460 & 480 2nd St St NE · Primghar, IA 51245

$137,000

2 bd · 1.0 ba · 947 sqft · SingleFamily public records · 12 Days on market

Built 1958 0.36 ac lot Est $183k · 25% under

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Why this score? — see what drove the C- 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 +15.0/15.0
• Cash flow +9.1/30.0
• Appreciation +8.1/10.0
• Schools +5.5/10.0
• Livability +3.8/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0

Listing remarks

Check out this great opportunity to purchase a three bedroom ranch style home that includes the beautiful open corner lot next to it. The home has a nice layout with a spacious living room to the front of the home. There is a dedicated dining area in the center of the home that has a built-in hutch. The kitchen and dining area are divided by breakfast bar, making a great place to sit and enjoy a quick meal or a place to sit and visit while meals are being prepared in the kitchen. All three of the bedrooms are located on the main floor with a bathroom in the middle. The basement offers a lot of untapped potential for added living space if the buyer would want to finish it off. This property

Key facts

• Large open lot
• Built-in hutch
• Open corner lot

Tags

• OPEN CORNER LOT
• DEDICATED DINING AREA
• BUILT-IN HUTCH
• BREAKFAST BAR
• UNATTACHED SINGLE STALL GARAGE
• LARGE OPEN LOT

Property features AI

Exterior

• Parking: Attached garage with concrete parking (1 garage space)
• Utilities: Public water; Public sewer
• Home design: Single-family residential; Wood siding; Shingle roof
• Construction: Wood siding construction
• Exterior features: Level lot; In-ground pool

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Built-in features; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $137k.

Deal economics

• At list price, monthly cash flow is $-104 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (13.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (34.7% below list).
• Recommended offer: $90k (34.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#193 in IA, #3,535 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• South O'Brien Community School District (rural): math 64% / reading 66% proficiency, ranked #196 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South O'Brien Elem Sch Primghar Center (math 67% / reading 67%, grade B+, #273 of 616 statewide, top 51%, 324 students, 38% FRL); South O'Brien Secondary School (math 62% / reading 66%, grade B-, #235 of 336 statewide, top 71%, 252 students, 30% FRL).
• Market conditions: 14 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 13 units permitted in O'Brien County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($947 loan paydown + $8k appreciation (6.2% local appreciation)).
• O'Brien County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,500 (34.7% 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. Built in 1958 — 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 B-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: 0.65% ✗
• Cap rate: 5.38%
• Cash-on-cash: -3.27%
• DSCR: 0.85
• GRM: 12.8

CMA / ARV

• ARV (on-the-fly): $182,771
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
240 3rd St St NE	0.34mi	2/2.0	1,076 (+14%)	2mo	$107,000	$99	56
655 S Mccormack Ave	0.46mi	2/1.5	1,069 (+13%)	1mo	$206,000	$193	54

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

Projected returns pro-forma

6.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.1%
• Equity multiple: 1.89×
• Total profit: $34,197
• Equity at exit: $87,577

10-year hold

• IRR: 13.6%
• Equity multiple: 3.75×
• Total profit: $105,308
• Equity at exit: $160,085

Cash invested: $38,360 (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 51245

• Home prices YoY: 4.3%
• Active inventory: 14
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $895 medium
• Mortgage (P&I): −$718
• Tax from tax record: −$36 /mo · $432/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$188
• Net cashflow: $-104

Break-even live

Break-even rent $1,027

Max offer price $118,544

Occupancy floor —

Sensitivity live

Price	-10% $-27	-5% $-66	+0% $-104	+5% $-143	+10% $-182
Rent	-10% $-175	-5% $-140	+0% $-104	+5% $-69	+10% $-34
Rate	-1.0pp $-35	-0.5pp $-70	base $-104	+0.5pp $-140	+1.0pp $-176

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: $34,250
• Closing costs: $4,110
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
460 2nd St NW Primghar, IA	2.0	1.0	947	$895	$0.95	45d	1	0.03mi

Listing history 10 events

1. 2026-06-21
   days on market $137,000 Active 12 DOM
2. 2026-06-21
   days on market $137,000 Active 11 DOM
3. 2026-06-18
   days on market $137,000 Active 9 DOM
4. 2026-06-17
   days on market $137,000 Active 8 DOM
5. 2026-06-16
   days on market $137,000 Active 7 DOM
6. 2026-06-15
   days on market $137,000 Active 6 DOM
7. 2026-06-13
   days on market $137,000 Active 4 DOM
8. 2026-06-12
   days on market $137,000 Active 3 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-09
    listed $137,000 Active 1 DOM

ⓘ 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: $432 · $36/mo
• Projected year-2 tax: $1,291 · $108/mo
• Expected delta: +$859/yr (+$72/mo · 198.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°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: $10,740
• − Mortgage interest: −$7,674
• − Property taxes: −$432
• − Insurance: −$685
• − Repairs & maintenance: −$859
• − Management: −$859
• − Depreciation: −$3,985
• Taxable loss: −$3,755
• Est. tax savings @ 24.0%: +$901
• After-tax cash flow: $-353/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: South O'Brien Community School District
• NCES district ID: 1900026
• Math proficiency: 64% ▼ -6.00%
• Reading proficiency: 66% ▼ -7.00%
• Median HH income: $50,412
• Composite: 55.26/100
• National rank: #1267
• State rank: #196 of 289 in IA

Livability — Primghar

• Score: 76/100
• State rank: #193
• US rank: #3535

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Primghar, IA
• Population (ZIP): 1,264

Population outlook (O'Brien County) Hauer SSP2

• Today (2025): 13,353 people
• By 2030: 13,040 · -2.3%
• By 2040: 12,422 · -7.0%
• By 2050: 11,887 · -11.0%
• By 2075: 11,132 · -16.6%
• By 2100: 10,176 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Black 3% Two or more races 1%
• Common ancestry: Iranian 13% Portuguese 4% Slovak 2%
• Foreign-born: 1% · Canada

Political lean MEDSL · O'Brien

• 2024 margin: Solid R (+60.9) · D 19.0% · R 80.0% · Other 1.0%
• 2008→2024 swing: -26.1pp toward R · 2008: -34.9pp · 2024: -60.9pp
• All cycles: 2024: R+60.9 2020: R+56.8 2016: R+60.2 2012: R+45.2 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.17%
• Current HPI: 148.8467
• 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

+73.4% since first listed

16 events — show timeline

• 2026-06-08 Listed $137,000 NWIA
• 2026-06-02 Price Changed $875 TURBOTENANT
• 2026-05-03 Listed for Rent $895 TURBOTENANT
• 2026-05-02 Rental Removed $895 BUILDIUM
• 2026-04-30 Price Changed $895 BUILDIUM
• 2026-04-26 Listed for Rent $925 BUILDIUM
• 2026-04-26 Rental Removed $925 TURBOTENANT
• 2026-04-16 Price Changed $925 TURBOTENANT
• 2026-04-07 Price Changed $950 TURBOTENANT
• 2026-03-26 Listed for Rent $999 TURBOTENANT
• 2026-03-25 Rental Removed $999 BUILDIUM
• 2026-03-25 Listed for Rent $999 BUILDIUM
• 2024-01-31 Pending — NWIA
• 2023-10-11 Price Changed $69,900 NWIA
• 2023-09-29 Price Changed $72,500 NWIA
• 2023-08-31 Listed $79,000 NWIA

Property tax history

+4.1%/yr

Latest (2025): $432 · +1.4% YoY. Source: county tax records.