408 Terrace Dr · Wheatland, IA 52777

$119,900

3 bd · 2.5 ba · 1,336 sqft · SingleFamily public records · 19 Days on market

Built 1978 Est $184k · 35% 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).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• Appreciation +9.6/10.0
• Schools +5.9/10.0
• 1% rule +4.1/10.0
• DSCR +3.8/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Fantastic 3-4 bedroom, 3 bathroom ranch on a dead end street. Attached garage. Large fenced yard, shed, hot tub. Gorgeous kitchen features granite counters and tons of cabinet space. Full bathroom in master bedroom. Basement features two more rooms, large family/rec area and another full bathroom.

Key facts

• Attached garage
• Open kitchen
• Ample storage

Tags

• CENTRAL AIR CONDITIONING
• OPEN KITCHEN
• INFORMAL DINING SPACE
• AMPLE STORAGE
• PRIVACY-FENCED BACKYARD
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-16 ($-188/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (8.7% below list).
• Recommended offer: $109k (8.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#826 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, schools A-; Watch: crime C-, amenities F, commute F.
• Calamus-Wheatland Community School District (rural): math 71% / reading 67% proficiency, ranked #150 of 289 in IA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($829 loan paydown + $11k appreciation (9.2% local appreciation)).
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.2% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 17y ago; this cycle's ask has dropped $90k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $109,443 (8.7% 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. Built in 1978 — 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 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?
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: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $184,368
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408 Terrace Dr	0.00mi	3/3.0	1,336 (0%)	4mo	$117,900	$88	95
204 N Main St	0.20mi	3/2.0	1,259 (-6%)	5mo	$174,000	$138	75
115 W Lincolnway	0.33mi	3/1.5	1,376 (+3%)	6mo	$210,000	$153	70
208 E Vine St	0.13mi	3/2.0	1,523 (+14%)	1mo	$195,000	$128	68
303 E Vine St	0.20mi	3/2.0	1,522 (+14%)	11mo	$245,000	$161	56
402 N Toronto St	0.14mi	2/1.0 (-1)	1,155 (-14%)	21mo	$180,000	$156	42
203 N Bennett St	0.21mi	2/1.0 (-1)	1,148 (-14%)	19mo	$146,500	$128	40

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

Projected returns pro-forma

9.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 2.72×
• Total profit: $57,608
• Equity at exit: $100,839

10-year hold

• IRR: 20.0%
• Equity multiple: 6.04×
• Total profit: $169,066
• Equity at exit: $210,255

Cash invested: $33,572 (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 52777

• Home prices YoY: 4.2%
• Active inventory: 6
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,094 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$202 /mo · $2,418/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-16

Break-even live

Break-even rent $1,114

Max offer price $117,139

Occupancy floor 96%

Sensitivity live

Price	-10% $52	-5% $18	+0% $-16	+5% $-50	+10% $-83
Rent	-10% $-102	-5% $-59	+0% $-16	+5% $28	+10% $71
Rate	-1.0pp $45	-0.5pp $15	base $-16	+0.5pp $-47	+1.0pp $-78

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-05-24
   status Pending
2. 2026-05-24
   status Pending
3. 2026-05-22
   status Pending
4. 2026-03-03
   historical
5. 2026-02-20
   soldstatus $117,900 Closed
6. 2026-02-20
   soldstatus $117,900 Closed
7. 2026-02-20
   soldstatus $117,900 Closed
8. 2026-02-20
   soldstatus $117,900 Closed
9. 2026-01-07
   status Pending
10. 2026-01-06
    historical
11. 2026-01-05
    historical
12. 2026-01-03
    price $119,900
13. 2025-12-08
    price
14. 2025-10-23
    listed Active
15. 2022-06-02
    soldstatus $215,000 298-char remark

    Show marketing remark (298 chars)

    Fantastic 3-4 bedroom, 3 bathroom ranch on a dead end street. Attached garage. Large fenced yard, shed, hot tub. Gorgeous kitchen features granite counters and tons of cabinet space. Full bathroom in master bedroom. Basement features two more rooms, large family/rec area and another full bathroom.

16. 2022-06-02
    soldstatus $215,000 298-char remark

    Show marketing remark (298 chars)

    Fantastic 3-4 bedroom, 3 bathroom ranch on a dead end street. Attached garage. Large fenced yard, shed, hot tub. Gorgeous kitchen features granite counters and tons of cabinet space. Full bathroom in master bedroom. Basement features two more rooms, large family/rec area and another full bathroom.

17. 2022-05-25
    soldstatus $215,000
18. 2022-04-01
    listed $210,000 298-char remark

    Show marketing remark (298 chars)

    Fantastic 3-4 bedroom, 3 bathroom ranch on a dead end street. Attached garage. Large fenced yard, shed, hot tub. Gorgeous kitchen features granite counters and tons of cabinet space. Full bathroom in master bedroom. Basement features two more rooms, large family/rec area and another full bathroom.

19. 2022-04-01
    listed $210,000 298-char remark

    Show marketing remark (298 chars)

    Fantastic 3-4 bedroom, 3 bathroom ranch on a dead end street. Attached garage. Large fenced yard, shed, hot tub. Gorgeous kitchen features granite counters and tons of cabinet space. Full bathroom in master bedroom. Basement features two more rooms, large family/rec area and another full bathroom.

20. 2021-08-23
    soldstatus $160,000
21. 2021-08-06
    historical
22. 2020-04-13
    soldstatus $140,000
23. 2020-03-13
    soldstatus $140,000
24. 2020-03-13
    soldstatus $140,000
25. 2020-02-16
    listed $145,000
26. 2020-02-16
    listed $145,000
27. 2010-10-02
    historical
28. 2010-02-04
    soldstatus $105,000
29. 2010-02-04
    soldstatus $105,000
30. 2009-10-08
    listed $110,000
31. 2009-10-08
    listed $110,000

ⓘ 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: $2,418 · $202/mo
• Projected year-2 tax: $2,418 · $202/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,133
• − Mortgage interest: −$6,716
• − Property taxes: −$2,418
• − Insurance: −$600
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$3,488
• Taxable loss: −$2,190
• Est. tax savings @ 24.0%: +$526
• After-tax cash flow: $338/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: Calamus-Wheatland Community School District
• NCES district ID: 1906000
• Math proficiency: 71% ▼ -6.00%
• Reading proficiency: 67% ▼ -3.00%
• Median HH income: $54,711
• Composite: 59.01/100
• National rank: #962
• State rank: #150 of 289 in IA

Livability — Wheatland

• Score: 60/100
• State rank: #826
• US rank: #19027

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheatland, IA
• Population (ZIP): 1,335

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 44,817 people
• By 2030: 43,090 · -3.9%
• By 2040: 39,513 · -11.8%
• By 2050: 36,209 · -19.2%
• By 2075: 31,888 · -28.8%
• By 2100: 30,382 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Iranian 2% Serbian 1% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Clinton

• 2024 margin: R (+18.9) · D 39.8% · R 58.6% · Other 1.6%
• 2008→2024 swing: -41.9pp toward R · 2008: 23.0pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+10.3 2016: R+5.1 2012: D+22.9 2008: D+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.17%
• Current HPI: 226.74
• 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

+7.2% since first listed

31 events — show timeline

• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-22 Pending — MRED as Distributed by MLS Grid
• 2026-03-03 Listing Removed — MRED as Distributed by MLS Grid
• 2026-02-20 Sold (MLS) $117,900 MRED as Distributed by MLS Grid
• 2026-02-20 Sold (MLS) $117,900 MRED as Distributed by MLS Grid
• 2026-02-20 Sold (MLS) $117,900 MRED as Distributed by MLS Grid
• 2026-02-20 Sold (MLS) $117,900 MRED as Distributed by MLS Grid
• 2026-01-07 Pending — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-03 Price Changed $119,900 MRED as Distributed by MLS Grid
• 2025-12-08 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-10-23 Listed — RMLSA as Distributed by MLS Grid
• 2022-06-02 Sold (MLS) $215,000 RMLSA as Distributed by MLS Grid
• 2022-06-02 Sold (MLS) $215,000 MRED as Distributed by MLS Grid
• 2022-05-25 Sold (Public Records) $215,000 Public Records
• 2022-04-01 Listed $210,000 RMLSA as Distributed by MLS Grid
• 2022-04-01 Listed $210,000 MRED as Distributed by MLS Grid
• 2021-08-23 Sold (Public Records) $160,000 Public Records
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2020-04-13 Sold (Public Records) $140,000 Public Records
• 2020-03-13 Sold (MLS) $140,000 RMLSA as Distributed by MLS Grid
• 2020-03-13 Sold (MLS) $140,000 MRED as Distributed by MLS Grid
• 2020-02-16 Listed $145,000 RMLSA as Distributed by MLS Grid
• 2020-02-16 Listed $145,000 MRED as Distributed by MLS Grid
• 2010-10-02 Listing Removed — MRED as Distributed by MLS Grid
• 2010-02-04 Sold (MLS) $105,000 RMLSA as Distributed by MLS Grid
• 2010-02-04 Sold (MLS) $105,000 MRED as Distributed by MLS Grid
• 2009-10-08 Listed $110,000 RMLSA as Distributed by MLS Grid
• 2009-10-08 Listed $110,000 MRED as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2025): $2,418 · +0.6% YoY. Source: county tax records.