815 Driftwood St · Correctionville, IA 51016

$130,000

4 bd · 2.0 ba · 1,314 sqft · SingleFamily public records · 3 Days on market

Built 1978 9,583 sqft lot Est $130k · at est.

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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 +15.2/30.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• Schools +5.2/10.0
• DSCR +4.7/10.0
• 1% rule +4.1/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome home to this beautifully maintained 4-bedroom, 2-bath split-level home featuring updated flooring and newer siding. This move-in ready property offers a functional layout, spacious living areas, and pride of ownership throughout. Enjoy easy access from the kitchen to the backyard deck, perfect for grilling, entertaining, or relaxing outdoors. A well-cared-for home with comfort, style, and space for everyday living—this one is a must-see!

Key facts

• Newer siding
• Updated flooring
• Backyard deck

Tags

• UPDATED FLOORING
• NEWER SIDING
• BACKYARD DECK

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $130k.

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 $119k (8.8% below list).
• Recommended offer: $119k (8.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#528 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, health & safety D, amenities F.
• River Valley Community School District (rural): math 60% / reading 63% proficiency, ranked #238 of 289 in IA (top 82%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: River Valley Elementary (math 62% / reading 52%, grade C+, #436 of 616 statewide, top 74%, 174 students, 60% FRL); River Valley Junior- Senior High School (math 62% / reading 67%, grade B-, #211 of 336 statewide, top 70%, 168 students, 54% FRL) — zoned schools average 57% FRL vs 34% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 15 active listings in the ZIP; 170 units permitted in Woodbury County in 2024 (90 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($899 loan paydown + $5k appreciation (3.6% local appreciation)).
• At projected returns (3.6% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $80k; list at $130k implies a 62% gain — meaningful room to come down on a strong offer.

Recommended offer $118,624 (8.8% below list)

Questions for the listing agent

1. Built in 1978 — 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 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?
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: 0.91% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $130,086
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
718 Driftwood St	0.11mi	4/1.5	1,428 (+9%)	19mo	$81,640	$57	63
312 Elm St	0.39mi	5/1.0 (+1)	1,438 (+9%)	2mo	$142,000	$99	56

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

Projected returns pro-forma

3.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.63×
• Total profit: $22,833
• Equity at exit: $62,938

10-year hold

• IRR: 12.5%
• Equity multiple: 2.98×
• Total profit: $72,109
• Equity at exit: $100,636

Cash invested: $36,400 (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 51016

• Home prices YoY: 1.7%
• Active inventory: 15
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,186 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$155 /mo · $1,860/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $46

Break-even live

Break-even rent $1,128

Max offer price $130,000

Occupancy floor 91%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-21
   status Pending
2. 2026-04-18
   listed $130,000 Active
3. 2022-01-11
   soldstatus $80,000

ⓘ 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: $1,860 · $155/mo
• Projected year-2 tax: $1,950 · $163/mo
• Expected delta: +$90/yr (+$8/mo · 4.9%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°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: $14,235
• − Mortgage interest: −$7,282
• − Property taxes: −$1,860
• − Insurance: −$650
• − Repairs & maintenance: −$1,139
• − Management: −$1,139
• − Depreciation: −$3,782
• Taxable loss: −$1,617
• Est. tax savings @ 24.0%: +$388
• After-tax cash flow: $943/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: River Valley Community School District
• NCES district ID: 1910340
• Math proficiency: 60% ▼ -5.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $43,677
• Composite: 51.71/100
• National rank: #1686
• State rank: #238 of 289 in IA

Livability — Correctionville

• Score: 66/100
• State rank: #528
• US rank: #11786

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Correctionville, IA
• Population (ZIP): 1,095

Population outlook (Woodbury County) Hauer SSP2

• Today (2025): 103,226 people
• By 2030: 103,060 · -0.2%
• By 2040: 102,533 · -0.7%
• By 2050: 102,788 · -0.4%
• By 2075: 107,227 · +3.9%
• By 2100: 113,980 · +10.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 16% Hispanic / Latino 15%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 84% English-only · Spanish 14% German/W. Germanic 1%

Political lean MEDSL · Woodbury

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.9% · Other 1.3%
• 2008→2024 swing: -22.5pp toward R · 2008: -0.5pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+15.5 2016: R+19.9 2012: R+0.2 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.61%
• Current HPI: 215.7251
• 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

+62.5% since first listed

3 events — show timeline

• 2026-04-21 Pending — NWIA
• 2026-04-18 Listed $130,000 NWIA
• 2022-01-11 Sold (Public Records) $80,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,860 · +3.7% YoY. Source: county tax records.