604 2nd Street St · Charles City, IA 50616

$75,000

3 bd · 1.0 ba · 1,183 sqft · SingleFamily public records · 213 Days on market

Built 1910 7,500 sqft lot $63/sqft · 17% below area Est $90k · 17% 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 +30.0/30.0
• ARV discount +14.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom 1 bathroom 2 story home features main level utility room, double attached garage, vinyl siding, newer F/A furnace and elec. water heater and is located close to downtown Charles City. The month to month HUD renters pays $995 per month and the renter pays utilities. The yearly property taxes are $1360 and the yearly property insurance is $1169.

Key facts

• Newer f a furnace
• Vinyl siding
• 7,500 sq ft lot

Tags

• MAIN LEVEL UTILITY ROOM
• DOUBLE ATTACHED GARAGE
• VINYL SIDING
• NEWER F A FURNACE
• ELECTRIC WATER HEATER
• CLOSE TO DOWNTOWN CHARLES CITY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 6.5% in Charles City — 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 77/100 on livability (#161 in IA, #2,944 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Charles City Community School District (town): math 52% / reading 61% proficiency, ranked #262 of 289 in IA (top 91%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 70 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $9k; list at $75k implies a 733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 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. 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: 1.95% ✓
• Cap rate: 16.21%
• Cash-on-cash: 35.43%
• DSCR: 2.58
• GRM: 4.3

CMA / ARV

• ARV (median comp): $89,870
• List price: $75,000
• Delta: -16.55%
• 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
414 S Jackson St	0.17mi	3/1.0	1,048 (-11%)	1mo	$49,000	$47	72
510 S Jackson St	0.17mi	3/1.5	1,334 (+13%)	6mo	$155,000	$116	64
807 9th St	0.49mi	2/2.0 (-1)	1,194 (+1%)	5mo	$180,000	$151	62
602 Freeman St	0.22mi	3/1.5	1,056 (-11%)	10mo	$147,500	$140	61
604 9th St	0.50mi	2/1.5 (-1)	1,184 (+0%)	11mo	$138,000	$117	60
202 Ferguson St	0.64mi	3/1.5	1,166 (-1%)	13mo	$90,000	$77	55
813 9th St	0.50mi	2/2.0 (-1)	1,194 (+1%)	14mo	$194,000	$162	54
1009 S Johnson St	0.42mi	2/2.0 (-1)	1,092 (-8%)	6mo	$160,000	$147	53
416 S Iowa St	0.30mi	2/1.5 (-1)	1,324 (+12%)	10mo	$75,000	$57	51
800 8th Street St	0.41mi	3/2.0	1,302 (+10%)	14mo	$125,000	$96	48
1107 Hildreth St	0.44mi	3/3.0	1,322 (+12%)	10mo	$122,500	$93	44
303 7th Ave Ave	0.73mi	3/1.5	1,051 (-11%)	9mo	$65,500	$62	38

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: 31.1%
• Equity multiple: 2.30×
• Total profit: $27,375
• Equity at exit: $11,183

10-year hold

• IRR: 38.3%
• Equity multiple: 4.56×
• Total profit: $74,832
• Equity at exit: $6,485

Cash invested: $21,000 (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 50616

• Home prices YoY: -19.7%
• Active inventory: 70
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,466 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$113 /mo · $1,360/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $620

Break-even live

Break-even rent $681

Max offer price $75,000

Occupancy floor 53%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1030 13th Ave Charles City, IA	1.0–3.0	1.0–2.0	926	$1,927	$2.08	43d	28	1.23mi
1004 20th Ave Charles City, IA	3.0	2.0	960	$975	$1.02	23d	1	1.35mi

Listing history 17 events

1. 2026-06-18
   days on market $75,000 Active 213 DOM
2. 2026-06-17
   days on market $75,000 Active 212 DOM
3. 2026-06-16
   days on market $75,000 Active 211 DOM
4. 2026-06-15
   days on market $75,000 Active 210 DOM
5. 2026-06-13
   days on market $75,000 Active 208 DOM
6. 2026-06-12
   days on market $75,000 Active 207 DOM
7. 2026-06-09
   days on market $75,000 Active 204 DOM
8. 2026-06-08
   days on market $75,000 Active 203 DOM
9. 2026-06-07
   days on market $75,000 Active 202 DOM
10. 2026-06-07
    days on market $75,000 Active 201 DOM
11. 2026-06-04
    days on market $75,000 Active 198 DOM
12. 2026-06-02
    days on market $75,000 Active 197 DOM
13. 2026-06-01
    days on market $75,000 Active 196 DOM
14. 2026-05-31
    days on market $75,000 Active 195 DOM
15. 2026-05-31
    days on market $75,000 Active 194 DOM
16. 2025-11-17
    listed $75,000 Active 360-char remark

    Show marketing remark (360 chars)

    This 3 bedroom 1 bathroom 2 story home features main level utility room, double attached garage, vinyl siding, newer F/A furnace and elec. water heater and is located close to downtown Charles City. The month to month HUD renters pays $995 per month and the renter pays utilities. The yearly property taxes are $1360 and the yearly property insurance is $1169.

17. 1997-04-12
    soldstatus $9,000

ⓘ 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: $1,360 · $113/mo
• Projected year-2 tax: $1,360 · $113/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 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $17,590
• − Mortgage interest: −$4,201
• − Property taxes: −$1,360
• − Insurance: −$375
• − Repairs & maintenance: −$1,407
• − Management: −$1,407
• − Depreciation: −$2,182
• Taxable income: $6,657
• Est. tax owed @ 24.0%: −$1,598
• After-tax cash flow: $5,843/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: Charles City Community School District
• NCES district ID: 1907080
• Math proficiency: 52% ▼ -3.00%
• Reading proficiency: 61% ▲ 9.00%
• Median HH income: $41,414
• Composite: 47.32/100
• National rank: #2299
• State rank: #262 of 289 in IA

Livability — Charles City

• Score: 77/100
• State rank: #161
• US rank: #2944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charles City, IA
• City population: 9,419
• Population (ZIP): 9,419

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Scandinavian 2% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.03%
• Current HPI: 187.4742
• 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

+733.3% since first listed

2 events — show timeline

• 2025-11-17 Listed $75,000 NEIRBR as distributed by MLS GRID
• 1997-04-12 Sold (Public Records) $9,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $1,360 · +0.1% YoY. Source: county tax records.