2231 Pershing Blvd Blvd · Clinton, IA 52732

$28,000

3 bd · 1.0 ba · 1,114 sqft · SingleFamily public records · 181 Days on market

Built 1900 $25/sqft · 64% below area

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the Lyons part of town, this will be a very nice home (owner occupied or as a rental) with some work. Extra wide lot and in includes a nice size detached garage. Measurements are approximate

Key facts

• Extra wide lot
• Detached garage
• 3 garage spots

Tags

• EXTRA WIDE LOT
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $28k.

Deal economics

• At list price, monthly cash flow is $679 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.4% vs local median 6.7% in Clinton — 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 75/100 on livability (#222 in IA, #4,192 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime D, employment D.
• Clinton Community School District (town): math 52% / reading 56% proficiency, ranked #273 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 246 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 of value loss. Plan a longer hold.
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $32k (53%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. 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: 4.22% ✓
• Cap rate: 35.38%
• Cash-on-cash: 103.89%
• DSCR: 5.62
• GRM: 2.0

CMA / ARV

• ARV (median comp): $78,516
• List price: $28,000
• Delta: -64.34%
• 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
2015 Garfield St	0.28mi	2/1.0 (-1)	1,130 (+1%)	1mo	$8,000	$7	79
339 29th Ave N	0.58mi	3/1.0	1,096 (-2%)	3mo	$130,000	$119	68
511 16th Ave N	0.68mi	3/1.0	1,106 (-1%)	6mo	$62,000	$56	62
1919 N 7th St	0.44mi	2/1.5 (-1)	1,182 (+6%)	4mo	$67,000	$57	59
2819 N 3rd St	0.54mi	2/2.0 (-1)	1,160 (+4%)	1mo	$144,900	$125	58
722 Main Ave	0.45mi	3/1.0	988 (-11%)	5mo	$25,000	$25	56
1005 23rd Ave N	0.54mi	3/1.5	1,040 (-7%)	8mo	$148,000	$142	55
1614 Pershing Blvd	0.58mi	3/1.0	1,018 (-9%)	6mo	$123,500	$121	54
718 17th Ave N	0.64mi	2/1.5 (-1)	1,192 (+7%)	2mo	$100,000	$84	50
2927 Pershing Blvd	0.64mi	2/1.0 (-1)	1,250 (+12%)	1mo	$130,000	$104	44
1803 N 7th St	0.53mi	4/1.0 (+1)	960 (-14%)	9mo	$95,000	$99	40
1619 Pershing Blvd	0.56mi	2/1.0 (-1)	961 (-14%)	9mo	$105,000	$109	39

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: —
• Equity multiple: 5.94×
• Total profit: $38,749
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 12.43×
• Total profit: $89,633
• Equity at exit: $2,421

Cash invested: $7,840 (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 52732

• Home prices YoY: -34.9%
• Active inventory: 246
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,181 medium
• Mortgage (P&I): −$147
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $679

Break-even live

Break-even rent $322

Max offer price $28,000

Occupancy floor 38%

Sensitivity live

Price	-10% $695	-5% $687	+0% $679	+5% $671	+10% $663
Rent	-10% $585	-5% $632	+0% $679	+5% $725	+10% $772
Rate	-1.0pp $693	-0.5pp $686	base $679	+0.5pp $672	+1.0pp $664

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $28,000 Active 181 DOM
2. 2026-06-18
   days on market $28,000 Active 180 DOM
3. 2026-06-17
   days on market $28,000 Active 179 DOM
4. 2026-06-16
   days on market $28,000 Active 178 DOM
5. 2026-06-15
   days on market $28,000 Active 177 DOM
6. 2026-06-14
   days on market $28,000 Active 175 DOM
7. 2026-06-12
   days on market $28,000 Active 174 DOM
8. 2026-06-09
   pricedays on market $28,000 Active 171 DOM
9. 2026-06-08
   days on market $35,000 Active 170 DOM
10. 2026-06-07
    days on market $35,000 Active 169 DOM
11. 2026-06-07
    days on market $35,000 Active 168 DOM
12. 2026-06-03
    days on market $35,000 Active 165 DOM
13. 2026-06-02
    days on market $35,000 Active 164 DOM
14. 2026-06-01
    days on market $35,000 Active 163 DOM
15. 2026-05-31
    days on market $35,000 Active 162 DOM
16. 2026-05-30
    days on market $35,000 Active 161 DOM
17. 2026-04-22
    price $35,000
18. 2026-03-06
    price $50,000
19. 2026-01-08
    status Active
20. 2026-01-06
    historical
21. 2026-01-05
    historical
22. 2025-12-18
    listed $60,000 Active
23. 2025-12-18
    listed Active
24. 2018-11-09
    soldstatus $27,000

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $1,150 · $96/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,174
• − Mortgage interest: −$1,568
• − Property taxes: −$1,150
• − Insurance: −$140
• − Repairs & maintenance: −$1,134
• − Management: −$1,134
• − Depreciation: −$815
• Taxable income: $8,233
• Est. tax owed @ 24.0%: −$1,976
• After-tax cash flow: $6,169/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: Clinton Community School District
• NCES district ID: 1907710
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $40,900
• Composite: 45.22/100
• National rank: #2666
• State rank: #273 of 289 in IA

Livability — Clinton

• Score: 75/100
• State rank: #222
• US rank: #4192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clinton, IA
• County: Clinton County · 25,880 people
• City population: 25,880
• Metro: Clinton, IA
• Population (ZIP): 25,880
• Household income: $61,105
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 889.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 5% Black 4%
• Common ancestry: Iranian 4% Portuguese 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Arabic 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: ▼ -83.23%
• Current HPI: 155.3426
• Rent YoY: —
• Metro: Clinton, IA
• 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

+29.6% since first listed

8 events — show timeline

• 2026-04-22 Price Changed $35,000 MRED as Distributed by MLS Grid
• 2026-03-06 Price Changed $50,000 MRED as Distributed by MLS Grid
• 2026-01-08 Relisted — 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
• 2025-12-18 Listed — RMLSA as Distributed by MLS Grid
• 2025-12-18 Listed $60,000 MRED as Distributed by MLS Grid
• 2018-11-09 Sold (Public Records) $27,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,150 · +1.4% YoY. Source: county tax records.