518 Linn St · Fairfax, IA 52228

$290,000

3 bd · 2.5 ba · 1,344 sqft · SingleFamily public records · 29 Days on market

Built 1975 Est $241k · 21% over

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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).

• Appreciation +10.0/10.0
• Cash flow +8.0/30.0
• Schools +5.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.9/10.0
• ARV discount +0.0/15.0

Listing remarks

Beautiful home for sale in the heart of Fairfax! 3 bed | 2 bath | 1,344 sq ft . 32-acre lot Great opportunity in the College Community School District! This home is located right across the street from the sports complex & amp; splash pad & acirc; & euro; & rdquo; perfect location for families. Features include: & acirc; & euro; & cent; 3 bedrooms, 2 full bathrooms & acirc; & euro; & cent; Unfinished, partially framed basement (~1,300 sq ft) with tons of potential & acirc; & euro; & cent; Large backyard & acirc; & euro; & cent; 20-ft above-ground pool & acirc; & euro; & cent; Consumable interest rate availab

Key facts

• Sports complex
• Large backyard
• Splash pad

Tags

• SPORTS COMPLEX
• SPLASH PAD
• PARTIALLY FRAMED BASEMENT
• LARGE BACKYARD
• 20-FT ABOVE-GROUND POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $-300 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $237k (18.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (31.1% below list).
• Recommended offer: $200k (31.1% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.6% in Fairfax — 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 (#232 in IA, #4,402 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• College Community School District (urban): math 62% / reading 70% proficiency, ranked #173 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Prairie Hill Elementary School (math 62% / reading 52%, grade C+, #436 of 616 statewide, top 74%, 467 students, 34% FRL); Prairie Point (math 62% / reading 74%, grade A-, #131 of 246 statewide, top 53%, 1,324 students, 34% FRL); Prairie High School (math 62% / reading 78%, grade B+, #146 of 336 statewide, top 45%, 1,298 students, 31% FRL).
• Market conditions: 42 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $251k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $199,666 (31.1% 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 1975 — 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. 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?
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: 0.69% ✗
• Cap rate: 5.05%
• Cash-on-cash: -4.43%
• DSCR: 0.80
• GRM: 12.1

CMA / ARV

• ARV (on-the-fly): $240,576
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 Main St	0.17mi	3/2.0	1,226 (-9%)	11mo	$220,000	$179	66
250 Vanderbilt St St	0.33mi	3/1.0	1,476 (+10%)	1mo	$172,500	$117	62
304 Reynolds St	0.23mi	3/1.5	1,435 (+7%)	22mo	$187,500	$131	56
220 E Southview Rd	0.34mi	3/2.0	1,228 (-9%)	22mo	$336,050	$274	49

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 2.71×
• Total profit: $138,802
• Equity at exit: $261,255

10-year hold

• IRR: 19.1%
• Equity multiple: 6.22×
• Total profit: $423,667
• Equity at exit: $563,406

Cash invested: $81,200 (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 52228

• Home prices YoY: 4.7%
• Active inventory: 42
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,997 medium
• Mortgage (P&I): −$1,521
• Tax from tax record: −$236 /mo · $2,826/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $-300

Break-even live

Break-even rent $2,376

Max offer price $237,046

Occupancy floor —

Sensitivity live

Price	-10% $-136	-5% $-218	+0% $-300	+5% $-382	+10% $-464
Rent	-10% $-457	-5% $-379	+0% $-300	+5% $-221	+10% $-142
Rate	-1.0pp $-154	-0.5pp $-226	base $-300	+0.5pp $-375	+1.0pp $-451

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $290,000 Active 29 DOM
2. 2026-06-19
   days on market $290,000 Active 27 DOM
3. 2026-06-18
   days on market $290,000 Active 26 DOM
4. 2026-06-17
   days on market $290,000 Active 25 DOM
5. 2026-06-16
   days on market $290,000 Active 24 DOM
6. 2026-06-15
   days on market $290,000 Active 23 DOM
7. 2026-06-14
   days on market $290,000 Active 21 DOM
8. 2026-06-13
   days on market $290,000 Active 20 DOM
9. 2026-06-10
   days on market $290,000 Active 18 DOM
10. 2026-06-09
    days on market $290,000 Active 17 DOM
11. 2026-06-08
    days on market $290,000 Active 16 DOM
12. 2026-06-07
    days on market $290,000 Active 15 DOM
13. 2026-06-02
    days on market $290,000 Active 10 DOM
14. 2026-06-01
    days on market $290,000 Active 9 DOM
15. 2026-05-31
    days on market $290,000 Active 8 DOM
16. 2026-05-30
    days on market $290,000 Active 7 DOM
17. 2026-05-24
    listed $290,000 Active
18. 2022-04-15
    soldstatus $251,000
19. 2016-11-23
    soldstatus $95,000
20. 2016-11-22
    soldstatus $95,000
21. 2016-10-22
    listed $95,000

ⓘ 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: $2,826 · $236/mo
• Projected year-2 tax: $3,690 · $307/mo
• Expected delta: +$864/yr (+$72/mo · 30.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $23,960
• − Mortgage interest: −$16,245
• − Property taxes: −$2,826
• − Insurance: −$1,450
• − Repairs & maintenance: −$1,917
• − Management: −$1,917
• − Depreciation: −$8,436
• Taxable loss: −$8,831
• Est. tax savings @ 24.0%: +$2,119
• After-tax cash flow: $-1,478/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: College Community School District
• NCES district ID: 1907860
• Math proficiency: 62% ▼ -2.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $63,575
• Composite: 57.32/100
• National rank: #1086
• State rank: #173 of 289 in IA

Livability — Fairfax

• Score: 74/100
• State rank: #232
• US rank: #4402

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairfax, IA
• Population (ZIP): 3,865

Population outlook (Linn County) Hauer SSP2

• Today (2025): 239,589 people
• By 2030: 248,587 · +3.8%
• By 2040: 264,817 · +10.5%
• By 2050: 278,685 · +16.3%
• By 2075: 311,754 · +30.1%
• By 2100: 336,773 · +40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Black 2%
• Common ancestry: Portuguese 3% Iranian 2% English 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Other Asian/Pacific 1% Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Linn

• 2024 margin: Lean D (+9.9) · D 54.2% · R 44.3% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 21.5pp · 2024: 9.9pp
• All cycles: 2024: D+9.9 2020: D+13.7 2016: D+9.0 2012: D+17.6 2008: D+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.59%
• Current HPI: 280.74
• 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

+205.3% since first listed

5 events — show timeline

• 2026-05-24 Listed $290,000 FSBO.com
• 2022-04-15 Sold (Public Records) $251,000 Public Records
• 2016-11-23 Sold (Public Records) $95,000 Public Records
• 2016-11-22 Sold (MLS) $95,000 CRAAR, CDRMLS
• 2016-10-22 Listed $95,000 CRAAR, CDRMLS

Property tax history

+9.6%/yr

Latest (2025): $2,826 · +2.3% YoY. Source: county tax records.