616 3rd St · Perry, IA 50220

$95,000

2 bd · 1.0 ba · 873 sqft · Other public records · 69 Days on market

Built 1920 10,250 sqft lot $109/sqft · 18% below area Est $116k · 18% under

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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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• Schools +4.6/10.0
• 1% rule +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bedroom, 1 bathroom house is the perfect starter home or a great addition to your investment portfolio! It has a spacious living area and the convenience of the laundry area on the main floor. Enjoy the large yard with alley access. Call today to schedule a showing and make this property yours!

Key facts

• Spacious living area
• 0.24 acre lot
• Built 1920

Tags

• SPACIOUS LIVING AREA
• LAUNDRY AREA ON MAIN FLOOR
• LARGE YARD WITH ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $95k.

Deal economics

• At list price, monthly cash flow is $70 ($835/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 $90k (4.9% below list).
• Recommended offer: $89k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.9% in Perry — 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 73/100 on livability (#273 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Perry Community School District (town): math 51% / reading 59% proficiency, ranked #266 of 289 in IA (top 92%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 49 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 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 1920 — 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. 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: 0.95% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 8.8

CMA / ARV

• ARV (median comp): $115,592
• List price: $95,000
• Delta: -17.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-10,957
• Equity at exit: $14,165

10-year hold

• IRR: -2.1%
• Equity multiple: 0.86×
• Total profit: $-3,812
• Equity at exit: $8,214

Cash invested: $26,600 (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 50220

• Home prices YoY: -30.2%
• Active inventory: 49
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $903 high
• Mortgage (P&I): −$498
• Tax from tax record: −$106 /mo · $1,274/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $70

Break-even live

Break-even rent $815

Max offer price $95,000

Occupancy floor 87%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 Evelyn St Unit 1 Perry, IA	2.0	2.0	1000	$895	$0.90	14d	1	0.23mi
1402 Willis Ave Unit 5 Perry, IA	2.0	1.0	675	$650	$0.96	14d	1	0.34mi
913 Willis Ave Perry, IA	1.0–2.0	1.0–2.0	882	$1,000	$1.13	14d	1	0.37mi
1214 2nd St Unit 6 Perry, IA	1.0	1.0	900	$995	$1.11	44d	1	0.42mi
303 8th St Unit 1 Perry, IA	2.0	1.0	750	$850	$1.13	44d	1	0.46mi
1313 1st Ave Perry, IA	2.0	1.0	806	$700	$0.87	44d	1	0.51mi
2105 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	44d	1	0.66mi
2103 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	23d	1	0.66mi
2516 Perry Park Ave Unit A Perry, IA	3.0	1.0	966	$850	$0.88	44d	1	0.82mi
2516 Perry Park Ave Unit 111 Perry, IA	2.0	1.0	660	$745	$1.13	14d	1	0.82mi
2523 Perry Park Ave Unit 5 Perry, IA	1.0	1.0	550	$495	$0.90	44d	1	0.85mi
2523 Perry Park Ave Unit 2 Perry, IA	1.0	1.0	550	$545	$0.99	44d	1	0.85mi
2902 Iowa St Unit 8 Perry, IA	1.0	1.0	760	$495	$0.65	44d	1	1.25mi
2902 Iowa St Unit 6 Perry, IA	2.0	1.0	960	$695	$0.72	14d	1	1.27mi
2908 Kading Rd Perry, IA	3.0	1.0	1008	$920	$0.91	14d	5	1.28mi

Listing history 28 events

1. 2026-06-18
   days on market $95,000 Active 69 DOM
2. 2026-06-17
   days on market $95,000 Active 68 DOM
3. 2026-06-16
   days on market $95,000 Active 67 DOM
4. 2026-06-15
   days on market $95,000 Active 66 DOM
5. 2026-06-14
   days on market $95,000 Active 64 DOM
6. 2026-06-10
   days on market $95,000 Active 61 DOM
7. 2026-06-09
   days on market $95,000 Active 60 DOM
8. 2026-06-08
   days on market $95,000 Active 59 DOM
9. 2026-06-07
   days on market $95,000 Active 58 DOM
10. 2026-06-05
    days on market $95,000 Active 55 DOM
11. 2026-06-03
    days on market $95,000 Active 54 DOM
12. 2026-06-02
    days on market $95,000 Active 53 DOM
13. 2026-06-01
    days on market $95,000 Active 52 DOM
14. 2026-05-31
    days on market $95,000 Active 51 DOM
15. 2026-05-31
    days on market $95,000 Active 50 DOM
16. 2026-05-04
    price $95,000 302-char remark

    Show marketing remark (302 chars)

    This 2 bedroom, 1 bathroom house is the perfect starter home or a great addition to your investment portfolio! It has a spacious living area and the convenience of the laundry area on the main floor. Enjoy the large yard with alley access. Call today to schedule a showing and make this property yours!

17. 2026-04-10
    listed $100,000 Active 302-char remark

    Show marketing remark (302 chars)

    This 2 bedroom, 1 bathroom house is the perfect starter home or a great addition to your investment portfolio! It has a spacious living area and the convenience of the laundry area on the main floor. Enjoy the large yard with alley access. Call today to schedule a showing and make this property yours!

18. 2026-04-09
    historical
19. 2026-03-12
    price $105,000
20. 2026-01-16
    listed $112,000 Active
21. 2023-05-05
    soldstatus $82,000 Closed
22. 2023-04-11
    status Pending
23. 2023-03-15
    listed $105,000 Active
24. 2017-04-19
    soldstatus $25,000
25. 2016-11-30
    listed $31,000
26. 2007-09-10
    soldstatus $27,000
27. 1998-06-01
    soldstatus $21,500
28. 1995-02-06
    soldstatus $13,500

ⓘ 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: $1,274 · $106/mo
• Projected year-2 tax: $1,383 · $115/mo
• Expected delta: +$109/yr (+$9/mo · 8.5%)

ⓘ 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 ≥103°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: $10,838
• − Mortgage interest: −$5,321
• − Property taxes: −$1,274
• − Insurance: −$475
• − Repairs & maintenance: −$867
• − Management: −$867
• − Depreciation: −$2,764
• Taxable loss: −$730
• Est. tax savings @ 24.0%: +$175
• After-tax cash flow: $1,010/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: Perry Community School District
• NCES district ID: 1922530
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 59% ▲ 3.00%
• Median HH income: $44,382
• Composite: 46.37/100
• National rank: #2460
• State rank: #266 of 289 in IA

Livability — Perry

• Score: 73/100
• State rank: #273
• US rank: #5276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry, IA
• City population: 9,251
• Population (ZIP): 9,251

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 27% Two or more races 8% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Iranian 2% Slovak 2% Portuguese 2%
• Foreign-born: 16% · Canada
• Languages at home: 75% English-only · Spanish 22% German/W. Germanic 1% Arabic 0%

Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.94%
• Current HPI: 212.8459
• 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

+603.7% since first listed

13 events — show timeline

• 2026-05-04 Price Changed $95,000 DMMLS
• 2026-04-10 Listed $100,000 DMMLS
• 2026-04-09 Listing Removed — DMMLS
• 2026-03-12 Price Changed $105,000 DMMLS
• 2026-01-16 Listed $112,000 DMMLS
• 2023-05-05 Sold (MLS) $82,000 DMMLS
• 2023-04-11 Pending — DMMLS
• 2023-03-15 Listed $105,000 DMMLS
• 2017-04-19 Sold (MLS) $25,000 DMMLS
• 2016-11-30 Listed $31,000 DMMLS
• 2007-09-10 Sold (Public Records) $27,000 Public Records
• 1998-06-01 Sold (Public Records) $21,500 Public Records
• 1995-02-06 Sold (Public Records) $13,500 Public Records

Property tax history

+8.2%/yr

Latest (2025): $1,274 · +32.4% YoY. Source: county tax records.