124 6th Ave Ave SE · Oelwein, IA 50662

$64,900

3 bd · 1.5 ba · 1,066 sqft · SingleFamily public records · 11 Days on market

Built 1915 7,000 sqft lot

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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 +23.3/30.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This house presents a charming opportunity, featuring 3 bedrooms situated upstairs alongside a half bath, complemented by a walk-in shower bath on the main level, located in a nice and quiet neighborhood. Good location. Ideal as a starter home or investment property, it boasts a spacious backyard with convenient alley access. Although requiring some attention, the property is solid. Highlights include a formal dining-parlor room with attractive lighting, spacious kitchen, bathroom and master bedroom. Sellers are motived and presenting this property as-is, inviting you to make this house your own.

Key facts

• Alley access
• Spacious backyard
• Spacious kitchen

Tags

• SPACIOUS BACKYARD
• ALLEY ACCESS
• FORMAL DINING-PARLOR ROOM
• SPACIOUS KITCHEN

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two stories
• Construction: Vinyl siding; Shingle/asphalt roof; Built on a foundation with a concrete basement
• Exterior features: Enclosed deck; Paved road access

Interior

• Kitchen: Free-standing range; Refrigerator
• Bathrooms: One three-quarter bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling
• Interior features: Free-standing range; Refrigerator; Gas water heater; Ceiling fan(s); Basement with concrete floor and sump pump
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($723 rent vs $65k).
• Cap rate 8.5% vs local median 4.4% in Oelwein — 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 76/100 on livability (#186 in IA, #3,329 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Oelwein Community School District (town): math 47% / reading 55% proficiency, ranked #281 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oelwein Middle School (math 44% / reading 54%, grade C-, #219 of 246 statewide, top 90%, 359 students, 60% FRL); Oelwein High School (math 46% / reading 62%, grade C-, #293 of 336 statewide, top 87%, 314 students, 46% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fayette County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1915 — 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. 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.
4. 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.
5. 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: 1.11% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $130,052
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 5th Ave Ave SE	0.13mi	2/1.0 (-1)	1,061 (-0%)	14mo	$83,500	$79	74
115 6th St. St SW	0.63mi	2/1.5 (-1)	1,058 (-1%)	2mo	$79,000	$75	63
534 SE 4th Ave	0.43mi	3/1.5	1,152 (+8%)	7mo	$91,000	$79	61
205 NE 4th Ave	0.40mi	3/1.0	1,192 (+12%)	0mo	$59,900	$50	60
316 3rd Ave SE	0.27mi	3/2.0	1,198 (+12%)	10mo	$143,000	$119	56
1204 1st St St NE	0.54mi	3/2.0	1,144 (+7%)	6mo	$165,000	$144	56
509 3rd Ave Ave SE	0.38mi	3/1.0	960 (-10%)	11mo	$130,000	$135	54
1225 Elm St	0.53mi	3/1.0	1,012 (-5%)	13mo	$165,000	$163	54
24 12th Ave Ave SE	0.41mi	3/2.0	1,220 (+14%)	2mo	$149,000	$122	53
305 4th Ave Ave SE	0.18mi	3/1.0	1,216 (+14%)	16mo	$45,000	$37	53
505 6th St St NE	0.69mi	3/1.5	1,008 (-5%)	10mo	$159,900	$159	50
1213 Elm Street St	0.49mi	3/2.0	1,220 (+14%)	2mo	$195,000	$160	49

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: -4.4%
• Equity multiple: 0.84×
• Total profit: $-2,962
• Equity at exit: $9,677

10-year hold

• IRR: 5.3%
• Equity multiple: 1.40×
• Total profit: $7,186
• Equity at exit: $5,611

Cash invested: $18,172 (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 50662

• Home prices YoY: -21.7%
• Active inventory: 60
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $723 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$86 /mo · $1,026/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$152
• Net cashflow: $118

Break-even live

Break-even rent $573

Max offer price $64,900

Occupancy floor 79%

Sensitivity live

Price	-10% $155	-5% $137	+0% $118	+5% $100	+10% $82
Rent	-10% $61	-5% $90	+0% $118	+5% $147	+10% $176
Rate	-1.0pp $151	-0.5pp $135	base $118	+0.5pp $102	+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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 N Frederick Ave Apt 1 Oelwein, IA	2.0	1.0	1125	$650	$0.58	44d	1	0.41mi
1297 S Frederick Ave Unit 3 Oelwein, IA	3.0	1.0	1500	$1,000	$0.67	21d	1	1.17mi

Listing history 10 events

1. 2026-06-09
   status $64,900 Pending 11 DOM
2. 2026-06-08
   days on market $64,900 Active 11 DOM
3. 2026-06-07
   days on market $64,900 Active 10 DOM
4. 2026-06-07
   days on market $64,900 Active 9 DOM
5. 2026-06-04
   days on market $64,900 Active 6 DOM
6. 2026-06-02
   days on market $64,900 Active 5 DOM
7. 2026-06-01
   days on market $64,900 Active 4 DOM
8. 2026-05-31
   days on market $64,900 Active 3 DOM
9. 2026-05-31
   days on market $64,900 Active 2 DOM
10. 2026-05-27
    listed $64,900 Active

ⓘ 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: $1,026 · $86/mo
• Projected year-2 tax: $1,026 · $86/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $8,678
• − Mortgage interest: −$3,635
• − Property taxes: −$1,026
• − Insurance: −$324
• − Repairs & maintenance: −$694
• − Management: −$694
• − Depreciation: −$1,888
• Taxable income: $415
• Est. tax owed @ 24.0%: −$100
• After-tax cash flow: $1,321/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: Oelwein Community School District
• NCES district ID: 1921630
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $39,812
• Composite: 42.61/100
• National rank: #3189
• State rank: #281 of 289 in IA

Livability — Oelwein

• Score: 76/100
• State rank: #186
• US rank: #3329

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oelwein, IA
• Population (ZIP): 6,497

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 19,299 people
• By 2030: 18,701 · -3.1%
• By 2040: 17,469 · -9.5%
• By 2050: 16,389 · -15.1%
• By 2075: 15,156 · -21.5%
• By 2100: 14,214 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+30.5) · D 34.0% · R 64.4% · Other 1.6%
• 2008→2024 swing: -47.1pp toward R · 2008: 16.6pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+22.7 2016: R+19.6 2012: D+11.9 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.26%
• Current HPI: 177.9399
• 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

1 event — show timeline

• 2026-05-27 Listed $64,900 NEIRBR as distributed by MLS GRID

Property tax history

+6.9%/yr

Latest (2025): $1,026 · +58.8% YoY. Source: county tax records.