201 S First St · Northboro, IA 51647

$115,000

3 bd · 2.0 ba · 1,120 sqft · SingleFamily public records · 112 Days on market

Built 1962

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Why this score? — see what drove the D+ 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 +15.1/30.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Appreciation +5.0/10.0
• DSCR +4.6/10.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +2.2/5.0

Listing remarks MLS

Charming 2 bed, 1.5 bath ranch featuring a bright living/dining room combo with original hardwood floors. The kitchen was thoughtfully updated in 2024-2025 with quartz countertops, new flooring and a warm rustic wood ceiling that adds character. All appliances stay; the gas stove runs off an owner-owned propane tank while the rest of the home is electric. The full bathroom was refreshed in 2022 and includes a cabinet that stays, while the ensuite half bath was updated in 2024 and offers added convenience. Additional highlights include a durable metal roof installed in 2021, main-floor laundry, and a full unfinished basement providing a blank canvas for future expansion or customization. Enjoy fiberoptic internet and a large deck for entertaining. Heating and cooling were replaced in 2023.

Key facts

• Durable metal roof
• Quartz countertops
• Rustic wood ceiling

Tags

• ORIGINAL HARDWOOD FLOORS
• QUARTZ COUNTERTOPS
• RUSTIC WOOD CEILING
• DURABLE METAL ROOF
• MAIN-FLOOR LAUNDRY
• FULL UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $38 ($455/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 $98k (14.4% below list).
• Recommended offer: $98k (14.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 45/100 on livability (#974 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools D-, amenities F, commute F.
• Shenandoah Community School District (town): math 64% / reading 69% proficiency, ranked #190 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($795 loan paydown + $3k appreciation (3.0% local appreciation)).
• Page County population projected at -12% 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 $32k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $115k implies a 233% gain — meaningful room to come down on a strong offer.

Recommended offer $98,430 (14.4% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.69%
• Cash-on-cash: 1.41%
• DSCR: 1.06
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 8.8%
• Equity multiple: 1.50×
• Total profit: $16,251
• Equity at exit: $51,709

10-year hold

• IRR: 11.3%
• Equity multiple: 2.69×
• Total profit: $54,457
• Equity at exit: $79,690

Cash invested: $32,200 (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 51647

• Active inventory: 3
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $984 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$89 /mo · $1,064/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $38

Break-even live

Break-even rent $936

Max offer price $115,000

Occupancy floor 91%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $115,000 Active 112 DOM
2. 2026-06-17
   days on market $115,000 Active 111 DOM
3. 2026-06-17
   price $115,000 Active 110 DOM
4. 2026-06-16
   days on market $125,000 Active 110 DOM
5. 2026-06-15
   days on market $125,000 Active 109 DOM
6. 2026-06-13
   days on market $125,000 Active 107 DOM
7. 2026-06-12
   days on market $125,000 Active 106 DOM
8. 2026-06-09
   days on market $125,000 Active 103 DOM
9. 2026-06-08
   days on market $125,000 Active 102 DOM
10. 2026-06-07
    days on market $125,000 Active 101 DOM
11. 2026-06-07
    days on market $125,000 Active 100 DOM
12. 2026-06-04
    days on market $125,000 Active 97 DOM
13. 2026-06-02
    days on market $125,000 Active 96 DOM
14. 2026-06-01
    days on market $125,000 Active 95 DOM
15. 2026-05-31
    days on market $125,000 Active 94 DOM
16. 2026-05-31
    days on market $125,000 Active 93 DOM
17. 2026-02-25
    listed $125,000 Active 799-char remark

    Show marketing remark (799 chars)

    Charming 2 bed, 1.5 bath ranch featuring a bright living/dining room combo with original hardwood floors. The kitchen was thoughtfully updated in 2024-2025 with quartz countertops, new flooring and a warm rustic wood ceiling that adds character. All appliances stay; the gas stove runs off an owner-owned propane tank while the rest of the home is electric. The full bathroom was refreshed in 2022 and includes a cabinet that stays, while the ensuite half bath was updated in 2024 and offers added convenience. Additional highlights include a durable metal roof installed in 2021, main-floor laundry, and a full unfinished basement providing a blank canvas for future expansion or customization. Enjoy fiberoptic internet and a large deck for entertaining. Heating and cooling were replaced in 2023.

18. 2026-02-25
    listed $125,000 Active

    Show marketing remark (799 chars)

    Charming 2 bed, 1.5 bath ranch featuring a bright living/dining room combo with original hardwood floors. The kitchen was thoughtfully updated in 2024-2025 with quartz countertops, new flooring and a warm rustic wood ceiling that adds character. All appliances stay; the gas stove runs off an owner-owned propane tank while the rest of the home is electric. The full bathroom was refreshed in 2022 and includes a cabinet that stays, while the ensuite half bath was updated in 2024 and offers added convenience. Additional highlights include a durable metal roof installed in 2021, main-floor laundry, and a full unfinished basement providing a blank canvas for future expansion or customization. Enjoy fiberoptic internet and a large deck for entertaining. Heating and cooling were replaced in 2023.

19. 2025-12-05
    listed $125,000 Active
20. 2001-10-26
    soldstatus $34,500

ⓘ 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: $1,064 · $89/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$371/yr (+$31/mo · 34.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $11,812
• − Mortgage interest: −$6,442
• − Property taxes: −$1,064
• − Insurance: −$575
• − Repairs & maintenance: −$945
• − Management: −$945
• − Depreciation: −$3,345
• Taxable loss: −$1,504
• Est. tax savings @ 24.0%: +$361
• After-tax cash flow: $816/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: Shenandoah Community School District
• NCES district ID: 1926070
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 69% ▼ -5.00%
• Median HH income: $41,835
• Composite: 55.67/100
• National rank: #1225
• State rank: #190 of 289 in IA

Livability — Northboro

• Score: 45/100
• State rank: #974
• US rank: #26595

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Northboro, IA
• Population (ZIP): 154

Population outlook (Page County) Hauer SSP2

• Today (2025): 15,052 people
• By 2030: 14,709 · -2.3%
• By 2040: 13,981 · -7.1%
• By 2050: 13,302 · -11.6%
• By 2075: 11,678 · -22.4%
• By 2100: 9,213 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Hispanic / Latino 1%
• Common ancestry: Italian 9% Portuguese 1%

Political lean MEDSL · Page

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -19.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+43.0 2016: R+44.1 2012: R+24.9 2008: R+19.7

Not yet ingested

• 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

+262.3% since first listed

4 events — show timeline

• 2026-02-25 Listed $125,000 IAR
• 2026-02-25 Listed $125,000 SWIAR
• 2025-12-05 Listed $125,000 SWIAR
• 2001-10-26 Sold (Public Records) $34,500 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,064 · +5.8% YoY. Source: county tax records.