1309 West St · Grinnell, IA 50112

$29,800

3 bd · 2.5 ba · 2,132 sqft · SingleFamily public records · 10 Days on market

Built 1900 0.25 ac lot

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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

Here is a great investment opportunity in the great town Grinnell. This home features 4 bedrooms with a large on suite on the main level and full bathroom and three bedrooms on the second floor. The home has a formal dinning area and a grand living room. This property needs a lot of sweat equity. However, this project can be fun and profitable.

Key facts

• 0.25 acre lot
• Built 1900
• Listed 10 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $742 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Cap rate 36.2% 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 $206 of loan paydown is wiped out by about $894 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $29,800

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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.
5. 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.
6. 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: 4.03% ✓
• Cap rate: 36.17%
• Cash-on-cash: 106.72%
• DSCR: 5.75
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $281,424
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
607 10th Ave	0.19mi	3/2.0	2,032 (-5%)	6mo	$268,000	$132	77
1204 Prairie St	0.37mi	4/2.5 (+1)	2,080 (-2%)	4mo	$163,500	$79	70
524 12th Ave	0.33mi	4/2.5 (+1)	2,024 (-5%)	2mo	$339,900	$168	70
1503 Elm St	0.60mi	4/2.5 (+1)	2,104 (-1%)	8mo	$300,000	$143	58
2010 Country Club Dr	0.65mi	3/1.5	2,039 (-4%)	1mo	$363,222	$178	57
1833 Spencer St	0.54mi	4/1.5 (+1)	2,266 (+6%)	6mo	$225,000	$99	50
1915 Prairie St	0.67mi	3/2.5	1,994 (-6%)	9mo	$410,500	$206	50
1414 Elm St	0.62mi	4/2.5 (+1)	1,972 (-8%)	6mo	$230,000	$117	48
1323 5th Ave	0.66mi	3/1.0	1,892 (-11%)	7mo	$187,500	$99	39
1904 Prairie St	0.63mi	4/2.5 (+1)	2,439 (+14%)	4mo	$247,000	$101	38
1810 Sunset St	0.66mi	3/3.0	1,824 (-14%)	6mo	$305,000	$167	38
622 Main St	0.69mi	2/2.0 (-1)	1,892 (-11%)	9mo	$150,000	$79	35

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: —
• Equity multiple: 6.09×
• Total profit: $42,451
• Equity at exit: $4,443

10-year hold

• IRR: —
• Equity multiple: 12.73×
• Total profit: $97,897
• Equity at exit: $2,577

Cash invested: $8,344 (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: 2.1×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$156
• Tax est. 1.5%: −$37 /mo · $447/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $742

Break-even live

Break-even rent $261

Max offer price $29,800

Occupancy floor 33%

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: $7,450
• Closing costs: $894
• 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	44d	1	0.58mi

Listing history 2 events

1. 2025-10-16
   status Pending
2. 2025-10-06
   listed $29,800 Active

ⓘ 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 4/10 Moderate
• 🌡 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: −$1,669
• − Property taxes: −$447
• − Insurance: −$149
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$867
• Taxable income: $8,964
• Est. tax owed @ 24.0%: −$2,151
• After-tax cash flow: $6,753/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

2 events — show timeline

• 2025-10-16 Pending — DMMLS
• 2025-10-06 Listed $29,800 DMMLS

Property tax history

-3.0%/yr

Latest (2025): $1,550 · +1.3% YoY. Source: county tax records.