400 SE 8th Ave · Independence, IA 50644

$119,000

1 bd · 1.0 ba · 520 sqft · SingleFamily public records · 10 Days on market

Built 1910 8,712 sqft lot

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Why this score? — see what drove the D 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 +13.2/30.0
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable tiny house with an abundance of updates. This 1 bedroom, 1 bath home with 520 square feet is located on a quiet dead end street in SE Independence. The home was gutted to the studs in and out. Some of the updates are a brand new roof, vinyl siding, windows, doors, deck, drywall, spray foam insulated walls, plumbing, electric, flooring, appliances, new concrete driveway and many more. The kitchen/dining/living areas are all open to each other. Plenty of windows/doors for natural sunlight. Living room sliders lead to a nice sized deck. Off of the kitchen is a small but functional laundry room with brand new tank less water heater and electric panel. A pocket door then leads to the bathroom with brand new toilet, shower/tub combo, vanity and sink. The bedroom is also connected to the bathroom. Bedroom has a nice sized closet with attic access. Brand new carpet and a heating/cooling mini split was added for extra comfort. The yard feels very private with neighboring trees and fence lines. Lastly the over sized single stall garage is insulated and dry walled with new electric as well. Super cute and move in ready!! Owner/Seller is a licensed Realtor® in the state of Iowa

Key facts

• Laminate flooring
• Fresh paint
• Vinyl siding

Tags

• VINYL SIDING
• NEW ROOF
• TANKLESS WATER HEATER
• LAMINATE FLOORING
• FRESH PAINT
• OVERSIZED GARAGE

Property features AI

Exterior

• Parking: Has carport (1 space); Oversized detached parking
• Security: Smoke detectors installed
• Utilities: Public water; Public sewer
• Home design: Single-family residential property
• Construction: Vinyl siding; Shingle (asphalt) roof; Crawl space foundation; Built with residential construction materials
• Exterior features: Deck; Concrete road surface; Lot approximately 0.2 acres (66 x 132); Zoned R-2

Interior

• Kitchen: Equipped with microwave, free-standing range and refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump cooling; Forced air and natural gas heating; Heat pump heating
• Interior features: Microwave, Free-Standing Range, Refrigerator; No fireplace
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $-2 ($-30/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (17.6% below list).
• Recommended offer: $98k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.6% in Independence — 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 76/100 on livability (#198 in IA, #3,628 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Independence Community School District (rural): math 73% / reading 74% proficiency, ranked #86 of 289 in IA (top 30%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Independence Junior Senior High School (math 74% / reading 77%, grade A-, #79 of 336 statewide, top 25%, 701 students, 32% FRL).
• Market conditions: 61 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 19 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Buchanan County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $74k; list at $119k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,013 (17.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1910 — 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 A-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.82% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $36,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 4th St. S.e. St	0.11mi	1/1.0	596 (+15%)	12mo	$41,500	$70	60

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: -16.5%
• Equity multiple: 0.42×
• Total profit: $-19,455
• Equity at exit: $17,743

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-17,200
• Equity at exit: $10,289

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 50644

• Home prices YoY: -24.3%
• Active inventory: 61
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $980 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$103 /mo · $1,238/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $-2

Break-even live

Break-even rent $983

Max offer price $118,559

Occupancy floor 95%

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 9th Ave NE Independence, IA	2.0	1.0	700	$1,025	$1.46	17d	1	0.45mi
403 9th Ave SW Independence, IA	2.0	1.0	750	$875	$1.17	44d	1	0.98mi

Listing history 4 events

1. 2026-05-16
   listed $119,000 Active
2. 2020-05-11
   soldstatus $73,500
3. 2020-05-08
   soldstatus $73,500 1197-char remark

   Show marketing remark (1197 chars)

   Adorable tiny house with an abundance of updates. This 1 bedroom, 1 bath home with 520 square feet is located on a quiet dead end street in SE Independence. The home was gutted to the studs in and out. Some of the updates are a brand new roof, vinyl siding, windows, doors, deck, drywall, spray foam insulated walls, plumbing, electric, flooring, appliances, new concrete driveway and many more. The kitchen/dining/living areas are all open to each other. Plenty of windows/doors for natural sunlight. Living room sliders lead to a nice sized deck. Off of the kitchen is a small but functional laundry room with brand new tank less water heater and electric panel. A pocket door then leads to the bathroom with brand new toilet, shower/tub combo, vanity and sink. The bedroom is also connected to the bathroom. Bedroom has a nice sized closet with attic access. Brand new carpet and a heating/cooling mini split was added for extra comfort. The yard feels very private with neighboring trees and fence lines. Lastly the over sized single stall garage is insulated and dry walled with new electric as well. Super cute and move in ready!! Owner/Seller is a licensed Realtor® in the state of Iowa

4. 2020-03-20
   listed $74,500 1197-char remark

   Show marketing remark (1197 chars)

   Adorable tiny house with an abundance of updates. This 1 bedroom, 1 bath home with 520 square feet is located on a quiet dead end street in SE Independence. The home was gutted to the studs in and out. Some of the updates are a brand new roof, vinyl siding, windows, doors, deck, drywall, spray foam insulated walls, plumbing, electric, flooring, appliances, new concrete driveway and many more. The kitchen/dining/living areas are all open to each other. Plenty of windows/doors for natural sunlight. Living room sliders lead to a nice sized deck. Off of the kitchen is a small but functional laundry room with brand new tank less water heater and electric panel. A pocket door then leads to the bathroom with brand new toilet, shower/tub combo, vanity and sink. The bedroom is also connected to the bathroom. Bedroom has a nice sized closet with attic access. Brand new carpet and a heating/cooling mini split was added for extra comfort. The yard feels very private with neighboring trees and fence lines. Lastly the over sized single stall garage is insulated and dry walled with new electric as well. Super cute and move in ready!! Owner/Seller is a licensed Realtor® in the state of Iowa

ⓘ 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: $1,238 · $103/mo
• Projected year-2 tax: $1,553 · $129/mo
• Expected delta: +$315/yr (+$26/mo · 25.5%)

ⓘ 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 ≥102°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: $11,762
• − Mortgage interest: −$6,666
• − Property taxes: −$1,238
• − Insurance: −$595
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$3,462
• Taxable loss: −$2,081
• Est. tax savings @ 24.0%: +$499
• After-tax cash flow: $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: Independence Community School District
• NCES district ID: 1914580
• Math proficiency: 73% ▼ -3.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $54,269
• Composite: 62.68/100
• National rank: #674
• State rank: #86 of 289 in IA

Livability — Independence

• Score: 76/100
• State rank: #198
• US rank: #3628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, IA
• City population: 8,475
• Population (ZIP): 8,475

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 20,892 people
• By 2030: 20,578 · -1.5%
• By 2040: 19,906 · -4.7%
• By 2050: 19,024 · -8.9%
• By 2075: 16,289 · -22.0%
• By 2100: 12,561 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Portuguese 5% Iranian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.2) · D 35.1% · R 63.4% · Other 1.5%
• 2008→2024 swing: -46.7pp toward R · 2008: 18.5pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.9 2016: R+15.2 2012: D+13.9 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.31%
• Current HPI: 190.6265
• 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

+59.7% since first listed

4 events — show timeline

• 2026-05-16 Listed $119,000 NEIRBR as distributed by MLS GRID
• 2020-05-11 Sold (Public Records) $73,500 Public Records
• 2020-05-08 Sold (MLS) $73,500 NEIRBR as distributed by MLS GRID
• 2020-03-20 Listed $74,500 NEIRBR as distributed by MLS GRID

Property tax history

+8.2%/yr

Latest (2025): $1,238 · +3.3% YoY. Source: county tax records.