1426 Prince St · Grinnell, IA 50112

$130,000

2 bd · 1.5 ba · 768 sqft · SingleFamily public records · 308 Days on market

Built 1955 0.28 ac lot $169/sqft · 12% below area Est $148k · 12% under

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Why this score? — see what drove the D 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).

• ARV discount +13.1/15.0
• Cash flow +8.0/30.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this cozy home nestled in the heart of Grinnell! Just minutes from the water park and the High School, this charming 2-bedroom, 1-bathroom home offers comfort, convenience, and efficiency. Enjoy nearly zero electric bills thanks to the solar panels, (loan assumed separately) and relax in your fully fenced backyard — perfect for pets, entertaining, or simply unwinding. The home features a full basement with spray foam insulation, offering excellent energy efficiency and potential for additional living space or storage. Recent upgrades include a brand-new roof and siding, giving peace of mind and great curb appeal. Don’t miss this move-in-ready gem in a prime location!

Key facts

• New siding
• Full basement
• Brand-new roof

Tags

• SOLAR PANELS
• FULLY FENCED BACKYARD
• FULL BASEMENT
• BRAND-NEW ROOF
• NEW SIDING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (24.5% below list).
• Recommended offer: $98k (24.5% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.9% in Grinnell — 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 79/100 on livability (#123 in IA, #2,270 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Grinnell-Newburg Community School District (town): math 76% / reading 79% proficiency, ranked #47 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Fairview Elementary School (243 students, 32% FRL); Grinnell Community Middle School (math 74% / reading 77%, grade A, #65 of 246 statewide, top 29%, 457 students, 33% FRL); Grinnell Community Senior High School (math 77% / reading 83%, grade A, #32 of 336 statewide, top 10%, 471 students, 30% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 98 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 308 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y ago; this cycle's ask has dropped $80k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,203 (24.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 308 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.76% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• GRM: 11.0

CMA / ARV

• ARV (median comp): $148,351
• List price: $130,000
• Delta: -12.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1515 Reed St	0.13mi	2/1.0	784 (+2%)	21mo	$112,000	$143	71
324 11th Ave	0.24mi	2/1.0	669 (-13%)	9mo	$114,500	$171	58

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: -23.6%
• Equity multiple: 0.19×
• Total profit: $-29,427
• Equity at exit: $19,383

10-year hold

• IRR: -18.5%
• Equity multiple: 0.00×
• Total profit: $-36,334
• Equity at exit: $11,240

Cash invested: $36,400 (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 50112

• Home prices YoY: -14.4%
• Active inventory: 98
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $982 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$172 /mo · $2,058/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $-132

Break-even live

Break-even rent $1,149

Max offer price $106,753

Occupancy floor —

Sensitivity live

Price	-10% $-58	-5% $-95	+0% $-132	+5% $-168	+10% $-205
Rent	-10% $-209	-5% $-170	+0% $-132	+5% $-93	+10% $-54
Rate	-1.0pp $-66	-0.5pp $-99	base $-132	+0.5pp $-165	+1.0pp $-200

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 8th Ave W Grinnell, IA	3.0	1.0	1008	$1,010	$1.00	45d	1	0.26mi
401 Washington Ave Grinnell, IA	2.0	1.0	1000	$825	$0.82	15d	1	1.10mi
501 Washington Ave Grinnell, IA	3.0	1.0	1008	$1,025	$1.02	15d	1	1.12mi

Listing history 21 events

1. 2026-01-22
   price $130,000 698-char remark

   Show marketing remark (698 chars)

   Welcome to this cozy home nestled in the heart of Grinnell! Just minutes from the water park and the High School, this charming 2-bedroom, 1-bathroom home offers comfort, convenience, and efficiency. Enjoy nearly zero electric bills thanks to the solar panels, (loan assumed separately) and relax in your fully fenced backyard — perfect for pets, entertaining, or simply unwinding. The home features a full basement with spray foam insulation, offering excellent energy efficiency and potential for additional living space or storage. Recent upgrades include a brand-new roof and siding, giving peace of mind and great curb appeal. Don’t miss this move-in-ready gem in a prime location!

2. 2025-12-17
   price $139,900 698-char remark

   Show marketing remark (698 chars)

   Welcome to this cozy home nestled in the heart of Grinnell! Just minutes from the water park and the High School, this charming 2-bedroom, 1-bathroom home offers comfort, convenience, and efficiency. Enjoy nearly zero electric bills thanks to the solar panels, (loan assumed separately) and relax in your fully fenced backyard — perfect for pets, entertaining, or simply unwinding. The home features a full basement with spray foam insulation, offering excellent energy efficiency and potential for additional living space or storage. Recent upgrades include a brand-new roof and siding, giving peace of mind and great curb appeal. Don’t miss this move-in-ready gem in a prime location!

3. 2025-09-03
   price $149,900 698-char remark

   Show marketing remark (698 chars)

   Welcome to this cozy home nestled in the heart of Grinnell! Just minutes from the water park and the High School, this charming 2-bedroom, 1-bathroom home offers comfort, convenience, and efficiency. Enjoy nearly zero electric bills thanks to the solar panels, (loan assumed separately) and relax in your fully fenced backyard — perfect for pets, entertaining, or simply unwinding. The home features a full basement with spray foam insulation, offering excellent energy efficiency and potential for additional living space or storage. Recent upgrades include a brand-new roof and siding, giving peace of mind and great curb appeal. Don’t miss this move-in-ready gem in a prime location!

4. 2025-07-22
   listed $210,000 Active 698-char remark

   Show marketing remark (698 chars)

   Welcome to this cozy home nestled in the heart of Grinnell! Just minutes from the water park and the High School, this charming 2-bedroom, 1-bathroom home offers comfort, convenience, and efficiency. Enjoy nearly zero electric bills thanks to the solar panels, (loan assumed separately) and relax in your fully fenced backyard — perfect for pets, entertaining, or simply unwinding. The home features a full basement with spray foam insulation, offering excellent energy efficiency and potential for additional living space or storage. Recent upgrades include a brand-new roof and siding, giving peace of mind and great curb appeal. Don’t miss this move-in-ready gem in a prime location!

5. 2021-07-30
   soldstatus $126,000
6. 2021-07-28
   soldstatus $126,000 226-char remark

   Show marketing remark (226 chars)

   1426 Prince St. Grinnell IA 50112 is priced to move!! Super nice 2 bedroom ranch, full bath, nice kitchen and living room with two car garage and big back yard. Close to school, park and swimming pool! Get it before its gone!!

7. 2021-06-04
   historical
8. 2021-05-04
   listed $126,500 226-char remark

   Show marketing remark (226 chars)

   1426 Prince St. Grinnell IA 50112 is priced to move!! Super nice 2 bedroom ranch, full bath, nice kitchen and living room with two car garage and big back yard. Close to school, park and swimming pool! Get it before its gone!!

9. 2021-05-04
   listed $126,500

   Show marketing remark (226 chars)

   1426 Prince St. Grinnell IA 50112 is priced to move!! Super nice 2 bedroom ranch, full bath, nice kitchen and living room with two car garage and big back yard. Close to school, park and swimming pool! Get it before its gone!!

10. 2021-04-23
    soldstatus $100,000
11. 2021-04-23
    soldstatus $100,000
12. 2021-03-30
    listed $95,000
13. 2021-01-18
    soldstatus $92,500
14. 2021-01-18
    soldstatus $92,500
15. 2021-01-14
    soldstatus $92,500
16. 2020-11-19
    listed $99,500
17. 2020-11-19
    listed $99,500
18. 2015-06-23
    soldstatus $70,000
19. 2015-06-19
    soldstatus $70,000
20. 2015-05-04
    listed $79,000
21. 2011-10-24
    soldstatus $65,100

ⓘ 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: $2,058 · $172/mo
• Projected year-2 tax: $2,058 · $172/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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,784
• − Mortgage interest: −$7,282
• − Property taxes: −$2,058
• − Insurance: −$650
• − Repairs & maintenance: −$943
• − Management: −$943
• − Depreciation: −$3,782
• Taxable loss: −$3,873
• Est. tax savings @ 24.0%: +$930
• After-tax cash flow: $-650/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: Grinnell-Newburg Community School District
• NCES district ID: 1913200
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $49,893
• Composite: 65.57/100
• National rank: #466
• State rank: #47 of 289 in IA

Livability — Grinnell

• Score: 79/100
• State rank: #123
• US rank: #2270

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grinnell, IA
• City population: 11,776
• Population (ZIP): 11,776

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Iranian 7% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.63%
• Current HPI: 241.5557
• 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

+99.7% since first listed

21 events — show timeline

• 2026-01-22 Price Changed $130,000 DMMLS
• 2025-12-17 Price Changed $139,900 DMMLS
• 2025-09-03 Price Changed $149,900 DMMLS
• 2025-07-22 Listed $210,000 DMMLS
• 2021-07-30 Sold (Public Records) $126,000 Public Records
• 2021-07-28 Sold (MLS) $126,000 IAR
• 2021-06-04 Listing Removed — DMMLS
• 2021-05-04 Listed $126,500 DMMLS
• 2021-05-04 Listed $126,500 IAR
• 2021-04-23 Sold (Public Records) $100,000 Public Records
• 2021-04-23 Sold (MLS) $100,000 IAR
• 2021-03-30 Listed $95,000 IAR
• 2021-01-18 Sold (MLS) $92,500 IAR
• 2021-01-18 Sold (MLS) $92,500 DMMLS
• 2021-01-14 Sold (Public Records) $92,500 Public Records
• 2020-11-19 Listed $99,500 IAR
• 2020-11-19 Listed $99,500 DMMLS
• 2015-06-23 Sold (Public Records) $70,000 Public Records
• 2015-06-19 Sold (MLS) $70,000 IAR
• 2015-05-04 Listed $79,000 IAR
• 2011-10-24 Sold (Public Records) $65,100 Public Records

Property tax history

+5.3%/yr

Latest (2025): $2,058 · +1.0% YoY. Source: county tax records.