2388 218th St · West Point, IA 52656

$1

3 bd · 1.0 ba · 1,565 sqft · SingleFamily public records · 86 Days on market

Built 1964 6.17 ac lot

---

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 +14.0/30.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• DSCR +4.3/10.0
• 1% rule +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

AUCTION ALERT! Ranch Style Home with stocked pond on 6+ Acres in Central Lee School District! • 3 Bed, 1 Bath, cozy home with attached 1-car garage • Stocked pond & peaceful setting with <1/2 mile gravel. • Dry, partially finished basement with potential for extra space For the Outdoors Enthusiast * Whitetail Deer Sign * Target Practice * ATV Trails * Fishing * Gardening * Chicken Coop * Live On Site Auction * Terms and conditions apply * No Buyer Premium • Smoker-friendly, estate sale - no seller disclosure or septic inspection required AUCTION: May 2nd, 2026, 11:00 AM Come Prepared to Bid your price on this serene small acreage!

Key facts

• 6 acres
• Stocked pond
• Ranch style home

Tags

• RANCH STYLE HOME
• STOCKED POND
• 6 ACRES
• ATV TRAILS
• FISHING
• CHICKEN COOP

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $202,475 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $28 ($333/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).

Location & tenants

• Location reads 72/100 on livability (#297 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Central Lee Community School District (rural): math 69% / reading 75% proficiency, ranked #107 of 289 in IA (top 37%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 6 active listings in the ZIP; 15 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($1k loan paydown + $12k appreciation (6.1% local appreciation)).
• Lee County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $57k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 303712.9% of price.

Recommended offer $1

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.89% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.59%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (median comp): $202,475
• List price: $1
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

6.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 2.08×
• Total profit: $61,218
• Equity at exit: $128,308

10-year hold

• IRR: 16.0%
• Equity multiple: 4.15×
• Total profit: $178,482
• Equity at exit: $233,569

Cash invested: $56,693 (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 52656

• Home prices YoY: 3.3%
• Active inventory: 6

Monthly cashflow live

• Estimated rent: $1,806 medium
• Mortgage (P&I): −$1,062
• Tax est. 1.5%: −$253 /mo · $3,037/yr
• Insurance: −$84
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $28

Break-even live

Break-even rent $1,771

Max offer price $202,475

Occupancy floor 93%

Sensitivity live

Price	-10% $168	-5% $98	+0% $28	+5% $-42	+10% $-112
Rent	-10% $-115	-5% $-44	+0% $28	+5% $99	+10% $170
Rate	-1.0pp $130	-0.5pp $79	base $28	+0.5pp $-25	+1.0pp $-78

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: $50,619
• Closing costs: $6,074
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-02
   status Pending 727-char remark

   Show marketing remark (727 chars)

   AUCTION ALERT! Ranch Style Home with stocked pond on 6+ Acres in Central Lee School District! &bull; 3 Bed, 1 Bath, cozy home with attached 1-car garage &bull; Stocked pond &amp; peaceful setting with &lt;1/2 mile gravel. &bull; Dry, partially finished basement with potential for extra space For the Outdoors Enthusiast * Whitetail Deer Sign * Target Practice * ATV Trails * Fishing * Gardening * Chicken Coop * Live On Site Auction * Terms and conditions apply * No Buyer Premium &bull; Smoker-friendly, estate sale - no seller disclosure or septic inspection required AUCTION: May 2nd, 2026, 11:00 AM Come Prepared to Bid your price on this serene small acreage!

2. 2026-03-27
   status Active 727-char remark

   Show marketing remark (727 chars)

   AUCTION ALERT! Ranch Style Home with stocked pond on 6+ Acres in Central Lee School District! &bull; 3 Bed, 1 Bath, cozy home with attached 1-car garage &bull; Stocked pond &amp; peaceful setting with &lt;1/2 mile gravel. &bull; Dry, partially finished basement with potential for extra space For the Outdoors Enthusiast * Whitetail Deer Sign * Target Practice * ATV Trails * Fishing * Gardening * Chicken Coop * Live On Site Auction * Terms and conditions apply * No Buyer Premium &bull; Smoker-friendly, estate sale - no seller disclosure or septic inspection required AUCTION: May 2nd, 2026, 11:00 AM Come Prepared to Bid your price on this serene small acreage!

3. 2026-03-27
   status Pending 727-char remark

   Show marketing remark (727 chars)

   AUCTION ALERT! Ranch Style Home with stocked pond on 6+ Acres in Central Lee School District! &bull; 3 Bed, 1 Bath, cozy home with attached 1-car garage &bull; Stocked pond &amp; peaceful setting with &lt;1/2 mile gravel. &bull; Dry, partially finished basement with potential for extra space For the Outdoors Enthusiast * Whitetail Deer Sign * Target Practice * ATV Trails * Fishing * Gardening * Chicken Coop * Live On Site Auction * Terms and conditions apply * No Buyer Premium &bull; Smoker-friendly, estate sale - no seller disclosure or septic inspection required AUCTION: May 2nd, 2026, 11:00 AM Come Prepared to Bid your price on this serene small acreage!

4. 2026-02-05
   listed $1 Active 727-char remark

   Show marketing remark (727 chars)

   AUCTION ALERT! Ranch Style Home with stocked pond on 6+ Acres in Central Lee School District! &bull; 3 Bed, 1 Bath, cozy home with attached 1-car garage &bull; Stocked pond &amp; peaceful setting with &lt;1/2 mile gravel. &bull; Dry, partially finished basement with potential for extra space For the Outdoors Enthusiast * Whitetail Deer Sign * Target Practice * ATV Trails * Fishing * Gardening * Chicken Coop * Live On Site Auction * Terms and conditions apply * No Buyer Premium &bull; Smoker-friendly, estate sale - no seller disclosure or septic inspection required AUCTION: May 2nd, 2026, 11:00 AM Come Prepared to Bid your price on this serene small acreage!

5. 2010-04-15
   soldstatus $35,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 16 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: $21,677
• − Mortgage interest: −$11,342
• − Property taxes: −$3,037
• − Insurance: −$1,012
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − Depreciation: −$5,890
• Taxable loss: −$3,073
• Est. tax savings @ 24.0%: +$738
• After-tax cash flow: $1,071/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: Central Lee Community School District
• NCES district ID: 1906930
• Math proficiency: 69% ▼ -2.00%
• Reading proficiency: 75% ▲ 1.00%
• Median HH income: $52,091
• Composite: 61.21/100
• National rank: #781
• State rank: #107 of 289 in IA

Livability — West Point

• Score: 72/100
• State rank: #297
• US rank: #5754

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

• Population (ZIP): 2,099

Population outlook (Lee County) Hauer SSP2

• Today (2025): 33,813 people
• By 2030: 32,835 · -2.9%
• By 2040: 30,690 · -9.2%
• By 2050: 28,777 · -14.9%
• By 2075: 25,568 · -24.4%
• By 2100: 21,983 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 0% · South Korea
• Languages at home: 99% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.0% · R 62.9% · Other 2.1%
• 2008→2024 swing: -43.8pp toward R · 2008: 16.0pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+19.3 2016: R+16.1 2012: D+16.0 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.08%
• Current HPI: 190.2373
• 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

5 events — show timeline

• 2026-05-02 Pending — IAR
• 2026-03-27 Relisted — IAR
• 2026-03-27 Pending — IAR
• 2026-02-05 Listed $1 IAR
• 2010-04-15 Sold (Public Records) $35,000 Public Records

Property tax history

+2.9%/yr

Latest (2019): $1,126 · +1.4% YoY. Source: county tax records.