102 4th St St NW · Nora Springs, IA 50458

$87,500

3 bd · 1.5 ba · 1,690 sqft · SingleFamily public records · 86 Days on market

Built 1900 $52/sqft · 22% below area Est $112k · 22% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Schools +6.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Well maintained main level. Upper needs some maintenance and updating. Listing agent is related to sellers.

Key facts

• Garage
• Built 1900
• Listed 86 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $88k.

Deal economics

• At list price, monthly cash flow is $389 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $82k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#268 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Central Springs Community School District (rural): math 75% / reading 76% proficiency, ranked #64 of 289 in IA (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 15 active listings in the ZIP; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($605 loan paydown + $9k appreciation (10.0% local appreciation)).
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $88k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $82,250 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.41% ✓
• Cap rate: 11.63%
• Cash-on-cash: 19.06%
• DSCR: 1.85
• GRM: 5.9

CMA / ARV

• ARV (median comp): $112,450
• List price: $87,500
• Delta: -22.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 N Hawkeye Ave	0.18mi	3/1.5	1,672 (-1%)	14mo	$135,000	$81	78
12 N Gaylord Ave	0.25mi	3/1.2	1,795 (+6%)	7mo	$82,000	$46	72
309 3rd St St NE	0.31mi	3/2.0	1,820 (+8%)	1mo	$156,000	$86	70
403 N Iowa Ave	0.15mi	3/1.5	1,888 (+12%)	8mo	$169,900	$90	67
116 W Congress St St	0.25mi	3/1.8	1,896 (+12%)	3mo	$243,000	$128	65
712 Bison Dr Dr	0.63mi	3/1.8	1,698 (+0%)	7mo	$290,000	$171	63
102 E Congress St	0.29mi	3/1.5	1,464 (-13%)	12mo	$155,000	$106	54

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: 38.5%
• Equity multiple: 3.96×
• Total profit: $72,440
• Equity at exit: $78,827

10-year hold

• IRR: 33.1%
• Equity multiple: 8.91×
• Total profit: $193,849
• Equity at exit: $169,993

Cash invested: $24,500 (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 50458

• Home prices YoY: 6.8%
• Active inventory: 15
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,232 medium
• Mortgage (P&I): −$459
• Tax from tax record: −$89 /mo · $1,070/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $389

Break-even live

Break-even rent $740

Max offer price $87,500

Occupancy floor 63%

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $87,500 Active 86 DOM
2. 2026-06-17
   days on market $87,500 Active 85 DOM
3. 2026-06-16
   days on market $87,500 Active 84 DOM
4. 2026-06-15
   days on market $87,500 Active 83 DOM
5. 2026-06-13
   days on market $87,500 Active 81 DOM
6. 2026-06-12
   days on market $87,500 Active 80 DOM
7. 2026-06-09
   days on market $87,500 Active 77 DOM
8. 2026-06-08
   days on market $87,500 Active 76 DOM
9. 2026-06-07
   days on market $87,500 Active 75 DOM
10. 2026-06-07
    days on market $87,500 Active 74 DOM
11. 2026-06-04
    days on market $87,500 Active 71 DOM
12. 2026-06-02
    days on market $87,500 Active 70 DOM
13. 2026-06-01
    days on market $87,500 Active 69 DOM
14. 2026-05-31
    days on market $87,500 Active 68 DOM
15. 2026-05-31
    days on market $87,500 Active 67 DOM
16. 2026-03-24
    listed $87,500 Active 107-char remark

    Show marketing remark (107 chars)

    Well maintained main level. Upper needs some maintenance and updating. Listing agent is related to sellers.

17. 1992-04-21
    soldstatus $32,500

ⓘ 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: $1,070 · $89/mo
• Projected year-2 tax: $1,222 · $102/mo
• Expected delta: +$152/yr (+$13/mo · 14.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 16 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: $14,788
• − Mortgage interest: −$4,901
• − Property taxes: −$1,070
• − Insurance: −$438
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$2,545
• Taxable income: $3,467
• Est. tax owed @ 24.0%: −$832
• After-tax cash flow: $3,836/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: Central Springs Community School District
• NCES district ID: 1920760
• Math proficiency: 75% ▲ 3.00%
• Reading proficiency: 76% ▲ 15.00%
• Median HH income: $54,070
• Composite: 64.32/100
• National rank: #553
• State rank: #64 of 289 in IA

Livability — Nora Springs

• Score: 73/100
• State rank: #268
• US rank: #5165

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nora Springs, IA
• Population (ZIP): 2,242

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Portuguese 11% Scotch-Irish 4% Italian 4%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.85%
• Current HPI: 262.8536
• 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

+169.2% since first listed

2 events — show timeline

• 2026-03-24 Listed $87,500 Greater Mason BOR
• 1992-04-21 Sold (Public Records) $32,500 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,070 · +8.5% YoY. Source: county tax records.