602 S Fillmore St · Osceola, IA 50213

$119,000

3 bd · 1.0 ba · 1,091 sqft · SingleFamily public records · 11 Days on market

Built 1945 0.37 ac lot Est $172k · 31% 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 +21.4/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.8/10.0
• 1% rule +5.4/10.0
• Schools +4.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Needs some TLC but is move-in ready! Spacious and open floor plan, main level laundry, full basement, detached garage, enclosed front and back porches! A great investment for everyone! Affordable for the first time buyer!

Key facts

• 0.37 acre lot
• 2 garage spots
• Built 1945

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Cap rate 8.1% vs local median 4.2% in Osceola — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#253 in IA, #4,874 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: amenities F, commute F.
• Clarke Community School District (town): math 47% / reading 58% proficiency, ranked #275 of 289 in IA (top 95%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 52 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 125 units permitted in Clarke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($823 loan paydown + $12k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,000

Questions for the listing agent

1. Built in 1945 — 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. 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.
4. 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.
5. 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: 1.04% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $172,378
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 S Fillmore St	0.00mi	2/1.0 (-1)	1,078 (-1%)	1mo	$100,000	$93	92
520 S Temple St	0.16mi	3/2.0	999 (-8%)	1mo	$205,000	$205	74
419 E Grant St	0.47mi	2/1.0 (-1)	1,080 (-1%)	7mo	$171,000	$158	66
630 S Lincoln St	0.27mi	3/2.5	1,152 (+6%)	8mo	$254,260	$221	65
114 W Ayers St	0.72mi	2/2.0 (-1)	1,092 (+0%)	8mo	$155,000	$142	50
321 W Clay St	0.68mi	3/2.0	1,008 (-8%)	4mo	$145,000	$144	48
301 E Washington St	0.57mi	3/2.0	1,201 (+10%)	7mo	$114,500	$95	47
1008 Grandview Dr	0.44mi	4/2.0 (+1)	1,236 (+13%)	7mo	$207,000	$167	42
213 N Adams St	0.68mi	3/1.5	946 (-13%)	5mo	$185,000	$196	40
215 N Lincoln St	0.66mi	3/2.0	1,248 (+14%)	3mo	$260,000	$208	39
321 S Ridge Rd	0.61mi	2/1.5 (-1)	1,232 (+13%)	6mo	$150,000	$122	38
214 N Fillmore St	0.60mi	2/1.5 (-1)	1,238 (+14%)	9mo	$40,000	$32	36

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

Projected returns pro-forma

9.99% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.9%
• Equity multiple: 3.28×
• Total profit: $76,058
• Equity at exit: $107,151

10-year hold

• IRR: 25.1%
• Equity multiple: 7.46×
• Total profit: $215,095
• Equity at exit: $231,020

Cash invested: $33,320 (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 50213

• Home prices YoY: 4.8%
• Active inventory: 52
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,237 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$127 /mo · $1,520/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $177

Break-even live

Break-even rent $1,013

Max offer price $119,000

Occupancy floor 81%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
422 S Gustin Unit 1 Osceola, IA	2.0	1.0	750	$300	$0.40	2d	1	0.48mi
113 W Clay St #2 Osceola, IA	2.0	1.0	1008	$995	$0.99	19d	1	0.69mi
502 Wildflower Dr Osceola, IA	3.0	1.0–2.0	1098	$1,152	$1.05	2d	8	1.22mi
332 Wildflower Dr Osceola, IA	3.0	2.0	1240	$1,235	$1.00	2d	3	1.23mi

Listing history 2 events

1. 2026-04-27
   status Pending
2. 2026-04-16
   listed $119,000 Active

ⓘ 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: $1,520 · $127/mo
• Projected year-2 tax: $1,694 · $141/mo
• Expected delta: +$174/yr (+$15/mo · 11.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $14,850
• − Mortgage interest: −$6,666
• − Property taxes: −$1,520
• − Insurance: −$595
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$3,462
• Taxable income: $231
• Est. tax owed @ 24.0%: −$55
• After-tax cash flow: $2,072/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: Clarke Community School District
• NCES district ID: 1907410
• Math proficiency: 47% ▼ -8.00%
• Reading proficiency: 58% ▲ 1.00%
• Median HH income: $44,866
• Composite: 44.33/100
• National rank: #2825
• State rank: #275 of 289 in IA

Livability — Osceola

• Score: 74/100
• State rank: #253
• US rank: #4874

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Osceola, IA
• County: Clarke County · 7,489 people
• City population: 7,489
• Metro: nan
• Population (ZIP): 7,489
• Household income: $73,026
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 102.0

Population outlook (Clarke County) Hauer SSP2

• Today (2025): 9,307 people
• By 2030: 9,294 · -0.1%
• By 2040: 9,259 · -0.5%
• By 2050: 9,345 · +0.4%
• By 2075: 10,219 · +9.8%
• By 2100: 11,526 · +23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 20% Two or more races 8%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Portuguese 2% Iranian 2% Lithuanian 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 13% Other Asian/Pacific 1%

Political lean MEDSL · Clarke

• 2024 margin: Solid R (+42.0) · D 28.4% · R 70.4% · Other 1.2%
• 2008→2024 swing: -44.3pp toward R · 2008: 2.2pp · 2024: -42.0pp
• All cycles: 2024: R+42.0 2020: R+35.9 2016: R+28.2 2012: D+1.4 2008: D+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.99%
• Current HPI: 216.6704
• Rent YoY: —
• Metro: nan
• 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

2 events — show timeline

• 2026-04-27 Pending — IAR
• 2026-04-16 Listed $119,000 IAR

Property tax history

+1.1%/yr

Latest (2025): $1,520 · +29.5% YoY. Source: county tax records.