718 E 1st St · Storm Lake, IA 50588

$135,000

3 bd · 1.0 ba · 1,398 sqft · SingleFamily public records · 68 Days on market

Built 1900 8,700 sqft lot Est $165k · 18% under ↓ 21% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• DSCR +4.5/10.0
• Schools +4.3/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bed 1.75 bath, with main floor laundry. 1.5 story home that has new carpeting (2026) in living room, owner has also had most of siding & windows done. Roof redone in 2020. Central air was refurbished in 2025. New gutters in 2023. Decent sized backyard with area for a firepit. There two apple trees and one peach tree! NEW Water Heater installed March 2026! Seller will give up to $5,000 for buyer's closing cost. Kitchen was replaced about 8yrs ago.

Key facts

• 8,700 sq ft lot
• Built 1900
• Listed 68 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $37 ($449/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (8.7% below list).
• Recommended offer: $123k (8.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.9% in Storm Lake — 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 (#190 in IA, #3,480 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Storm Lake Community School District (town): math 47% / reading 54% proficiency, ranked #280 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Storm Lake Elementary (math 48% / reading 45%, grade D-, #546 of 616 statewide, top 89%, 814 students, 76% FRL); Storm Lake Middle School (math 48% / reading 54%, grade C, #210 of 246 statewide, top 87%, 787 students, 69% FRL); Storm Lake High School (math 45% / reading 61%, grade C-, #296 of 336 statewide, top 88%, 793 students, 62% FRL).
• Market conditions: 85 active listings in the ZIP; 164 units permitted in Buena Vista County in 2024 (71 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Buena Vista County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $14k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,204 (8.7% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.91% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $164,964
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
718 E 1st St	0.00mi	3/2.0	1,398 (0%)	1mo	$135,000	$97	95
1104 E 4th St	0.40mi	3/1.0	1,462 (+5%)	11mo	$168,500	$115	64
309 Michigan St	0.56mi	2/2.0 (-1)	1,356 (-3%)	4mo	$154,000	$114	57
415 Hudson St	0.32mi	3/2.0	1,332 (-5%)	21mo	$105,000	$79	56
221 Superior St	0.09mi	3/2.0	1,238 (-11%)	24mo	$165,000	$133	53
725 Superior St	0.63mi	3/1.5	1,440 (+3%)	16mo	$170,000	$118	50
1305 Park St	0.34mi	3/2.0	1,250 (-11%)	18mo	$153,000	$122	47
616 Russell St	0.54mi	3/1.0	1,587 (+14%)	17mo	$166,000	$105	38
1311 E 7th St	0.74mi	3/1.5	1,212 (-13%)	8mo	$182,000	$150	35
317 Geneseo St	0.61mi	2/2.0 (-1)	1,566 (+12%)	22mo	$189,000	$121	24

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: -14.4%
• Equity multiple: 0.48×
• Total profit: $-19,471
• Equity at exit: $20,129

10-year hold

• IRR: -5.6%
• Equity multiple: 0.63×
• Total profit: $-13,801
• Equity at exit: $11,672

Cash invested: $37,800 (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 50588

• Home prices YoY: -13.3%
• Active inventory: 85
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,232 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$172 /mo · $2,060/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $37

Break-even live

Break-even rent $1,185

Max offer price $135,000

Occupancy floor 92%

Sensitivity live

Price	-10% $114	-5% $76	+0% $37	+5% $-1	+10% $-39
Rent	-10% $-60	-5% $-11	+0% $37	+5% $86	+10% $135
Rate	-1.0pp $105	-0.5pp $72	base $37	+0.5pp $2	+1.0pp $-33

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-03-30
   status Pending
2. 2026-03-02
   price $135,000
3. 2026-01-20
   listed $149,000 Active
4. 2025-09-25
   price $150,000
5. 2025-07-24
   price $164,000
6. 2025-06-07
   listed $170,000 Active

ⓘ 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: $2,060 · $172/mo
• Projected year-2 tax: $2,090 · $174/mo
• Expected delta: +$30/yr (+$2/mo · 1.4%)

ⓘ 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 2/10 Low 7 d/yr ≥99°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: $14,784
• − Mortgage interest: −$7,562
• − Property taxes: −$2,060
• − Insurance: −$675
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$3,927
• Taxable loss: −$1,805
• Est. tax savings @ 24.0%: +$433
• After-tax cash flow: $883/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: Storm Lake Community School District
• NCES district ID: 1927390
• Math proficiency: 47% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $45,998
• Composite: 42.79/100
• National rank: #3145
• State rank: #280 of 289 in IA

Livability — Storm Lake

• Score: 76/100
• State rank: #190
• US rank: #3480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Storm Lake, IA
• Population (ZIP): 13,346

Population outlook (Buena Vista County) Hauer SSP2

• Today (2025): 20,775 people
• By 2030: 21,101 · +1.6%
• By 2040: 21,955 · +5.7%
• By 2050: 23,202 · +11.7%
• By 2075: 27,159 · +30.7%
• By 2100: 29,578 · +42.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 42% Hispanic / Latino 37% Asian 13% Two or more races 11% Pacific Islander 3% Black 3%
• Hispanic origin (detail): Mexican 27% Cuban 3%
• Common ancestry: Portuguese 2% Iranian 1% Slovak 1%
• Foreign-born: 28% · Canada, Philippines, South Korea
• Languages at home: 54% English-only · Spanish 31% Other Asian/Pacific 13%

Political lean MEDSL · Buena Vista

• 2024 margin: Solid R (+33.3) · D 32.8% · R 66.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: -1.8pp · 2024: -33.3pp
• All cycles: 2024: R+33.3 2020: R+25.6 2016: R+25.0 2012: R+10.4 2008: R+1.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.05%
• Current HPI: 248.8806
• 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

-20.6% since first listed

6 events — show timeline

• 2026-03-30 Pending — NWIA
• 2026-03-02 Price Changed $135,000 NWIA
• 2026-01-20 Listed $149,000 NWIA
• 2025-09-25 Price Changed $150,000 NWIA
• 2025-07-24 Price Changed $164,000 NWIA
• 2025-06-07 Listed $170,000 NWIA

Property tax history

+7.4%/yr

Latest (2025): $2,060 · +9.2% YoY. Source: county tax records.