659 3rd Pl SE · Mason City, IA 50401

$69,000

3 bd · 2.0 ba · 2,251 sqft · SingleFamily public records · 182 Days on market

Built 1976 0.51 ac lot $31/sqft · 67% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

Key facts

• Large lot
• Full basement
• Convenient location

Tags

• LARGE LOT
• CONVENIENT LOCATION
• CUL-DE-SAC
• FULL BASEMENT
• OPEN MAIN FLOOR LAY-OUT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $613 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.0% vs local median 5.2% in Mason City — 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 81/100 on livability (#67 in IA, #1,477 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Mason City Community School District (town): math 50% / reading 58% proficiency, ranked #271 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 153 active listings in the ZIP; 54 units permitted in Cerro Gordo County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cerro Gordo County population projected at -18% 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 $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $24k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $60,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 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 1976 — 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. 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: 2.00% ✓
• Cap rate: 16.96%
• Cash-on-cash: 38.10%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

• ARV (median comp): $176,270
• List price: $69,000
• Delta: -60.86%
• 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
413 S Carolina Ave	0.13mi	3/1.8	2,220 (-1%)	7mo	$160,000	$72	85
706 6th St SE	0.16mi	4/2.0 (+1)	2,184 (-3%)	0mo	$238,000	$109	82
215 S Vermont Ave	0.33mi	4/2.2 (+1)	2,267 (+1%)	4mo	$245,000	$108	74
943 6th St SE	0.37mi	3/1.8	2,346 (+4%)	4mo	$187,000	$80	71
104 River Heights Dr Dr	0.18mi	4/2.2 (+1)	2,451 (+9%)	11mo	$288,775	$118	62
201 S Vermont Ave	0.33mi	4/1.8 (+1)	2,093 (-7%)	7mo	$180,000	$86	62
161 Granada Dr Dr	0.60mi	3/1.8	2,152 (-4%)	9mo	$325,000	$151	56
30 Kentucky Ct Ct	0.46mi	4/1.8 (+1)	2,112 (-6%)	9mo	$265,000	$125	55
1141 Eastmoor Dr Dr	0.63mi	3/2.5	2,118 (-6%)	8mo	$239,900	$113	52
521 S Kentucky Ave	0.40mi	3/2.0	1,923 (-15%)	10mo	$205,543	$107	49
212 S Ohio Ave	0.60mi	3/1.5	1,955 (-13%)	5mo	$130,000	$66	44
330 E State St	0.42mi	4/2.5 (+1)	1,929 (-14%)	8mo	$268,000	$139	42

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: 34.2%
• Equity multiple: 2.44×
• Total profit: $27,913
• Equity at exit: $10,288

10-year hold

• IRR: 41.1%
• Equity multiple: 4.87×
• Total profit: $74,703
• Equity at exit: $5,966

Cash invested: $19,320 (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 50401

• Active inventory: 153
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,380 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $613

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 51%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $69,000 Active 182 DOM
2. 2026-06-17
   days on market $69,000 Active 181 DOM
3. 2026-06-16
   days on market $69,000 Active 180 DOM
4. 2026-06-15
   days on market $69,000 Active 179 DOM
5. 2026-06-13
   days on market $69,000 Active 177 DOM
6. 2026-06-12
   days on market $69,000 Active 176 DOM
7. 2026-06-09
   days on market $69,000 Active 173 DOM
8. 2026-06-08
   days on market $69,000 Active 172 DOM
9. 2026-06-07
   days on market $69,000 Active 171 DOM
10. 2026-06-07
    days on market $69,000 Active 170 DOM
11. 2026-06-04
    days on market $69,000 Active 167 DOM
12. 2026-06-02
    days on market $69,000 Active 166 DOM
13. 2026-06-01
    days on market $69,000 Active 165 DOM
14. 2026-05-31
    days on market $69,000 Active 164 DOM
15. 2026-05-31
    days on market $69,000 Active 163 DOM
16. 2026-05-04
    price $69,000 316-char remark

    Show marketing remark (316 chars)

    Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

17. 2026-04-25
    status Active 316-char remark

    Show marketing remark (316 chars)

    Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

18. 2026-04-23
    status Pending 316-char remark

    Show marketing remark (316 chars)

    Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

19. 2026-03-23
    price $74,900 316-char remark

    Show marketing remark (316 chars)

    Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

20. 2026-02-19
    price $79,900 316-char remark

    Show marketing remark (316 chars)

    Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

21. 2026-01-17
    price $87,000 316-char remark

    Show marketing remark (316 chars)

    Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

22. 2025-12-15
    listed $92,900 Active 316-char remark

    Show marketing remark (316 chars)

    Take a look at this 3 bedroom 2 bath home on a large lot. Convenient location near Hwy 122 at the end of a cul-de-sac. 1 Main floor bedroom and full bath, along 2 upper floor bedrooms and another bathroom. Full basement including 2 garage stalls. Open main floor lay-out. Buyer responsible for city required repairs.

23. 2025-07-15
    status Active
24. 2025-07-14
    historical
25. 2025-07-04
    price $134,900
26. 2025-06-12
    price $139,900
27. 2025-05-13
    status Active
28. 2025-05-13
    price $211,000
29. 2025-03-10
    listed $217,300 Active
30. 2022-03-03
    soldstatus $205,000
31. 2022-03-01
    soldstatus $205,000
32. 2021-09-27
    listed $220,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥100°F today · 16 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: $16,562
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,325
• − Management: −$1,325
• − Depreciation: −$2,007
• Taxable income: $6,660
• Est. tax owed @ 24.0%: −$1,598
• After-tax cash flow: $5,763/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: Mason City Community School District
• NCES district ID: 1918780
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -7.00%
• Median HH income: $43,668
• Composite: 45.47/100
• National rank: #2614
• State rank: #271 of 289 in IA

Livability — Mason City

• Score: 81/100
• State rank: #67
• US rank: #1477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mason City, IA
• City population: 28,818
• Population (ZIP): 28,818

Population outlook (Cerro Gordo County) Hauer SSP2

• Today (2025): 41,080 people
• By 2030: 39,746 · -3.2%
• By 2040: 36,608 · -10.9%
• By 2050: 33,682 · -18.0%
• By 2075: 29,702 · -27.7%
• By 2100: 27,399 · -33.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 12% Iranian 2% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Cerro Gordo

• 2024 margin: R (+11.7) · D 43.4% · R 55.0% · Other 1.6%
• 2008→2024 swing: -32.5pp toward R · 2008: 20.8pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+6.3 2016: R+7.7 2012: D+13.2 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.01%
• Current HPI: 199.1966
• 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

-68.6% since first listed

17 events — show timeline

• 2026-05-04 Price Changed $69,000 IAR
• 2026-04-25 Relisted — IAR
• 2026-04-23 Pending — IAR
• 2026-03-23 Price Changed $74,900 IAR
• 2026-02-19 Price Changed $79,900 IAR
• 2026-01-17 Price Changed $87,000 IAR
• 2025-12-15 Listed $92,900 IAR
• 2025-07-15 Relisted — IAR
• 2025-07-14 Delisted — IAR
• 2025-07-04 Price Changed $134,900 IAR
• 2025-06-12 Price Changed $139,900 IAR
• 2025-05-13 Relisted — IAR
• 2025-05-13 Price Changed $211,000 IAR
• 2025-03-10 Listed $217,300 IAR
• 2022-03-03 Sold (Public Records) $205,000 Public Records
• 2022-03-01 Sold (MLS) $205,000 Greater Mason BOR
• 2021-09-27 Listed $220,000 Greater Mason BOR

Property tax history

+4.3%/yr

Latest (2025): $3,824 · +2.9% YoY. Source: county tax records.