308 B St · Leland, IA 50453

$59,000

2 bd · 1.0 ba · 1,142 sqft · SingleFamily public records · 47 Days on market

Built 1920 0.26 ac lot $52/sqft · 50% below area Est $117k · 50% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.8/10.0
• Schools +6.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming 1.5-story home situated on a spacious corner lot, offering over 1,100 square feet of potential! The exterior features low-maintenance vinyl siding and a newer rear deck—perfect for relaxing or entertaining. Step inside to find a functional U-shaped kitchen that flows into the dining and living areas, creating an inviting main living space. The main level includes a comfortable bedroom complete with its own en-suite bath for added convenience. Upstairs, you’ll find a generously sized second bedroom with access to an additional bonus area—ideal for a nursery, walk-in closet, or flex space. A full bathroom with a jacuzzi tub completes the upper level. Outside, enjoy

Key facts

• U-shaped kitchen
• En-suite bath
• Vinyl siding

Tags

• CORNER LOT
• VINYL SIDING
• REAR DECK
• U-SHAPED KITCHEN
• EN-SUITE BATH
• BONUS AREA

Property features AI

Finance

• Financial info: Annual tax: $876

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and a half stories
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.26 acres (94.5' x 120'); Located on highway through town; Subdivision: Benson Original Town

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#669 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment C-, health & safety C-, schools F.
• Forest City Community School District (town): math 67% / reading 78% proficiency, ranked #111 of 289 in IA (top 38%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 2 active listings in the ZIP; 6 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($408 loan paydown + $3k appreciation (5.6% local appreciation)).
• Winnebago County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $34k; list at $59k implies a 74% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.71% ✓
• Cap rate: 14.27%
• Cash-on-cash: 28.49%
• DSCR: 2.27
• GRM: 4.9

CMA / ARV

• ARV (median comp): $116,940
• List price: $59,000
• Delta: -49.55%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
212 5th Ave E	0.17mi	2/2.5	988 (-14%)	17mo	$75,000	$76	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.8%
• Equity multiple: 3.46×
• Total profit: $40,613
• Equity at exit: $35,587

10-year hold

• IRR: 36.4%
• Equity multiple: 7.07×
• Total profit: $100,343
• Equity at exit: $63,276

Cash invested: $16,520 (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 50453

• Home prices YoY: 5.5%
• Active inventory: 2
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,012 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$73 /mo · $876/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $392

Break-even live

Break-even rent $515

Max offer price $59,000

Occupancy floor 56%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $59,000 Active 47 DOM
2. 2026-06-17
   days on market $59,000 Active 46 DOM
3. 2026-06-16
   days on market $59,000 Active 45 DOM
4. 2026-06-15
   days on market $59,000 Active 44 DOM
5. 2026-06-13
   days on market $59,000 Active 42 DOM
6. 2026-06-12
   days on market $59,000 Active 41 DOM
7. 2026-06-09
   days on market $59,000 Active 38 DOM
8. 2026-06-08
   days on market $59,000 Active 37 DOM
9. 2026-06-07
   days on market $59,000 Active 36 DOM
10. 2026-06-07
    days on market $59,000 Active 35 DOM
11. 2026-06-04
    days on market $59,000 Active 32 DOM
12. 2026-06-02
    days on market $59,000 Active 31 DOM
13. 2026-06-01
    days on market $59,000 Active 30 DOM
14. 2026-05-31
    days on market $59,000 Active 29 DOM
15. 2026-05-31
    days on market $59,000 Active 28 DOM
16. 2026-05-06
    price $59,000 948-char remark
17. 2026-05-02
    listed $68,000 Active 948-char remark
18. 2006-06-23
    soldstatus $34,000

ⓘ 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: $876 · $73/mo
• Projected year-2 tax: $901 · $75/mo
• Expected delta: +$25/yr (+$2/mo · 2.9%)

ⓘ 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 ≥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: $12,139
• − Mortgage interest: −$3,305
• − Property taxes: −$876
• − Insurance: −$295
• − Repairs & maintenance: −$971
• − Management: −$971
• − Depreciation: −$1,716
• Taxable income: $4,004
• Est. tax owed @ 24.0%: −$961
• After-tax cash flow: $3,745/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: Forest City Community School District
• NCES district ID: 1911790
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 78% ▲ 1.00%
• Median HH income: $46,674
• Composite: 61.08/100
• National rank: #789
• State rank: #111 of 289 in IA

Livability — Leland

• Score: 63/100
• State rank: #669
• US rank: #15560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leland, IA
• Population (ZIP): 520

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 10,099 people
• By 2030: 9,831 · -2.7%
• By 2040: 9,326 · -7.7%
• By 2050: 9,073 · -10.2%
• By 2075: 9,448 · -6.4%
• By 2100: 10,279 · +1.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 54% Iranian 1% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Solid R (+30.7) · D 33.9% · R 64.6% · Other 1.5%
• 2008→2024 swing: -39.3pp toward R · 2008: 8.6pp · 2024: -30.7pp
• All cycles: 2024: R+30.7 2020: R+26.3 2016: R+26.5 2012: R+0.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.59%
• Current HPI: 106.5045
• 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

+73.5% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $59,000 IAR
• 2026-05-02 Listed $68,000 IAR
• 2006-06-23 Sold (Public Records) $34,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $876 · +5.8% YoY. Source: county tax records.