323 1st Ave · Clinton, IA 52372

$35,000

3 bd · 1.0 ba · 1,513 sqft · SingleFamily public records · 127 Days on market

Built 1900 7,140 sqft lot $23/sqft · 55% 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
• Appreciation +5.0/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Looking for a project? This 3 bedroom, 1 bathroom home has been partially gutted and is ready for someone to finish the job. There's a new furnace, new insulation, and some new windows already installed. The garage is fantastic for all of your parking or project needs! Property to be sold as-is.

Key facts

• New furnace
• Garage
• Partially gutted

Tags

• NEW FURNACE
• NEW INSULATION
• NEW WINDOWS
• PARTIALLY GUTTED
• GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $818 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 34.3% vs local median 6.7% in Clinton — 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 (#222 in IA, #4,192 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime D, employment D.
• Clinton Community School District (town): math 52% / reading 56% proficiency, ranked #273 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($242 loan paydown + $1k appreciation (3.0% local appreciation)).
• Clinton County population projected at -19% 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 3.95% ✓
• Cap rate: 34.33%
• Cash-on-cash: 100.14%
• DSCR: 5.46
• GRM: 2.1

CMA / ARV

• ARV (median comp): $77,450
• List price: $35,000
• Delta: -54.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 N 3rd Ave Ave	0.22mi	3/1.5	1,527 (+1%)	4mo	$85,000	$56	83
218 Adams Pl	0.45mi	2/1.0 (-1)	1,538 (+2%)	21mo	$89,900	$58	54
512 2nd Ave S	0.23mi	3/2.0	1,356 (-10%)	18mo	$69,000	$51	53
317 7th Ave N	0.41mi	2/1.0 (-1)	1,361 (-10%)	13mo	$100,000	$73	48
700 N 3rd St	0.44mi	4/2.0 (+1)	1,722 (+14%)	2mo	$86,000	$50	46
501 Woodland Dr	0.63mi	3/2.0	1,707 (+13%)	0mo	$217,000	$127	45
1013 N 2nd St St	0.71mi	3/1.0	1,297 (-14%)	5mo	$80,000	$62	39

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: —
• Equity multiple: 6.75×
• Total profit: $56,343
• Equity at exit: $15,738

10-year hold

• IRR: —
• Equity multiple: 14.02×
• Total profit: $127,642
• Equity at exit: $24,253

Cash invested: $9,800 (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 52372

• Active inventory: 6
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,384 high
• Mortgage (P&I): −$184
• Tax from tax record: −$77 /mo · $926/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $818

Break-even live

Break-even rent $348

Max offer price $35,000

Occupancy floor 36%

Sensitivity live

Price	-10% $838	-5% $828	+0% $818	+5% $808	+10% $798
Rent	-10% $708	-5% $763	+0% $818	+5% $872	+10% $927
Rate	-1.0pp $835	-0.5pp $827	base $818	+0.5pp $809	+1.0pp $799

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 2nd Ave S Unit 2 Clinton, IA	2.0	1.0	1082	$750	$0.69	45d	1	0.24mi
1002 S 4th St Clinton, IA	3.0	2.5	1467	$1,750	$1.19	45d	1	0.69mi
1004 S 4th St Clinton, IA	3.0	2.5	1467	$1,700	$1.16	45d	1	0.69mi
1006 S 4th St Clinton, IA	3.0	2.5	1467	$1,700	$1.16	45d	1	0.70mi
1008 S 4th St Clinton, IA	3.0	2.5	1467	$1,750	$1.19	45d	1	0.70mi

Listing history 17 events

1. 2026-06-19
   days on market $35,000 Active 127 DOM
2. 2026-06-18
   days on market $35,000 Active 126 DOM
3. 2026-06-17
   days on market $35,000 Active 125 DOM
4. 2026-06-16
   days on market $35,000 Active 124 DOM
5. 2026-06-15
   days on market $35,000 Active 123 DOM
6. 2026-06-14
   days on market $35,000 Active 121 DOM
7. 2026-06-12
   days on market $35,000 Active 120 DOM
8. 2026-06-09
   days on market $35,000 Active 117 DOM
9. 2026-06-08
   days on market $35,000 Active 116 DOM
10. 2026-06-07
    days on market $35,000 Active 115 DOM
11. 2026-06-07
    days on market $35,000 Active 114 DOM
12. 2026-06-03
    days on market $35,000 Active 111 DOM
13. 2026-06-02
    days on market $35,000 Active 110 DOM
14. 2026-06-01
    days on market $35,000 Active 109 DOM
15. 2026-05-31
    days on market $35,000 Active 108 DOM
16. 2026-05-30
    days on market $35,000 Active 107 DOM
17. 2026-02-12
    listed $35,000 Active 296-char remark

    Show marketing remark (296 chars)

    Looking for a project? This 3 bedroom, 1 bathroom home has been partially gutted and is ready for someone to finish the job. There's a new furnace, new insulation, and some new windows already installed. The garage is fantastic for all of your parking or project needs! Property to be sold as-is.

ⓘ 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: $926 · $77/mo
• Projected year-2 tax: $926 · $77/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,604
• − Mortgage interest: −$1,961
• − Property taxes: −$926
• − Insurance: −$175
• − Repairs & maintenance: −$1,328
• − Management: −$1,328
• − Depreciation: −$1,018
• Taxable income: $9,867
• Est. tax owed @ 24.0%: −$2,368
• After-tax cash flow: $7,445/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: Clinton Community School District
• NCES district ID: 1907710
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $40,900
• Composite: 45.22/100
• National rank: #2666
• State rank: #273 of 289 in IA

Livability — Clinton

• Score: 75/100
• State rank: #222
• US rank: #4192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clinton, IA

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 44,817 people
• By 2030: 43,090 · -3.9%
• By 2040: 39,513 · -11.8%
• By 2050: 36,209 · -19.2%
• By 2075: 31,888 · -28.8%
• By 2100: 30,382 · -32.2%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

1 event — show timeline

• 2026-02-12 Listed $35,000 MRED as Distributed by MLS Grid

Property tax history

-1.2%/yr

Latest (2025): $926 · +2.2% YoY. Source: county tax records.