605 3rd St · Rippey, IA 50235

$59,900

4 bd · 1.0 ba · 1,299 sqft · Other public records · 5 Days on market

Built 1914 0.50 ac lot $46/sqft · 44% below area Est $108k · 44% under ↓ 8% since listing

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Why this score? — see what drove the A 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
• Appreciation +8.1/10.0
• Schools +5.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Small town living. Corner lot with two detached garages and a shed. Home has lot of potential. Home to be sold AS-IS. Case #161-240130. First 30 days only owner occupant, non profit and government agency bids will be considered. If not sold within that period, home is available to investor purchasers. All inspections are for buyer's knowledge only. Review the Proeprty Condition Report on-line.

Key facts

• 0.5 acre lot
• 2 garage spots
• Built 1914

Property features AI

Finance

• HOA & community: Storage facilities available in the community

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Residential zoning
• Construction: Metal roof; Wood siding construction
• Exterior features: Rectangular lot; Concrete road/access

Interior

• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced-air heating (natural gas)
• Interior features: Dining area
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $60k.

Deal economics

• At list price, monthly cash flow is $624 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).

Location & tenants

• Location reads 61/100 on livability (#799 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: crime D+, schools F, amenities F.
• Greene County Community School District (town): math 58% / reading 67% proficiency, ranked #223 of 289 in IA (top 77%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 15 units permitted in Greene County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($414 loan paydown + $4k appreciation (6.3% local appreciation)).
• Greene County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.3% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $17k; list at $60k implies a 252% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1914 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D 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?
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: 2.22% ✓
• Cap rate: 18.78%
• Cash-on-cash: 44.61%
• DSCR: 2.98
• GRM: 3.8

CMA / ARV

• ARV (median comp): $107,552
• List price: $59,900
• Delta: -44.31%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

6.28% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 54.3%
• Equity multiple: 4.46×
• Total profit: $58,030
• Equity at exit: $38,714

10-year hold

• IRR: 50.9%
• Equity multiple: 9.31×
• Total profit: $139,407
• Equity at exit: $71,139

Cash invested: $16,772 (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 50235

• Home prices YoY: 3.5%
• Active inventory: 4
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,330 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$88 /mo · $1,062/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $624

Break-even live

Break-even rent $541

Max offer price $59,900

Occupancy floor 48%

Sensitivity live

Price	-10% $657	-5% $640	+0% $624	+5% $607	+10% $590
Rent	-10% $518	-5% $571	+0% $624	+5% $676	+10% $729
Rate	-1.0pp $654	-0.5pp $639	base $624	+0.5pp $608	+1.0pp $592

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-12
   status Pending 986-char remark
2. 2026-05-07
   listed $59,900 Active 986-char remark
3. 2013-09-18
   soldstatus $17,000 397-char remark

   Show marketing remark (397 chars)

   Small town living. Corner lot with two detached garages and a shed. Home has lot of potential. Home to be sold AS-IS. Case #161-240130. First 30 days only owner occupant, non profit and government agency bids will be considered. If not sold within that period, home is available to investor purchasers. All inspections are for buyer's knowledge only. Review the Proeprty Condition Report on-line.

4. 2013-06-05
   listed $18,000 397-char remark

   Show marketing remark (397 chars)

   Small town living. Corner lot with two detached garages and a shed. Home has lot of potential. Home to be sold AS-IS. Case #161-240130. First 30 days only owner occupant, non profit and government agency bids will be considered. If not sold within that period, home is available to investor purchasers. All inspections are for buyer's knowledge only. Review the Proeprty Condition Report on-line.

5. 2008-08-05
   soldstatus $65,000

ⓘ 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: $1,062 · $88/mo
• Projected year-2 tax: $1,062 · $88/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 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: $15,966
• − Mortgage interest: −$3,355
• − Property taxes: −$1,062
• − Insurance: −$300
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$1,743
• Taxable income: $6,952
• Est. tax owed @ 24.0%: −$1,668
• After-tax cash flow: $5,814/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: Greene County Community School District
• NCES district ID: 1915210
• Math proficiency: 58% ▼ -6.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $46,051
• Composite: 52.74/100
• National rank: #1548
• State rank: #223 of 289 in IA

Livability — Rippey

• Score: 61/100
• State rank: #799
• US rank: #18177

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rippey, IA
• Population (ZIP): 438

Population outlook (Greene County) Hauer SSP2

• Today (2025): 8,361 people
• By 2030: 8,090 · -3.2%
• By 2040: 7,607 · -9.0%
• By 2050: 7,186 · -14.1%
• By 2075: 6,528 · -21.9%
• By 2100: 5,799 · -30.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Asian 2%
• Common ancestry: Lithuanian 2% Italian 1%
• Foreign-born: 2% · South Korea

Political lean MEDSL · Greene

• 2024 margin: Solid R (+33.0) · D 32.9% · R 65.9% · Other 1.2%
• 2008→2024 swing: -33.4pp toward R · 2008: 0.5pp · 2024: -33.0pp
• All cycles: 2024: R+33.0 2020: R+28.8 2016: R+23.8 2012: R+0.1 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.28%
• Current HPI: 184.0809
• 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

-7.8% since first listed

5 events — show timeline

• 2026-05-12 Pending — DMMLS
• 2026-05-07 Listed $59,900 DMMLS
• 2013-09-18 Sold (MLS) $17,000 DMMLS
• 2013-06-05 Listed $18,000 DMMLS
• 2008-08-05 Sold (Public Records) $65,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $1,062 · +0.4% YoY. Source: county tax records.