121 S Merrill St · Preston, IA 52069

$99,000

3 bd · 1.5 ba · 1,384 sqft · SingleFamily public records · 101 Days on market

Built 1880 7,200 sqft lot $72/sqft · 44% below area Est $177k · 44% 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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.9/10.0
• Schools +5.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 1,384 sq ft home that features 2 bedrooms, 1.5 baths, main level bonus room & detached garage provides endless opportunities! Whether you're searching for a primary residence or an already existing investment property, look no further - this home is sure to meet your needs. The back yard also features two patio spaces for enjoying the Iowa weather to come! Property is being sold as-is. Call to schedule your private showing today!

Key facts

• Two patio spaces
• Detached garage
• 7,200 sq ft lot

Tags

• MAIN LEVEL BONUS ROOM
• DETACHED GARAGE
• TWO PATIO SPACES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#214 in IA, #3,953 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Easton Valley Community School District (rural): math 62% / reading 63% proficiency, ranked #218 of 289 in IA (top 75%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 20 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jackson County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $30k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $99k implies a 281% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — 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 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?
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: 1.19% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.79%
• DSCR: 1.44
• GRM: 7.0

CMA / ARV

• ARV (median comp): $176,711
• List price: $99,000
• Delta: -43.98%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
241 W School St	0.22mi	3/1.5	1,392 (+1%)	14mo	$230,000	$165	77
14 E Gillet St	0.18mi	4/1.5 (+1)	1,506 (+9%)	2mo	$111,000	$74	70
1 W Black St	0.22mi	3/2.5	1,344 (-3%)	15mo	$210,000	$156	69
41 W Black St	0.25mi	3/1.5	1,322 (-4%)	23mo	$158,900	$120	62

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-1,604
• Equity at exit: $14,761

10-year hold

• IRR: 8.2%
• Equity multiple: 1.62×
• Total profit: $17,272
• Equity at exit: $8,560

Cash invested: $27,720 (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 52069

• Home prices YoY: -19.3%
• Active inventory: 29
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,173 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$140 /mo · $1,684/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $226

Break-even live

Break-even rent $887

Max offer price $99,000

Occupancy floor 76%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $99,000 Active 101 DOM
2. 2026-06-18
   price $99,000 Active 100 DOM
3. 2026-06-18
   days on market $112,900 Active 100 DOM
4. 2026-06-17
   days on market $112,900 Active 99 DOM
5. 2026-06-16
   days on market $112,900 Active 98 DOM
6. 2026-06-15
   days on market $112,900 Active 97 DOM
7. 2026-06-14
   days on market $112,900 Active 95 DOM
8. 2026-06-12
   days on market $112,900 Active 94 DOM
9. 2026-06-09
   days on market $112,900 Active 91 DOM
10. 2026-06-08
    days on market $112,900 Active 90 DOM
11. 2026-06-07
    days on market $112,900 Active 89 DOM
12. 2026-06-05
    days on market $112,900 Active 87 DOM
13. 2026-06-03
    days on market $112,900 Active 85 DOM
14. 2026-06-02
    days on market $112,900 Active 84 DOM
15. 2026-06-01
    days on market $112,900 Active 83 DOM
16. 2026-05-31
    days on market $112,900 Active 82 DOM
17. 2026-05-30
    days on market $112,900 Active 81 DOM
18. 2026-05-06
    price $112,900 442-char remark

    Show marketing remark (442 chars)

    This 1,384 sq ft home that features 2 bedrooms, 1.5 baths, main level bonus room & detached garage provides endless opportunities! Whether you're searching for a primary residence or an already existing investment property, look no further - this home is sure to meet your needs. The back yard also features two patio spaces for enjoying the Iowa weather to come! Property is being sold as-is. Call to schedule your private showing today!

19. 2026-04-21
    price $118,900 442-char remark

    Show marketing remark (442 chars)

    This 1,384 sq ft home that features 2 bedrooms, 1.5 baths, main level bonus room & detached garage provides endless opportunities! Whether you're searching for a primary residence or an already existing investment property, look no further - this home is sure to meet your needs. The back yard also features two patio spaces for enjoying the Iowa weather to come! Property is being sold as-is. Call to schedule your private showing today!

20. 2026-03-25
    price $123,900 442-char remark

    Show marketing remark (442 chars)

    This 1,384 sq ft home that features 2 bedrooms, 1.5 baths, main level bonus room & detached garage provides endless opportunities! Whether you're searching for a primary residence or an already existing investment property, look no further - this home is sure to meet your needs. The back yard also features two patio spaces for enjoying the Iowa weather to come! Property is being sold as-is. Call to schedule your private showing today!

21. 2026-03-09
    listed $128,900 Active 442-char remark

    Show marketing remark (442 chars)

    This 1,384 sq ft home that features 2 bedrooms, 1.5 baths, main level bonus room & detached garage provides endless opportunities! Whether you're searching for a primary residence or an already existing investment property, look no further - this home is sure to meet your needs. The back yard also features two patio spaces for enjoying the Iowa weather to come! Property is being sold as-is. Call to schedule your private showing today!

22. 2022-10-05
    historical
23. 2021-08-06
    historical
24. 2021-08-06
    historical
25. 2008-06-27
    soldstatus $26,000
26. 2008-05-30
    soldstatus $8,000
27. 2007-07-20
    listed $16,000
28. 2007-05-29
    soldstatus $72,000

ⓘ 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: $1,684 · $140/mo
• Projected year-2 tax: $1,684 · $140/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,081
• − Mortgage interest: −$5,546
• − Property taxes: −$1,684
• − Insurance: −$495
• − Repairs & maintenance: −$1,126
• − Management: −$1,126
• − Depreciation: −$2,880
• Taxable income: $1,224
• Est. tax owed @ 24.0%: −$294
• After-tax cash flow: $2,421/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: Easton Valley Community School District
• NCES district ID: 1910130
• Math proficiency: 62% ▼ -2.00%
• Reading proficiency: 63% ▬ 0.00%
• Median HH income: $51,496
• Composite: 53.29/100
• National rank: #1484
• State rank: #218 of 289 in IA

Livability — Preston

• Score: 75/100
• State rank: #214
• US rank: #3953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Preston, IA
• Population (ZIP): 1,605

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 18,736 people
• By 2030: 18,227 · -2.7%
• By 2040: 17,049 · -9.0%
• By 2050: 15,848 · -15.4%
• By 2075: 13,660 · -27.1%
• By 2100: 11,167 · -40.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 2%
• Hispanic origin (detail): Mexican 3% Cuban 2%
• Common ancestry: Portuguese 4% Romanian 1% Iranian 1%
• Languages at home: 94% English-only · Spanish 6%

Political lean MEDSL · Jackson

• 2024 margin: Solid R (+32.5) · D 33.1% · R 65.6% · Other 1.3%
• 2008→2024 swing: -56.9pp toward R · 2008: 24.4pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+26.1 2016: R+19.4 2012: D+16.8 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -35.96%
• Current HPI: 150.6425
• 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

+56.8% since first listed

11 events — show timeline

• 2026-05-06 Price Changed $112,900 MRED as Distributed by MLS Grid
• 2026-04-21 Price Changed $118,900 MRED as Distributed by MLS Grid
• 2026-03-25 Price Changed $123,900 MRED as Distributed by MLS Grid
• 2026-03-09 Listed $128,900 MRED as Distributed by MLS Grid
• 2022-10-05 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2008-06-27 Sold (Public Records) $26,000 Public Records
• 2008-05-30 Sold (MLS) $8,000 DMMLS
• 2007-07-20 Listed $16,000 DMMLS
• 2007-05-29 Sold (Public Records) $72,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,684 · +1.6% YoY. Source: county tax records.