2405 Pheasant Rd · Hopkinton, IA 52237

$220,000

6 bd · 1.0 ba · 2,681 sqft · SingleFamily public records · 163 Days on market

Built 2016

---

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 +7.5/15.0
• Appreciation +7.3/10.0
• Schools +6.9/10.0
• Cash flow +6.8/30.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +1.0/10.0

Listing remarks MLS

Peaceful, comfortable and full of potential. This 4 bedroom 1 bath home has a setting that gives you privacy, tranquility and that "ahhh" feeling every time. This is the place where mornings start with peaceful views and evenings end under wide open skies. This home is tucked away on quiet Pheasant Road, and is a perfect blend of cozy living and room to breathe. Dream of wild life, farm animals or toys the outbuildings will allow for it all. There is a 24x48 steel building currently set up for horses and a 12x56 heated building currently housing chickens but was set up as a dog kennel at one time, these buildings can house whatever your hobbies are. Homes like this dont just check all the boxes, they create memories. Get a hold of your realtor today and dont let this one fly away.

Key facts

• Steel building
• Wide open skies
• Outbuildings

Tags

• PEACEFUL VIEWS
• WIDE OPEN SKIES
• OUTBUILDINGS
• STEEL BUILDING
• HEATED BUILDING

What this means for you Summary

Snapshot

• This is a 6-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-346 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (27.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (37.7% below list).
• Recommended offer: $137k (37.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#334 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Maquoketa Valley Community School District (rural): math 79% / reading 83% proficiency, ranked #27 of 289 in IA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 8 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (4.7% local appreciation)).
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Recommended offer $137,158 (37.7% 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 163 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
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 D-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. 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?
7. 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.
8. 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.
9. 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: 0.62% ✗
• Cap rate: 4.41%
• Cash-on-cash: -6.73%
• DSCR: 0.70
• GRM: 13.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.66% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.3%
• Equity multiple: 1.40×
• Total profit: $24,401
• Equity at exit: $120,144

10-year hold

• IRR: 8.6%
• Equity multiple: 2.54×
• Total profit: $94,864
• Equity at exit: $203,702

Cash invested: $61,600 (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 52237

• Home prices YoY: 2.8%
• Active inventory: 8
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $1,372 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$184 /mo · $2,206/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $-346

Break-even live

Break-even rent $1,809

Max offer price $158,938

Occupancy floor —

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $220,000 Active 163 DOM
2. 2026-06-17
   days on market $220,000 Active 162 DOM
3. 2026-06-16
   days on market $220,000 Active 161 DOM
4. 2026-06-15
   days on market $220,000 Active 160 DOM
5. 2026-06-13
   days on market $220,000 Active 158 DOM
6. 2026-06-12
   days on market $220,000 Active 157 DOM
7. 2026-06-09
   days on market $220,000 Active 154 DOM
8. 2026-06-08
   days on market $220,000 Active 153 DOM
9. 2026-06-07
   days on market $220,000 Active 152 DOM
10. 2026-06-07
    days on market $220,000 Active 151 DOM
11. 2026-06-04
    days on market $220,000 Active 148 DOM
12. 2026-06-02
    days on market $220,000 Active 147 DOM
13. 2026-06-01
    days on market $220,000 Active 146 DOM
14. 2026-05-31
    days on market $220,000 Active 145 DOM
15. 2026-05-31
    days on market $220,000 Active 144 DOM
16. 2026-01-05
    listed $220,000 Active 801-char remark

    Show marketing remark (801 chars)

    Peaceful, comfortable and full of potential. This 4 bedroom 1 bath home has a setting that gives you privacy, tranquility and that "ahhh" feeling every time. This is the place where mornings start with peaceful views and evenings end under wide open skies. This home is tucked away on quiet Pheasant Road, and is a perfect blend of cozy living and room to breathe. Dream of wild life, farm animals or toys the outbuildings will allow for it all. There is a 24x48 steel building currently set up for horses and a 12x56 heated building currently housing chickens but was set up as a dog kennel at one time, these buildings can house whatever your hobbies are. Homes like this dont just check all the boxes, they create memories. Get a hold of your realtor today and dont let this one fly away.

17. 2025-03-19
    soldstatus $245,000
18. 2020-07-06
    soldstatus $250,000
19. 2015-12-07
    soldstatus $82,500

ⓘ 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: $2,206 · $184/mo
• Projected year-2 tax: $2,830 · $236/mo
• Expected delta: +$624/yr (+$52/mo · 28.3%)

ⓘ 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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,459
• − Mortgage interest: −$12,323
• − Property taxes: −$2,206
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$6,400
• Taxable loss: −$8,204
• Est. tax savings @ 24.0%: +$1,969
• After-tax cash flow: $-2,179/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: Maquoketa Valley Community School District
• NCES district ID: 1918540
• Math proficiency: 79% ▼ -8.00%
• Reading proficiency: 83% ▼ -8.00%
• Median HH income: $53,569
• Composite: 68.82/100
• National rank: #332
• State rank: #27 of 289 in IA

Livability — Hopkinton

• Score: 71/100
• State rank: #334
• US rank: #6838

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,526
• Population (ZIP): 1,526

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 16,718 people
• By 2030: 16,267 · -2.7%
• By 2040: 15,277 · -8.6%
• By 2050: 14,198 · -15.1%
• By 2075: 12,804 · -23.4%
• By 2100: 11,678 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Polish 15% Lithuanian 6%
• Languages at home: 87% English-only · German/W. Germanic 10% Spanish 3%

Political lean MEDSL · Delaware

• 2024 margin: Solid R (+39.6) · D 29.4% · R 69.1% · Other 1.5%
• 2008→2024 swing: -45.6pp toward R · 2008: 6.0pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+35.1 2016: R+29.8 2012: R+0.2 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.66%
• Current HPI: 169.4116
• 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

+166.7% since first listed

4 events — show timeline

• 2026-01-05 Listed $220,000 ECIMLS
• 2025-03-19 Sold (Public Records) $245,000 Public Records
• 2020-07-06 Sold (Public Records) $250,000 Public Records
• 2015-12-07 Sold (Public Records) $82,500 Public Records

Property tax history

+9.9%/yr

Latest (2025): $2,206 · +2.0% YoY. Source: county tax records.