300 E Washington Ave · Shenandoah, IA 51601

$87,500

2 bd · 1.0 ba · 1,010 sqft · SingleFamily public records · 54 Days on market

Built 1900 7,650 ac lot $87/sqft · at area comps Est $71k · 24% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-Bedroom Bungalow in a Peaceful Neighborhood! This delightful 2-bedroom, 1-bathroom home, is perfectly suited for first-time homebuyers or savvy investors seeking a promising rental property. Nestled in a quiet, established neighborhood, this quaint home offers a blend of classic charm, comfort and opportunity. Everything has been updated for you! This home is a rare find at an approachable price point, you don't want to miss your chance to own a charming property full of possibilities!

Key facts

• 7650 acre lot
• Built 1900
• Listed 53 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $88k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $85k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#206 in IA, #3,757 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Shenandoah Community School District (town): math 64% / reading 69% proficiency, ranked #190 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 24 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $605 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Page County population projected at -12% 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 $24k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $31k; list at $88k implies a 179% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,875 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.51% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.54%
• DSCR: 2.09
• GRM: 5.5

CMA / ARV

• ARV (median comp): $70,677
• List price: $87,500
• Delta: 23.80%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 E Washington Ave	0.05mi	2/1.0	1,058 (+5%)	19mo	$82,000	$78	74
204 W Grant	0.26mi	2/2.0	902 (-11%)	0mo	$120,000	$133	66
601 Matthews St	0.16mi	3/1.0 (+1)	1,110 (+10%)	7mo	$139,000	$125	65
204 W Nishna Rd	0.41mi	2/2.0	1,064 (+5%)	15mo	$90,000	$85	55
212 E Valley Ave	0.40mi	2/1.0	1,138 (+13%)	13mo	$99,300	$87	49
511 Evergreen St	0.20mi	3/2.5 (+1)	1,148 (+14%)	20mo	$120,000	$105	40
808 South Ave Ave	0.72mi	2/1.0	930 (-8%)	19mo	$16,300	$18	38
107 Swanson Dr	0.39mi	3/2.0 (+1)	1,144 (+13%)	18mo	$160,000	$140	36
407 Linden Ave	0.47mi	3/2.0 (+1)	1,152 (+14%)	17mo	$186,000	$161	31

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: 17.9%
• Equity multiple: 1.72×
• Total profit: $17,713
• Equity at exit: $13,047

10-year hold

• IRR: 26.3%
• Equity multiple: 3.30×
• Total profit: $56,438
• Equity at exit: $7,565

Cash invested: $24,500 (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 51601

• Home prices YoY: -14.9%
• Active inventory: 24
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,320 medium
• Mortgage (P&I): −$459
• Tax from tax record: −$47 /mo · $562/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $501

Break-even live

Break-even rent $686

Max offer price $87,500

Occupancy floor 57%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $87,500 Active 54 DOM
2. 2026-06-17
   days on market $87,500 Active 53 DOM
3. 2026-06-16
   days on market $87,500 Active 52 DOM
4. 2026-06-15
   days on market $87,500 Active 51 DOM
5. 2026-06-13
   days on market $87,500 Active 49 DOM
6. 2026-06-12
   days on market $87,500 Active 48 DOM
7. 2026-06-09
   days on market $87,500 Active 45 DOM
8. 2026-06-08
   days on market $87,500 Active 44 DOM
9. 2026-06-07
   days on market $87,500 Active 43 DOM
10. 2026-06-07
    days on market $87,500 Active 42 DOM
11. 2026-06-04
    days on market $87,500 Active 39 DOM
12. 2026-06-02
    days on market $87,500 Active 38 DOM
13. 2026-06-01
    days on market $87,500 Active 37 DOM
14. 2026-05-31
    days on market $87,500 Active 36 DOM
15. 2026-05-31
    days on market $87,500 Active 35 DOM
16. 2026-05-11
    status Active 501-char remark

    Show marketing remark (501 chars)

    Charming 2-Bedroom Bungalow in a Peaceful Neighborhood! This delightful 2-bedroom, 1-bathroom home, is perfectly suited for first-time homebuyers or savvy investors seeking a promising rental property. Nestled in a quiet, established neighborhood, this quaint home offers a blend of classic charm, comfort and opportunity. Everything has been updated for you! This home is a rare find at an approachable price point, you don't want to miss your chance to own a charming property full of possibilities!

17. 2026-05-01
    status Pending 501-char remark

    Show marketing remark (501 chars)

    Charming 2-Bedroom Bungalow in a Peaceful Neighborhood! This delightful 2-bedroom, 1-bathroom home, is perfectly suited for first-time homebuyers or savvy investors seeking a promising rental property. Nestled in a quiet, established neighborhood, this quaint home offers a blend of classic charm, comfort and opportunity. Everything has been updated for you! This home is a rare find at an approachable price point, you don't want to miss your chance to own a charming property full of possibilities!

18. 2026-04-27
    status Active 501-char remark

    Show marketing remark (501 chars)

    Charming 2-Bedroom Bungalow in a Peaceful Neighborhood! This delightful 2-bedroom, 1-bathroom home, is perfectly suited for first-time homebuyers or savvy investors seeking a promising rental property. Nestled in a quiet, established neighborhood, this quaint home offers a blend of classic charm, comfort and opportunity. Everything has been updated for you! This home is a rare find at an approachable price point, you don't want to miss your chance to own a charming property full of possibilities!

19. 2026-04-27
    status Pending 501-char remark

    Show marketing remark (501 chars)

    Charming 2-Bedroom Bungalow in a Peaceful Neighborhood! This delightful 2-bedroom, 1-bathroom home, is perfectly suited for first-time homebuyers or savvy investors seeking a promising rental property. Nestled in a quiet, established neighborhood, this quaint home offers a blend of classic charm, comfort and opportunity. Everything has been updated for you! This home is a rare find at an approachable price point, you don't want to miss your chance to own a charming property full of possibilities!

20. 2026-04-15
    listed $87,500 Active 501-char remark

    Show marketing remark (501 chars)

    Charming 2-Bedroom Bungalow in a Peaceful Neighborhood! This delightful 2-bedroom, 1-bathroom home, is perfectly suited for first-time homebuyers or savvy investors seeking a promising rental property. Nestled in a quiet, established neighborhood, this quaint home offers a blend of classic charm, comfort and opportunity. Everything has been updated for you! This home is a rare find at an approachable price point, you don't want to miss your chance to own a charming property full of possibilities!

21. 2000-08-03
    soldstatus $31,370

ⓘ 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: $562 · $47/mo
• Projected year-2 tax: $968 · $81/mo
• Expected delta: +$406/yr (+$34/mo · 72.2%)

ⓘ 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 ≥106°F today · 15 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: $15,846
• − Mortgage interest: −$4,901
• − Property taxes: −$562
• − Insurance: −$438
• − Repairs & maintenance: −$1,268
• − Management: −$1,268
• − Depreciation: −$2,545
• Taxable income: $4,864
• Est. tax owed @ 24.0%: −$1,167
• After-tax cash flow: $4,845/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: Shenandoah Community School District
• NCES district ID: 1926070
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 69% ▼ -5.00%
• Median HH income: $41,835
• Composite: 55.67/100
• National rank: #1225
• State rank: #190 of 289 in IA

Livability — Shenandoah

• Score: 76/100
• State rank: #206
• US rank: #3757

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shenandoah, IA
• Population (ZIP): 5,562

Population outlook (Page County) Hauer SSP2

• Today (2025): 15,052 people
• By 2030: 14,709 · -2.3%
• By 2040: 13,981 · -7.1%
• By 2050: 13,302 · -11.6%
• By 2075: 11,678 · -22.4%
• By 2100: 9,213 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Greek 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Page

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -19.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+43.0 2016: R+44.1 2012: R+24.9 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.90%
• Current HPI: 181.7259
• 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

+178.9% since first listed

6 events — show timeline

• 2026-05-11 Relisted — IAR
• 2026-05-01 Pending — IAR
• 2026-04-27 Relisted — IAR
• 2026-04-27 Pending — IAR
• 2026-04-15 Listed $87,500 IAR
• 2000-08-03 Sold (Public Records) $31,370 Public Records

Property tax history

+0.7%/yr

Latest (2025): $562 · -1.4% YoY. Source: county tax records.