320 Webster St · Merrill, IA 51038

$135,500

3 bd · 1.0 ba · 1,376 sqft · SingleFamily public records · 113 Days on market

Built 1920 8,276 sqft lot $98/sqft · 5% above area Est $258k · 47% 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 +15.3/30.0
• ARV discount +15.0/15.0
• Appreciation +6.8/10.0
• Schools +6.2/10.0
• DSCR +4.7/10.0
• 1% rule +3.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Back on the market! Don’t miss this charming home located in the peaceful community of Merrill. This property features a fully fenced yard, perfect for pets and outdoor enjoyment. Inside, the home offers all kitchen appliances, plus a washer and dryer for added convenience. Recent updates include new flooring, fresh carpet, and brand-new cabinets ready to be painted and customized to your taste. With a cozy layout and plenty of potential, this home is ready for its next owner to make it their own. Great opportunity in a quiet, welcoming area. Property is being sold as-is.

Key facts

• Brand-new cabinets
• Washer and dryer
• New flooring

Tags

• FULLY FENCED YARD
• ALL KITCHEN APPLIANCES
• WASHER AND DRYER
• NEW FLOORING
• FRESH CARPET
• BRAND-NEW CABINETS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $136k.

Deal economics

• At list price, monthly cash flow is $50 ($598/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 $121k (10.9% below list).
• Recommended offer: $121k (10.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#425 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, schools F, amenities F.
• Le Mars Community School District (town): math 73% / reading 72% proficiency, ranked #96 of 289 in IA (top 33%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 11 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($937 loan paydown + $5k appreciation (3.5% local appreciation)).
• At projected returns (3.5% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $69k; list at $136k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,697 (10.9% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.89% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• GRM: 9.4

CMA / ARV

• ARV (median comp): $257,587
• List price: $135,500
• Delta: -47.40%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 Douglas St	0.18mi	2/2.0 (-1)	1,448 (+5%)	8mo	$170,000	$117	68
427 Main St	0.16mi	2/1.5 (-1)	1,308 (-5%)	19mo	$90,500	$69	61
626 4th St	0.28mi	4/2.0 (+1)	1,386 (+1%)	24mo	$185,000	$133	57

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

Projected returns pro-forma

3.52% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.61×
• Total profit: $23,250
• Equity at exit: $64,924

10-year hold

• IRR: 12.4%
• Equity multiple: 2.94×
• Total profit: $73,788
• Equity at exit: $103,280

Cash invested: $37,940 (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 51038

• Home prices YoY: 1.9%
• Active inventory: 11
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,207 medium
• Mortgage (P&I): −$711
• Tax from tax record: −$137 /mo · $1,640/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $50

Break-even live

Break-even rent $1,144

Max offer price $135,500

Occupancy floor 91%

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: $33,875
• Closing costs: $4,065
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-08
   status Pending 584-char remark

   Show marketing remark (584 chars)

   Back on the market! Don’t miss this charming home located in the peaceful community of Merrill. This property features a fully fenced yard, perfect for pets and outdoor enjoyment. Inside, the home offers all kitchen appliances, plus a washer and dryer for added convenience. Recent updates include new flooring, fresh carpet, and brand-new cabinets ready to be painted and customized to your taste. With a cozy layout and plenty of potential, this home is ready for its next owner to make it their own. Great opportunity in a quiet, welcoming area. Property is being sold as-is.

2. 2026-01-15
   listed $135,500 Active 584-char remark

   Show marketing remark (584 chars)

   Back on the market! Don’t miss this charming home located in the peaceful community of Merrill. This property features a fully fenced yard, perfect for pets and outdoor enjoyment. Inside, the home offers all kitchen appliances, plus a washer and dryer for added convenience. Recent updates include new flooring, fresh carpet, and brand-new cabinets ready to be painted and customized to your taste. With a cozy layout and plenty of potential, this home is ready for its next owner to make it their own. Great opportunity in a quiet, welcoming area. Property is being sold as-is.

3. 2025-11-19
   listed $135,500 Active
4. 2021-11-15
   soldstatus $69,000
5. 2006-12-11
   soldstatus $55,000

ⓘ 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: $1,640 · $137/mo
• Projected year-2 tax: $1,884 · $157/mo
• Expected delta: +$244/yr (+$20/mo · 14.9%)

ⓘ 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 3/10 Moderate
• 🌡 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,484
• − Mortgage interest: −$7,590
• − Property taxes: −$1,640
• − Insurance: −$678
• − Repairs & maintenance: −$1,159
• − Management: −$1,159
• − Depreciation: −$3,942
• Taxable loss: −$1,683
• Est. tax savings @ 24.0%: +$404
• After-tax cash flow: $1,002/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: Le Mars Community School District
• NCES district ID: 1916530
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $55,414
• Composite: 61.97/100
• National rank: #723
• State rank: #96 of 289 in IA

Livability — Merrill

• Score: 68/100
• State rank: #425
• US rank: #9147

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merrill, IA
• Population (ZIP): 1,512

Population outlook (Plymouth County) Hauer SSP2

• Today (2025): 25,214 people
• By 2030: 25,257 · +0.2%
• By 2040: 25,304 · +0.4%
• By 2050: 25,421 · +0.8%
• By 2075: 26,820 · +6.4%
• By 2100: 27,604 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2% Asian 1% Native American 1%
• Common ancestry: Iranian 6% Portuguese 4% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Plymouth

• 2024 margin: Solid R (+54.2) · D 22.3% · R 76.5% · Other 1.2%
• 2008→2024 swing: -29.2pp toward R · 2008: -25.1pp · 2024: -54.2pp
• All cycles: 2024: R+54.2 2020: R+49.3 2016: R+51.9 2012: R+34.3 2008: R+25.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.52%
• Current HPI: 186.2804
• 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

+146.4% since first listed

5 events — show timeline

• 2026-05-08 Pending — NWIA
• 2026-01-15 Listed $135,500 NWIA
• 2025-11-19 Listed $135,500 NWIA
• 2021-11-15 Sold (Public Records) $69,000 Public Records
• 2006-12-11 Sold (Public Records) $55,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $1,640 · +79.8% YoY. Source: county tax records.