203 2nd St SE · State Center, IA 50247

$114,900

3 bd · 1.0 ba · 1,632 sqft · SingleFamily public records · 64 Days on market

Built 1917 0.26 ac lot $70/sqft · 42% below area Est $198k · 42% under

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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).

• Cash flow +17.2/30.0
• ARV discount +15.0/15.0
• Schools +6.5/10.0
• DSCR +5.4/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into this cheerful and charming 3-bedroom, 1.5-bath home featuring a spacious main floor designed for comfortable living. Hardwood floors add warmth throughout, and the convenient main-floor half bath enhances everyday functionality. The large bedroom offers generous space along with large closets, and you'll appreciate the abundance of storage throughout the home. Recent updates include windows, AC, furnace, water heater, and bathroom, providing added peace of mind. Enjoy relaxing on the inviting front porch or the cozy back porch, and take advantage of both garages included. Schedule a tour today!

Key facts

• Main floor half bath
• Recent updates
• Inviting front porch

Tags

• MAIN FLOOR
• HARDWOOD FLOORS
• MAIN FLOOR HALF BATH
• ABUNDANCE OF STORAGE
• RECENT UPDATES
• INVITING FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $82 ($981/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 $105k (8.2% below list).
• Recommended offer: $105k (8.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#117 in IA, #2,214 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment C-, amenities F, commute F.
• West Marshall Community School District (rural): math 72% / reading 79% proficiency, ranked #56 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 18 active listings in the ZIP; 35 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Marshall County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,448 (8.2% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — 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. 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?
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: 0.92% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• GRM: 9.1

CMA / ARV

• ARV (median comp): $198,191
• List price: $114,900
• Delta: -42.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 2nd St NE	0.17mi	3/1.5	1,458 (-11%)	4mo	$193,000	$132	69
202 Park Pl NW	0.52mi	3/2.0	1,620 (-1%)	2mo	$164,900	$102	69
102 5th Ave SE	0.20mi	4/2.0 (+1)	1,533 (-6%)	8mo	$147,500	$96	64
506 5th Ave SW	0.50mi	3/1.5	1,728 (+6%)	1mo	$142,000	$82	64
205 2nd Ave SE	0.05mi	3/1.5	1,836 (+12%)	19mo	$170,000	$93	59
101 5th St NW	0.36mi	3/2.0	1,480 (-9%)	7mo	$135,000	$91	58
503 2nd St NW	0.47mi	3/2.0	1,512 (-7%)	5mo	$232,000	$153	58
301 4th St NE	0.28mi	3/2.0	1,471 (-10%)	12mo	$333,000	$226	57
106 3rd Ave NW	0.31mi	3/1.0	1,458 (-11%)	16mo	$144,000	$99	55
304 3rd St SE	0.12mi	2/2.0 (-1)	1,436 (-12%)	17mo	$200,000	$139	51
407 3rd Ave SW	0.32mi	4/2.0 (+1)	1,424 (-13%)	20mo	$158,500	$111	38
511 2nd St SW	0.49mi	2/2.0 (-1)	1,389 (-15%)	11mo	$225,000	$162	34

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: -11.5%
• Equity multiple: 0.58×
• Total profit: $-13,420
• Equity at exit: $17,132

10-year hold

• IRR: -2.3%
• Equity multiple: 0.84×
• Total profit: $-5,021
• Equity at exit: $9,934

Cash invested: $32,172 (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 50247

• Home prices YoY: -19.2%
• Active inventory: 18
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,054 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$101 /mo · $1,210/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $82

Break-even live

Break-even rent $951

Max offer price $114,900

Occupancy floor 87%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $114,900 Active 64 DOM
2. 2026-06-18
   days on market $114,900 Active 63 DOM
3. 2026-06-17
   days on market $114,900 Active 62 DOM
4. 2026-06-16
   days on market $114,900 Active 61 DOM
5. 2026-06-15
   days on market $114,900 Active 60 DOM
6. 2026-06-14
   days on market $114,900 Active 58 DOM
7. 2026-06-12
   days on market $114,900 Active 57 DOM
8. 2026-06-09
   days on market $114,900 Active 54 DOM
9. 2026-06-08
   days on market $114,900 Active 53 DOM
10. 2026-06-07
    days on market $114,900 Active 52 DOM
11. 2026-06-05
    days on market $114,900 Active 49 DOM
12. 2026-06-03
    days on market $114,900 Active 48 DOM
13. 2026-06-02
    days on market $114,900 Active 47 DOM
14. 2026-06-01
    days on market $114,900 Active 46 DOM
15. 2026-05-31
    days on market $114,900 Active 45 DOM
16. 2026-05-30
    days on market $114,900 Active 44 DOM
17. 2026-05-12
    price $114,900 611-char remark

    Show marketing remark (611 chars)

    Step into this cheerful and charming 3-bedroom, 1.5-bath home featuring a spacious main floor designed for comfortable living. Hardwood floors add warmth throughout, and the convenient main-floor half bath enhances everyday functionality. The large bedroom offers generous space along with large closets, and you'll appreciate the abundance of storage throughout the home. Recent updates include windows, AC, furnace, water heater, and bathroom, providing added peace of mind. Enjoy relaxing on the inviting front porch or the cozy back porch, and take advantage of both garages included. Schedule a tour today!

18. 2026-05-08
    status Active 611-char remark

    Show marketing remark (611 chars)

    Step into this cheerful and charming 3-bedroom, 1.5-bath home featuring a spacious main floor designed for comfortable living. Hardwood floors add warmth throughout, and the convenient main-floor half bath enhances everyday functionality. The large bedroom offers generous space along with large closets, and you'll appreciate the abundance of storage throughout the home. Recent updates include windows, AC, furnace, water heater, and bathroom, providing added peace of mind. Enjoy relaxing on the inviting front porch or the cozy back porch, and take advantage of both garages included. Schedule a tour today!

19. 2026-04-30
    historical Active Under Contract 611-char remark

    Show marketing remark (611 chars)

    Step into this cheerful and charming 3-bedroom, 1.5-bath home featuring a spacious main floor designed for comfortable living. Hardwood floors add warmth throughout, and the convenient main-floor half bath enhances everyday functionality. The large bedroom offers generous space along with large closets, and you'll appreciate the abundance of storage throughout the home. Recent updates include windows, AC, furnace, water heater, and bathroom, providing added peace of mind. Enjoy relaxing on the inviting front porch or the cozy back porch, and take advantage of both garages included. Schedule a tour today!

20. 2026-04-16
    listed $119,900 Active 611-char remark

    Show marketing remark (611 chars)

    Step into this cheerful and charming 3-bedroom, 1.5-bath home featuring a spacious main floor designed for comfortable living. Hardwood floors add warmth throughout, and the convenient main-floor half bath enhances everyday functionality. The large bedroom offers generous space along with large closets, and you'll appreciate the abundance of storage throughout the home. Recent updates include windows, AC, furnace, water heater, and bathroom, providing added peace of mind. Enjoy relaxing on the inviting front porch or the cozy back porch, and take advantage of both garages included. Schedule a tour today!

21. 2018-10-08
    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: $1,210 · $101/mo
• Projected year-2 tax: $1,507 · $126/mo
• Expected delta: +$297/yr (+$25/mo · 24.5%)

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

Taxation est. · year 1

• Rental income: $12,654
• − Mortgage interest: −$6,436
• − Property taxes: −$1,210
• − Insurance: −$574
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$3,343
• Taxable loss: −$934
• Est. tax savings @ 24.0%: +$224
• After-tax cash flow: $1,206/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: West Marshall Community School District
• NCES district ID: 1931080
• Math proficiency: 72% ▼ -2.00%
• Reading proficiency: 79% ▲ 6.00%
• Median HH income: $58,531
• Composite: 64.72/100
• National rank: #521
• State rank: #56 of 289 in IA

Livability — State Center

• Score: 79/100
• State rank: #117
• US rank: #2214

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: State Center, IA
• City population: 2,198
• Population (ZIP): 2,198

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 41,166 people
• By 2030: 41,477 · +0.8%
• By 2040: 42,548 · +3.4%
• By 2050: 44,472 · +8.0%
• By 2075: 52,719 · +28.1%
• By 2100: 60,912 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 9% Two or more races 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Italian 4% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Marshall

• 2024 margin: R (+15.6) · D 41.4% · R 57.0% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: 9.3pp · 2024: -15.6pp
• All cycles: 2024: R+15.6 2020: R+7.7 2016: R+8.5 2012: D+8.9 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.68%
• Current HPI: 191.5843
• 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

+20.9% since first listed

5 events — show timeline

• 2026-05-12 Price Changed $114,900 IAR
• 2026-05-08 Relisted — IAR
• 2026-04-30 Contingent — IAR
• 2026-04-16 Listed $119,900 IAR
• 2018-10-08 Listed $95,000 IAR

Property tax history

+3.4%/yr

Latest (2021): $1,210 · +1.9% YoY. Source: county tax records.