1704 7th St · Harlan, IA 51537

$150,000

3 bd · 1.0 ba · 1,613 sqft · SingleFamily public records · 263 Days on market

Built 1910 5,456 sqft lot $93/sqft · at area comps Est $147k · at est. ↓ 9% since listing

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Why this score? — see what drove the D 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 +14.1/30.0
• ARV discount +6.5/15.0
• Schools +6.3/10.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Are you looking for a well maintained single family home, then this could be the one for you? Very well maintained 2 bedroom, 1 3/4 baths, den and main floor laundry room. Nice floor plan throughout. Spacious rooms. Enjoy sitting on the back screened in porch at the end of the day for relaxing! New flooring and interior paint. Close to the downtown area with shopping and restaurants! Not too far from the swimming pool and Merrill football field. Rear access through the alley with additional driveway parking. This one is move in ready! The back yard shed is included. The listing agent is related to seller.

Key facts

• Screened in porch
• New flooring
• Interior paint

Tags

• SCREENED IN PORCH
• NEW FLOORING
• INTERIOR PAINT
• REAR ACCESS
• ADDITIONAL DRIVEWAY PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $23 ($273/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 $134k (10.6% below list).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 4.0% in Harlan — 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 80/100 on livability (#79 in IA, #1,656 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Harlan Community School District (town): math 72% / reading 77% proficiency, ranked #81 of 289 in IA (top 28%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Harlan Primary (369 students, 44% FRL); Harlan Community Middle School (math 70% / reading 81%, grade A, #65 of 246 statewide, top 29%, 342 students, 36% FRL); Harlan High School (math 77% / reading 82%, grade A-, #34 of 336 statewide, top 14%, 477 students, 31% FRL).
• Market conditions: 35 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 263 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 263 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 1910 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.89% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.65%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (median comp): $146,767
• List price: $150,000
• Delta: 2.20%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 Euclid St	0.24mi	3/1.5	1,585 (-2%)	1mo	$162,500	$103	84
1811 8th St	0.13mi	4/2.0 (+1)	1,507 (-7%)	7mo	$220,000	$146	68
2209 7th St	0.36mi	4/1.0 (+1)	1,570 (-3%)	8mo	$135,000	$86	67
401 Market St	0.47mi	3/1.0	1,583 (-2%)	11mo	$135,000	$85	66
1401 College Blvd	0.59mi	3/2.0	1,622 (+1%)	7mo	$185,000	$114	62
805 Baldwin St	0.27mi	4/2.5 (+1)	1,694 (+5%)	9mo	$234,900	$139	60
1008 Baldwin St	0.38mi	3/1.5	1,717 (+6%)	11mo	$70,000	$41	60
1203 Durant St	0.49mi	3/2.5	1,544 (-4%)	11mo	$192,000	$124	55
2009 Franklin Ave	0.61mi	2/2.0 (-1)	1,719 (+7%)	4mo	$168,000	$98	48
1509 Linda Ln	0.73mi	3/1.5	1,713 (+6%)	10mo	$184,500	$108	45
1102 Hill St	0.60mi	2/2.0 (-1)	1,750 (+8%)	8mo	$103,000	$59	42
1216 Garfield Ave	0.51mi	2/2.5 (-1)	1,430 (-11%)	11mo	$265,000	$185	37

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: -15.2%
• Equity multiple: 0.46×
• Total profit: $-22,836
• Equity at exit: $22,365

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-17,935
• Equity at exit: $12,969

Cash invested: $42,000 (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 51537

• Home prices YoY: -26.9%
• Active inventory: 35
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,341 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $23

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 93%

Sensitivity live

Price	-10% $108	-5% $65	+0% $23	+5% $-20	+10% $-62
Rent	-10% $-83	-5% $-30	+0% $23	+5% $76	+10% $129
Rate	-1.0pp $98	-0.5pp $61	base $23	+0.5pp $-16	+1.0pp $-56

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 Gary Scull Dr Unit 12-405 Harlan, IA	3.0	2.0	1738	$1,400	$0.81	45d	1	1.02mi
611 Gary Scull Dr Unit 10-305 Harlan, IA	3.0	2.0	1738	$1,282	$0.74	45d	1	1.02mi

Listing history 23 events

1. 2026-06-22
   days on market $150,000 Active 263 DOM
2. 2026-06-21
   days on market $150,000 Active 262 DOM
3. 2026-06-21
   days on market $150,000 Active 261 DOM
4. 2026-06-18
   days on market $150,000 Active 259 DOM
5. 2026-06-17
   days on market $150,000 Active 258 DOM
6. 2026-06-16
   days on market $150,000 Active 257 DOM
7. 2026-06-15
   days on market $150,000 Active 256 DOM
8. 2026-06-13
   days on market $150,000 Active 254 DOM
9. 2026-06-12
   days on market $150,000 Active 253 DOM
10. 2026-06-09
    days on market $150,000 Active 250 DOM
11. 2026-06-08
    days on market $150,000 Active 249 DOM
12. 2026-06-07
    days on market $150,000 Active 248 DOM
13. 2026-06-05
    days on market $150,000 Active 246 DOM
14. 2026-06-04
    days on market $150,000 Active 244 DOM
15. 2026-06-02
    days on market $150,000 Active 243 DOM
16. 2026-06-01
    days on market $150,000 Active 242 DOM
17. 2026-05-31
    days on market $150,000 Active 241 DOM
18. 2026-05-31
    days on market $150,000 Active 240 DOM
19. 2026-04-01
    status Active 616-char remark

    Show marketing remark (616 chars)

    Are you looking for a well maintained single family home, then this could be the one for you? Very well maintained 2 bedroom, 1 3/4 baths, den and main floor laundry room. Nice floor plan throughout. Spacious rooms. Enjoy sitting on the back screened in porch at the end of the day for relaxing! New flooring and interior paint. Close to the downtown area with shopping and restaurants! Not too far from the swimming pool and Merrill football field. Rear access through the alley with additional driveway parking. This one is move in ready! The back yard shed is included. The listing agent is related to seller.

20. 2026-03-26
    historical Active Under Contract 616-char remark

    Show marketing remark (616 chars)

    Are you looking for a well maintained single family home, then this could be the one for you? Very well maintained 2 bedroom, 1 3/4 baths, den and main floor laundry room. Nice floor plan throughout. Spacious rooms. Enjoy sitting on the back screened in porch at the end of the day for relaxing! New flooring and interior paint. Close to the downtown area with shopping and restaurants! Not too far from the swimming pool and Merrill football field. Rear access through the alley with additional driveway parking. This one is move in ready! The back yard shed is included. The listing agent is related to seller.

21. 2026-01-08
    price $150,000 616-char remark

    Show marketing remark (616 chars)

    Are you looking for a well maintained single family home, then this could be the one for you? Very well maintained 2 bedroom, 1 3/4 baths, den and main floor laundry room. Nice floor plan throughout. Spacious rooms. Enjoy sitting on the back screened in porch at the end of the day for relaxing! New flooring and interior paint. Close to the downtown area with shopping and restaurants! Not too far from the swimming pool and Merrill football field. Rear access through the alley with additional driveway parking. This one is move in ready! The back yard shed is included. The listing agent is related to seller.

22. 2025-10-24
    price $159,900 616-char remark

    Show marketing remark (616 chars)

    Are you looking for a well maintained single family home, then this could be the one for you? Very well maintained 2 bedroom, 1 3/4 baths, den and main floor laundry room. Nice floor plan throughout. Spacious rooms. Enjoy sitting on the back screened in porch at the end of the day for relaxing! New flooring and interior paint. Close to the downtown area with shopping and restaurants! Not too far from the swimming pool and Merrill football field. Rear access through the alley with additional driveway parking. This one is move in ready! The back yard shed is included. The listing agent is related to seller.

23. 2025-10-02
    listed $165,000 Active 616-char remark

    Show marketing remark (616 chars)

    Are you looking for a well maintained single family home, then this could be the one for you? Very well maintained 2 bedroom, 1 3/4 baths, den and main floor laundry room. Nice floor plan throughout. Spacious rooms. Enjoy sitting on the back screened in porch at the end of the day for relaxing! New flooring and interior paint. Close to the downtown area with shopping and restaurants! Not too far from the swimming pool and Merrill football field. Rear access through the alley with additional driveway parking. This one is move in ready! The back yard shed is included. The listing agent is related to seller.

ⓘ 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: $2,250 · $188/mo
• Projected year-2 tax: $2,302 · $192/mo
• Expected delta: +$52/yr (+$4/mo · 2.3%)

ⓘ 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 ≥103°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: $16,092
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,287
• − Management: −$1,287
• − Depreciation: −$4,364
• Taxable loss: −$2,249
• Est. tax savings @ 24.0%: +$540
• After-tax cash flow: $813/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: Harlan Community School District
• NCES district ID: 1913500
• Math proficiency: 72% ▼ -7.00%
• Reading proficiency: 77% ▼ -3.00%
• Median HH income: $48,557
• Composite: 62.95/100
• National rank: #656
• State rank: #81 of 289 in IA

Livability — Harlan

• Score: 80/100
• State rank: #79
• US rank: #1656

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harlan, IA
• Population (ZIP): 6,480

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 11,637 people
• By 2030: 11,472 · -1.4%
• By 2040: 11,146 · -4.2%
• By 2050: 10,791 · -7.3%
• By 2075: 10,601 · -8.9%
• By 2100: 10,338 · -11.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Portuguese 3% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+43.0) · D 27.9% · R 70.9% · Other 1.2%
• 2008→2024 swing: -33.3pp toward R · 2008: -9.7pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+40.3 2016: R+42.9 2012: R+22.2 2008: R+9.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.04%
• Current HPI: 209.5911
• 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

-9.1% since first listed

5 events — show timeline

• 2026-04-01 Relisted — IAR
• 2026-03-26 Contingent — IAR
• 2026-01-08 Price Changed $150,000 IAR
• 2025-10-24 Price Changed $159,900 IAR
• 2025-10-02 Listed $165,000 IAR

Property tax history

+5.9%/yr

Latest (2025): $2,250 · +3.1% YoY. Source: county tax records.