407 S Adams St · Mount Pleasant, IA 52641

$119,000

3 bd · 2.0 ba · 1,915 sqft · SingleFamily public records · 45 Days on market

Built 1900 0.28 ac lot $62/sqft · 29% below area Est $167k · 29% under ↓ 8% since listing

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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).

• Cash flow +15.4/30.0
• ARV discount +15.0/15.0
• Schools +5.4/10.0
• DSCR +4.7/10.0
• 1% rule +4.3/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy almost 2,000 finished square feet in this home offering 4 bedrooms and 1 1/2 baths. Main level provides large kitchen, dining area, living room, 2 bedrooms, full bath and laundry area. Upper level provides 2 additional bedrooms and 1/2 bath. Large corner lot and 2 car detached garage. Improvements include newer vinyl siding and newer windows!

Key facts

• Laundry area
• Large corner lot
• Newer vinyl siding

Tags

• LARGE KITCHEN
• DINING AREA
• LIVING ROOM
• LAUNDRY AREA
• LARGE CORNER LOT
• NEWER VINYL SIDING

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one half stories
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.28 acres (80 x 150)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $46 ($555/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 $111k (6.7% below list).
• Recommended offer: $111k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.3% in Mount Pleasant — 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 84/100 on livability (#20 in IA, #662 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Mount Pleasant Community School District (town): math 63% / reading 66% proficiency, ranked #207 of 289 in IA (top 72%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lincoln Elementary School (math 67% / reading 67%, grade B+, #273 of 616 statewide, top 51%, 211 students, 50% FRL); Mount Pleasant Middle School (math 64% / reading 70%, grade A-, #140 of 246 statewide, top 60%, 406 students, 49% FRL); Mount Pleasant High School (math 65% / reading 67%, grade B, #200 of 336 statewide, top 60%, 582 students, 45% FRL).
• Market conditions: 93 active listings in the ZIP; 30 units permitted in Henry County in 2024 (8 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Henry County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($115k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $111,023 (6.7% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 7% 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. 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: 0.93% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.67%
• DSCR: 1.07
• GRM: 8.9

CMA / ARV

• ARV (median comp): $166,671
• List price: $119,000
• Delta: -28.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
603 E Green St	0.37mi	3/2.0	1,904 (-1%)	9mo	$260,000	$137	74
703 S Adams Ct	0.25mi	3/2.5	1,820 (-5%)	8mo	$250,000	$137	71
203 E Webster St. St	0.09mi	3/2.0	2,195 (+15%)	5mo	$211,000	$96	67
610 E Henry St	0.56mi	3/1.5	1,843 (-4%)	0mo	$22,500	$12	65
505 S Pine St	0.52mi	3/2.0	1,957 (+2%)	8mo	$189,900	$97	65
308 E Washington St	0.24mi	4/1.5 (+1)	1,760 (-8%)	5mo	$136,000	$77	64
103 E Henry St	0.44mi	3/1.5	1,792 (-6%)	3mo	$130,000	$73	64
305 S Locust St. St	0.17mi	3/1.0	1,640 (-14%)	1mo	$147,450	$90	64
605 E Clay St. St	0.36mi	2/2.0 (-1)	2,072 (+8%)	6mo	$179,000	$86	60
700 W Henry St. St	0.64mi	4/2.0 (+1)	1,974 (+3%)	2mo	$195,000	$99	58
511 E Washington St	0.37mi	4/2.5 (+1)	2,172 (+13%)	2mo	$234,900	$108	51
415 N Adams St	0.59mi	3/1.5	1,680 (-12%)	7mo	$120,223	$72	44

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: -13.6%
• Equity multiple: 0.51×
• Total profit: $-16,313
• Equity at exit: $17,743

10-year hold

• IRR: -4.7%
• Equity multiple: 0.69×
• Total profit: $-10,321
• Equity at exit: $10,289

Cash invested: $33,320 (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 52641

• Home prices YoY: -25.2%
• Active inventory: 93
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,110 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$157 /mo · $1,886/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $46

Break-even live

Break-even rent $1,052

Max offer price $119,000

Occupancy floor 91%

Sensitivity live

Price	-10% $114	-5% $80	+0% $46	+5% $13	+10% $-21
Rent	-10% $-41	-5% $2	+0% $46	+5% $90	+10% $134
Rate	-1.0pp $106	-0.5pp $77	base $46	+0.5pp $15	+1.0pp $-16

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $119,000 Active 45 DOM
2. 2026-06-21
   days on market $119,000 Active 44 DOM
3. 2026-06-18
   days on market $119,000 Active 42 DOM
4. 2026-06-17
   days on market $119,000 Active 41 DOM
5. 2026-06-16
   days on market $119,000 Active 40 DOM
6. 2026-06-15
   days on market $119,000 Active 39 DOM
7. 2026-06-13
   days on market $119,000 Active 37 DOM
8. 2026-06-12
   days on market $119,000 Active 36 DOM
9. 2026-06-09
   days on market $119,000 Active 33 DOM
10. 2026-06-08
    days on market $119,000 Active 32 DOM
11. 2026-06-07
    days on market $119,000 Active 31 DOM
12. 2026-06-07
    days on market $119,000 Active 30 DOM
13. 2026-06-04
    days on market $119,000 Active 27 DOM
14. 2026-06-02
    days on market $119,000 Active 26 DOM
15. 2026-06-01
    days on market $119,000 Active 25 DOM
16. 2026-05-31
    days on market $119,000 Active 24 DOM
17. 2026-05-31
    days on market $119,000 Active 23 DOM
18. 2026-05-06
    listed $129,900 Active 350-char remark

ⓘ 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: $1,886 · $157/mo
• Projected year-2 tax: $1,886 · $157/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 FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,323
• − Mortgage interest: −$6,666
• − Property taxes: −$1,886
• − Insurance: −$595
• − Repairs & maintenance: −$1,066
• − Management: −$1,066
• − Depreciation: −$3,462
• Taxable loss: −$1,418
• Est. tax savings @ 24.0%: +$340
• After-tax cash flow: $896/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: Mount Pleasant Community School District
• NCES district ID: 1919890
• Math proficiency: 63% ▼ -5.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $46,805
• Composite: 54.49/100
• National rank: #1348
• State rank: #207 of 289 in IA

Livability — Mount Pleasant

• Score: 84/100
• State rank: #20
• US rank: #662

Category grades

Amenities B+ 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: Mount Pleasant, IA
• Population (ZIP): 12,796

Population outlook (Henry County) Hauer SSP2

• Today (2025): 19,583 people
• By 2030: 19,271 · -1.6%
• By 2040: 18,505 · -5.5%
• By 2050: 17,796 · -9.1%
• By 2075: 16,821 · -14.1%
• By 2100: 15,549 · -20.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+36.0) · D 31.3% · R 67.3% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: -5.0pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+32.4 2016: R+30.9 2012: R+6.0 2008: R+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.39%
• Current HPI: 179.2437
• 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

-8.4% since first listed

2 events — show timeline

• 2026-05-27 Price Changed $119,000 IAR
• 2026-05-06 Listed $129,900 IAR

Property tax history

+9.5%/yr

Latest (2025): $1,886 · +5.5% YoY. Source: county tax records.