609 S Washington St · Remsen, IA 51050

$107,500

3 bd · 2.0 ba · 1,388 sqft · SingleFamily public records · 121 Days on market

Built 1910 9,583 sqft lot $77/sqft · 41% below area Est $123k · 13% under

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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 +26.0/30.0
• ARV discount +13.2/15.0
• Appreciation +10.0/10.0
• DSCR +8.8/10.0
• Schools +6.5/10.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Move in and fix as you go! This 2 bedroom (possibly 3 with some work) could be just what you are looking for! Large lot, 2 car garage, and comes with appliances to get you started! Selling AS-IS, seller has never lived in this home.

Key facts

• Large lot
• 9,583 sq ft lot
• 2 garage spots

Tags

• LARGE LOT
• COMES WITH APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $108k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• Recommended offer: $95k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#78 in IA, #1,646 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Remsen-Union Community School District (rural): math 72% / reading 79% proficiency, ranked #59 of 289 in IA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: 7 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($743 loan paydown + $11k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k 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 ($95k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $108k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 9.29%
• Cash-on-cash: 10.70%
• DSCR: 1.48
• GRM: 7.4

CMA / ARV

• ARV (median comp): $123,068
• List price: $107,500
• Delta: -12.65%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
624 Harrison St	0.12mi	3/1.5	1,343 (-3%)	19mo	$184,500	$137	71
138 Madison St	0.39mi	4/2.0 (+1)	1,429 (+3%)	5mo	$105,000	$73	68
619 S Marion St	0.18mi	3/2.0	1,521 (+10%)	10mo	$195,000	$128	67
211 Jackson St	0.32mi	4/1.0 (+1)	1,459 (+5%)	12mo	$170,000	$117	57
218 Franklin St	0.28mi	3/2.0	1,228 (-12%)	20mo	$220,000	$179	50
509 Harrison St	0.16mi	2/1.0 (-1)	1,230 (-11%)	18mo	$135,000	$110	50
513 E 2nd St	0.52mi	3/1.0	1,476 (+6%)	24mo	$177,000	$120	41
203 E Nothem Ave	0.54mi	3/1.5	1,512 (+9%)	24mo	$155,000	$103	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: 32.1%
• Equity multiple: 3.51×
• Total profit: $75,632
• Equity at exit: $96,845

10-year hold

• IRR: 27.7%
• Equity multiple: 7.95×
• Total profit: $209,247
• Equity at exit: $208,849

Cash invested: $30,100 (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 51050

• Home prices YoY: 8.1%
• Active inventory: 7
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,211 medium
• Mortgage (P&I): −$564
• Tax from tax record: −$80 /mo · $960/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $268

Break-even live

Break-even rent $872

Max offer price $107,500

Occupancy floor 73%

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: $26,875
• Closing costs: $3,225
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $107,500 Active 121 DOM
2. 2026-06-17
   days on market $107,500 Active 120 DOM
3. 2026-06-16
   days on market $107,500 Active 119 DOM
4. 2026-06-15
   days on market $107,500 Active 118 DOM
5. 2026-06-13
   days on market $107,500 Active 116 DOM
6. 2026-06-12
   days on market $107,500 Active 115 DOM
7. 2026-06-09
   days on market $107,500 Active 112 DOM
8. 2026-06-08
   days on market $107,500 Active 111 DOM
9. 2026-06-07
   days on market $107,500 Active 110 DOM
10. 2026-06-07
    days on market $107,500 Active 109 DOM
11. 2026-06-04
    days on market $107,500 Active 106 DOM
12. 2026-06-02
    days on market $107,500 Active 105 DOM
13. 2026-06-01
    days on market $107,500 Active 104 DOM
14. 2026-05-31
    days on market $107,500 Active 103 DOM
15. 2026-05-31
    days on market $107,500 Active 102 DOM
16. 2026-02-17
    listed $110,000 Active 232-char remark

    Show marketing remark (232 chars)

    Move in and fix as you go! This 2 bedroom (possibly 3 with some work) could be just what you are looking for! Large lot, 2 car garage, and comes with appliances to get you started! Selling AS-IS, seller has never lived in this home.

17. 2009-10-16
    soldstatus $40,000

ⓘ 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: $960 · $80/mo
• Projected year-2 tax: $1,324 · $110/mo
• Expected delta: +$364/yr (+$30/mo · 37.9%)

ⓘ 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 ≥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: $14,537
• − Mortgage interest: −$6,022
• − Property taxes: −$960
• − Insurance: −$538
• − Repairs & maintenance: −$1,163
• − Management: −$1,163
• − Depreciation: −$3,127
• Taxable income: $1,565
• Est. tax owed @ 24.0%: −$376
• After-tax cash flow: $2,846/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: Remsen-Union Community School District
• NCES district ID: 1924120
• Math proficiency: 72% ▲ 8.00%
• Reading proficiency: 79% ▲ 14.00%
• Median HH income: $57,017
• Composite: 64.57/100
• National rank: #534
• State rank: #59 of 289 in IA

Livability — Remsen

• Score: 80/100
• State rank: #78
• US rank: #1646

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: Remsen, IA
• Population (ZIP): 2,909

Population outlook (Plymouth County) Hauer SSP2

• Today (2025): 25,214 people
• By 2030: 25,257 · +0.2%
• By 2040: 25,304 · +0.4%
• By 2050: 25,421 · +0.8%
• By 2075: 26,820 · +6.4%
• By 2100: 27,604 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Iranian 3% Italian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 3%

Political lean MEDSL · Plymouth

• 2024 margin: Solid R (+54.2) · D 22.3% · R 76.5% · Other 1.2%
• 2008→2024 swing: -29.2pp toward R · 2008: -25.1pp · 2024: -54.2pp
• All cycles: 2024: R+54.2 2020: R+49.3 2016: R+51.9 2012: R+34.3 2008: R+25.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 19.38%
• Current HPI: 259.7886
• 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

+175.0% since first listed

2 events — show timeline

• 2026-02-17 Listed $110,000 NWIA
• 2009-10-16 Sold (Public Records) $40,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $960 · +8.6% YoY. Source: county tax records.