4423 Main St · Elk Horn, IA 51531

$113,000

2 bd · 1.0 ba · 1,281 sqft · SingleFamily public records · 7 Days on market

Built 1900 10,500 sqft lot

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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 +20.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Appreciation +5.8/10.0
• Schools +5.7/10.0
• 1% rule +4.3/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Finally! An affordable home with no honey-do list. Windows and roof have been replaced and there's a new kitchen and two fully remodeled bathrooms. Main floor laundry and new flooring throughout the whole home. The furnace, central air, and hot water heater have all been replaced in the last few years and electrical and plumbing were updated as well. To top it off, a flat backyard for playing and entertaining with plenty of room to add a garage. This is the perfect starter home or for someone looking to downsize!

Key facts

• Metal roof
• Central air unit
• Electrical panel

Tags

• NEWLY REMODELED BATHROOMS
• NEW FORCED-AIR FURNACE
• CENTRAL AIR UNIT
• NEW WINDOWS
• METAL ROOF
• ELECTRICAL PANEL

Property features AI

Finance

• Financial info: Annual taxes reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Single property (resale)
• Construction: Metal roof; Block foundation; Built on a 0.24-acre lot
• Exterior features: 75 x 140 lot dimensions

Interior

• Kitchen: Microwave; Stove; Refrigerator; Dishwasher
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Resale condition
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $113k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/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 $105k (6.8% below list).
• Recommended offer: $105k (6.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#311 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, schools B+; Watch: amenities F, commute F.
• Exira-Elk Horn- Kimballton Community School District (rural): math 64% / reading 72% proficiency, ranked #172 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 8 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($781 loan paydown + $2k appreciation (1.6% local appreciation)).
• Shelby County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $88k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,366 (6.8% below list)

Questions for the listing agent

1. Built in 1900 — 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: 0.93% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.27
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.48×
• Total profit: $15,150
• Equity at exit: $41,856

10-year hold

• IRR: 12.6%
• Equity multiple: 2.61×
• Total profit: $50,980
• Equity at exit: $58,254

Cash invested: $31,640 (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 51531

• Home prices YoY: 0.9%
• Active inventory: 4
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,054 medium
• Mortgage (P&I): −$593
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $157

Break-even live

Break-even rent $855

Max offer price $113,000

Occupancy floor 80%

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: $28,250
• Closing costs: $3,390
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $113,000 Active 7 DOM
2. 2026-06-17
   days on market $113,000 Active 6 DOM
3. 2026-06-16
   days on market $113,000 Active 5 DOM
4. 2026-06-15
   days on market $113,000 Active 4 DOM
5. 2026-06-13
   days on market $113,000 Active 2 DOM
6. 2026-06-12
   remarks 692-char remark
7. 2026-06-12
   listed $113,000 Active 1 DOM

ⓘ 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: $428 · $36/mo
• Projected year-2 tax: $1,101 · $92/mo
• Expected delta: +$673/yr (+$56/mo · 157.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $12,644
• − Mortgage interest: −$6,330
• − Property taxes: −$428
• − Insurance: −$565
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$3,287
• Taxable income: $11
• Est. tax owed @ 24.0%: −$3
• After-tax cash flow: $1,882/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: Exira-Elk Horn- Kimballton Community School District
• NCES district ID: 1911250
• Math proficiency: 64% ▬ 0.00%
• Reading proficiency: 72% ▲ 3.00%
• Median HH income: $46,338
• Composite: 57.33/100
• National rank: #1084
• State rank: #172 of 289 in IA

Livability — Elk Horn

• Score: 72/100
• State rank: #311
• US rank: #6092

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elk Horn, IA
• Population (ZIP): 943

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 11,637 people
• By 2030: 11,472 · -1.4%
• By 2040: 11,146 · -4.2%
• By 2050: 10,791 · -7.3%
• By 2075: 10,601 · -8.9%
• By 2100: 10,338 · -11.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 1%
• Common ancestry: Iranian 4% Lithuanian 3% Slovak 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+43.0) · D 27.9% · R 70.9% · Other 1.2%
• 2008→2024 swing: -33.3pp toward R · 2008: -9.7pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+40.3 2016: R+42.9 2012: R+22.2 2008: R+9.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.55%
• Current HPI: 179.1341
• 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

+18.9% since first listed

3 events — show timeline

• 2026-06-11 Listed $113,000 DMMLS
• 2022-03-15 Sold (MLS) $87,500 IAR
• 2022-01-14 Listed $95,000 IAR

Property tax history

+2.4%/yr

Latest (2021): $428 · +2.4% YoY. Source: county tax records.