902 E Iowa Ave · Indianola, IA 50125

$252,000

3 bd · 2.0 ba · 1,753 sqft · SingleFamily public records · 65 Days on market

Built 2022 7,353 sqft lot $144/sqft · 43% below area Est $287k · 12% under

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Why this score? — see what drove the D 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 +13.0/15.0
• Cash flow +7.6/30.0
• Schools +6.3/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 3 bedroom, 2 full bathroom split foyer with large windows that fill the home with natural light throughout. The upper level features an open kitchen with a generous island & pantry and stainless steel appliances. Primary bedroom with attached full bathroom and a second bedroom complete the upper level. The lower level features another family room, nice sized third bedroom, full bathroom & laundry closet. Additional finished space under the stairs makes for great storage or fun flex space. A spacious garage also allows for extra storage capacity. Enjoy the open patio in the large privacy fenced backyard from the WALKOUT lower level. Conveniently located with quick access to retail, restaurants, park and Simpson College.

Key facts

• Large windows
• Finished space
• Generous island

Tags

• LARGE WINDOWS
• OPEN KITCHEN
• GENEROUS ISLAND
• STAINLESS STEEL APPLIANCES
• FINISHED SPACE
• PRIVACY FENCED BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $252k.

Deal economics

• At list price, monthly cash flow is $-297 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (20.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (28.6% below list).
• Recommended offer: $180k (28.6% below list) — sets the bar for 1% rule.
• Cap rate 4.9% vs local median 2.3% in Indianola — 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 87/100 on livability (#10 in IA, #332 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, cost of living A+; Watch: commute F.
• Indianola Community School District (town): math 74% / reading 72% proficiency, ranked #83 of 289 in IA (top 29%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 241 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 439 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Warren County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($237k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Recommended offer $180,000 (28.6% 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 65 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.71% ✗
• Cap rate: 4.88%
• Cash-on-cash: -5.05%
• DSCR: 0.78
• GRM: 11.7

CMA / ARV

• ARV (median comp): $286,731
• List price: $252,000
• Delta: -12.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 N Howard St	0.58mi	3/2.0	1,730 (-1%)	5mo	$168,000	$97	67
1007 N Howard St	0.51mi	4/2.0 (+1)	1,778 (+1%)	5mo	$255,000	$143	65
105 Philip Pl	0.74mi	3/2.5	1,771 (+1%)	3mo	$312,500	$176	60
901 N B St	0.65mi	3/1.5	1,857 (+6%)	1mo	$325,000	$175	57
1204 N C St	0.71mi	3/2.0	1,858 (+6%)	1mo	$240,000	$129	56
1306 E Girard Ave	0.46mi	2/1.5 (-1)	1,574 (-10%)	5mo	$319,900	$203	50
710 E Salem Ave	0.62mi	3/1.0	1,589 (-9%)	3mo	$146,000	$92	49
1111 N Howard St	0.53mi	3/1.0	1,500 (-14%)	3mo	$237,500	$158	45
406 E 1st Ave	0.73mi	3/2.0	1,560 (-11%)	3mo	$194,000	$124	45
609 E Salem Ave	0.66mi	4/2.0 (+1)	1,926 (+10%)	4mo	$217,000	$113	44
504 N 15th St	0.71mi	4/2.5 (+1)	1,531 (-13%)	3mo	$280,000	$183	36
501 E 1st Ave	0.74mi	4/3.0 (+1)	2,009 (+15%)	2mo	$260,000	$129	30

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: -24.9%
• Equity multiple: 0.15×
• Total profit: $-59,749
• Equity at exit: $37,574

10-year hold

• IRR: -20.7%
• Equity multiple: -0.08×
• Total profit: $-76,346
• Equity at exit: $21,788

Cash invested: $70,560 (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 50125

• Home prices YoY: -34.5%
• Active inventory: 241
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$1,322
• Tax from tax record: −$293 /mo · $3,512/yr
• Insurance: −$105
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-297

Break-even live

Break-even rent $2,176

Max offer price $199,502

Occupancy floor —

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: $63,000
• Closing costs: $7,560
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 E 3rd Ave Indianola, IA	4.0	1.0	1516	$1,800	$1.19	2d	1	0.96mi

Listing history 21 events

1. 2026-06-18
   days on market $252,000 Active 65 DOM
2. 2026-06-17
   days on market $252,000 Active 64 DOM
3. 2026-06-16
   days on market $252,000 Active 63 DOM
4. 2026-06-15
   days on market $252,000 Active 62 DOM
5. 2026-06-14
   days on market $252,000 Active 60 DOM
6. 2026-06-13
   days on market $252,000 Active 59 DOM
7. 2026-06-10
   days on market $252,000 Active 57 DOM
8. 2026-06-09
   days on market $252,000 Active 56 DOM
9. 2026-06-08
   days on market $252,000 Active 55 DOM
10. 2026-06-07
    days on market $252,000 Active 54 DOM
11. 2026-06-05
    days on market $252,000 Active 51 DOM
12. 2026-06-03
    days on market $252,000 Active 50 DOM
13. 2026-06-02
    days on market $252,000 Active 49 DOM
14. 2026-06-01
    days on market $252,000 Active 48 DOM
15. 2026-05-31
    days on market $252,000 Active 47 DOM
16. 2026-05-31
    days on market $252,000 Active 46 DOM
17. 2026-04-23
    price $259,000 749-char remark

    Show marketing remark (749 chars)

    Spacious 3 bedroom, 2 full bathroom split foyer with large windows that fill the home with natural light throughout. The upper level features an open kitchen with a generous island & pantry and stainless steel appliances. Primary bedroom with attached full bathroom and a second bedroom complete the upper level. The lower level features another family room, nice sized third bedroom, full bathroom & laundry closet. Additional finished space under the stairs makes for great storage or fun flex space. A spacious garage also allows for extra storage capacity. Enjoy the open patio in the large privacy fenced backyard from the WALKOUT lower level. Conveniently located with quick access to retail, restaurants, park and Simpson College.

18. 2026-04-14
    listed $265,000 Active 749-char remark

    Show marketing remark (749 chars)

    Spacious 3 bedroom, 2 full bathroom split foyer with large windows that fill the home with natural light throughout. The upper level features an open kitchen with a generous island & pantry and stainless steel appliances. Primary bedroom with attached full bathroom and a second bedroom complete the upper level. The lower level features another family room, nice sized third bedroom, full bathroom & laundry closet. Additional finished space under the stairs makes for great storage or fun flex space. A spacious garage also allows for extra storage capacity. Enjoy the open patio in the large privacy fenced backyard from the WALKOUT lower level. Conveniently located with quick access to retail, restaurants, park and Simpson College.

19. 2022-09-08
    soldstatus $230,900 Closed 747-char remark

    Show marketing remark (747 chars)

    New construction for under $235k! Bi-attached split foyer with 3 beds, 2 full baths & approx. 1,700 sq ft finished all above grade. The upper floor features a large kitchen complete with a pantry, massive 90" island, & SS appliances. Also on the 1st floor is the master bedroom with an attached full bath, spare bedroom, and very spacious living area. The finished WALKOUT lower level has a 2nd living area, 3rd bedroom, and full bath. 2-car attached garage. Less than 5 minutes from HyVee, Walmart, Simpson College, and Moats Park. Buyers will enjoy Indianola's tax abatement and can take advantage of zero-down USDA financing. No HOA dues or covenants. Home is nearly complete. Please note that photos are "similar to".

20. 2022-08-12
    status Pending 747-char remark

    Show marketing remark (747 chars)

    New construction for under $235k! Bi-attached split foyer with 3 beds, 2 full baths & approx. 1,700 sq ft finished all above grade. The upper floor features a large kitchen complete with a pantry, massive 90" island, & SS appliances. Also on the 1st floor is the master bedroom with an attached full bath, spare bedroom, and very spacious living area. The finished WALKOUT lower level has a 2nd living area, 3rd bedroom, and full bath. 2-car attached garage. Less than 5 minutes from HyVee, Walmart, Simpson College, and Moats Park. Buyers will enjoy Indianola's tax abatement and can take advantage of zero-down USDA financing. No HOA dues or covenants. Home is nearly complete. Please note that photos are "similar to".

21. 2022-06-28
    listed $235,900 Active 747-char remark

    Show marketing remark (747 chars)

    New construction for under $235k! Bi-attached split foyer with 3 beds, 2 full baths & approx. 1,700 sq ft finished all above grade. The upper floor features a large kitchen complete with a pantry, massive 90" island, & SS appliances. Also on the 1st floor is the master bedroom with an attached full bath, spare bedroom, and very spacious living area. The finished WALKOUT lower level has a 2nd living area, 3rd bedroom, and full bath. 2-car attached garage. Less than 5 minutes from HyVee, Walmart, Simpson College, and Moats Park. Buyers will enjoy Indianola's tax abatement and can take advantage of zero-down USDA financing. No HOA dues or covenants. Home is nearly complete. Please note that photos are "similar to".

ⓘ 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: $3,512 · $293/mo
• Projected year-2 tax: $3,734 · $311/mo
• Expected delta: +$222/yr (+$19/mo · 6.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $21,600
• − Mortgage interest: −$14,116
• − Property taxes: −$3,512
• − Insurance: −$1,260
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$7,331
• Taxable loss: −$8,075
• Est. tax savings @ 24.0%: +$1,938
• After-tax cash flow: $-1,628/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: Indianola Community School District
• NCES district ID: 1914640
• Math proficiency: 74% ▼ -3.00%
• Reading proficiency: 72% ▬ 0.00%
• Median HH income: $59,896
• Composite: 62.81/100
• National rank: #666
• State rank: #83 of 289 in IA

Livability — Indianola

• Score: 87/100
• State rank: #10
• US rank: #332

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Indianola, IA
• Population (ZIP): 20,009

Population outlook (Warren County) Hauer SSP2

• Today (2025): 54,222 people
• By 2030: 56,863 · +4.9%
• By 2040: 61,691 · +13.8%
• By 2050: 65,939 · +21.6%
• By 2075: 75,626 · +39.5%
• By 2100: 80,425 · +48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Iranian 4% Portuguese 3% Italian 3%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 96% English-only · Spanish 1% Russian/Polish/Slavic 1% Vietnamese 1%

Political lean MEDSL · Warren

• 2024 margin: Strong R (+20.7) · D 38.9% · R 59.7% · Other 1.4%
• 2008→2024 swing: -21.4pp toward R · 2008: 0.6pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+16.8 2016: R+16.4 2012: R+2.0 2008: D+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.04%
• Current HPI: 202.9852
• 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

+9.8% since first listed

5 events — show timeline

• 2026-04-23 Price Changed $259,000 DMMLS
• 2026-04-14 Listed $265,000 DMMLS
• 2022-09-08 Sold (MLS) $230,900 DMMLS
• 2022-08-12 Pending — DMMLS
• 2022-06-28 Listed $235,900 DMMLS

Property tax history

+547.3%/yr

Latest (2025): $3,512 · +1.4% YoY. Source: county tax records.