110 26th Ave · Watkins, IA 52354

$135,000

3 bd · 1.0 ba · 1,428 sqft · SingleFamily · 332 Days on market

Built 1900 Fair condition 0.58 ac lot $95/sqft · 16% above area Est $117k · 16% over

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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).

• Cash flow +14.1/30.0
• Appreciation +8.5/10.0
• Schools +6.0/10.0
• DSCR +4.3/10.0
• 1% rule +3.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.4/15.0

Listing remarks MLS

This property has over ½ acre and boasts of a newer 4-car (1008 sq ft) detached garage, a 3-bedroom 1.75 story home with a large deck. Located in peaceful Watkins, just 20 minutes from Cedar Rapids, in Benton Comm School District with bus service. Most of the hard work is already done, just bring your vision to finish it. In 2022 new siding, soffits, fascia, gutters were added to the house and garage. There is a fenced yard, pet fence and garden area. Kitchen, first floor laundry and bath were being remolded when sellers decided to sell. Refrigerator, washer / dryer new in 2022, induction cooktop new in 2023. There is several items that will be included with the house; Kitchen cabinets that are all quarter-sewn oak with soft close and hinges, including 2-pull out spice cabinets, toe kicks, a tall unit for the wall oven and microwave, 3 x 5 shower, including base pan, surround, glass doors, a jet tub, several building supplies; plywood, insulation, dry wall etc. This property is sold “as is”.

Key facts

• 0.58 acre lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $19 ($232/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (10.7% below list).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#915 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: amenities F, commute F, employment F.
• Benton Community School District (rural): math 63% / reading 74% proficiency, ranked #140 of 289 in IA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Atkins Elementary School (math 77% / reading 52%, grade B, #317 of 616 statewide, top 58%, 406 students, 17% FRL); Norway Elementary School (math 60% / reading 74%, grade A-, #140 of 246 statewide, top 60%, 338 students, 24% FRL); Benton Community Senior High School (math 63% / reading 78%, grade B+, #140 of 336 statewide, top 43%, 496 students, 27% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 3 active listings in the ZIP; 34 units permitted in Benton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($933 loan paydown + $9k appreciation (6.9% local appreciation)).
• Benton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.9% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 332 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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.
• Current owner paid $70k; list at $135k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 332 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.89% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.61%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (median comp): $116,553
• List price: $135,000
• Delta: 15.83%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

6.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 2.26×
• Total profit: $47,645
• Equity at exit: $92,756

10-year hold

• IRR: 17.3%
• Equity multiple: 4.64×
• Total profit: $137,681
• Equity at exit: $175,480

Cash invested: $37,800 (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 52354

• Home prices YoY: 4.5%
• Active inventory: 3
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,205 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $19

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 93%

Sensitivity live

Price	-10% $113	-5% $66	+0% $19	+5% $-27	+10% $-74
Rent	-10% $-76	-5% $-28	+0% $19	+5% $67	+10% $115
Rate	-1.0pp $87	-0.5pp $54	base $19	+0.5pp $-16	+1.0pp $-51

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $135,000 Active 332 DOM
2. 2026-06-19
   days on market $135,000 Active 330 DOM
3. 2026-06-18
   days on market $135,000 Active 329 DOM
4. 2026-06-17
   days on market $135,000 Active 328 DOM
5. 2026-06-16
   days on market $135,000 Active 327 DOM
6. 2026-06-15
   days on market $135,000 Active 326 DOM
7. 2026-06-14
   days on market $135,000 Active 324 DOM
8. 2026-06-13
   days on market $135,000 Active 323 DOM
9. 2026-06-10
   days on market $135,000 Active 321 DOM
10. 2026-06-09
    days on market $135,000 Active 320 DOM
11. 2026-06-08
    days on market $135,000 Active 319 DOM
12. 2026-06-07
    days on market $135,000 Active 318 DOM
13. 2026-06-02
    days on market $135,000 Active 313 DOM
14. 2026-06-01
    days on market $135,000 Active 312 DOM
15. 2026-05-31
    days on market $135,000 Active 311 DOM
16. 2026-05-30
    days on market $135,000 Active 310 DOM
17. 2025-10-21
    price $135,000 1025-char remark

    Show marketing remark (1025 chars)

    This property has over ½ acre and boasts of a newer 4-car (1008 sq ft) detached garage, a 3-bedroom 1.75 story home with a large deck. Located in peaceful Watkins, just 20 minutes from Cedar Rapids, in Benton Comm School District with bus service. Most of the hard work is already done, just bring your vision to finish it. In 2022 new siding, soffits, fascia, gutters were added to the house and garage. There is a fenced yard, pet fence and garden area. Kitchen, first floor laundry and bath were being remolded when sellers decided to sell. Refrigerator, washer / dryer new in 2022, induction cooktop new in 2023. There is several items that will be included with the house; Kitchen cabinets that are all quarter-sewn oak with soft close and hinges, including 2-pull out spice cabinets, toe kicks, a tall unit for the wall oven and microwave, 3 x 5 shower, including base pan, surround, glass doors, a jet tub, several building supplies; plywood, insulation, dry wall etc. This property is sold “as is”.

18. 2025-08-26
    price $125,000 1025-char remark

    Show marketing remark (1025 chars)

    This property has over ½ acre and boasts of a newer 4-car (1008 sq ft) detached garage, a 3-bedroom 1.75 story home with a large deck. Located in peaceful Watkins, just 20 minutes from Cedar Rapids, in Benton Comm School District with bus service. Most of the hard work is already done, just bring your vision to finish it. In 2022 new siding, soffits, fascia, gutters were added to the house and garage. There is a fenced yard, pet fence and garden area. Kitchen, first floor laundry and bath were being remolded when sellers decided to sell. Refrigerator, washer / dryer new in 2022, induction cooktop new in 2023. There is several items that will be included with the house; Kitchen cabinets that are all quarter-sewn oak with soft close and hinges, including 2-pull out spice cabinets, toe kicks, a tall unit for the wall oven and microwave, 3 x 5 shower, including base pan, surround, glass doors, a jet tub, several building supplies; plywood, insulation, dry wall etc. This property is sold “as is”.

19. 2025-07-24
    listed $135,000 Active 1025-char remark

    Show marketing remark (1025 chars)

    This property has over ½ acre and boasts of a newer 4-car (1008 sq ft) detached garage, a 3-bedroom 1.75 story home with a large deck. Located in peaceful Watkins, just 20 minutes from Cedar Rapids, in Benton Comm School District with bus service. Most of the hard work is already done, just bring your vision to finish it. In 2022 new siding, soffits, fascia, gutters were added to the house and garage. There is a fenced yard, pet fence and garden area. Kitchen, first floor laundry and bath were being remolded when sellers decided to sell. Refrigerator, washer / dryer new in 2022, induction cooktop new in 2023. There is several items that will be included with the house; Kitchen cabinets that are all quarter-sewn oak with soft close and hinges, including 2-pull out spice cabinets, toe kicks, a tall unit for the wall oven and microwave, 3 x 5 shower, including base pan, surround, glass doors, a jet tub, several building supplies; plywood, insulation, dry wall etc. This property is sold “as is”.

20. 2022-05-02
    soldstatus $70,000 394-char remark

    Show marketing remark (394 chars)

    Check out this property located only 20 minutes from town on a 2/3 Acre lot. Huge yard, large garage and tons of potential on this one. Three Bedrooms on the upper level and one bedroom on the main with over 1400 square feet. New Carpet, vinyl plank and Paint with tons of room for your own personal touch. Over 1000 Square foot garage for all of your tools and toys. Make this one yours today!

21. 2022-02-23
    listed $80,000 394-char remark

    Show marketing remark (394 chars)

    Check out this property located only 20 minutes from town on a 2/3 Acre lot. Huge yard, large garage and tons of potential on this one. Three Bedrooms on the upper level and one bedroom on the main with over 1400 square feet. New Carpet, vinyl plank and Paint with tons of room for your own personal touch. Over 1000 Square foot garage for all of your tools and toys. Make this one yours today!

22. 2021-10-01
    soldstatus $51,000
23. 2021-08-02
    listed $89,900

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $14,466
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,157
• − Management: −$1,157
• − Depreciation: −$3,927
• Taxable loss: −$2,038
• Est. tax savings @ 24.0%: +$489
• After-tax cash flow: $722/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 · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to address structural issues and improve functionality, but has a good exterior and landscaping.

Repairs flagged

• Major Exposed beams in kitchen and bath — Structural issues
• Major Missing cabinets in kitchen and bath — Structural issues
• Major Countertops in kitchen and bath — Structural issues

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal
• Resale Replace countertops and cabinets in kitchen and bath — Modern countertops and cabinets improve functionality and aesthetics
• Resale Replace exposed beams and missing cabinets — Structural repairs improve safety and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed beams in kitchen and bath · Structural issues	Major	$15,000–50,000
Missing cabinets in kitchen and bath · Structural issues	Major	$15,000–50,000
Countertops in kitchen and bath · Structural issues	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal ↑
• Resale Replace countertops and cabinets in kitchen and bath — Modern countertops and cabinets improve functionality and aesthetics ↑
• Resale Replace exposed beams and missing cabinets — Structural repairs improve safety and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Benton Community School District
• NCES district ID: 1904830
• Math proficiency: 63% ▼ -9.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $66,104
• Composite: 59.62/100
• National rank: #908
• State rank: #140 of 289 in IA

Livability — Watkins

• Score: 57/100
• State rank: #915
• US rank: #22026

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watkins, IA
• Population (ZIP): 329

Population outlook (Benton County) Hauer SSP2

• Today (2025): 25,078 people
• By 2030: 24,606 · -1.9%
• By 2040: 23,425 · -6.6%
• By 2050: 21,891 · -12.7%
• By 2075: 19,482 · -22.3%
• By 2100: 17,139 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Native American 2%
• Common ancestry: Italian 3% Slovak 2% Portuguese 2%
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Benton

• 2024 margin: Solid R (+33.2) · D 32.8% · R 66.0% · Other 1.3%
• 2008→2024 swing: -37.7pp toward R · 2008: 4.5pp · 2024: -33.2pp
• All cycles: 2024: R+33.2 2020: R+27.5 2016: R+26.0 2012: R+0.6 2008: D+4.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.91%
• Current HPI: 162.0368
• 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

+50.2% since first listed

7 events — show timeline

• 2025-10-21 Price Changed $135,000 CRAAR, CDRMLS
• 2025-08-26 Price Changed $125,000 CRAAR, CDRMLS
• 2025-07-24 Listed $135,000 CRAAR, CDRMLS
• 2022-05-02 Sold (MLS) $70,000 CRAAR, CDRMLS
• 2022-02-23 Listed $80,000 CRAAR, CDRMLS
• 2021-10-01 Sold (MLS) $51,000 CRAAR, CDRMLS
• 2021-08-02 Listed $89,900 CRAAR, CDRMLS