111 Summit St · Pierson, IA 51048

$89,000

2 bd · 1.0 ba · 836 sqft · SingleFamily public records · 32 Days on market

Built 1900 7,405 sqft lot Est $85k · at est. ↓ 10% since listing

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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 +20.8/30.0
• Appreciation +6.7/10.0
• DSCR +6.6/10.0
• Schools +6.0/10.0
• ARV discount +5.5/15.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Discover this stunning, move-in-ready gem in Pearson, Iowa! This charming 2-bedroom, 1-bath ranch packs style and value into 836 square feet, plus a full, block basement brimming with potential. Step inside to find a home that feels brand new—new metal roof (2026), new AC (2026), new furnace (2026), fresh LVP flooring, and a fully reimagined interior. The gorgeous bathroom shines with a modern vanity and sleek tile shower, while the all-new kitchen features beautiful cabinets, updated countertops, built-in shelving, and brand-new appliances. With countless updates and unbeatable peace of mind, this home stands out as a rare opportunity you won’t want to miss!

Key facts

• New metal roof
• New furnace
• Fresh lvp flooring

Tags

• NEW METAL ROOF
• NEW AC
• NEW FURNACE
• FRESH LVP FLOORING
• FULLY REIMAGINED INTERIOR
• MODERN VANITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/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 $86k (3.3% below list).
• Recommended offer: $86k (3.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#615 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, amenities F.
• Kingsley-Pierson Community School District (rural): math 68% / reading 73% proficiency, ranked #125 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Kingsley-Pierson High School (math 82% / reading 87%, grade A, #14 of 336 statewide, top 4%, 145 students, 31% FRL).
• Zoned-school proficiency averages 84% at this address vs 70% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Kingsley-Pierson Community School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 5 active listings in the ZIP; 170 units permitted in Woodbury County in 2024 (90 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($615 loan paydown + $3k appreciation (3.5% local appreciation)).
• At projected returns (3.5% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $86,057 (3.3% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.97% ✗
• Cap rate: 7.95%
• Cash-on-cash: 5.91%
• DSCR: 1.26
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $85,272
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Summit St	0.00mi	2/1.0	836 (0%)	1mo	$85,000	$102	100
302 4th St	0.35mi	2/2.0	936 (+12%)	23mo	$75,000	$80	41

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

Projected returns pro-forma

3.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.3%
• Equity multiple: 1.84×
• Total profit: $20,883
• Equity at exit: $42,539

10-year hold

• IRR: 15.7%
• Equity multiple: 3.43×
• Total profit: $60,499
• Equity at exit: $67,588

Cash invested: $24,920 (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 51048

• Home prices YoY: 3.0%
• Active inventory: 5
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $861 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$53 /mo · $640/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $123

Break-even live

Break-even rent $705

Max offer price $89,000

Occupancy floor 81%

Sensitivity live

Price	-10% $173	-5% $148	+0% $123	+5% $98	+10% $72
Rent	-10% $55	-5% $89	+0% $123	+5% $157	+10% $191
Rate	-1.0pp $168	-0.5pp $145	base $123	+0.5pp $100	+1.0pp $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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-31
   status Pending
2. 2026-03-20
   price $89,000
3. 2026-02-27
   listed $99,000 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: $640 · $53/mo
• Projected year-2 tax: $1,019 · $85/mo
• Expected delta: +$379/yr (+$32/mo · 59.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 55% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $10,327
• − Mortgage interest: −$4,985
• − Property taxes: −$640
• − Insurance: −$445
• − Repairs & maintenance: −$826
• − Management: −$826
• − Depreciation: −$2,589
• Taxable income: $15
• Est. tax owed @ 24.0%: −$4
• After-tax cash flow: $1,469/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: Kingsley-Pierson Community School District
• NCES district ID: 1915750
• Math proficiency: 68% ▼ -7.00%
• Reading proficiency: 73% ▲ 1.00%
• Median HH income: $55,579
• Composite: 60.3/100
• National rank: #852
• State rank: #125 of 289 in IA

Livability — Pierson

• Score: 64/100
• State rank: #615
• US rank: #14195

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pierson, IA
• Population (ZIP): 465

Population outlook (Woodbury County) Hauer SSP2

• Today (2025): 103,226 people
• By 2030: 103,060 · -0.2%
• By 2040: 102,533 · -0.7%
• By 2050: 102,788 · -0.4%
• By 2075: 107,227 · +3.9%
• By 2100: 113,980 · +10.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Iranian 5% German 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Woodbury

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.9% · Other 1.3%
• 2008→2024 swing: -22.5pp toward R · 2008: -0.5pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+15.5 2016: R+19.9 2012: R+0.2 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.50%
• Current HPI: 120.5442
• 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

-10.1% since first listed

3 events — show timeline

• 2026-03-31 Pending — NWIA
• 2026-03-20 Price Changed $89,000 NWIA
• 2026-02-27 Listed $99,000 NWIA

Property tax history

+2.8%/yr

Latest (2025): $640 · +2.2% YoY. Source: county tax records.