618 Evergreen St · Norway, IA 52318

$129,000

2 bd · 2.0 ba · 1,257 sqft · SingleFamily public records · 1 Days on market

Built 1959 6,950 sqft lot Est $141k · 8% 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 +16.0/30.0
• ARV discount +11.3/15.0
• Appreciation +7.0/10.0
• Schools +6.0/10.0
• DSCR +5.0/10.0
• 1% rule +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• 6,950 sq ft lot
• Garage
• Built 1959

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Frame construction with vinyl siding; Above-grade finished area reported; Below-grade finished area reported
• Exterior features: Lot dimensions approximately 50 x 139

Interior

• Kitchen: Eat-in kitchen; Electric water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $65 ($776/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (12.3% below list).
• Recommended offer: $113k (12.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#286 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety F.
• Benton Community School District (rural): math 63% / reading 74% proficiency, ranked #140 of 289 in IA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Atkins Elementary School (math 77% / reading 52%, grade B, #317 of 616 statewide, top 58%, 406 students, 17% FRL); Benton Community Middle School (math 61% / reading 76%, grade A, #126 of 246 statewide, top 53%, 235 students, 23% FRL); Benton Community Senior High School (math 63% / reading 78%, grade B+, #140 of 336 statewide, top 43%, 496 students, 27% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 4 active listings in the ZIP; 34 units permitted in Benton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($892 loan paydown + $5k appreciation (4.1% 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 (4.1% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $48k; list at $129k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,084 (12.3% below list)

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.88% ✗
• Cap rate: 6.89%
• Cash-on-cash: 2.15%
• DSCR: 1.10
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $140,784
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
618 Evergreen St	0.00mi	2/2.0	1,257 (0%)	0mo	$137,400	$109	100
112 E Tuttle St	0.38mi	2/1.0	1,268 (+1%)	2mo	$142,000	$112	75
214 Apache Dr	0.09mi	3/2.0 (+1)	1,358 (+8%)	7mo	$107,500	$79	72
114 W Johnson St	0.29mi	3/2.0 (+1)	1,302 (+4%)	11mo	$128,000	$98	67
104 E Washington St	0.36mi	2/1.5	1,176 (-6%)	21mo	$143,000	$122	53
301 Washington St	0.50mi	3/1.5 (+1)	1,344 (+7%)	8mo	$229,000	$170	51
306 E Washington St	0.51mi	2/1.0	1,380 (+10%)	10mo	$186,500	$135	48

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

Projected returns pro-forma

4.07% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.75×
• Total profit: $27,062
• Equity at exit: $65,905

10-year hold

• IRR: 13.8%
• Equity multiple: 3.26×
• Total profit: $81,795
• Equity at exit: $108,194

Cash invested: $36,120 (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 52318

• Home prices YoY: 1.9%
• Active inventory: 4
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,131 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$98 /mo · $1,182/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $65

Break-even live

Break-even rent $1,049

Max offer price $129,000

Occupancy floor 89%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-05
   status Pending
2. 2026-05-03
   listed $129,000 Active
3. 1993-11-01
   soldstatus $48,250
4. 1990-05-30
   soldstatus $40,000
5. 1980-10-09
   soldstatus $39,750

ⓘ 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: $1,182 · $98/mo
• Projected year-2 tax: $1,604 · $134/mo
• Expected delta: +$422/yr (+$35/mo · 35.7%)

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

Taxation est. · year 1

• Rental income: $13,570
• − Mortgage interest: −$7,226
• − Property taxes: −$1,182
• − Insurance: −$645
• − Repairs & maintenance: −$1,086
• − Management: −$1,086
• − Depreciation: −$3,753
• Taxable loss: −$1,407
• Est. tax savings @ 24.0%: +$338
• After-tax cash flow: $1,113/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: Benton Community School District
• NCES district ID: 1904830
• Math proficiency: 63% ▼ -9.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $66,104
• Composite: 59.62/100
• National rank: #908
• State rank: #140 of 289 in IA

Livability — Norway

• Score: 73/100
• State rank: #286
• US rank: #5504

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norway, IA
• Population (ZIP): 1,054

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 (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Slovak 3% Portuguese 3% Lithuanian 2%
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 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: ▲ 4.07%
• Current HPI: 218.2841
• 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

+224.5% since first listed

5 events — show timeline

• 2026-05-05 Pending — CRAAR, CDRMLS
• 2026-05-03 Listed $129,000 CRAAR, CDRMLS
• 1993-11-01 Sold (Public Records) $48,250 Public Records
• 1990-05-30 Sold (Public Records) $40,000 Public Records
• 1980-10-09 Sold (Public Records) $39,750 Public Records

Property tax history

+1.1%/yr

Latest (2025): $1,182 · -9.8% YoY. Source: county tax records.