501 E State St · Corydon, IA 50060

$105,000

3 bd · 1.0 ba · 1,374 sqft · SingleFamily public records · 138 Days on market

Built 1950 7,405 sqft lot $76/sqft · 6% below area Est $112k · 6% 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 +21.9/30.0
• ARV discount +10.3/15.0
• Appreciation +10.0/10.0
• DSCR +7.0/10.0
• Schools +6.0/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Updated 3-Bedroom Home on a Corner Lot! This well-maintained 3-bedroom, 1-bath home offers the perfect mix of character, updates, and peace of mind. With major improvements already completed, you can move in knowing the big-ticket items have been taken care of! ? Updates & Features Include: • NEW Roof (2025) with Transferable Warranty • Basement Walls Professionally Anchored (2023) with Transferable Warranty • NEW Furnace (2023) • NEW Water Heater (2023) • Updated Bathroom • Beautiful Hardwood Flooring • Corner Lot • 1-Car Detached Garage • Spacious Outdoor Area Whether you’re a first-time buyer, downsizing, or searching for a move-in-ready home with lasting value, this property is one you’ll want to see. Monthly Electric Average is: $ 200.51 Monthly Gas Average is: $ 45.14

Key facts

• New furnace
• New water heater
• New roof

Tags

• NEW ROOF
• NEW FURNACE
• NEW WATER HEATER
• BASEMENT WALLS ANCHORED
• CORNER LOT
• ONE CAR DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#33 in IA, #995 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wayne Community School District (rural): math 69% / reading 74% proficiency, ranked #139 of 289 in IA (top 48%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($726 loan paydown + $10k appreciation (10.0% local appreciation)).
• Wayne County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 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 1950 — 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: 1.03% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.77%
• DSCR: 1.30
• GRM: 8.1

CMA / ARV

• ARV (median comp): $111,885
• List price: $105,000
• Delta: -6.15%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
511 E State St	0.08mi	3/1.0	1,245 (-9%)	13mo	$88,000	$71	70
405 S Johnson St	0.31mi	3/1.5	1,368 (-0%)	18mo	$182,500	$133	68
303 W Anthony St	0.47mi	3/2.0	1,446 (+5%)	1mo	$130,000	$90	65
419 E Moore St	0.33mi	3/1.0	1,392 (+1%)	22mo	$45,000	$32	64
405 N Greeley St	0.61mi	3/1.0	1,400 (+2%)	6mo	$89,000	$64	63
403 S Johnson St	0.29mi	3/2.0	1,218 (-11%)	18mo	$125,000	$103	48
414 W Jefferson St	0.59mi	2/1.0 (-1)	1,300 (-5%)	13mo	$135,000	$104	48
213 N West St	0.50mi	3/2.0	1,428 (+4%)	24mo	$199,000	$139	46
306 W South St	0.58mi	2/1.0 (-1)	1,264 (-8%)	11mo	$155,000	$123	46
740 Lakeview Dr	0.71mi	3/3.0	1,544 (+12%)	18mo	$320,000	$207	23

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: 29.2%
• Equity multiple: 3.30×
• Total profit: $67,739
• Equity at exit: $94,592

10-year hold

• IRR: 25.4%
• Equity multiple: 7.50×
• Total profit: $191,168
• Equity at exit: $203,992

Cash invested: $29,400 (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 50060

• Home prices YoY: 5.1%
• Active inventory: 13
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,085 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$97 /mo · $1,164/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $166

Break-even live

Break-even rent $875

Max offer price $105,000

Occupancy floor 80%

Sensitivity live

Price	-10% $225	-5% $195	+0% $166	+5% $136	+10% $106
Rent	-10% $80	-5% $123	+0% $166	+5% $209	+10% $251
Rate	-1.0pp $219	-0.5pp $192	base $166	+0.5pp $139	+1.0pp $111

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2218 Newton Rd Corydon, IA	2.0–3.0	1.0–2.0	1042	$1,085	$1.04	44d	5	0.94mi

Listing history 22 events

1. 2026-06-21
   days on market $105,000 Active 138 DOM
2. 2026-06-18
   days on market $105,000 Active 136 DOM
3. 2026-06-17
   days on market $105,000 Active 135 DOM
4. 2026-06-16
   days on market $105,000 Active 134 DOM
5. 2026-06-15
   days on market $105,000 Active 133 DOM
6. 2026-06-13
   days on market $105,000 Active 131 DOM
7. 2026-06-12
   days on market $105,000 Active 130 DOM
8. 2026-06-09
   days on market $105,000 Active 127 DOM
9. 2026-06-08
   days on market $105,000 Active 126 DOM
10. 2026-06-07
    days on market $105,000 Active 125 DOM
11. 2026-06-04
    days on market $105,000 Active 121 DOM
12. 2026-06-02
    days on market $105,000 Active 120 DOM
13. 2026-06-01
    days on market $105,000 Active 119 DOM
14. 2026-05-31
    days on market $105,000 Active 118 DOM
15. 2026-05-31
    days on market $105,000 Active 117 DOM
16. 2026-05-18
    price $108,000 850-char remark

    Show marketing remark (850 chars)

    Updated 3-Bedroom Home on a Corner Lot! This well-maintained 3-bedroom, 1-bath home offers the perfect mix of character, updates, and peace of mind. With major improvements already completed, you can move in knowing the big-ticket items have been taken care of! ? Updates & Features Include: • NEW Roof (2025) with Transferable Warranty • Basement Walls Professionally Anchored (2023) with Transferable Warranty • NEW Furnace (2023) • NEW Water Heater (2023) • Updated Bathroom • Beautiful Hardwood Flooring • Corner Lot • 1-Car Detached Garage • Spacious Outdoor Area Whether you’re a first-time buyer, downsizing, or searching for a move-in-ready home with lasting value, this property is one you’ll want to see. Monthly Electric Average is: $ 200.51 Monthly Gas Average is: $ 45.14

17. 2026-04-15
    price $111,000 850-char remark

    Show marketing remark (850 chars)

    Updated 3-Bedroom Home on a Corner Lot! This well-maintained 3-bedroom, 1-bath home offers the perfect mix of character, updates, and peace of mind. With major improvements already completed, you can move in knowing the big-ticket items have been taken care of! ? Updates & Features Include: • NEW Roof (2025) with Transferable Warranty • Basement Walls Professionally Anchored (2023) with Transferable Warranty • NEW Furnace (2023) • NEW Water Heater (2023) • Updated Bathroom • Beautiful Hardwood Flooring • Corner Lot • 1-Car Detached Garage • Spacious Outdoor Area Whether you’re a first-time buyer, downsizing, or searching for a move-in-ready home with lasting value, this property is one you’ll want to see. Monthly Electric Average is: $ 200.51 Monthly Gas Average is: $ 45.14

18. 2026-02-03
    listed $115,000 Active 850-char remark

    Show marketing remark (850 chars)

    Updated 3-Bedroom Home on a Corner Lot! This well-maintained 3-bedroom, 1-bath home offers the perfect mix of character, updates, and peace of mind. With major improvements already completed, you can move in knowing the big-ticket items have been taken care of! ? Updates & Features Include: • NEW Roof (2025) with Transferable Warranty • Basement Walls Professionally Anchored (2023) with Transferable Warranty • NEW Furnace (2023) • NEW Water Heater (2023) • Updated Bathroom • Beautiful Hardwood Flooring • Corner Lot • 1-Car Detached Garage • Spacious Outdoor Area Whether you’re a first-time buyer, downsizing, or searching for a move-in-ready home with lasting value, this property is one you’ll want to see. Monthly Electric Average is: $ 200.51 Monthly Gas Average is: $ 45.14

19. 2024-05-21
    soldstatus $85,000 Closed
20. 2024-05-21
    listed $85,000 Active
21. 2024-04-15
    soldstatus $85,000
22. 2012-12-18
    soldstatus $31,000

ⓘ 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: $1,164 · $97/mo
• Projected year-2 tax: $1,406 · $117/mo
• Expected delta: +$242/yr (+$20/mo · 20.8%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,020
• − Mortgage interest: −$5,882
• − Property taxes: −$1,164
• − Insurance: −$525
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$3,055
• Taxable income: $312
• Est. tax owed @ 24.0%: −$75
• After-tax cash flow: $1,914/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: Wayne Community School District
• NCES district ID: 1930560
• Math proficiency: 69% ▼ -7.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $40,872
• Composite: 59.73/100
• National rank: #902
• State rank: #139 of 289 in IA

Livability — Corydon

• Score: 83/100
• State rank: #33
• US rank: #995

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corydon, IA
• City population: 2,385
• Population (ZIP): 2,385

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 6,213 people
• By 2030: 6,109 · -1.7%
• By 2040: 5,926 · -4.6%
• By 2050: 5,716 · -8.0%
• By 2075: 5,502 · -11.4%
• By 2100: 4,890 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 2% Hispanic / Latino 1% Asian 1% Black 1%
• Common ancestry: Iranian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 98% English-only · Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+57.2) · D 20.6% · R 77.8% · Other 1.6%
• 2008→2024 swing: -50.2pp toward R · 2008: -7.0pp · 2024: -57.2pp
• All cycles: 2024: R+57.2 2020: R+51.8 2016: R+46.2 2012: R+11.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.57%
• Current HPI: 259.5272
• 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

+248.4% since first listed

7 events — show timeline

• 2026-05-18 Price Changed $108,000 IAR
• 2026-04-15 Price Changed $111,000 IAR
• 2026-02-03 Listed $115,000 IAR
• 2024-05-21 Listed $85,000 DMMLS
• 2024-05-21 Sold (MLS) $85,000 DMMLS
• 2024-04-15 Sold (Public Records) $85,000 Public Records
• 2012-12-18 Sold (Public Records) $31,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,164 · +0.3% YoY. Source: county tax records.