0.79mi

Listing history 1 events

1. 2026-05-06
   listed $42,090 Active 514-char remark

ⓘ 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: $1,574 · $131/mo
• Projected year-2 tax: $1,574 · $131/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $9,621
• − Mortgage interest: −$2,358
• − Property taxes: −$1,574
• − Insurance: −$210
• − Repairs & maintenance: −$770
• − Management: −$770
• − Depreciation: −$1,224
• Taxable income: $2,715
• Est. tax owed @ 24.0%: −$652
• After-tax cash flow: $2,516/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: Oelwein Community School District
• NCES district ID: 1921630
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $39,812
• Composite: 42.61/100
• National rank: #3189
• State rank: #281 of 289 in IA

Livability — Oelwein

• Score: 76/100
• State rank: #186
• US rank: #3329

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oelwein, IA
• Population (ZIP): 6,497

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 19,299 people
• By 2030: 18,701 · -3.1%
• By 2040: 17,469 · -9.5%
• By 2050: 16,389 · -15.1%
• By 2075: 15,156 · -21.5%
• By 2100: 14,214 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+30.5) · D 34.0% · R 64.4% · Other 1.6%
• 2008→2024 swing: -47.1pp toward R · 2008: 16.6pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+22.7 2016: R+19.6 2012: D+11.9 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.26%
• Current HPI: 177.9399
• 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

+61.6% since first listed

3 events — show timeline

• 2026-06-08 Sold (MLS) $68,000 NEIRBR as distributed by MLS GRID
• 2026-05-20 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-06 Listed $42,090 NEIRBR as distributed by MLS GRID

Property tax history

+3.4%/yr

Latest (2025): $1,574 · +2.3% YoY. Source: county tax records.