805 E Water St · Decorah, IA 52101

$179,900

4 bd · 1.5 ba · 1,308 sqft · SingleFamily public records · 2 Days on market

Built 1910 6,625 sqft lot Est $213k · 16% under

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Why this score? — see what drove the B- 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 +24.9/30.0
• ARV discount +14.5/15.0
• DSCR +8.1/10.0
• Schools +7.0/10.0
• 1% rule +5.9/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable Housing Alert! Don't miss this tidy, well-maintained home on Water Street, just blocks from Decorah's shopping and restaurant district. Built in 1910 and lovingly cared for by the same owner for the past 32 years, this 3-bedroom, 2-bath home offers comfort, character, and value. Enjoy your morning coffee on the enclosed front porch, along with the convenience of maintenance-free vinyl siding, a newer roof (2018), a single-car garage, and carport. The main floor features a spacious kitchen with pantry, dining room, living room, and a primary bedroom with a large closet and direct access to the ¾ bath. Upstairs you'll find two additional bedrooms, a full bathroom, and a coz

Key facts

• 6,625 sq ft lot
• Parking
• Built 1910

Property features AI

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding; Shingle (asphalt) roof; Basement: block and concrete
• Exterior features: Enclosed porch/patio; Lot approximately 53' x 125'; Zoned R-3

Interior

• Kitchen: Dishwasher; Microwave; Free-standing range; Refrigerator
• Bathrooms: One full bathroom; One three-quarter bathroom
• Heating & cooling: Central air; Ceiling fans; Forced air heating; Natural gas heating
• Interior features: Eat-in kitchen; Enclosed patio/porch
• Laundry & utility: Washer hookup (lower level); Electric dryer hookup (lower level); Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.9% vs local median 3.4% in Decorah — 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 85/100 on livability (#16 in IA, #499 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Decorah Community School District (town): math 80% / reading 84% proficiency, ranked #21 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Decorah Middle School (math 77% / reading 83%, grade A+, #32 of 246 statewide, top 13%, 461 students, 26% FRL); Decorah High School (math 85% / reading 92%, grade A, #3 of 336 statewide, top 1%, 576 students, 22% FRL).
• Market conditions: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 49 units permitted in Winneshiek County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Winneshiek County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.09% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.25%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $213,204
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 William St	0.25mi	3/1.0 (-1)	1,326 (+1%)	2mo	$160,000	$121	77
405 Washington St	0.51mi	4/1.5	1,279 (-2%)	1mo	$199,000	$156	72
610 E Broadway St	0.13mi	3/1.0 (-1)	1,242 (-5%)	13mo	$202,900	$163	68
603 Day St	0.46mi	4/1.5	1,278 (-2%)	16mo	$140,000	$110	61
407 E Main St	0.23mi	3/2.0 (-1)	1,218 (-7%)	14mo	$329,900	$271	59
708 Center Ave	0.23mi	4/1.0	1,427 (+9%)	18mo	$204,750	$143	58
507 Center Ave	0.25mi	3/1.0 (-1)	1,208 (-8%)	14mo	$165,000	$137	57
602 Center Ave	0.26mi	3/1.5 (-1)	1,451 (+11%)	10mo	$242,000	$167	56
608 Day St. St	0.46mi	3/2.0 (-1)	1,354 (+4%)	14mo	$280,000	$207	54
201 Hollihan St	0.61mi	3/1.0 (-1)	1,407 (+8%)	10mo	$222,000	$158	43
510 W Main St	0.75mi	4/2.0	1,482 (+13%)	14mo	$330,000	$223	29
605 River St	0.73mi	3/2.0 (-1)	1,192 (-9%)	18mo	$309,900	$260	29

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-4,432
• Equity at exit: $26,824

10-year hold

• IRR: 7.3%
• Equity multiple: 1.55×
• Total profit: $27,914
• Equity at exit: $15,554

Cash invested: $50,372 (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 52101

• Home prices YoY: -26.7%
• Active inventory: 75
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,962 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$143 /mo · $1,716/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $388

Break-even live

Break-even rent $1,470

Max offer price $179,900

Occupancy floor 75%

Sensitivity live

Price	-10% $490	-5% $439	+0% $388	+5% $338	+10% $287
Rent	-10% $233	-5% $311	+0% $388	+5% $466	+10% $543
Rate	-1.0pp $479	-0.5pp $434	base $388	+0.5pp $342	+1.0pp $294

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 Washington St Decorah, IA	4.0	1.5	1279	$1,800	$1.41	4d	1	0.51mi
510 W Main St Decorah, IA	3.0	2.0	1482	$2,200	$1.48	24d	1	0.75mi

Listing history 3 events

1. 2026-06-18
   days on market $179,900 Active 2 DOM
2. 2026-06-16
   remarks 692-char remark
3. 2026-06-16
   listed $179,900 Active 1 DOM

ⓘ 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: $1,716 · $143/mo
• Projected year-2 tax: $2,270 · $189/mo
• Expected delta: +$554/yr (+$46/mo · 32.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major 69% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $23,542
• − Mortgage interest: −$10,077
• − Property taxes: −$1,716
• − Insurance: −$900
• − Repairs & maintenance: −$1,883
• − Management: −$1,883
• − Depreciation: −$5,233
• Taxable income: $1,849
• Est. tax owed @ 24.0%: −$444
• After-tax cash flow: $4,218/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: Decorah Community School District
• NCES district ID: 1908730
• Math proficiency: 80% ▼ -4.00%
• Reading proficiency: 84% ▬ 0.00%
• Median HH income: $54,304
• Composite: 69.72/100
• National rank: #294
• State rank: #21 of 289 in IA

Livability — Decorah

• Score: 85/100
• State rank: #16
• US rank: #499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decorah, IA
• County: Winneshiek County · 12,706 people
• City population: 12,706
• Metro: nan
• Population (ZIP): 12,706
• Household income: $73,484
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 207.0

Population outlook (Winneshiek County) Hauer SSP2

• Today (2025): 20,379 people
• By 2030: 19,937 · -2.2%
• By 2040: 18,697 · -8.3%
• By 2050: 17,392 · -14.7%
• By 2075: 14,921 · -26.8%
• By 2100: 12,836 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Winneshiek

• 2024 margin: Lean R (+9.3) · D 44.6% · R 53.9% · Other 1.5%
• 2008→2024 swing: -31.9pp toward R · 2008: 22.7pp · 2024: -9.3pp
• All cycles: 2024: R+9.3 2020: R+5.1 2016: R+0.8 2012: D+14.8 2008: D+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.20%
• Current HPI: 189.63
• Rent YoY: —
• Metro: nan
• 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

1 event — show timeline

• 2026-06-16 Listed $179,900 NEIRBR as distributed by MLS GRID

Property tax history

+4.2%/yr

Latest (2025): $1,716 · -1.9% YoY. Source: county tax records.