315 W Prospect St · Shell Rock, IA 50670

$124,500

3 bd · 1.5 ba · 1,506 sqft · Other public records · 6 Days on market

Built 1895 8,680 sqft lot $83/sqft · 13% below area Est $144k · 13% 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).

• Cash flow +14.2/30.0
• ARV discount +13.5/15.0
• Schools +6.6/10.0
• 1% rule +4.5/10.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity is knocking in the heart of Shell Rock! This 1,506 finished square foot home offers a solid layout with a large main-floor bedroom, two bathrooms on the main, and convenient main-floor laundry. Two additional upstairs bedrooms provide extra space and flexibility. This home does require remodeling and is being sold AS-IS, but big-ticket updates have already begun — including carpet removal and a new electrical panel installed in July 2024. With vinyl siding, a double stall garage, and a nice-sized yard, the exterior of the home is packed with potential and waiting for the right buyer to transform it. Whether you're an investor looking for your next flip or a buyer ready to

Key facts

• 8,680 sq ft lot
• Garage
• Built 1895

Property features AI

Exterior

• Parking: Detached carport; 2 carport spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residential; Residential property
• Construction: Vinyl siding; Shingle (asphalt) roof
• Exterior features: Concrete road/driveway

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: No fireplace
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $124k.

Deal economics

• At list price, monthly cash flow is $21 ($249/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (5.3% below list).
• Recommended offer: $118k (5.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#135 in IA, #2,476 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Waverly-Shell Rock Community School District (town): math 79% / reading 74% proficiency, ranked #46 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Waverly-Shell Rock Middle School (math 79% / reading 73%, grade A, #59 of 246 statewide, top 26%, 699 students, 22% FRL); Waverly-Shell Rock Senior High School (math 79% / reading 78%, grade A-, #50 of 336 statewide, top 15%, 771 students, 20% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 23 active listings in the ZIP; 32 units permitted in Butler County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $861 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Butler County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,955 (5.3% below list)

Questions for the listing agent

1. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.71%
• DSCR: 1.03
• GRM: 8.8

CMA / ARV

• ARV (median comp): $143,593
• List price: $124,500
• Delta: -13.30%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-18,804
• Equity at exit: $18,563

10-year hold

• IRR: -6.5%
• Equity multiple: 0.58×
• Total profit: $-14,474
• Equity at exit: $10,764

Cash invested: $34,860 (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 50670

• Home prices YoY: -26.6%
• Active inventory: 23
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,180 medium
• Mortgage (P&I): −$653
• Tax from tax record: −$206 /mo · $2,476/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $21

Break-even live

Break-even rent $1,153

Max offer price $124,500

Occupancy floor 93%

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-12
   status Pending 788-char remark
2. 2026-05-06
   listed $124,500 Active 788-char remark

ⓘ 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: $2,476 · $206/mo
• Projected year-2 tax: $2,476 · $206/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°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: $14,155
• − Mortgage interest: −$6,974
• − Property taxes: −$2,476
• − Insurance: −$622
• − Repairs & maintenance: −$1,132
• − Management: −$1,132
• − Depreciation: −$3,622
• Taxable loss: −$1,804
• Est. tax savings @ 24.0%: +$433
• After-tax cash flow: $682/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: Waverly-Shell Rock Community School District
• NCES district ID: 1930540
• Math proficiency: 79% ▼ -3.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $59,860
• Composite: 65.73/100
• National rank: #459
• State rank: #46 of 289 in IA

Livability — Shell Rock

• Score: 78/100
• State rank: #135
• US rank: #2476

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shell Rock, IA
• Population (ZIP): 2,379

Population outlook (Butler County) Hauer SSP2

• Today (2025): 14,831 people
• By 2030: 14,748 · -0.6%
• By 2040: 14,456 · -2.5%
• By 2050: 14,079 · -5.1%
• By 2075: 13,041 · -12.1%
• By 2100: 10,935 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Lithuanian 4% Portuguese 3% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Butler

• 2024 margin: Solid R (+45.4) · D 26.7% · R 72.1% · Other 1.2%
• 2008→2024 swing: -40.7pp toward R · 2008: -4.7pp · 2024: -45.4pp
• All cycles: 2024: R+45.4 2020: R+38.5 2016: R+36.9 2012: R+10.4 2008: R+4.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.78%
• Current HPI: 175.7484
• 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

2 events — show timeline

• 2026-05-12 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-06 Listed $124,500 NEIRBR as distributed by MLS GRID

Property tax history

+2.5%/yr

Latest (2025): $2,476 · +2.0% YoY. Source: county tax records.