100 N 6th St · Patterson, IA 50218

$75,000

3 bd · 1.0 ba · 2,619 sqft · SingleFamily public records · 157 Days on market

Built 1900 0.38 ac lot $29/sqft · 77% below area ↓ 39% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.0/10.0
• Appreciation +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

Key facts

• Storage building
• Corner lot
• 0.38 acre lot

Tags

• CORNER LOT
• PARTIALLY FENCED BACKYARD
• STORAGE BUILDING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#696 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D, amenities F.
• Winterset Community School District (town): math 73% / reading 69% proficiency, ranked #123 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 5 active listings in the ZIP; 125 units permitted in Madison County in 2024 (51 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($519 loan paydown + $2k appreciation (3.0% local appreciation)).
• Madison County population projected to shrink 7% 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 $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $50k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.92% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.07%
• DSCR: 2.29
• GRM: 4.3

CMA / ARV

• ARV (median comp): $329,900
• List price: $75,000
• Delta: -77.27%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 35.0%
• Equity multiple: 2.98×
• Total profit: $41,524
• Equity at exit: $33,723

10-year hold

• IRR: 35.2%
• Equity multiple: 5.88×
• Total profit: $102,547
• Equity at exit: $51,972

Cash invested: $21,000 (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 50218

• Active inventory: 5
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,437 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$202 /mo · $2,428/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $509

Break-even live

Break-even rent $794

Max offer price $75,000

Occupancy floor 60%

Sensitivity live

Price	-10% $551	-5% $530	+0% $509	+5% $487	+10% $466
Rent	-10% $395	-5% $452	+0% $509	+5% $566	+10% $622
Rate	-1.0pp $546	-0.5pp $528	base $509	+0.5pp $489	+1.0pp $470

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $75,000 Active 157 DOM
2. 2026-06-18
   days on market $75,000 Active 154 DOM
3. 2026-06-17
   days on market $75,000 Active 153 DOM
4. 2026-06-16
   days on market $75,000 Active 152 DOM
5. 2026-06-15
   days on market $75,000 Active 151 DOM
6. 2026-06-14
   days on market $75,000 Active 149 DOM
7. 2026-06-13
   days on market $75,000 Active 148 DOM
8. 2026-06-10
   days on market $75,000 Active 146 DOM
9. 2026-06-09
   days on market $75,000 Active 145 DOM
10. 2026-06-08
    days on market $75,000 Active 144 DOM
11. 2026-06-07
    days on market $75,000 Active 143 DOM
12. 2026-06-05
    pricedays on market $75,000 Active 140 DOM
13. 2026-06-03
    days on market $85,000 Active 139 DOM
14. 2026-06-02
    days on market $85,000 Active 138 DOM
15. 2026-06-01
    days on market $85,000 Active 137 DOM
16. 2026-05-31
    days on market $85,000 Active 136 DOM
17. 2026-05-31
    days on market $85,000 Active 135 DOM
18. 2026-05-19
    status Active 509-char remark

    Show marketing remark (509 chars)

    Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

19. 2026-05-19
    price $85,000 509-char remark

    Show marketing remark (509 chars)

    Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

20. 2026-05-19
    historical 509-char remark

    Show marketing remark (509 chars)

    Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

21. 2026-04-20
    price $90,000 509-char remark

    Show marketing remark (509 chars)

    Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

22. 2026-03-23
    price $95,000 509-char remark

    Show marketing remark (509 chars)

    Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

23. 2026-02-18
    price $115,000 509-char remark

    Show marketing remark (509 chars)

    Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

24. 2026-01-14
    listed $125,000 Active 509-char remark

    Show marketing remark (509 chars)

    Don't miss your opportunity to own this 2 story home located on a corner lot of a quaint town. The home has an addition that needs to be finished. It has a partially fenced backyard with an oversized three car detached garage and a storage building. Property is being sold As-Is. Inspections are for buyers knowledge only. Buyer will be responsible for all abstracting costs. Seller is The Secretary of Veterans Affairs. This property may qualify for seller financing (Vendee). Call for your personal showing!

25. 2008-10-15
    soldstatus $132,500
26. 2008-10-07
    soldstatus $132,500 683-char remark

    Show marketing remark (683 chars)

    Graced with a wrap around porch this is a one and one half story, three bedroom, 1.5 bath home. Huge master bedroom with two smaller bedrooms on the second floor. Large living room, gas fireplace, custom drapes, wooden blinds and bay window. Eat-in kitchen and formal dining room. Laundry room with white cupboards and apricot cast iron sink. Huge bath with two walk-in closets. New kitchen with oak cupboards. Three season porch with double pane windows and blinds, optional hot tub. Three car garage and heated shop, garden shed. Lovely clean well maintained home with whole house exhaust. Property located on double corner lot with fenced yard. Must see to appreciate! Call today!

27. 2008-02-04
    listed $138,500 683-char remark

    Show marketing remark (683 chars)

    Graced with a wrap around porch this is a one and one half story, three bedroom, 1.5 bath home. Huge master bedroom with two smaller bedrooms on the second floor. Large living room, gas fireplace, custom drapes, wooden blinds and bay window. Eat-in kitchen and formal dining room. Laundry room with white cupboards and apricot cast iron sink. Huge bath with two walk-in closets. New kitchen with oak cupboards. Three season porch with double pane windows and blinds, optional hot tub. Three car garage and heated shop, garden shed. Lovely clean well maintained home with whole house exhaust. Property located on double corner lot with fenced yard. Must see to appreciate! Call today!

ⓘ 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 ≥103°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: $17,250
• − Mortgage interest: −$4,201
• − Property taxes: −$2,428
• − Insurance: −$375
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − Depreciation: −$2,182
• Taxable income: $5,304
• Est. tax owed @ 24.0%: −$1,273
• After-tax cash flow: $4,832/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: Winterset Community School District
• NCES district ID: 1931860
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $52,350
• Composite: 60.45/100
• National rank: #848
• State rank: #123 of 289 in IA

Livability — Patterson

• Score: 62/100
• State rank: #696
• US rank: #16212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Patterson, IA
• City population: 293
• Population (ZIP): 293

Population outlook (Madison County) Hauer SSP2

• Today (2025): 15,715 people
• By 2030: 15,565 · -1.0%
• By 2040: 15,203 · -3.3%
• By 2050: 14,640 · -6.8%
• By 2075: 13,384 · -14.8%
• By 2100: 11,967 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 14% Hispanic / Latino 2%
• Common ancestry: Italian 10% Iranian 8% Lithuanian 5%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+38.6) · D 30.1% · R 68.7% · Other 1.2%
• 2008→2024 swing: -28.6pp toward R · 2008: -10.0pp · 2024: -38.6pp
• All cycles: 2024: R+38.6 2020: R+34.3 2016: R+31.3 2012: R+12.1 2008: R+10.0

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

-38.6% since first listed

10 events — show timeline

• 2026-05-19 Relisted — DMMLS
• 2026-05-19 Price Changed $85,000 DMMLS
• 2026-05-19 Listing Removed — DMMLS
• 2026-04-20 Price Changed $90,000 DMMLS
• 2026-03-23 Price Changed $95,000 DMMLS
• 2026-02-18 Price Changed $115,000 DMMLS
• 2026-01-14 Listed $125,000 DMMLS
• 2008-10-15 Sold (Public Records) $132,500 Public Records
• 2008-10-07 Sold (MLS) $132,500 DMMLS
• 2008-02-04 Listed $138,500 DMMLS

Property tax history

+0.5%/yr

Latest (2025): $2,428 · -22.1% YoY. Source: county tax records.