2143 Madison St · Fairport, IA 52761

$119,900

5 bd · 1.0 ba · 2,898 sqft · SingleFamily public records · 269 Days on market

Built 1880 0.28 ac lot ↓ 13% since listing

---

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
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunities like this don't come around often - riverfront views living on deeded land near Fairport, with the kind of character and potential you just can't recreate. This 4-bedroom home has an interesting past - it was moved from the Iowa Fish Hatchery in the 1960s - and it's been standing strong ever since. Inside, you'll find spacious rooms, solid bones, and glimpses of original hardwood floors that hint at what this home could become again. It's never had water inside, giving you a solid starting point for your renovation plans. This is the kind of place for someone with vision, wether you're looking for a project, an investment, or a weekend escape you can truly make your own. And then there's the bonus: this sale includes a second parcel at 3391 Water St. , giving you direct

Key facts

• Deeded land
• River front property
• 0.28 acre lot

Tags

• RIVER FRONT PROPERTY
• DEEDED LAND
• ORIGINAL HARDWOOD FLOORING

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Muscatine Community School District (town): math 55% / reading 59% proficiency, ranked #257 of 289 in IA (top 89%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 188 active listings in the ZIP; 65 units permitted in Muscatine County in 2024 (45 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Muscatine County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 269 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 269 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 1880 — 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: 1.33% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.62%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 7.8%
• Equity multiple: 1.30×
• Total profit: $10,190
• Equity at exit: $17,877

10-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $47,021
• Equity at exit: $10,367

Cash invested: $33,572 (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 52761

• Active inventory: 188
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,595 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$116 /mo · $1,392/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $465

Break-even live

Break-even rent $1,006

Max offer price $119,900

Occupancy floor 66%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   price $119,900 Active 269 DOM
2. 2026-06-18
   days on market $129,900 Active 269 DOM
3. 2026-06-17
   days on market $129,900 Active 268 DOM
4. 2026-06-16
   days on market $129,900 Active 267 DOM
5. 2026-06-15
   days on market $129,900 Active 266 DOM
6. 2026-06-13
   days on market $129,900 Active 264 DOM
7. 2026-06-12
   days on market $129,900 Active 263 DOM
8. 2026-06-09
   days on market $129,900 Active 260 DOM
9. 2026-06-08
   days on market $129,900 Active 259 DOM
10. 2026-06-07
    days on market $129,900 Active 258 DOM
11. 2026-06-07
    days on market $129,900 Active 257 DOM
12. 2026-06-04
    days on market $129,900 Active 254 DOM
13. 2026-06-02
    days on market $129,900 Active 253 DOM
14. 2026-06-01
    days on market $129,900 Active 252 DOM
15. 2026-05-31
    days on market $129,900 Active 251 DOM
16. 2026-05-31
    days on market $129,900 Active 250 DOM
17. 2026-03-19
    price $129,900 794-char remark

    Show marketing remark (794 chars)

    Opportunities like this don't come around often - riverfront views living on deeded land near Fairport, with the kind of character and potential you just can't recreate. This 4-bedroom home has an interesting past - it was moved from the Iowa Fish Hatchery in the 1960s - and it's been standing strong ever since. Inside, you'll find spacious rooms, solid bones, and glimpses of original hardwood floors that hint at what this home could become again. It's never had water inside, giving you a solid starting point for your renovation plans. This is the kind of place for someone with vision, wether you're looking for a project, an investment, or a weekend escape you can truly make your own. And then there's the bonus: this sale includes a second parcel at 3391 Water St. , giving you direct

18. 2025-09-22
    listed $149,900 Active 794-char remark

    Show marketing remark (794 chars)

    Opportunities like this don't come around often - riverfront views living on deeded land near Fairport, with the kind of character and potential you just can't recreate. This 4-bedroom home has an interesting past - it was moved from the Iowa Fish Hatchery in the 1960s - and it's been standing strong ever since. Inside, you'll find spacious rooms, solid bones, and glimpses of original hardwood floors that hint at what this home could become again. It's never had water inside, giving you a solid starting point for your renovation plans. This is the kind of place for someone with vision, wether you're looking for a project, an investment, or a weekend escape you can truly make your own. And then there's the bonus: this sale includes a second parcel at 3391 Water St. , giving you direct

ⓘ 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: $1,392 · $116/mo
• Projected year-2 tax: $1,637 · $136/mo
• Expected delta: +$245/yr (+$20/mo · 17.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 71% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,135
• − Mortgage interest: −$6,716
• − Property taxes: −$1,392
• − Insurance: −$600
• − Repairs & maintenance: −$1,531
• − Management: −$1,531
• − Depreciation: −$3,488
• Taxable income: $3,878
• Est. tax owed @ 24.0%: −$931
• After-tax cash flow: $4,649/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: Muscatine Community School District
• NCES district ID: 1920130
• Math proficiency: 55% ▼ -7.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $50,193
• Composite: 48.6/100
• National rank: #2110
• State rank: #257 of 289 in IA

Livability — Fairport

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Fairport, IA
• Population (ZIP): 29,800

Population outlook (Muscatine County) Hauer SSP2

• Today (2025): 44,820 people
• By 2030: 45,461 · +1.4%
• By 2040: 46,765 · +4.3%
• By 2050: 48,609 · +8.5%
• By 2075: 56,014 · +25.0%
• By 2100: 63,513 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 17% Two or more races 5% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 2% Romanian 2% Iranian 2%
• Foreign-born: 7% · Canada
• Languages at home: 86% English-only · Spanish 11% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Muscatine

• 2024 margin: R (+14.9) · D 41.7% · R 56.6% · Other 1.7%
• 2008→2024 swing: -30.6pp toward R · 2008: 15.7pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+7.0 2016: R+6.6 2012: D+15.5 2008: D+15.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.30%
• Current HPI: 182.4493
• 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

-13.3% since first listed

2 events — show timeline

• 2026-03-19 Price Changed $129,900 Muscatine BOR
• 2025-09-22 Listed $149,900 Muscatine BOR

Property tax history

+8.3%/yr

Latest (2025): $1,392 · +25.2% YoY. Source: county tax records.