427 S Tama St · Manchester, IA 52057

$69,900

3 bd · 1.0 ba · 1,114 sqft · SingleFamily public records · 16 Days on market

Built 1900 8,712 sqft lot $63/sqft · 42% below area Est $120k · 42% under ↓ 16% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.5/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors and handy homeowners-this 3-bedroom, 1-bath home is full of opportunity! Featuring hardwood floors ready to be brought back to life, this property offers a solid starting point for your next project. Enjoy the convenience of an attached one-stall garage and a spacious yard with plenty of room to expand, entertain, or create your ideal outdoor space. With a little vision and effort, this fixer-upper could truly shine. Don't miss your chance to build equity and make it your own! Home is being sold As-is. Appliances are in As-is condition.

Key facts

• Spacious yard
• Hardwood floors
• 8,712 sq ft lot

Tags

• HARDWOOD FLOORS
• ATTACHED ONE-STALL GARAGE
• SPACIOUS YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $330 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 2.7% in Manchester — 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 82/100 on livability (#51 in IA, #1,250 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• West Delaware County Community School District (town): math 73% / reading 81% proficiency, ranked #49 of 289 in IA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 59 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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.

Risks & watch-outs

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

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.52% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.21%
• DSCR: 1.90
• GRM: 5.5

CMA / ARV

• ARV (median comp): $120,281
• List price: $69,900
• Delta: -41.89%
• 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
427 S Tama St	0.00mi	3/1.0	1,114 (0%)	1mo	$45,000	$40	99
424 S Tama St. St	0.03mi	2/1.0 (-1)	1,040 (-7%)	7mo	$152,500	$147	77
212 Prospect St	0.73mi	3/1.0	1,120 (+0%)	4mo	$123,000	$110	62
311 W Marion St	0.35mi	2/1.0 (-1)	1,037 (-7%)	11mo	$125,000	$121	58
109 Gay St	0.64mi	2/1.0 (-1)	1,128 (+1%)	11mo	$82,000	$73	54
313 N Franklin St	0.48mi	4/1.5 (+1)	1,200 (+8%)	6mo	$136,000	$113	53
128 W Howard St	0.52mi	2/1.5 (-1)	1,176 (+6%)	9mo	$180,000	$153	52
405 Grant St	0.41mi	3/2.0	960 (-14%)	2mo	$50,000	$52	52
823 E Howard St	0.65mi	3/1.0	978 (-12%)	1mo	$163,000	$167	48
112 Grayson Ct	0.70mi	3/1.0	1,002 (-10%)	3mo	$199,900	$200	48
828 E Butler St	0.65mi	3/1.5	1,248 (+12%)	1mo	$198,000	$159	47
712 N Franklin St	0.70mi	3/1.0	1,007 (-10%)	10mo	$139,000	$138	43

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: 12.5%
• Equity multiple: 1.50×
• Total profit: $9,696
• Equity at exit: $10,422

10-year hold

• IRR: 21.4%
• Equity multiple: 2.82×
• Total profit: $35,600
• Equity at exit: $6,044

Cash invested: $19,572 (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 52057

• Home prices YoY: -19.7%
• Active inventory: 59
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,060 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$112 /mo · $1,346/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $330

Break-even live

Break-even rent $643

Max offer price $69,900

Occupancy floor 64%

Sensitivity live

Price	-10% $369	-5% $349	+0% $330	+5% $310	+10% $290
Rent	-10% $246	-5% $288	+0% $330	+5% $371	+10% $413
Rate	-1.0pp $365	-0.5pp $347	base $330	+0.5pp $311	+1.0pp $293

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 W Marion St Manchester, IA	2.0	2.0	978	$985	$1.01	2d	1	0.73mi
1100 W Marion St Manchester, IA	2.0	2.0	1000	$1,150	$1.15	2d	1	0.90mi

Listing history 9 events

1. 2026-05-02
   status Pending 564-char remark

   Show marketing remark (564 chars)

   Calling all investors and handy homeowners-this 3-bedroom, 1-bath home is full of opportunity! Featuring hardwood floors ready to be brought back to life, this property offers a solid starting point for your next project. Enjoy the convenience of an attached one-stall garage and a spacious yard with plenty of room to expand, entertain, or create your ideal outdoor space. With a little vision and effort, this fixer-upper could truly shine. Don't miss your chance to build equity and make it your own! Home is being sold As-is. Appliances are in As-is condition.

2. 2026-04-16
   listed $69,900 Active 564-char remark

   Show marketing remark (564 chars)

   Calling all investors and handy homeowners-this 3-bedroom, 1-bath home is full of opportunity! Featuring hardwood floors ready to be brought back to life, this property offers a solid starting point for your next project. Enjoy the convenience of an attached one-stall garage and a spacious yard with plenty of room to expand, entertain, or create your ideal outdoor space. With a little vision and effort, this fixer-upper could truly shine. Don't miss your chance to build equity and make it your own! Home is being sold As-is. Appliances are in As-is condition.

3. 2021-11-02
   soldstatus $83,500
4. 2021-11-01
   soldstatus $83,500 241-char remark

   Show marketing remark (241 chars)

   Move in ready! Refinished original Hardwood in dining room, New Roof 2015, New furnace 2012, New central air 2014, New laminate flooring in kitchen and 2021 New carpet in main floor bedroom. 1 car attached garage and Situated on a large lot!

5. 2021-11-01
   soldstatus $83,500

   Show marketing remark (241 chars)

   Move in ready! Refinished original Hardwood in dining room, New Roof 2015, New furnace 2012, New central air 2014, New laminate flooring in kitchen and 2021 New carpet in main floor bedroom. 1 car attached garage and Situated on a large lot!

6. 2021-11-01
   soldstatus $83,500

   Show marketing remark (241 chars)

   Move in ready! Refinished original Hardwood in dining room, New Roof 2015, New furnace 2012, New central air 2014, New laminate flooring in kitchen and 2021 New carpet in main floor bedroom. 1 car attached garage and Situated on a large lot!

7. 2021-10-06
   listed $83,500 241-char remark

   Show marketing remark (241 chars)

   Move in ready! Refinished original Hardwood in dining room, New Roof 2015, New furnace 2012, New central air 2014, New laminate flooring in kitchen and 2021 New carpet in main floor bedroom. 1 car attached garage and Situated on a large lot!

8. 2021-10-06
   listed $83,500

   Show marketing remark (241 chars)

   Move in ready! Refinished original Hardwood in dining room, New Roof 2015, New furnace 2012, New central air 2014, New laminate flooring in kitchen and 2021 New carpet in main floor bedroom. 1 car attached garage and Situated on a large lot!

9. 2021-10-06
   listed $83,500

   Show marketing remark (241 chars)

   Move in ready! Refinished original Hardwood in dining room, New Roof 2015, New furnace 2012, New central air 2014, New laminate flooring in kitchen and 2021 New carpet in main floor bedroom. 1 car attached garage and Situated on a large lot!

ⓘ 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: $1,346 · $112/mo
• Projected year-2 tax: $1,346 · $112/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 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $12,721
• − Mortgage interest: −$3,915
• − Property taxes: −$1,346
• − Insurance: −$350
• − Repairs & maintenance: −$1,018
• − Management: −$1,018
• − Depreciation: −$2,033
• Taxable income: $3,041
• Est. tax owed @ 24.0%: −$730
• After-tax cash flow: $3,225/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: West Delaware County Community School District
• NCES district ID: 1930900
• Math proficiency: 73% ▼ -2.00%
• Reading proficiency: 81% ▲ 5.00%
• Median HH income: $52,373
• Composite: 65.37/100
• National rank: #484
• State rank: #49 of 289 in IA

Livability — Manchester

• Score: 82/100
• State rank: #51
• US rank: #1250

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: Manchester, IA
• City population: 7,883
• Population (ZIP): 7,883

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 16,718 people
• By 2030: 16,267 · -2.7%
• By 2040: 15,277 · -8.6%
• By 2050: 14,198 · -15.1%
• By 2075: 12,804 · -23.4%
• By 2100: 11,678 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 3% Italian 2% Iranian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Delaware

• 2024 margin: Solid R (+39.6) · D 29.4% · R 69.1% · Other 1.5%
• 2008→2024 swing: -45.6pp toward R · 2008: 6.0pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+35.1 2016: R+29.8 2012: R+0.2 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.71%
• Current HPI: 222.5625
• 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

-16.3% since first listed

9 events — show timeline

• 2026-05-02 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-16 Listed $69,900 NEIRBR as distributed by MLS GRID
• 2021-11-02 Sold (Public Records) $83,500 Public Records
• 2021-11-01 Sold (MLS) $83,500 ECIMLS
• 2021-11-01 Sold (MLS) $83,500 CRAAR, CDRMLS
• 2021-11-01 Sold (MLS) $83,500 NEIRBR as distributed by MLS GRID
• 2021-10-06 Listed $83,500 ECIMLS
• 2021-10-06 Listed $83,500 CRAAR, CDRMLS
• 2021-10-06 Listed $83,500 NEIRBR as distributed by MLS GRID

Property tax history

+3.1%/yr

Latest (2025): $1,346 · +2.1% YoY. Source: county tax records.