108 N Vernon St #3 · Conrad, IA 50621

$89,900

2 bd · 1.0 ba · 884 sqft · SingleFamily public records · 47 Days on market

Built 1972 1,307 sqft lot $102/sqft · 23% below area Est $116k · 23% under $200/mo HOA · 35% of rent

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +5.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.3/30.0
• 1% rule +1.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Affordable and cute as can be Condo!!! Don't miss out on this beautiful 2 bedroom, 3/4 bath condo with new vinyl plan flooring throughout, nice kitchen with new back splash, dining, spacious living room, and convenient laundry. Kick back and relax with snow removal, lawn care, exterior maintenance, garbage, hazard insurance all taken care of with the affordable HOA fee of $200. Lots to offer with garage stall and storage space and many updates including all new tinted windows, breaker panel, shades, interior painted, dishwasher and more!!! Call today for a private tour.

Key facts

• Convenient laundry
• Garage stall
• Storage space

Tags

• NEW VINYL PLAN FLOORING
• NEW BACK SPLASH
• SPACIOUS LIVING ROOM
• CONVENIENT LAUNDRY
• GARAGE STALL
• STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $-320 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $33k (62.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $58k (36.0% below list).
• Recommended offer: $33k (62.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 74/100 on livability (#247 in IA, #4,738 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F.
• Bcluw Community School District (rural): math 60% / reading 70% proficiency, ranked #192 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bcluw Elementary School (math 72% / reading 67%, grade A-, #224 of 616 statewide, top 42%, 179 students, 47% FRL); Bcluw Middle School (math 57% / reading 72%, grade A-, #157 of 246 statewide, top 67%, 150 students, 43% FRL); Bcluw High School (math 62% / reading 72%, grade B, #192 of 336 statewide, top 59%, 177 students, 31% FRL).
• Market conditions: 54 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 14 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• By year 4, 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 47 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: HOA is 35% of rent.

Recommended offer $33,343 (62.9% 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. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.64% ✗
• Cap rate: 2.02%
• Cash-on-cash: -15.26%
• DSCR: 0.32
• GRM: 13.0

CMA / ARV

• ARV (median comp): $116,398
• List price: $89,900
• Delta: -22.77%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.7%
• Equity multiple: 2.14×
• Total profit: $28,674
• Equity at exit: $80,989

10-year hold

• IRR: 13.9%
• Equity multiple: 5.00×
• Total profit: $100,680
• Equity at exit: $174,656

Cash invested: $25,172 (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 50621

• Home prices YoY: 25.4%
• Active inventory: 54
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $575 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$66 /mo · $786/yr
• Insurance: −$37
• HOA: −$200
• Vacancy / Maint / Mgmt: −$121
• Net cashflow: $-320

Break-even live

Break-even rent $980

Max offer price $33,343

Occupancy floor —

Sensitivity live

Price	-10% $-269	-5% $-295	+0% $-320	+5% $-346	+10% $-371
Rent	-10% $-366	-5% $-343	+0% $-320	+5% $-297	+10% $-275
Rate	-1.0pp $-275	-0.5pp $-297	base $-320	+0.5pp $-343	+1.0pp $-367

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 W Center St Unit 16 Conrad, IA	2.0	1.0	755	$575	$0.76	45d	1	0.31mi

HOA detail

• Monthly dues: $200 · $2,400/yr
• Likely covers: trashlandscapingsnow removalexterior maint.insurance

Listing history 7 events

1. 2026-05-13
   status Pending 579-char remark

   Show marketing remark (579 chars)

   Affordable and cute as can be Condo!!! Don't miss out on this beautiful 2 bedroom, 3/4 bath condo with new vinyl plan flooring throughout, nice kitchen with new back splash, dining, spacious living room, and convenient laundry. Kick back and relax with snow removal, lawn care, exterior maintenance, garbage, hazard insurance all taken care of with the affordable HOA fee of $200. Lots to offer with garage stall and storage space and many updates including all new tinted windows, breaker panel, shades, interior painted, dishwasher and more!!! Call today for a private tour.

2. 2026-05-05
   historical Active Under Contract 579-char remark

   Show marketing remark (579 chars)

   Affordable and cute as can be Condo!!! Don't miss out on this beautiful 2 bedroom, 3/4 bath condo with new vinyl plan flooring throughout, nice kitchen with new back splash, dining, spacious living room, and convenient laundry. Kick back and relax with snow removal, lawn care, exterior maintenance, garbage, hazard insurance all taken care of with the affordable HOA fee of $200. Lots to offer with garage stall and storage space and many updates including all new tinted windows, breaker panel, shades, interior painted, dishwasher and more!!! Call today for a private tour.

3. 2026-03-26
   listed $89,900 Active 579-char remark

   Show marketing remark (579 chars)

   Affordable and cute as can be Condo!!! Don't miss out on this beautiful 2 bedroom, 3/4 bath condo with new vinyl plan flooring throughout, nice kitchen with new back splash, dining, spacious living room, and convenient laundry. Kick back and relax with snow removal, lawn care, exterior maintenance, garbage, hazard insurance all taken care of with the affordable HOA fee of $200. Lots to offer with garage stall and storage space and many updates including all new tinted windows, breaker panel, shades, interior painted, dishwasher and more!!! Call today for a private tour.

4. 2022-05-06
   soldstatus $90,000
5. 2020-10-05
   soldstatus $45,000
6. 2020-10-01
   soldstatus $45,000 305-char remark

   Show marketing remark (305 chars)

   Affordable easy living in this 2 bedroom, 1 bath town home with lots of new flooring and paint. Cute as can be with spacious living room, oak kitchen, formal dining and main level laundry. Kick back and relax. .. no mowing, no scooping snow and a garage and storage area. Call today for a private showing!

7. 2020-08-18
   listed $49,900 305-char remark

   Show marketing remark (305 chars)

   Affordable easy living in this 2 bedroom, 1 bath town home with lots of new flooring and paint. Cute as can be with spacious living room, oak kitchen, formal dining and main level laundry. Kick back and relax. .. no mowing, no scooping snow and a garage and storage area. Call today for a private showing!

ⓘ 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: $786 · $66/mo
• Projected year-2 tax: $1,099 · $92/mo
• Expected delta: +$313/yr (+$26/mo · 39.8%)

ⓘ 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 2/10 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: $6,900
• − Mortgage interest: −$5,036
• − Property taxes: −$786
• − Insurance: −$450
• − Repairs & maintenance: −$552
• − Management: −$552
• − HOA: −$2,400
• − Depreciation: −$2,615
• Taxable loss: −$5,491
• Est. tax savings @ 24.0%: +$1,318
• After-tax cash flow: $-2,524/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: Bcluw Community School District
• NCES district ID: 1904440
• Math proficiency: 60% ▼ -10.00%
• Reading proficiency: 70% ▼ -2.00%
• Median HH income: $53,760
• Composite: 55.54/100
• National rank: #1241
• State rank: #192 of 289 in IA

Livability — Conrad

• Score: 74/100
• State rank: #247
• US rank: #4738

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Conrad, IA
• Population (ZIP): 1,591

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 12,452 · +0.0%
• By 2040: 12,437 · -0.1%
• By 2050: 12,370 · -0.7%
• By 2075: 12,495 · +0.3%
• By 2100: 11,823 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Portuguese 6% Italian 3% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Grundy

• 2024 margin: Solid R (+41.8) · D 28.3% · R 70.1% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: -16.9pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+37.4 2016: R+39.5 2012: R+23.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 47.72%
• Current HPI: 235.25
• 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

+80.2% since first listed

7 events — show timeline

• 2026-05-13 Pending — IAR
• 2026-05-05 Contingent — IAR
• 2026-03-26 Listed $89,900 IAR
• 2022-05-06 Sold (Public Records) $90,000 Public Records
• 2020-10-05 Sold (Public Records) $45,000 Public Records
• 2020-10-01 Sold (MLS) $45,000 IAR
• 2020-08-18 Listed $49,900 IAR

Property tax history

-7.4%/yr

Latest (2025): $786 · -4.4% YoY. Source: county tax records.