660 Briarstone Dr. Unit #5 Dr · Mason City, IA 50401

$155,000

2 bd · 1.0 ba · 1,056 sqft · Condo · 293 Days on market

Built 1983 Good condition $147/sqft · 23% below area Est $201k · 23% under · waterfront $180/mo HOA · 11% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +13.2/30.0
• 1% rule +5.2/10.0
• Schools +5.1/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your Dream Condo Awaits! Welcome to your next chapter in this beautifully maintained, move-in-ready condo! This bright and airy home offers the perfect blend of style, comfort, and functionality – ideal for professionals, first-time buyers, or anyone seeking a low-maintenance lifestyle in a vibrant location. Step inside to discover an open concept living space. The spacious bedrooms offer a peaceful retreat. Enjoy your morning coffee or evening glass of wine on the private balcony overlooking the beautiful lake.

Key facts

• $180 HOA
• Garage
• Built 1983

Tags

• OPEN CONCEPT LIVING SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $155k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-3 ($-36/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (0.3% below list).
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#67 in IA, #1,477 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Mason City Community School District (town): math 50% / reading 58% proficiency, ranked #271 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hoover Elementary School (math 47% / reading 47%, grade D-, #530 of 616 statewide, top 88%, 375 students, 59% FRL); John Adams Middle School (math 46% / reading 54%, grade C, #216 of 246 statewide, top 88%, 480 students, 56% FRL); Mason City High School (math 50% / reading 63%, grade C, #286 of 336 statewide, top 85%, 956 students, 46% FRL).
• Market conditions: 239 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 54 units permitted in Cerro Gordo County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cerro Gordo County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 293 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Recommended offer $136,400 (12.0% 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 293 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.02% ✓
• Cap rate: 6.27%
• Cash-on-cash: -0.08%
• DSCR: 1.00
• GRM: 8.2

CMA / ARV

• ARV (median comp): $201,142
• List price: $155,000
• Delta: -22.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-25,171
• Equity at exit: $23,111

10-year hold

• IRR: -7.9%
• Equity multiple: 0.50×
• Total profit: $-21,616
• Equity at exit: $13,402

Cash invested: $43,400 (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 50401

• Active inventory: 239
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,580 medium
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$180
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-3

Break-even live

Break-even rent $1,584

Max offer price $154,570

Occupancy floor 95%

Sensitivity live

Price	-10% $104	-5% $51	+0% $-3	+5% $-57	+10% $-110
Rent	-10% $-128	-5% $-65	+0% $-3	+5% $59	+10% $122
Rate	-1.0pp $75	-0.5pp $36	base $-3	+0.5pp $-43	+1.0pp $-84

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: $38,750
• Closing costs: $4,650
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 2nd St SW Unit 100-210 Mason City, IA	3.0	2.0	1273	$1,580	$1.24	93d	1	1.48mi

HOA detail $180/mo · $2,160/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 45 events

1. 2026-07-16
   days on market $155,000 Active 293 DOM
2. 2026-07-15
   days on market $155,000 Active 292 DOM
3. 2026-07-14
   days on market $155,000 Active 291 DOM
4. 2026-07-13
   days on market $155,000 Active 290 DOM
5. 2026-07-12
   days on market $155,000 Active 289 DOM
6. 2026-07-12
   days on market $155,000 Active 288 DOM
7. 2026-07-10
   days on market $155,000 Active 287 DOM
8. 2026-07-09
   days on market $155,000 Active 286 DOM
9. 2026-07-09
   days on market $155,000 Active 285 DOM
10. 2026-07-07
    days on market $155,000 Active 284 DOM
11. 2026-07-06
    days on market $155,000 Active 283 DOM
12. 2026-07-05
    days on market $155,000 Active 282 DOM
13. 2026-07-04
    days on market $155,000 Active 281 DOM
14. 2026-07-03
    days on market $155,000 Active 280 DOM
15. 2026-07-02
    days on market $155,000 Active 279 DOM
16. 2026-07-01
    days on market $155,000 Active 278 DOM
17. 2026-06-30
    days on market $155,000 Active 277 DOM
18. 2026-06-29
    days on market $155,000 Active 276 DOM
19. 2026-06-28
    days on market $155,000 Active 275 DOM
20. 2026-06-27
    days on market $155,000 Active 274 DOM
21. 2026-06-26
    days on market $155,000 Active 272 DOM
22. 2026-06-22
    days on market $155,000 Active 269 DOM
23. 2026-06-21
    days on market $155,000 Active 268 DOM
24. 2026-06-21
    days on marketlisting id $155,000 Active 267 DOM
25. 2026-06-18
    days on market $155,000 Active 265 DOM
26. 2026-06-17
    days on market $155,000 Active 264 DOM
27. 2026-06-16
    days on market $155,000 Active 263 DOM
28. 2026-06-15
    days on market $155,000 Active 262 DOM
29. 2026-06-13
    days on market $155,000 Active 260 DOM
30. 2026-06-12
    days on market $155,000 Active 259 DOM
31. 2026-06-09
    days on market $155,000 Active 256 DOM
32. 2026-06-08
    days on market $155,000 Active 255 DOM
33. 2026-06-07
    days on market $155,000 Active 254 DOM
34. 2026-06-07
    days on market $155,000 Active 253 DOM
35. 2026-06-04
    days on market $155,000 Active 250 DOM
36. 2026-06-02
    days on market $155,000 Active 249 DOM
37. 2026-06-01
    days on market $155,000 Active 248 DOM
38. 2026-05-31
    days on market $155,000 Active 247 DOM
39. 2026-05-31
    days on market $155,000 Active 246 DOM
40. 2025-10-09
    status Active 523-char remark

    Show marketing remark (523 chars)

    Your Dream Condo Awaits! Welcome to your next chapter in this beautifully maintained, move-in-ready condo! This bright and airy home offers the perfect blend of style, comfort, and functionality – ideal for professionals, first-time buyers, or anyone seeking a low-maintenance lifestyle in a vibrant location. Step inside to discover an open concept living space. The spacious bedrooms offer a peaceful retreat. Enjoy your morning coffee or evening glass of wine on the private balcony overlooking the beautiful lake.

41. 2025-10-09
    status Active 523-char remark

    Show marketing remark (523 chars)

    Your Dream Condo Awaits! Welcome to your next chapter in this beautifully maintained, move-in-ready condo! This bright and airy home offers the perfect blend of style, comfort, and functionality – ideal for professionals, first-time buyers, or anyone seeking a low-maintenance lifestyle in a vibrant location. Step inside to discover an open concept living space. The spacious bedrooms offer a peaceful retreat. Enjoy your morning coffee or evening glass of wine on the private balcony overlooking the beautiful lake.

42. 2025-10-06
    historical Active Under Contract 523-char remark

    Show marketing remark (523 chars)

    Your Dream Condo Awaits! Welcome to your next chapter in this beautifully maintained, move-in-ready condo! This bright and airy home offers the perfect blend of style, comfort, and functionality – ideal for professionals, first-time buyers, or anyone seeking a low-maintenance lifestyle in a vibrant location. Step inside to discover an open concept living space. The spacious bedrooms offer a peaceful retreat. Enjoy your morning coffee or evening glass of wine on the private balcony overlooking the beautiful lake.

43. 2025-10-06
    historical Active Under Contract 523-char remark

    Show marketing remark (523 chars)

    Your Dream Condo Awaits! Welcome to your next chapter in this beautifully maintained, move-in-ready condo! This bright and airy home offers the perfect blend of style, comfort, and functionality – ideal for professionals, first-time buyers, or anyone seeking a low-maintenance lifestyle in a vibrant location. Step inside to discover an open concept living space. The spacious bedrooms offer a peaceful retreat. Enjoy your morning coffee or evening glass of wine on the private balcony overlooking the beautiful lake.

44. 2025-09-26
    listed $155,000 Active 523-char remark

    Show marketing remark (523 chars)

    Your Dream Condo Awaits! Welcome to your next chapter in this beautifully maintained, move-in-ready condo! This bright and airy home offers the perfect blend of style, comfort, and functionality – ideal for professionals, first-time buyers, or anyone seeking a low-maintenance lifestyle in a vibrant location. Step inside to discover an open concept living space. The spacious bedrooms offer a peaceful retreat. Enjoy your morning coffee or evening glass of wine on the private balcony overlooking the beautiful lake.

45. 2025-09-26
    listed $155,000 Active 523-char remark

    Show marketing remark (523 chars)

    Your Dream Condo Awaits! Welcome to your next chapter in this beautifully maintained, move-in-ready condo! This bright and airy home offers the perfect blend of style, comfort, and functionality – ideal for professionals, first-time buyers, or anyone seeking a low-maintenance lifestyle in a vibrant location. Step inside to discover an open concept living space. The spacious bedrooms offer a peaceful retreat. Enjoy your morning coffee or evening glass of wine on the private balcony overlooking the beautiful lake.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 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: $18,960
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$1,517
• − Management: −$1,517
• − HOA: −$2,160
• − Depreciation: −$4,509
• Taxable loss: −$2,525
• Est. tax savings @ 24.0%: +$606
• After-tax cash flow: $570/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.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab Est. rehab $5,280–$15,840 screening

This move-in-ready condo offers a bright and airy living space with a beautiful lake view. Minor updates to the kitchen and bathroom would significantly enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — dated design
• Minor bathroom vanity — dated design

Value-add opportunities

• Both update kitchen cabinets — modernizes space and increases appeal ↑
• Both update bathroom vanity — modernizes space and increases appeal ↑
• Both paint interior walls — freshens space and enhances curb appeal ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 51/100

Zoned Schools

Elementary Hoover Elementary School D- IA #530/616 Nat'l #14,504/41,679 Middle John Adams Middle School C IA #216/246 Nat'l #3,460/14,009 High Mason City High School C IA #286/336 Nat'l #4,271/17,239

Schools (NCES district)

• District: Mason City Community School District
• NCES district ID: 1918780
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -7.00%
• Median HH income: $43,668
• Composite: 45.47/100
• National rank: #2614
• State rank: #271 of 289 in IA

A Composite livability gradescore 81/100

Livability — Mason City

• Score: 81/100
• State rank: #67
• US rank: #1477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mason City, IA
• County: Cerro Gordo · 41,080 people
• City population: 28,818
• Population (ZIP): 28,818
• Household income: $63,807
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 8% of renters

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Population outlook (Cerro Gordo County) Hauer SSP2

• Today (2025): 41,080 people
• By 2030: 39,746 · -3.2%
• By 2040: 36,608 · -10.9%
• By 2050: 33,682 · -18.0%
• By 2075: 29,702 · -27.7%
• By 2100: 27,399 · -33.3%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 12% Iranian 2% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

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Political lean MEDSL · Cerro Gordo

• 2024 margin: R (+11.7) · D 43.4% · R 55.0% · Other 1.6%
• 2008→2024 swing: -32.5pp toward R · 2008: 20.8pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+6.3 2016: R+7.7 2012: D+13.2 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.01%
• Current HPI: 199.1966
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

+0.0% since first listed

6 events — show timeline

• 2025-10-09 Relisted — IAR
• 2025-10-09 Relisted — Greater Mason BOR
• 2025-10-06 Contingent — IAR
• 2025-10-06 Contingent — Greater Mason BOR
• 2025-09-26 Listed $155,000 IAR
• 2025-09-26 Listed $155,000 Greater Mason BOR