1902 1st Ave N · Fort Dodge, IA 50501

$51,000

3 bd · 2.0 ba · 1,248 sqft · SingleFamily public records · 122 Days on market

Built 1896 3,500 sqft lot $41/sqft · 38% below area Est $82k · 38% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 Bedroom home on corner fenced lot. Open front porch, open interior staircase. Large patio. Property was built prior to 1978 lead based paint potentially exists. HUD home. FHA case #161-381560 Sold ''AS-IS'' by electronic bid only. For property condition, forms disclosures & availability visit ww. HUDHomeStore.com. HUD makes no warranty as to the condition of the property. Buyer to verify all information. Buyer's agent must be registered with HUD to submit bid. For bidding information go to www. HUDHomeStore. gov.

Key facts

• Large patio
• Open front porch
• Corner fenced lot

Tags

• CORNER FENCED LOT
• OPEN FRONT PORCH
• OPEN INTERIOR STAIRCASE
• LARGE PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $51k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($890 rent vs $51k).
• Recommended offer: $45k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#348 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities D-.
• Fort Dodge Community School District (town): math 44% / reading 53% proficiency, ranked #285 of 289 in IA (top 99%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 36 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 25 units permitted in Webster County in 2024 (0 in 5+ unit buildings).
• This rent is only 16% of the median local income ($67k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $353 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Webster County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($45k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1896 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $44,880 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 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 1896 — 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 F 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. 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 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: 1.74% ✓
• Cap rate: 13.49%
• Cash-on-cash: 25.71%
• DSCR: 2.14
• GRM: 4.8

CMA / ARV

• ARV (median comp): $81,659
• List price: $51,000
• Delta: -37.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1655 Elmhurst Avenue Ave	0.67mi	3/2.0	1,267 (+2%)	2mo	$174,900	$138	65
1423 5th Ave N	0.42mi	3/1.0	1,320 (+6%)	5mo	$14,000	$11	63
2009 6th Ave N	0.31mi	3/1.0	1,114 (-11%)	19mo	$89,900	$81	48
510 14th St S	0.62mi	3/2.0	1,286 (+3%)	22mo	$69,000	$54	48
802 S 22nd St	0.73mi	3/1.0	1,104 (-12%)	18mo	$84,900	$77	28

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: 19.4%
• Equity multiple: 1.79×
• Total profit: $11,261
• Equity at exit: $7,604

10-year hold

• IRR: 27.7%
• Equity multiple: 3.46×
• Total profit: $35,061
• Equity at exit: $4,410

Cash invested: $14,280 (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 50501

• Home prices YoY: -33.1%
• Active inventory: 36
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $890 high
• Mortgage (P&I): −$267
• Tax from tax record: −$108 /mo · $1,300/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $306

Break-even live

Break-even rent $503

Max offer price $51,000

Occupancy floor 61%

Sensitivity live

Price	-10% $335	-5% $320	+0% $306	+5% $291	+10% $277
Rent	-10% $236	-5% $271	+0% $306	+5% $341	+10% $376
Rate	-1.0pp $332	-0.5pp $319	base $306	+0.5pp $293	+1.0pp $279

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: $12,750
• Closing costs: $1,530
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2026 2nd Ave N Fort Dodge, IA	2.0	1.0	804	$875	$1.09	44d	1	0.11mi
1626 4th Ave S Fort Dodge, IA	2.0	1.0	960	$825	$0.86	44d	1	0.43mi
436 N 27th St Unit 436-3 Fort Dodge, IA	2.0	1.0	700	$625	$0.89	44d	1	0.60mi
1020 Central Ave Unit 1020-06 Fort Dodge, IA	2.0	1.0	900	$625	$0.69	44d	1	0.64mi
3039 Dodger Dr Unit 2905-411 Fort Dodge, IA	2.0	1.0	1035	$1,175	$1.14	44d	1	0.91mi
516 Central Ave Unit 516 Fort Dodge, IA	2.0	1.0	900	$675	$0.75	44d	1	0.98mi
741 Westridge Rd Fort Dodge, IA	2.0	1.5	880	$775	$0.88	44d	1	1.50mi

Listing history 23 events

1. 2026-06-21
   days on market $51,000 Active 122 DOM
2. 2026-06-19
   days on market $51,000 Active 120 DOM
3. 2026-06-18
   days on market $51,000 Active 119 DOM
4. 2026-06-17
   days on market $51,000 Active 118 DOM
5. 2026-06-16
   days on market $51,000 Active 117 DOM
6. 2026-06-15
   days on market $51,000 Active 116 DOM
7. 2026-06-14
   days on market $51,000 Active 114 DOM
8. 2026-06-12
   days on market $51,000 Active 113 DOM
9. 2026-06-09
   days on market $51,000 Active 110 DOM
10. 2026-06-08
    days on market $51,000 Active 109 DOM
11. 2026-06-07
    days on market $51,000 Active 108 DOM
12. 2026-06-05
    days on market $51,000 Active 105 DOM
13. 2026-06-03
    days on market $51,000 Active 104 DOM
14. 2026-06-02
    days on market $51,000 Active 103 DOM
15. 2026-06-01
    days on market $51,000 Active 102 DOM
16. 2026-05-31
    days on market $51,000 Active 101 DOM
17. 2026-05-30
    days on market $51,000 Active 100 DOM
18. 2026-04-28
    price $51,000 526-char remark

    Show marketing remark (526 chars)

    3 Bedroom home on corner fenced lot. Open front porch, open interior staircase. Large patio. Property was built prior to 1978 lead based paint potentially exists. HUD home. FHA case #161-381560 Sold ''AS-IS'' by electronic bid only. For property condition, forms disclosures & availability visit ww. HUDHomeStore.com. HUD makes no warranty as to the condition of the property. Buyer to verify all information. Buyer's agent must be registered with HUD to submit bid. For bidding information go to www. HUDHomeStore. gov.

19. 2026-04-07
    price $60,000 526-char remark

    Show marketing remark (526 chars)

    3 Bedroom home on corner fenced lot. Open front porch, open interior staircase. Large patio. Property was built prior to 1978 lead based paint potentially exists. HUD home. FHA case #161-381560 Sold ''AS-IS'' by electronic bid only. For property condition, forms disclosures & availability visit ww. HUDHomeStore.com. HUD makes no warranty as to the condition of the property. Buyer to verify all information. Buyer's agent must be registered with HUD to submit bid. For bidding information go to www. HUDHomeStore. gov.

20. 2026-02-19
    listed $75,000 Active 526-char remark

    Show marketing remark (526 chars)

    3 Bedroom home on corner fenced lot. Open front porch, open interior staircase. Large patio. Property was built prior to 1978 lead based paint potentially exists. HUD home. FHA case #161-381560 Sold ''AS-IS'' by electronic bid only. For property condition, forms disclosures & availability visit ww. HUDHomeStore.com. HUD makes no warranty as to the condition of the property. Buyer to verify all information. Buyer's agent must be registered with HUD to submit bid. For bidding information go to www. HUDHomeStore. gov.

21. 2018-11-05
    soldstatus $63,100
22. 2006-02-07
    soldstatus $44,000
23. 2005-04-18
    soldstatus $23,000

ⓘ 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: $1,300 · $108/mo
• Projected year-2 tax: $1,300 · $108/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 5/10 Major
• 🌡 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: $10,678
• − Mortgage interest: −$2,857
• − Property taxes: −$1,300
• − Insurance: −$255
• − Repairs & maintenance: −$854
• − Management: −$854
• − Depreciation: −$1,484
• Taxable income: $3,074
• Est. tax owed @ 24.0%: −$738
• After-tax cash flow: $2,933/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: Fort Dodge Community School District
• NCES district ID: 1911820
• Math proficiency: 44% ▼ -3.00%
• Reading proficiency: 53% ▼ -2.00%
• Median HH income: $39,807
• Composite: 40.54/100
• National rank: #3700
• State rank: #285 of 289 in IA

Livability — Fort Dodge

• Score: 71/100
• State rank: #348
• US rank: #7116

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Dodge, IA
• County: Webster County · 28,823 people
• City population: 28,823
• Metro: Fort Dodge, IA
• Population (ZIP): 28,823
• Household income: $66,888
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 673.0

Population outlook (Webster County) Hauer SSP2

• Today (2025): 35,895 people
• By 2030: 35,334 · -1.6%
• By 2040: 34,073 · -5.1%
• By 2050: 33,264 · -7.3%
• By 2075: 32,560 · -9.3%
• By 2100: 30,786 · -14.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 7% Slovak 2% Iranian 1%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 1% French/Haitian/Cajun 0%

Political lean MEDSL · Webster

• 2024 margin: Solid R (+31.2) · D 33.8% · R 65.0% · Other 1.3%
• 2008→2024 swing: -39.7pp toward R · 2008: 8.5pp · 2024: -31.2pp
• All cycles: 2024: R+31.2 2020: R+24.3 2016: R+21.8 2012: D+5.5 2008: D+8.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.63%
• Current HPI: 193.5846
• Rent YoY: —
• Metro: Fort Dodge, 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

+121.7% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $51,000 CIBOR
• 2026-04-07 Price Changed $60,000 CIBOR
• 2026-02-19 Listed $75,000 CIBOR
• 2018-11-05 Sold (Public Records) $63,100 Public Records
• 2006-02-07 Sold (Public Records) $44,000 Public Records
• 2005-04-18 Sold (Public Records) $23,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,300 · +5.2% YoY. Source: county tax records.