307 Prospect St · Iowa Falls, IA 50126

$64,900

1 bd · 1.0 ba · 624 sqft · SingleFamily public records · 45 Days on market

Built 1950 6,534 sqft lot $104/sqft · at area comps Est $67k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• ARV discount +8.8/15.0
• 1% rule +8.6/10.0
• Schools +5.6/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

If you are looking for an investment property, or perhaps a low cost alternative to renting, then you will want to check this listing out. This home has a new sewer line that was installed in November 2023, circuit breakers, new flooring, and is waiting for someone to move in and call it home. Two bedrooms, 1 bath, living room, eat-in kitchen with stove and refrigerator included, and a full size walk-out unfinished basement with utilities. There is an enclosed porch/foyer on the main level (7x5) as well as a second enclosed porch (5x11) on the rear of the home on the lower level. Off street parking is available, but there is no garage. Priced to sell!

Key facts

• 6,534 sq ft lot
• Built 1950
• Listed 45 days

Property features AI

Finance

• Financial info: Annual tax listed (see broker for details)

Exterior

• Parking: No off-street parking listed
• Utilities: Public water; Public sewer
• Home design: Single-family residential property
• Construction: Wood siding construction
• Exterior features: Lot approximately 0.15 acres (50 x 131)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($884 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.8% in Iowa Falls — 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 77/100 on livability (#172 in IA, #3,097 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Iowa Falls Community School District (town): math 62% / reading 71% proficiency, ranked #184 of 289 in IA (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 90 active listings in the ZIP; 6 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Hardin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $65k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
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: 1.36% ✓
• Cap rate: 11.57%
• Cash-on-cash: 18.84%
• DSCR: 1.84
• GRM: 6.1

CMA / ARV

• ARV (median comp): $66,773
• List price: $64,900
• Delta: -2.80%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503 Cedar St	0.56mi	1/1.0	616 (-1%)	23mo	$50,000	$81	53

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: 10.6%
• Equity multiple: 1.42×
• Total profit: $7,642
• Equity at exit: $9,677

10-year hold

• IRR: 19.7%
• Equity multiple: 2.65×
• Total profit: $30,013
• Equity at exit: $5,611

Cash invested: $18,172 (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 50126

• Active inventory: 90
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $884 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $285

Break-even live

Break-even rent $523

Max offer price $64,900

Occupancy floor 63%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $64,900 Active 45 DOM
2. 2026-06-17
   days on market $64,900 Active 44 DOM
3. 2026-06-16
   days on market $64,900 Active 43 DOM
4. 2026-06-15
   days on market $64,900 Active 42 DOM
5. 2026-06-13
   days on market $64,900 Active 40 DOM
6. 2026-06-12
   days on market $64,900 Active 39 DOM
7. 2026-06-09
   days on market $64,900 Active 36 DOM
8. 2026-06-08
   days on market $64,900 Active 35 DOM
9. 2026-06-07
   days on market $64,900 Active 34 DOM
10. 2026-06-07
    days on market $64,900 Active 33 DOM
11. 2026-06-04
    pricedays on market $64,900 Active 30 DOM
12. 2026-06-02
    days on market $67,500 Active 29 DOM
13. 2026-06-01
    days on market $67,500 Active 28 DOM
14. 2026-05-31
    days on market $67,500 Active 27 DOM
15. 2026-05-31
    days on market $67,500 Active 26 DOM
16. 2026-05-04
    listed $69,500 Active 999-char remark
17. 2025-02-02
    historical $850
18. 2024-12-31
    soldstatus $41,500
19. 2024-12-29
    price $850
20. 2024-12-20
    soldstatus $41,500 Closed 660-char remark

    Show marketing remark (660 chars)

    If you are looking for an investment property, or perhaps a low cost alternative to renting, then you will want to check this listing out. This home has a new sewer line that was installed in November 2023, circuit breakers, new flooring, and is waiting for someone to move in and call it home. Two bedrooms, 1 bath, living room, eat-in kitchen with stove and refrigerator included, and a full size walk-out unfinished basement with utilities. There is an enclosed porch/foyer on the main level (7x5) as well as a second enclosed porch (5x11) on the rear of the home on the lower level. Off street parking is available, but there is no garage. Priced to sell!

21. 2024-12-10
    status Pending 660-char remark

    Show marketing remark (660 chars)

    If you are looking for an investment property, or perhaps a low cost alternative to renting, then you will want to check this listing out. This home has a new sewer line that was installed in November 2023, circuit breakers, new flooring, and is waiting for someone to move in and call it home. Two bedrooms, 1 bath, living room, eat-in kitchen with stove and refrigerator included, and a full size walk-out unfinished basement with utilities. There is an enclosed porch/foyer on the main level (7x5) as well as a second enclosed porch (5x11) on the rear of the home on the lower level. Off street parking is available, but there is no garage. Priced to sell!

22. 2024-11-27
    listed $875
23. 2024-11-27
    historical $875
24. 2024-11-27
    listed $875
25. 2024-11-25
    historical Active Under Contract 660-char remark

    Show marketing remark (660 chars)

    If you are looking for an investment property, or perhaps a low cost alternative to renting, then you will want to check this listing out. This home has a new sewer line that was installed in November 2023, circuit breakers, new flooring, and is waiting for someone to move in and call it home. Two bedrooms, 1 bath, living room, eat-in kitchen with stove and refrigerator included, and a full size walk-out unfinished basement with utilities. There is an enclosed porch/foyer on the main level (7x5) as well as a second enclosed porch (5x11) on the rear of the home on the lower level. Off street parking is available, but there is no garage. Priced to sell!

26. 2024-11-22
    status Active 660-char remark

    Show marketing remark (660 chars)

    If you are looking for an investment property, or perhaps a low cost alternative to renting, then you will want to check this listing out. This home has a new sewer line that was installed in November 2023, circuit breakers, new flooring, and is waiting for someone to move in and call it home. Two bedrooms, 1 bath, living room, eat-in kitchen with stove and refrigerator included, and a full size walk-out unfinished basement with utilities. There is an enclosed porch/foyer on the main level (7x5) as well as a second enclosed porch (5x11) on the rear of the home on the lower level. Off street parking is available, but there is no garage. Priced to sell!

27. 2024-11-22
    historical Active Under Contract 660-char remark

    Show marketing remark (660 chars)

    If you are looking for an investment property, or perhaps a low cost alternative to renting, then you will want to check this listing out. This home has a new sewer line that was installed in November 2023, circuit breakers, new flooring, and is waiting for someone to move in and call it home. Two bedrooms, 1 bath, living room, eat-in kitchen with stove and refrigerator included, and a full size walk-out unfinished basement with utilities. There is an enclosed porch/foyer on the main level (7x5) as well as a second enclosed porch (5x11) on the rear of the home on the lower level. Off street parking is available, but there is no garage. Priced to sell!

28. 2024-10-15
    listed $49,900 Active 660-char remark

    Show marketing remark (660 chars)

    If you are looking for an investment property, or perhaps a low cost alternative to renting, then you will want to check this listing out. This home has a new sewer line that was installed in November 2023, circuit breakers, new flooring, and is waiting for someone to move in and call it home. Two bedrooms, 1 bath, living room, eat-in kitchen with stove and refrigerator included, and a full size walk-out unfinished basement with utilities. There is an enclosed porch/foyer on the main level (7x5) as well as a second enclosed porch (5x11) on the rear of the home on the lower level. Off street parking is available, but there is no garage. Priced to sell!

29. 2023-07-21
    soldstatus $15,000

    Show marketing remark (45 chars)

    property is sold, used for comp purposes only

30. 2023-06-22
    listed $15,000

    Show marketing remark (45 chars)

    property is sold, used for comp purposes only

ⓘ 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: $548 · $46/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$235/yr (+$20/mo · 43.0%)

ⓘ 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 2/10 Low 7 d/yr ≥101°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: $10,607
• − Mortgage interest: −$3,635
• − Property taxes: −$548
• − Insurance: −$324
• − Repairs & maintenance: −$849
• − Management: −$849
• − Depreciation: −$1,888
• Taxable income: $2,514
• Est. tax owed @ 24.0%: −$603
• After-tax cash flow: $2,820/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: Iowa Falls Community School District
• NCES district ID: 1914730
• Math proficiency: 62% ▼ -9.00%
• Reading proficiency: 71% ▼ -5.00%
• Median HH income: $46,696
• Composite: 56.12/100
• National rank: #1182
• State rank: #184 of 289 in IA

Livability — Iowa Falls

• Score: 77/100
• State rank: #172
• US rank: #3097

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa Falls, IA
• City population: 6,362
• Population (ZIP): 6,362

Population outlook (Hardin County) Hauer SSP2

• Today (2025): 17,474 people
• By 2030: 17,369 · -0.6%
• By 2040: 17,018 · -2.6%
• By 2050: 16,454 · -5.8%
• By 2075: 14,665 · -16.1%
• By 2100: 12,404 · -29.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 2% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Iranian 3% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Hardin

• 2024 margin: Solid R (+38.4) · D 30.3% · R 68.7% · Other 1.1%
• 2008→2024 swing: -39.3pp toward R · 2008: 0.9pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+32.0 2016: R+29.2 2012: R+7.1 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.54%
• Current HPI: 146.3741
• 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

+332.7% since first listed

17 events — show timeline

• 2026-06-03 Price Changed $64,900 IAR
• 2026-05-19 Price Changed $67,500 IAR
• 2026-05-04 Listed $69,500 IAR
• 2025-02-02 Rental Removed $850 BUILDIUM
• 2024-12-31 Sold (Public Records) $41,500 Public Records
• 2024-12-29 Price Changed $850 BUILDIUM
• 2024-12-20 Sold (MLS) $41,500 IAR
• 2024-12-10 Pending — IAR
• 2024-11-27 Listed for Rent $875 BUILDIUM
• 2024-11-27 Rental Removed $875 TURBOTENANT
• 2024-11-27 Listed for Rent $875 TURBOTENANT
• 2024-11-25 Contingent — IAR
• 2024-11-22 Relisted — IAR
• 2024-11-22 Contingent — IAR
• 2024-10-15 Listed $49,900 IAR
• 2023-07-21 Sold (MLS) $15,000 IAR
• 2023-06-22 Listed $15,000 IAR

Property tax history

+3.4%/yr

Latest (2025): $548 · +4.6% YoY. Source: county tax records.