307 W Main St · Wayland, IA 52654

$69,000

4 bd · 2.5 ba · 1,967 sqft · MultiFamily public records · 4 Days on market

Built 1900 7,840 sqft lot $35/sqft · at area comps Est $67k · at est. ↓ 3% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.2/15.0
• Schools +5.1/10.0
• Appreciation +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Property with potential featuring a 1 bedroom, 1 bath main level and a 2 bedroom, 1 bath apartment upstairs. Opportunity for rental income or multi-generational living, with a layout that can be readily converted back to a single-family home if desired. Sold as-is.

Key facts

• 7,840 sq ft lot
• Built 1900
• Listed 4 days

Property features AI

Exterior

• Parking: Concrete parking surface
• Utilities: Public water; Public sewer; Electric service with fuses
• Home design: Duplex residential income property; 2 stories
• Construction: Wood siding construction
• Exterior features: Metal roof; Public-maintained road access; City street frontage; Lot approximately 0.18 acres (60 x 132)

Interior

• Heating & cooling: Forced air heating
• Interior features: Has basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $69k.

Deal economics

• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).

Location & tenants

• Location reads 76/100 on livability (#202 in IA, #3,710 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Waco Community School District (rural): math 56% / reading 64% proficiency, ranked #242 of 289 in IA (top 84%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 30 units permitted in Henry County in 2024 (8 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($477 loan paydown + $2k appreciation (3.0% local appreciation)).
• Henry County population projected to shrink 9% 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 $19k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $69,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.89% ✓
• Cap rate: 15.85%
• Cash-on-cash: 34.12%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (median comp): $67,000
• List price: $69,000
• Delta: 2.99%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 39.8%
• Equity multiple: 3.24×
• Total profit: $43,324
• Equity at exit: $31,025

10-year hold

• IRR: 39.8%
• Equity multiple: 6.45×
• Total profit: $105,234
• Equity at exit: $47,814

Cash invested: $19,320 (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 52654

• Active inventory: 4
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,304 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$90 /mo · $1,082/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $549

Break-even live

Break-even rent $609

Max offer price $69,000

Occupancy floor 53%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-11
   status Pending 265-char remark
2. 2026-05-07
   listed $69,000 Active 265-char remark

ⓘ 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: $1,082 · $90/mo
• Projected year-2 tax: $1,083 · $90/mo
• Expected delta: +$1/yr ($0/mo · 0.1%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,648
• − Mortgage interest: −$3,865
• − Property taxes: −$1,082
• − Insurance: −$345
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − Depreciation: −$2,007
• Taxable income: $5,845
• Est. tax owed @ 24.0%: −$1,403
• After-tax cash flow: $5,190/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: Waco Community School District
• NCES district ID: 1929490
• Math proficiency: 56% ▼ -8.00%
• Reading proficiency: 64% ▬ 0.00%
• Median HH income: $52,874
• Composite: 51.32/100
• National rank: #1740
• State rank: #242 of 289 in IA

Livability — Wayland

• Score: 76/100
• State rank: #202
• US rank: #3710

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wayland, IA
• Population (ZIP): 1,886

Population outlook (Henry County) Hauer SSP2

• Today (2025): 19,583 people
• By 2030: 19,271 · -1.6%
• By 2040: 18,505 · -5.5%
• By 2050: 17,796 · -9.1%
• By 2075: 16,821 · -14.1%
• By 2100: 15,549 · -20.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 9%
• Common ancestry: Portuguese 4% Lithuanian 3% Serbian 1%
• Foreign-born: 0%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+36.0) · D 31.3% · R 67.3% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: -5.0pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+32.4 2016: R+30.9 2012: R+6.0 2008: R+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-2.9% since first listed

3 events — show timeline

• 2026-06-11 Sold (MLS) $67,000 IAR
• 2026-05-11 Pending — IAR
• 2026-05-07 Listed $69,000 IAR

Property tax history

+9.5%/yr

Latest (2025): $1,082 · +17.9% YoY. Source: county tax records.