503 E State St · Corydon, IA 50060

$70,000

2 bd · 1.0 ba · 1,233 sqft · SingleFamily public records · 46 Days on market

Built 1950 4,791 sqft lot $57/sqft · 30% below area Est $100k · 30% under

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Why this score? — see what drove the B+ 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 +25.0/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.1/10.0
• 1% rule +6.4/10.0
• Schools +6.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to your perfect starter home or investment opportunity! These single-family dwelling features 2 cozy bedrooms and a full bath, offering comfort and functionality. The spacious living room is ideal for relaxing or entertaining, and the enclosed porch provides a welcoming entryway and additional space for enjoying your morning coffee or unwinding in the evening. A standout feature of this property is the 1/4 attic, which presents a fantastic opportunity for customization and additional living space—let your imagination run wild and transform it into a home office, playroom, or extra bedroom. This home also includes a detached 1-car garage, providing convenient parking and extra storage. Situated in a peaceful neighborhood, this property is perfect for first-time home buyers or those looking for a solid investment. Enjoy the convenience of being within walking distance to local businesses and the hospital, making daily errands and healthcare visits a breeze. Don’t miss out on this charming home with its potential for growth and prime location—schedule your visit today!

Key facts

• 4,791 sq ft lot
• Garage
• Built 1950

Property features AI

Finance

• Financial info: Annual taxes listed

Exterior

• Parking: Detached one-car garage
• Utilities: Public water; Public sewer
• Construction: Asphalt shingle roof; Block foundation; Construction details: See remarks
• Exterior features: Concrete road access; Residential zoning

Interior

• Kitchen: Microwave; Refrigerator; Stove
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($795 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#33 in IA, #995 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wayne Community School District (rural): math 69% / reading 74% proficiency, ranked #139 of 289 in IA (top 48%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Wayne County population projected to shrink 8% 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 $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $60k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.14% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.29%
• DSCR: 1.41
• GRM: 7.3

CMA / ARV

• ARV (median comp): $100,187
• List price: $70,000
• Delta: -30.13%
• 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
511 E State St	0.06mi	3/1.0 (+1)	1,245 (+1%)	13mo	$88,000	$71	79
403 S Johnson St	0.30mi	3/2.0 (+1)	1,218 (-1%)	18mo	$125,000	$103	60
306 W South St	0.59mi	2/1.0	1,264 (+2%)	11mo	$155,000	$123	59
414 W Jefferson St	0.60mi	2/1.0	1,300 (+5%)	13mo	$135,000	$104	52
405 S Johnson St	0.32mi	3/1.5 (+1)	1,368 (+11%)	18mo	$182,500	$133	44
419 E Moore St	0.33mi	3/1.0 (+1)	1,392 (+13%)	22mo	$45,000	$32	40
405 N Greeley St	0.63mi	3/1.0 (+1)	1,400 (+14%)	6mo	$89,000	$64	38

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: 31.1%
• Equity multiple: 3.44×
• Total profit: $47,799
• Equity at exit: $63,062

10-year hold

• IRR: 26.9%
• Equity multiple: 7.79×
• Total profit: $133,173
• Equity at exit: $135,995

Cash invested: $19,600 (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 50060

• Home prices YoY: 5.1%
• Active inventory: 13
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $795 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$80 /mo · $960/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$167
• Net cashflow: $152

Break-even live

Break-even rent $603

Max offer price $70,000

Occupancy floor 76%

Sensitivity live

Price	-10% $191	-5% $172	+0% $152	+5% $132	+10% $112
Rent	-10% $89	-5% $120	+0% $152	+5% $183	+10% $215
Rate	-1.0pp $187	-0.5pp $170	base $152	+0.5pp $134	+1.0pp $115

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2218 Newton Rd Corydon, IA	2.0–3.0	1.0–2.0	1042	$795	$0.76	45d	5	0.94mi

Listing history 27 events

1. 2026-06-21
   days on market $70,000 Active 46 DOM
2. 2026-06-21
   days on market $70,000 Active 45 DOM
3. 2026-06-18
   days on market $70,000 Active 43 DOM
4. 2026-06-17
   days on market $70,000 Active 42 DOM
5. 2026-06-16
   days on market $70,000 Active 41 DOM
6. 2026-06-15
   days on market $70,000 Active 40 DOM
7. 2026-06-13
   days on market $70,000 Active 38 DOM
8. 2026-06-12
   days on market $70,000 Active 37 DOM
9. 2026-06-09
   days on market $70,000 Active 34 DOM
10. 2026-06-08
    days on market $70,000 Active 33 DOM
11. 2026-06-07
    days on market $70,000 Active 32 DOM
12. 2026-06-04
    days on market $70,000 Active 28 DOM
13. 2026-06-02
    days on market $70,000 Active 27 DOM
14. 2026-06-01
    days on market $70,000 Active 26 DOM
15. 2026-05-31
    days on market $70,000 Active 25 DOM
16. 2026-05-31
    days on market $70,000 Active 24 DOM
17. 2026-05-06
    listed $70,000 Active 532-char remark
18. 2024-11-01
    soldstatus $60,000 Closed

    Show marketing remark (1108 chars)

    Welcome to your perfect starter home or investment opportunity! These single-family dwelling features 2 cozy bedrooms and a full bath, offering comfort and functionality. The spacious living room is ideal for relaxing or entertaining, and the enclosed porch provides a welcoming entryway and additional space for enjoying your morning coffee or unwinding in the evening. A standout feature of this property is the 1/4 attic, which presents a fantastic opportunity for customization and additional living space—let your imagination run wild and transform it into a home office, playroom, or extra bedroom. This home also includes a detached 1-car garage, providing convenient parking and extra storage. Situated in a peaceful neighborhood, this property is perfect for first-time home buyers or those looking for a solid investment. Enjoy the convenience of being within walking distance to local businesses and the hospital, making daily errands and healthcare visits a breeze. Don’t miss out on this charming home with its potential for growth and prime location—schedule your visit today!

19. 2024-11-01
    soldstatus $60,000 Closed

    Show marketing remark (1108 chars)

    Welcome to your perfect starter home or investment opportunity! These single-family dwelling features 2 cozy bedrooms and a full bath, offering comfort and functionality. The spacious living room is ideal for relaxing or entertaining, and the enclosed porch provides a welcoming entryway and additional space for enjoying your morning coffee or unwinding in the evening. A standout feature of this property is the 1/4 attic, which presents a fantastic opportunity for customization and additional living space—let your imagination run wild and transform it into a home office, playroom, or extra bedroom. This home also includes a detached 1-car garage, providing convenient parking and extra storage. Situated in a peaceful neighborhood, this property is perfect for first-time home buyers or those looking for a solid investment. Enjoy the convenience of being within walking distance to local businesses and the hospital, making daily errands and healthcare visits a breeze. Don’t miss out on this charming home with its potential for growth and prime location—schedule your visit today!

20. 2024-11-01
    soldstatus $60,000

    Show marketing remark (1108 chars)

    Welcome to your perfect starter home or investment opportunity! These single-family dwelling features 2 cozy bedrooms and a full bath, offering comfort and functionality. The spacious living room is ideal for relaxing or entertaining, and the enclosed porch provides a welcoming entryway and additional space for enjoying your morning coffee or unwinding in the evening. A standout feature of this property is the 1/4 attic, which presents a fantastic opportunity for customization and additional living space—let your imagination run wild and transform it into a home office, playroom, or extra bedroom. This home also includes a detached 1-car garage, providing convenient parking and extra storage. Situated in a peaceful neighborhood, this property is perfect for first-time home buyers or those looking for a solid investment. Enjoy the convenience of being within walking distance to local businesses and the hospital, making daily errands and healthcare visits a breeze. Don’t miss out on this charming home with its potential for growth and prime location—schedule your visit today!

21. 2024-10-29
    status Pending

    Show marketing remark (1108 chars)

    Welcome to your perfect starter home or investment opportunity! These single-family dwelling features 2 cozy bedrooms and a full bath, offering comfort and functionality. The spacious living room is ideal for relaxing or entertaining, and the enclosed porch provides a welcoming entryway and additional space for enjoying your morning coffee or unwinding in the evening. A standout feature of this property is the 1/4 attic, which presents a fantastic opportunity for customization and additional living space—let your imagination run wild and transform it into a home office, playroom, or extra bedroom. This home also includes a detached 1-car garage, providing convenient parking and extra storage. Situated in a peaceful neighborhood, this property is perfect for first-time home buyers or those looking for a solid investment. Enjoy the convenience of being within walking distance to local businesses and the hospital, making daily errands and healthcare visits a breeze. Don’t miss out on this charming home with its potential for growth and prime location—schedule your visit today!

22. 2024-09-24
    historical
23. 2024-09-23
    historical Active Under Contract

    Show marketing remark (1108 chars)

    Welcome to your perfect starter home or investment opportunity! These single-family dwelling features 2 cozy bedrooms and a full bath, offering comfort and functionality. The spacious living room is ideal for relaxing or entertaining, and the enclosed porch provides a welcoming entryway and additional space for enjoying your morning coffee or unwinding in the evening. A standout feature of this property is the 1/4 attic, which presents a fantastic opportunity for customization and additional living space—let your imagination run wild and transform it into a home office, playroom, or extra bedroom. This home also includes a detached 1-car garage, providing convenient parking and extra storage. Situated in a peaceful neighborhood, this property is perfect for first-time home buyers or those looking for a solid investment. Enjoy the convenience of being within walking distance to local businesses and the hospital, making daily errands and healthcare visits a breeze. Don’t miss out on this charming home with its potential for growth and prime location—schedule your visit today!

24. 2024-09-20
    listed $60,000
25. 2024-09-05
    listed $60,000 Active

    Show marketing remark (1108 chars)

    Welcome to your perfect starter home or investment opportunity! These single-family dwelling features 2 cozy bedrooms and a full bath, offering comfort and functionality. The spacious living room is ideal for relaxing or entertaining, and the enclosed porch provides a welcoming entryway and additional space for enjoying your morning coffee or unwinding in the evening. A standout feature of this property is the 1/4 attic, which presents a fantastic opportunity for customization and additional living space—let your imagination run wild and transform it into a home office, playroom, or extra bedroom. This home also includes a detached 1-car garage, providing convenient parking and extra storage. Situated in a peaceful neighborhood, this property is perfect for first-time home buyers or those looking for a solid investment. Enjoy the convenience of being within walking distance to local businesses and the hospital, making daily errands and healthcare visits a breeze. Don’t miss out on this charming home with its potential for growth and prime location—schedule your visit today!

26. 2022-11-09
    soldstatus $50,000
27. 2012-12-20
    soldstatus $30,000

ⓘ 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: $960 · $80/mo
• Projected year-2 tax: $1,030 · $86/mo
• Expected delta: +$70/yr (+$6/mo · 7.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,540
• − Mortgage interest: −$3,921
• − Property taxes: −$960
• − Insurance: −$350
• − Repairs & maintenance: −$763
• − Management: −$763
• − Depreciation: −$2,036
• Taxable income: $746
• Est. tax owed @ 24.0%: −$179
• After-tax cash flow: $1,642/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: Wayne Community School District
• NCES district ID: 1930560
• Math proficiency: 69% ▼ -7.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $40,872
• Composite: 59.73/100
• National rank: #902
• State rank: #139 of 289 in IA

Livability — Corydon

• Score: 83/100
• State rank: #33
• US rank: #995

Category grades

Amenities F 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: Corydon, IA
• City population: 2,385
• Population (ZIP): 2,385

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 6,213 people
• By 2030: 6,109 · -1.7%
• By 2040: 5,926 · -4.6%
• By 2050: 5,716 · -8.0%
• By 2075: 5,502 · -11.4%
• By 2100: 4,890 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 2% Hispanic / Latino 1% Asian 1% Black 1%
• Common ancestry: Iranian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 98% English-only · Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+57.2) · D 20.6% · R 77.8% · Other 1.6%
• 2008→2024 swing: -50.2pp toward R · 2008: -7.0pp · 2024: -57.2pp
• All cycles: 2024: R+57.2 2020: R+51.8 2016: R+46.2 2012: R+11.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.57%
• Current HPI: 259.5272
• 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

+133.3% since first listed

11 events — show timeline

• 2026-05-06 Listed $70,000 DMMLS
• 2024-11-01 Sold (Public Records) $60,000 Public Records
• 2024-11-01 Sold (MLS) $60,000 IAR
• 2024-11-01 Sold (MLS) $60,000 DMMLS
• 2024-10-29 Pending — IAR
• 2024-09-24 Listing Removed — DMMLS
• 2024-09-23 Contingent — IAR
• 2024-09-20 Listed $60,000 DMMLS
• 2024-09-05 Listed $60,000 IAR
• 2022-11-09 Sold (Public Records) $50,000 Public Records
• 2012-12-20 Sold (Public Records) $30,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $960 · +0.2% YoY. Source: county tax records.