203 N Iowa St · Calmar, IA 52132

$85,000

3 bd · 1.0 ba · 1,320 sqft · SingleFamily public records · 189 Days on market

Built 1900 7,788 sqft lot $64/sqft · 46% below area Est $158k · 46% under ↓ 20% since listing

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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 +21.2/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.8/10.0
• 1% rule +6.2/10.0
• Schools +6.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

203 N Iowa St in Calmar is now available for sale! This home has 3 bedrooms and 2 baths with laundry on the main floor. It features a large kitchen and expansive outdoor deck. It could be a rental property, or you could turn it into your own home.

Key facts

• Large kitchen
• 7,788 sq ft lot
• Parking

Tags

• LARGE KITCHEN
• EXPANSIVE OUTDOOR DECK

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($950 rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#40 in IA, #1,023 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: commute C-, amenities F.
• South Winneshiek Community School District (rural): math 74% / reading 68% proficiency, ranked #120 of 289 in IA (top 42%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 4 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 49 units permitted in Winneshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($588 loan paydown + $8k appreciation (10.0% local appreciation)).
• Winneshiek County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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

• It's been on market 189 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.23%
• DSCR: 1.28
• GRM: 7.5

CMA / ARV

• ARV (median comp): $157,609
• List price: $85,000
• Delta: -46.07%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 N Melden St	0.10mi	3/1.5	1,414 (+7%)	16mo	$150,000	$106	68
501 W North St St	0.45mi	3/1.0	1,404 (+6%)	10mo	$120,000	$85	60
508 W Clay St	0.51mi	4/2.0 (+1)	1,387 (+5%)	13mo	$190,000	$137	48
401 W South St	0.52mi	2/1.5 (-1)	1,226 (-7%)	23mo	$210,000	$171	38

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 3.28×
• Total profit: $54,198
• Equity at exit: $76,575

10-year hold

• IRR: 25.1%
• Equity multiple: 7.45×
• Total profit: $153,495
• Equity at exit: $165,136

Cash invested: $23,800 (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 52132

• Home prices YoY: 31.4%
• Active inventory: 4
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $950 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$146 /mo · $1,750/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$200
• Net cashflow: $124

Break-even live

Break-even rent $794

Max offer price $85,000

Occupancy floor 82%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 Nicc Apt Dr Calmar, IA	2.0	1.0	875	$950	$1.09	2d	1	0.78mi

Listing history 17 events

1. 2026-06-18
   days on market $85,000 Active 189 DOM
2. 2026-06-17
   days on market $85,000 Active 188 DOM
3. 2026-06-16
   days on market $85,000 Active 187 DOM
4. 2026-06-15
   days on market $85,000 Active 186 DOM
5. 2026-06-14
   pricedays on market $85,000 Active 184 DOM
6. 2026-06-10
   days on market $100,000 Active 181 DOM
7. 2026-06-09
   days on market $100,000 Active 180 DOM
8. 2026-06-08
   days on market $100,000 Active 179 DOM
9. 2026-06-07
   days on market $100,000 Active 178 DOM
10. 2026-06-05
    days on market $100,000 Active 175 DOM
11. 2026-06-03
    days on market $100,000 Active 174 DOM
12. 2026-06-02
    days on market $100,000 Active 173 DOM
13. 2026-06-01
    days on market $100,000 Active 172 DOM
14. 2026-05-31
    days on market $100,000 Active 171 DOM
15. 2026-05-31
    days on market $100,000 Active 170 DOM
16. 2026-03-25
    price $100,000 247-char remark

    Show marketing remark (247 chars)

    203 N Iowa St in Calmar is now available for sale! This home has 3 bedrooms and 2 baths with laundry on the main floor. It features a large kitchen and expansive outdoor deck. It could be a rental property, or you could turn it into your own home.

17. 2025-12-10
    listed $125,000 Active 247-char remark

    Show marketing remark (247 chars)

    203 N Iowa St in Calmar is now available for sale! This home has 3 bedrooms and 2 baths with laundry on the main floor. It features a large kitchen and expansive outdoor deck. It could be a rental property, or you could turn it into your own home.

ⓘ 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: $1,750 · $146/mo
• Projected year-2 tax: $1,750 · $146/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $11,400
• − Mortgage interest: −$4,761
• − Property taxes: −$1,750
• − Insurance: −$425
• − Repairs & maintenance: −$912
• − Management: −$912
• − Depreciation: −$2,473
• Taxable income: $167
• Est. tax owed @ 24.0%: −$40
• After-tax cash flow: $1,442/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 Winneshiek Community School District
• NCES district ID: 1926790
• Math proficiency: 74% ▼ -7.00%
• Reading proficiency: 68% ▼ -4.00%
• Median HH income: $54,064
• Composite: 60.62/100
• National rank: #832
• State rank: #120 of 289 in IA

Livability — Calmar

• Score: 83/100
• State rank: #40
• US rank: #1023

Category grades

Amenities F Commute C- 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: Calmar, IA
• Population (ZIP): 1,856

Population outlook (Winneshiek County) Hauer SSP2

• Today (2025): 20,379 people
• By 2030: 19,937 · -2.2%
• By 2040: 18,697 · -8.3%
• By 2050: 17,392 · -14.7%
• By 2075: 14,921 · -26.8%
• By 2100: 12,836 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Portuguese 21% Lithuanian 1% English 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Winneshiek

• 2024 margin: Lean R (+9.3) · D 44.6% · R 53.9% · Other 1.5%
• 2008→2024 swing: -31.9pp toward R · 2008: 22.7pp · 2024: -9.3pp
• All cycles: 2024: R+9.3 2020: R+5.1 2016: R+0.8 2012: D+14.8 2008: D+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 52.17%
• Current HPI: 218.06
• 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

-20.0% since first listed

2 events — show timeline

• 2026-03-25 Price Changed $100,000 NEIRBR as distributed by MLS GRID
• 2025-12-10 Listed $125,000 NEIRBR as distributed by MLS GRID

Property tax history

+3.9%/yr

Latest (2025): $1,750 · +1.3% YoY. Source: county tax records.