200 3rd Ave W · Grinnell, IA 50112

$50,000

5 bd · 2.0 ba · 1,606 sqft · SingleFamily public records · 363 Days on market

Built 1996 0.60 ac lot $31/sqft · 74% below area

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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 +6.6/10.0
• 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

SOLD AS-IS. Home is not livable. Buyer could Remove home and build. Quiet and out of the way location. Country setting but in town. Home and all of its contents stays with the property and everything on the property stays.

Key facts

• 0.6 acre lot
• Built 1996
• Listed 363 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.8% vs local median 2.9% in Grinnell — 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 (#123 in IA, #2,270 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Grinnell-Newburg Community School District (town): math 76% / reading 79% proficiency, ranked #47 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 98 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Poweshiek County population projected to shrink 3% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 363 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 363 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.40% ✓
• Cap rate: 20.75%
• Cash-on-cash: 51.64%
• DSCR: 3.30
• GRM: 3.5

CMA / ARV

• ARV (median comp): $223,840
• List price: $50,000
• Delta: -77.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 6th Ave	0.36mi	4/2.0 (-1)	1,708 (+6%)	2mo	$92,000	$54	66
500 Broad St	0.63mi	5/1.0	1,518 (-6%)	2mo	$70,000	$46	56
1233 Main St	0.67mi	4/1.5 (-1)	1,693 (+5%)	1mo	$275,000	$162	52
1406 Prince St	0.66mi	4/3.5 (-1)	1,568 (-2%)	9mo	$395,000	$252	46

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: 49.5%
• Equity multiple: 3.16×
• Total profit: $30,287
• Equity at exit: $7,455

10-year hold

• IRR: 55.0%
• Equity multiple: 6.42×
• Total profit: $75,856
• Equity at exit: $4,323

Cash invested: $14,000 (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 50112

• Home prices YoY: -14.4%
• Active inventory: 98
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $602

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 45%

Sensitivity live

Price	-10% $637	-5% $620	+0% $602	+5% $585	+10% $568
Rent	-10% $508	-5% $555	+0% $602	+5% $650	+10% $697
Rate	-1.0pp $628	-0.5pp $615	base $602	+0.5pp $590	+1.0pp $576

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
931 High St Grinnell, IA	4.0	2.0	1600	$1,200	$0.75	45d	1	0.81mi

Listing history 12 events

1. 2026-06-09
   days on market $50,000 Active 363 DOM
2. 2026-06-08
   days on market $50,000 Active 362 DOM
3. 2026-06-07
   days on market $50,000 Active 361 DOM
4. 2026-06-07
   days on market $50,000 Active 360 DOM
5. 2026-06-04
   days on market $50,000 Active 357 DOM
6. 2026-06-02
   days on market $50,000 Active 356 DOM
7. 2026-06-01
   days on market $50,000 Active 355 DOM
8. 2026-05-31
   days on market $50,000 Active 354 DOM
9. 2026-05-31
   days on market $50,000 Active 353 DOM
10. 2025-06-25
    status Active 222-char remark

    Show marketing remark (222 chars)

    SOLD AS-IS. Home is not livable. Buyer could Remove home and build. Quiet and out of the way location. Country setting but in town. Home and all of its contents stays with the property and everything on the property stays.

11. 2025-03-28
    status Pending 222-char remark

    Show marketing remark (222 chars)

    SOLD AS-IS. Home is not livable. Buyer could Remove home and build. Quiet and out of the way location. Country setting but in town. Home and all of its contents stays with the property and everything on the property stays.

12. 2025-03-14
    listed $50,000 Active 222-char remark

    Show marketing remark (222 chars)

    SOLD AS-IS. Home is not livable. Buyer could Remove home and build. Quiet and out of the way location. Country setting but in town. Home and all of its contents stays with the property and everything on the property stays.

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,400
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$1,455
• Taxable income: $6,841
• Est. tax owed @ 24.0%: −$1,642
• After-tax cash flow: $5,588/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: Grinnell-Newburg Community School District
• NCES district ID: 1913200
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $49,893
• Composite: 65.57/100
• National rank: #466
• State rank: #47 of 289 in IA

Livability — Grinnell

• Score: 79/100
• State rank: #123
• US rank: #2270

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: Grinnell, IA
• City population: 11,776
• Population (ZIP): 11,776

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Iranian 7% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.63%
• Current HPI: 241.5557
• 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

3 events — show timeline

• 2025-06-25 Relisted — IAR
• 2025-03-28 Pending — IAR
• 2025-03-14 Listed $50,000 IAR