305 W Clay St · Mount Pleasant, IA 52641

$104,900

3 bd · 1.0 ba · 1,077 sqft · SingleFamily public records · 56 Days on market

Built 1900 7,405 sqft lot $97/sqft · 20% below area Est $131k · 20% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.3/30.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• 1% rule +3.1/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Main floor offers updated kitchen with laundry area, newer flooring, full bathroom, living room with dining area, and bedroom. Upper level provides two additional bedrooms with new carpet. Exterior maintenance free home, newer roof, newer hot water heater, newer flooring, newer garage with alley access, and newer electric. Good location with close to downtown and the public swimming pool and park. Great opportunity for first time buyers or investors!

Key facts

• Updated electrical
• Recent updates
• Natural light

Tags

• QUIET ESTABLISHED NEIGHBORHOOD
• NATURAL LIGHT
• FUNCTIONAL LAYOUT
• RECENT UPDATES
• NEW ROOF
• UPDATED ELECTRICAL

Property features AI

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.17 acres (94 x 80)

Interior

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

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $-77 ($-924/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (13.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (19.0% below list).
• Recommended offer: $85k (19.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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; 1 comparable units currently listed for rent nearby; 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 $725 of loan paydown is wiped out by about $3k 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 56 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $78k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $85,000 (19.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.81% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.15%
• DSCR: 0.86
• GRM: 10.3

CMA / ARV

• ARV (median comp): $130,688
• List price: $104,900
• Delta: -19.73%
• 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
310 S Jefferson St	0.14mi	2/1.0 (-1)	1,111 (+3%)	8mo	$80,000	$72	77
504 W Madison St. St	0.25mi	2/1.0 (-1)	1,008 (-6%)	4mo	$95,000	$94	70
408 N White St	0.42mi	2/1.0 (-1)	988 (-8%)	1mo	$125,000	$127	61
407 E Clay St	0.46mi	2/1.0 (-1)	1,004 (-7%)	7mo	$35,000	$35	57
400 W Madison St	0.20mi	3/2.0	1,224 (+14%)	10mo	$225,000	$184	56
405 S Adams St. St	0.28mi	3/1.0	1,236 (+15%)	9mo	$44,500	$36	55
407 E Warren St. St	0.47mi	2/1.0 (-1)	961 (-11%)	3mo	$132,000	$137	53
702 & 704 S Adams Ct	0.46mi	2/2.0 (-1)	1,117 (+4%)	14mo	$199,000	$178	52
905 S Harrison Pl	0.67mi	2/1.0 (-1)	1,008 (-6%)	5mo	$139,500	$138	49
1206 W Saunders St. St	0.74mi	3/2.0	1,152 (+7%)	7mo	$159,900	$139	45
311 N Jay St	0.60mi	3/1.0	960 (-11%)	14mo	$146,250	$152	42
707 E Madison St	0.73mi	3/2.0	936 (-13%)	11mo	$168,500	$180	31

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: -21.5%
• Equity multiple: 0.26×
• Total profit: $-21,874
• Equity at exit: $15,641

10-year hold

• IRR: -15.1%
• Equity multiple: 0.14×
• Total profit: $-25,250
• Equity at exit: $9,070

Cash invested: $29,372 (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: 10.3×

Monthly cashflow live

• Estimated rent: $850 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$155 /mo · $1,856/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $-77

Break-even live

Break-even rent $947

Max offer price $91,301

Occupancy floor —

Sensitivity live

Price	-10% $-18	-5% $-47	+0% $-77	+5% $-107	+10% $-136
Rent	-10% $-144	-5% $-111	+0% $-77	+5% $-43	+10% $-10
Rate	-1.0pp $-24	-0.5pp $-50	base $-77	+0.5pp $-104	+1.0pp $-132

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
915 W Hill Ave Unit 101 Mt Pleasant, IA	3.0	1.0	888	$850	$0.96	45d	1	0.98mi

Listing history 24 events

1. 2026-06-22
   days on market $104,900 Active 56 DOM
2. 2026-06-21
   days on market $104,900 Active 55 DOM
3. 2026-06-21
   days on market $104,900 Active 54 DOM
4. 2026-06-18
   days on market $104,900 Active 52 DOM
5. 2026-06-17
   days on market $104,900 Active 51 DOM
6. 2026-06-16
   days on market $104,900 Active 50 DOM
7. 2026-06-15
   days on market $104,900 Active 49 DOM
8. 2026-06-13
   days on market $104,900 Active 47 DOM
9. 2026-06-12
   days on market $104,900 Active 46 DOM
10. 2026-06-09
    days on market $104,900 Active 43 DOM
11. 2026-06-08
    days on market $104,900 Active 42 DOM
12. 2026-06-07
    days on market $104,900 Active 41 DOM
13. 2026-06-07
    days on market $104,900 Active 40 DOM
14. 2026-06-04
    days on market $104,900 Active 37 DOM
15. 2026-06-02
    days on market $104,900 Active 36 DOM
16. 2026-06-01
    days on market $104,900 Active 35 DOM
17. 2026-05-31
    days on market $104,900 Active 34 DOM
18. 2026-05-31
    days on market $104,900 Active 33 DOM
19. 2026-04-27
    listed $104,900 Active 1133-char remark
20. 2021-04-06
    soldstatus $77,500
21. 2021-04-05
    soldstatus $77,500 454-char remark

    Show marketing remark (454 chars)

    Main floor offers updated kitchen with laundry area, newer flooring, full bathroom, living room with dining area, and bedroom. Upper level provides two additional bedrooms with new carpet. Exterior maintenance free home, newer roof, newer hot water heater, newer flooring, newer garage with alley access, and newer electric. Good location with close to downtown and the public swimming pool and park. Great opportunity for first time buyers or investors!

22. 2020-07-08
    listed $79,900 454-char remark

    Show marketing remark (454 chars)

    Main floor offers updated kitchen with laundry area, newer flooring, full bathroom, living room with dining area, and bedroom. Upper level provides two additional bedrooms with new carpet. Exterior maintenance free home, newer roof, newer hot water heater, newer flooring, newer garage with alley access, and newer electric. Good location with close to downtown and the public swimming pool and park. Great opportunity for first time buyers or investors!

23. 2014-11-28
    soldstatus $54,300

    Show marketing remark (237 chars)

    AFFORDABLE 3 BEDROOM HOME. You could own this one for less the monthly rent amount. Updated shingles, vinyl siding, replacement windows, newer furnace & central air, new exterior doors. Large lawn shed included. Check it out soon!!

24. 2014-08-29
    listed $59,500

    Show marketing remark (237 chars)

    AFFORDABLE 3 BEDROOM HOME. You could own this one for less the monthly rent amount. Updated shingles, vinyl siding, replacement windows, newer furnace & central air, new exterior doors. Large lawn shed included. Check it out soon!!

ⓘ 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: $1,856 · $155/mo
• Projected year-2 tax: $1,856 · $155/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 1/10 Low
• 🌡 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: $10,200
• − Mortgage interest: −$5,876
• − Property taxes: −$1,856
• − Insurance: −$524
• − Repairs & maintenance: −$816
• − Management: −$816
• − Depreciation: −$3,052
• Taxable loss: −$2,740
• Est. tax savings @ 24.0%: +$658
• After-tax cash flow: $-266/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

+76.3% since first listed

6 events — show timeline

• 2026-04-27 Listed $104,900 IAR
• 2021-04-06 Sold (Public Records) $77,500 Public Records
• 2021-04-05 Sold (MLS) $77,500 IAR
• 2020-07-08 Listed $79,900 IAR
• 2014-11-28 Sold (MLS) $54,300 IAR
• 2014-08-29 Listed $59,500 IAR

Property tax history

+6.8%/yr

Latest (2025): $1,856 · +5.5% YoY. Source: county tax records.