51 Forest Dr · Fairfield, IA 52556

$135,000

3 bd · 2.0 ba · 1,810 sqft · SingleFamily public records · 127 Days on market

Built 1935 10,019 sqft lot $75/sqft · 35% below area Est $237k · 43% under

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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 +17.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• Schools +5.3/10.0
• 1% rule +5.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Such a wonderful location on a quiet street. Near Chautauqua Park and Fairfield High School. Priced below assessed value to allow for repairs and renovations. This house has loads of potential ! 3rd bedroom in the attic.

Key facts

• Quiet street
• Near chautauqua park
• 0.23 acre lot

Tags

• QUIET STREET
• NEAR CHAUTAUQUA PARK
• NEAR FAIRFIELD HIGH SCHOOL
• 3RD BEDROOM IN THE ATTIC

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.0% in Fairfield — 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 (#122 in IA, #2,265 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Fairfield Community School District (town): math 56% / reading 69% proficiency, ranked #227 of 289 in IA (top 78%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 120 active listings in the ZIP; 14 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Jefferson County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $67k; list at $135k implies a 101% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 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 1935 — 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. 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?
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: 1.01% ✓
• Cap rate: 7.28%
• Cash-on-cash: 3.54%
• DSCR: 1.16
• GRM: 8.2

CMA / ARV

• ARV (median comp): $236,555
• List price: $135,000
• Delta: -42.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
903 E Burlington Ave	0.03mi	4/3.0 (+1)	1,802 (-0%)	3mo	$231,500	$128	87
106 Forest Dr	0.09mi	3/2.0	1,584 (-12%)	9mo	$160,000	$101	67
309 E Kirkwood Ave	0.54mi	3/2.0	1,788 (-1%)	8mo	$187,000	$105	66
1012 Hillcrest Dr	0.52mi	3/3.0	1,746 (-4%)	0mo	$285,000	$163	66
1002 Hillcrest Dr	0.50mi	3/2.0	1,850 (+2%)	10mo	$220,000	$119	65
407 E Lowe Ave	0.45mi	3/2.0	1,648 (-9%)	0mo	$163,000	$99	64
603 N Court St	0.68mi	3/2.0	1,897 (+5%)	1mo	$187,000	$99	60
505 E Madison Ave	0.36mi	3/2.0	1,620 (-10%)	12mo	$239,000	$148	56
507 Kingman Cir	0.43mi	3/3.0	1,702 (-6%)	13mo	$305,000	$179	56
1014 Hillcrest Dr	0.52mi	3/2.5	1,650 (-9%)	10mo	$257,000	$156	51
102 E Madison Ave	0.60mi	2/1.5 (-1)	1,670 (-8%)	6mo	$189,900	$114	47
201 W Washington Ave	0.70mi	2/1.5 (-1)	1,664 (-8%)	0mo	$48,000	$29	47

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: -10.7%
• Equity multiple: 0.61×
• Total profit: $-14,737
• Equity at exit: $20,129

10-year hold

• IRR: -1.4%
• Equity multiple: 0.91×
• Total profit: $-3,526
• Equity at exit: $11,672

Cash invested: $37,800 (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 52556

• Home prices YoY: -15.1%
• Active inventory: 120
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,365 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$202 /mo · $2,428/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $111

Break-even live

Break-even rent $1,223

Max offer price $135,000

Occupancy floor 87%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $135,000 Active 127 DOM
2. 2026-06-17
   days on market $135,000 Active 126 DOM
3. 2026-06-16
   days on market $135,000 Active 125 DOM
4. 2026-06-15
   days on market $135,000 Active 124 DOM
5. 2026-06-13
   days on market $135,000 Active 122 DOM
6. 2026-06-12
   days on market $135,000 Active 121 DOM
7. 2026-06-09
   days on market $135,000 Active 118 DOM
8. 2026-06-08
   days on market $135,000 Active 117 DOM
9. 2026-06-07
   days on market $135,000 Active 116 DOM
10. 2026-06-07
    days on market $135,000 Active 115 DOM
11. 2026-06-04
    days on market $135,000 Active 112 DOM
12. 2026-06-02
    days on market $135,000 Active 111 DOM
13. 2026-06-01
    days on market $135,000 Active 110 DOM
14. 2026-05-31
    days on market $135,000 Active 109 DOM
15. 2026-05-31
    days on market $135,000 Active 108 DOM
16. 2026-04-13
    price $144,000 222-char remark

    Show marketing remark (222 chars)

    Such a wonderful location on a quiet street. Near Chautauqua Park and Fairfield High School. Priced below assessed value to allow for repairs and renovations. This house has loads of potential ! 3rd bedroom in the attic.

17. 2026-02-11
    listed $149,000 Active 222-char remark

    Show marketing remark (222 chars)

    Such a wonderful location on a quiet street. Near Chautauqua Park and Fairfield High School. Priced below assessed value to allow for repairs and renovations. This house has loads of potential ! 3rd bedroom in the attic.

18. 2019-10-31
    soldstatus $67,000

ⓘ 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: $2,428 · $202/mo
• Projected year-2 tax: $2,428 · $202/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥107°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: $16,374
• − Mortgage interest: −$7,562
• − Property taxes: −$2,428
• − Insurance: −$675
• − Repairs & maintenance: −$1,310
• − Management: −$1,310
• − Depreciation: −$3,927
• Taxable loss: −$838
• Est. tax savings @ 24.0%: +$201
• After-tax cash flow: $1,538/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: Fairfield Community School District
• NCES district ID: 1911340
• Math proficiency: 56% ▼ -14.00%
• Reading proficiency: 69% ▲ 3.00%
• Median HH income: $43,980
• Composite: 52.52/100
• National rank: #1563
• State rank: #227 of 289 in IA

Livability — Fairfield

• Score: 79/100
• State rank: #122
• US rank: #2265

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairfield, IA
• City population: 615
• Population (ZIP): 11,586

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 20,818 people
• By 2030: 22,098 · +6.1%
• By 2040: 24,133 · +15.9%
• By 2050: 26,448 · +27.0%
• By 2075: 32,435 · +55.8%
• By 2100: 33,966 · +63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 7% Hispanic / Latino 5% Asian 5% Two or more races 3% Native American 1%
• Common ancestry: Italian 6% Slovak 4% Portuguese 3%
• Foreign-born: 12% · Vietnam, Canada, China
• Languages at home: 88% English-only · Other Indo-European 3% Spanish 2% Vietnamese 2%

Political lean MEDSL · Jefferson

• 2024 margin: Lean R (+6.8) · D 45.5% · R 52.3% · Other 2.1%
• 2008→2024 swing: -27.0pp toward R · 2008: 20.2pp · 2024: -6.8pp
• All cycles: 2024: R+6.8 2020: R+1.4 2016: R+0.5 2012: D+16.0 2008: D+20.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.76%
• Current HPI: 206.8679
• 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

+114.9% since first listed

3 events — show timeline

• 2026-04-13 Price Changed $144,000 IAR
• 2026-02-11 Listed $149,000 IAR
• 2019-10-31 Sold (Public Records) $67,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $2,428 · -0.3% YoY. Source: county tax records.