508 15th St · Belle Plaine, IA 52208

$99,000

2 bd · 2.0 ba · 1,220 sqft · SingleFamily public records · 121 Days on market

Built 1880 5,227 sqft lot $81/sqft · 10% below area Est $110k · 10% under

---

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 +12.4/30.0
• ARV discount +12.1/15.0
• Appreciation +10.0/10.0
• Schools +5.9/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 5,227 sq ft lot
• Garage
• Built 1880

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $-17 ($-199/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (14.1% below list).
• Recommended offer: $85k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.7% in Belle Plaine — 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 75/100 on livability (#215 in IA, #3,962 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Belle Plaine Community School District (rural): math 68% / reading 74% proficiency, ranked #144 of 289 in IA (top 50%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 33 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 34 units permitted in Benton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($684 loan paydown + $10k appreciation (10.0% local appreciation)).
• Benton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $52k; list at $99k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000 (14.1% 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 121 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1880 — 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 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?
7. 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.
8. 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.
9. 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: 0.86% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

• ARV (median comp): $110,326
• List price: $99,000
• Delta: -10.27%
• 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
1512 7th Ave	0.10mi	3/2.0 (+1)	1,201 (-2%)	14mo	$87,000	$72	76
1609 11th Ave	0.48mi	2/2.0	1,214 (-0%)	10mo	$105,000	$86	69
705 10th St	0.39mi	3/1.5 (+1)	1,176 (-4%)	6mo	$110,000	$94	64
1307 2nd Ave	0.31mi	3/1.0 (+1)	1,207 (-1%)	16mo	$98,000	$81	62
504 17th St	0.21mi	3/1.5 (+1)	1,363 (+12%)	5mo	$140,000	$103	59
1509 9th Ave	0.31mi	3/2.0 (+1)	1,300 (+7%)	13mo	$270,000	$208	59
605 9th St	0.44mi	2/1.0	1,152 (-6%)	10mo	$151,000	$131	58
1311 11th Ave	0.47mi	3/1.5 (+1)	1,232 (+1%)	19mo	$126,000	$102	54
904 10th St	0.46mi	3/1.5 (+1)	1,093 (-10%)	10mo	$130,000	$119	46
409 11th St	0.30mi	3/1.0 (+1)	1,065 (-13%)	12mo	$102,000	$96	46
1606 13th Ave	0.60mi	2/2.0	1,044 (-14%)	10mo	$147,777	$142	40
608 6th Ave	0.65mi	2/1.0	1,108 (-9%)	15mo	$136,000	$123	38

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.8%
• Equity multiple: 2.91×
• Total profit: $52,877
• Equity at exit: $89,187

10-year hold

• IRR: 21.1%
• Equity multiple: 6.65×
• Total profit: $156,575
• Equity at exit: $192,335

Cash invested: $27,720 (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 52208

• Home prices YoY: 5.4%
• Active inventory: 33
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $850 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $-17

Break-even live

Break-even rent $871

Max offer price $96,070

Occupancy floor 97%

Sensitivity live

Price	-10% $39	-5% $11	+0% $-17	+5% $-45	+10% $-73
Rent	-10% $-84	-5% $-50	+0% $-17	+5% $17	+10% $51
Rate	-1.0pp $33	-0.5pp $9	base $-17	+0.5pp $-42	+1.0pp $-68

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1409 12th Ave Apt 2 Belle Plaine, IA	2.0	1.0	700	$850	$1.21	21d	1	0.52mi
1307 12th Ave Unit 1409-M03 Belle Plaine, IA	2.0	1.0	800	$850	$1.06	14d	1	0.53mi

Listing history 21 events

1. 2026-06-21
   days on market $99,000 Active 121 DOM
2. 2026-06-18
   days on market $99,000 Active 119 DOM
3. 2026-06-17
   days on market $99,000 Active 118 DOM
4. 2026-06-16
   days on market $99,000 Active 117 DOM
5. 2026-06-15
   days on market $99,000 Active 116 DOM
6. 2026-06-13
   days on market $99,000 Active 114 DOM
7. 2026-06-12
   days on market $99,000 Active 113 DOM
8. 2026-06-09
   days on market $99,000 Active 110 DOM
9. 2026-06-08
   days on market $99,000 Active 109 DOM
10. 2026-06-07
    days on market $99,000 Active 108 DOM
11. 2026-06-07
    days on market $99,000 Active 107 DOM
12. 2026-06-04
    days on market $99,000 Active 104 DOM
13. 2026-06-02
    days on market $99,000 Active 103 DOM
14. 2026-06-01
    days on market $99,000 Active 102 DOM
15. 2026-05-31
    days on market $99,000 Active 101 DOM
16. 2026-05-31
    days on market $99,000 Active 100 DOM
17. 2026-02-19
    listed $99,000 Active
18. 2025-09-23
    listed $99,000
19. 2025-09-23
    historical
20. 2011-10-24
    soldstatus $52,000
21. 1996-10-13
    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: $1,532 · $128/mo
• Projected year-2 tax: $1,543 · $129/mo
• Expected delta: +$11/yr (+$1/mo · 0.7%)

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

Taxation est. · year 1

• Rental income: $10,200
• − Mortgage interest: −$5,546
• − Property taxes: −$1,532
• − Insurance: −$495
• − Repairs & maintenance: −$816
• − Management: −$816
• − Depreciation: −$2,880
• Taxable loss: −$1,885
• Est. tax savings @ 24.0%: +$452
• After-tax cash flow: $253/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: Belle Plaine Community School District
• NCES district ID: 1904620
• Math proficiency: 68% ▼ -5.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $42,054
• Composite: 59.42/100
• National rank: #927
• State rank: #144 of 289 in IA

Livability — Belle Plaine

• Score: 75/100
• State rank: #215
• US rank: #3962

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belle Plaine, IA
• Population (ZIP): 2,921

Population outlook (Benton County) Hauer SSP2

• Today (2025): 25,078 people
• By 2030: 24,606 · -1.9%
• By 2040: 23,425 · -6.6%
• By 2050: 21,891 · -12.7%
• By 2075: 19,482 · -22.3%
• By 2100: 17,139 · -31.7%

Race, ethnicity, and origin ACS 2023

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

Political lean MEDSL · Benton

• 2024 margin: Solid R (+33.2) · D 32.8% · R 66.0% · Other 1.3%
• 2008→2024 swing: -37.7pp toward R · 2008: 4.5pp · 2024: -33.2pp
• All cycles: 2024: R+33.2 2020: R+27.5 2016: R+26.0 2012: R+0.6 2008: D+4.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.07%
• Current HPI: 237.1468
• 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

+230.0% since first listed

5 events — show timeline

• 2026-02-19 Listed $99,000 CRAAR, CDRMLS
• 2025-09-23 Listing Removed — DMMLS
• 2025-09-23 Listed $99,000 DMMLS
• 2011-10-24 Sold (Public Records) $52,000 Public Records
• 1996-10-13 Sold (Public Records) $30,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,532 · +6.7% YoY. Source: county tax records.