401 3rd Ave. Ave SW #4 · Le Mars, IA 51031

$129,500

2 bd · 1.0 ba · 1,088 sqft · Condo · 65 Days on market

Built 1990 Fair condition $119/sqft · 42% below area Est $223k · 42% under $200/mo HOA · 12% of rent

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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 +24.2/30.0
• ARV discount +15.0/15.0
• 1% rule +8.2/10.0
• DSCR +7.8/10.0
• Schools +6.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable Living! This condo unit is on the upper level of the complex. 2 BR's, 1 Full Bath, the Laundry area includes Washer/Dryer (1 year old). The attached garage also has an extra storage area where the electrical service comes in. There is a door going to the backyard here. HOA fees: $200/month includes Mowing, Snow Removal & Blanket Insurance for the building. All Electric - avg. utilities $72/month. Tenant occupied, needs 24 hour notice.

Key facts

• $200 HOA
• Garage
• Built 1990

🏷️ Possibly a rental listed for sale. The $129,500 price doesn't fit this home's estimated sale value (~$223,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 2.7% in Le Mars — 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 82/100 on livability (#48 in IA, #1,235 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Le Mars Community School District (town): math 73% / reading 72% proficiency, ranked #96 of 289 in IA (top 33%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 59 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $895 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Recommended offer $121,730 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.58%
• DSCR: 1.38
• GRM: 6.3

CMA / ARV

• ARV (median comp): $223,000
• List price: $129,500
• Delta: -41.93%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-4,333
• Equity at exit: $19,309

10-year hold

• IRR: 6.6%
• Equity multiple: 1.50×
• Total profit: $18,082
• Equity at exit: $11,197

Cash invested: $36,260 (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 51031

• Home prices YoY: -22.2%
• Active inventory: 59
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,714 medium
• Mortgage (P&I): −$679
• Tax est. 1.5%: −$162 /mo · $1,942/yr
• Insurance: −$54
• HOA: −$200
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $259

Break-even live

Break-even rent $1,386

Max offer price $129,500

Occupancy floor 80%

Sensitivity live

Price	-10% $349	-5% $304	+0% $259	+5% $214	+10% $170
Rent	-10% $124	-5% $191	+0% $259	+5% $327	+10% $395
Rate	-1.0pp $324	-0.5pp $292	base $259	+0.5pp $226	+1.0pp $191

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
427 4th St NW Le Mars, IA	1.0–2.0	1.0–2.0	1011	$1,714	$1.70	44d	32	0.71mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: electricsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $129,500 Active 65 DOM
2. 2026-06-18
   days on market $129,500 Active 63 DOM
3. 2026-06-17
   days on market $129,500 Active 62 DOM
4. 2026-06-16
   days on market $129,500 Active 61 DOM
5. 2026-06-15
   days on market $129,500 Active 60 DOM
6. 2026-06-13
   days on market $129,500 Active 58 DOM
7. 2026-06-12
   days on market $129,500 Active 57 DOM
8. 2026-06-09
   days on market $129,500 Active 54 DOM
9. 2026-06-08
   days on market $129,500 Active 53 DOM
10. 2026-06-07
    days on market $129,500 Active 52 DOM
11. 2026-06-07
    days on market $129,500 Active 51 DOM
12. 2026-06-04
    days on market $129,500 Active 48 DOM
13. 2026-06-02
    days on market $129,500 Active 47 DOM
14. 2026-06-01
    days on market $129,500 Active 46 DOM
15. 2026-05-31
    days on market $129,500 Active 45 DOM
16. 2026-05-31
    days on market $129,500 Active 44 DOM
17. 2026-04-16
    listed $129,500 Active 455-char remark

    Show marketing remark (455 chars)

    Affordable Living! This condo unit is on the upper level of the complex. 2 BR's, 1 Full Bath, the Laundry area includes Washer/Dryer (1 year old). The attached garage also has an extra storage area where the electrical service comes in. There is a door going to the backyard here. HOA fees: $200/month includes Mowing, Snow Removal & Blanket Insurance for the building. All Electric - avg. utilities $72/month. Tenant occupied, needs 24 hour notice.

ⓘ 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 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,568
• − Mortgage interest: −$7,254
• − Property taxes: −$1,942
• − Insurance: −$648
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − HOA: −$2,400
• − Depreciation: −$3,767
• Taxable income: $1,266
• Est. tax owed @ 24.0%: −$304
• After-tax cash flow: $2,806/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This condo requires moderate repairs and updates to its interior and exterior to improve its condition and value. The most impactful updates would be to the exterior siding, interior walls, and kitchen and bathroom fixtures.

Repairs flagged

• Major Exterior siding — Significant weathering and discoloration
• Moderate Kitchen cabinets — Dated appearance
• Moderate Bathroom fixtures — Dated appearance
• Moderate Carpeting — Worn appearance
• Moderate Paint — Faded appearance

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpeting — New carpeting improves comfort and appearance
• Both Update kitchen cabinets and countertops — Modern kitchen updates attract more buyers
• Both Replace bathroom fixtures — New fixtures improve functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant weathering and discoloration	Major	$15,000–50,000
Kitchen cabinets · Dated appearance	Moderate	$3,000–15,000
Bathroom fixtures · Dated appearance	Moderate	$3,000–15,000
Carpeting · Worn appearance	Moderate	$3,000–15,000
Paint · Faded appearance	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$27,000–110,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpeting — New carpeting improves comfort and appearance ↑
• Both Update kitchen cabinets and countertops — Modern kitchen updates attract more buyers ↑
• Both Replace bathroom fixtures — New fixtures improve functionality and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Le Mars Community School District
• NCES district ID: 1916530
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $55,414
• Composite: 61.97/100
• National rank: #723
• State rank: #96 of 289 in IA

Livability — Le Mars

• Score: 82/100
• State rank: #48
• US rank: #1235

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Le Mars, IA
• Population (ZIP): 12,785

Population outlook (Plymouth County) Hauer SSP2

• Today (2025): 25,214 people
• By 2030: 25,257 · +0.2%
• By 2040: 25,304 · +0.4%
• By 2050: 25,421 · +0.8%
• By 2075: 26,820 · +6.4%
• By 2100: 27,604 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Black 4% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 6% Portuguese 3% Ukrainian 2%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Plymouth

• 2024 margin: Solid R (+54.2) · D 22.3% · R 76.5% · Other 1.2%
• 2008→2024 swing: -29.2pp toward R · 2008: -25.1pp · 2024: -54.2pp
• All cycles: 2024: R+54.2 2020: R+49.3 2016: R+51.9 2012: R+34.3 2008: R+25.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.02%
• Current HPI: 283.6093
• 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

1 event — show timeline

• 2026-04-16 Listed $129,500 NWIA