508 E Elm St · Red Oak, IA 51566

$79,900

3 bd · 1.5 ba · 1,520 sqft · SingleFamily public records · 116 Days on market

Built 1900 5,227 sqft lot $53/sqft · 27% below area Est $109k · 27% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

- * * Value * * : Priced to sell, this home presents an excellent opportunity for buyers looking to put their personal touch on a solid investment. - * * Potential * * : With some cosmetic updates, this property can easily increase in value, making it ideal for first-time homeowners or investors. This home combines practicality with potential, making it a worthwhile consideration for anyone seeking a property that can be transformed into a personalized haven.

Key facts

• 5,227 sq ft lot
• Built 1900
• Listed 116 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.6% in Red Oak — 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 68/100 on livability (#428 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Red Oak Community School District (town): math 58% / reading 59% proficiency, ranked #255 of 289 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 56 active listings in the ZIP; 13 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Montgomery County population projected at -20% 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 $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask has dropped $15k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $72,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.62% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.71%
• DSCR: 2.06
• GRM: 5.1

CMA / ARV

• ARV (median comp): $108,709
• List price: $79,900
• Delta: -26.50%
• 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
709 Maple St	0.14mi	3/2.0	1,468 (-3%)	3mo	$105,000	$72	83
904 N 6th St	0.15mi	3/3.0	1,396 (-8%)	3mo	$188,250	$135	71
301 E Walnut St	0.32mi	3/2.0	1,405 (-8%)	10mo	$140,000	$100	63
706 E Prospect St	0.14mi	2/1.5 (-1)	1,301 (-14%)	7mo	$155,000	$119	58
1600 N 1st St	0.40mi	3/2.0	1,392 (-8%)	9mo	$145,000	$104	58
1005 N 2nd St	0.26mi	3/2.0	1,294 (-15%)	4mo	$55,000	$43	58
1209 Miller Ave	0.38mi	3/2.0	1,644 (+8%)	12mo	$189,000	$115	57
1206 E Valley St	0.49mi	4/2.0 (+1)	1,578 (+4%)	11mo	$214,000	$136	55
107 E Reed St	0.42mi	2/2.0 (-1)	1,648 (+8%)	9mo	$24,000	$15	52
1109 E Reed St	0.53mi	3/2.0	1,380 (-9%)	14mo	$110,000	$80	46
210 N 8th St	0.56mi	3/2.0	1,732 (+14%)	5mo	$50,000	$29	44
1213 Circle Dr	0.56mi	3/2.0	1,712 (+13%)	11mo	$188,000	$110	41

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: 16.9%
• Equity multiple: 1.68×
• Total profit: $15,246
• Equity at exit: $11,913

10-year hold

• IRR: 25.4%
• Equity multiple: 3.22×
• Total profit: $49,683
• Equity at exit: $6,908

Cash invested: $22,372 (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 51566

• Home prices YoY: -33.3%
• Active inventory: 56
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,296 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$129 /mo · $1,552/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $442

Break-even live

Break-even rent $736

Max offer price $79,900

Occupancy floor 61%

Sensitivity live

Price	-10% $487	-5% $465	+0% $442	+5% $419	+10% $397
Rent	-10% $340	-5% $391	+0% $442	+5% $493	+10% $544
Rate	-1.0pp $482	-0.5pp $462	base $442	+0.5pp $421	+1.0pp $400

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-21
   days on market $79,900 Active 116 DOM
2. 2026-06-18
   days on market $79,900 Active 114 DOM
3. 2026-06-17
   days on market $79,900 Active 113 DOM
4. 2026-06-16
   days on market $79,900 Active 112 DOM
5. 2026-06-15
   days on market $79,900 Active 111 DOM
6. 2026-06-13
   days on market $79,900 Active 109 DOM
7. 2026-06-12
   days on market $79,900 Active 108 DOM
8. 2026-06-09
   days on market $79,900 Active 105 DOM
9. 2026-06-08
   days on market $79,900 Active 104 DOM
10. 2026-06-07
    days on market $79,900 Active 103 DOM
11. 2026-06-05
    days on market $79,900 Active 101 DOM
12. 2026-06-04
    days on market $79,900 Active 99 DOM
13. 2026-06-02
    days on market $79,900 Active 98 DOM
14. 2026-06-01
    days on market $79,900 Active 97 DOM
15. 2026-05-31
    days on market $79,900 Active 96 DOM
16. 2026-05-31
    days on market $79,900 Active 95 DOM
17. 2026-03-20
    price $79,900 469-char remark

    Show marketing remark (469 chars)

    - * * Value * * : Priced to sell, this home presents an excellent opportunity for buyers looking to put their personal touch on a solid investment. - * * Potential * * : With some cosmetic updates, this property can easily increase in value, making it ideal for first-time homeowners or investors. This home combines practicality with potential, making it a worthwhile consideration for anyone seeking a property that can be transformed into a personalized haven.

18. 2026-03-05
    price $89,900 469-char remark

    Show marketing remark (469 chars)

    - * * Value * * : Priced to sell, this home presents an excellent opportunity for buyers looking to put their personal touch on a solid investment. - * * Potential * * : With some cosmetic updates, this property can easily increase in value, making it ideal for first-time homeowners or investors. This home combines practicality with potential, making it a worthwhile consideration for anyone seeking a property that can be transformed into a personalized haven.

19. 2026-02-24
    listed $94,900 Active 469-char remark

    Show marketing remark (469 chars)

    - * * Value * * : Priced to sell, this home presents an excellent opportunity for buyers looking to put their personal touch on a solid investment. - * * Potential * * : With some cosmetic updates, this property can easily increase in value, making it ideal for first-time homeowners or investors. This home combines practicality with potential, making it a worthwhile consideration for anyone seeking a property that can be transformed into a personalized haven.

20. 2025-09-15
    price $110,000
21. 2025-07-16
    price $115,000
22. 2025-05-05
    listed $120,000 Active
23. 2022-04-13
    soldstatus $74,000
24. 2022-03-29
    soldstatus $74,000
25. 2022-03-29
    soldstatus $74,000 Sold
26. 2021-12-30
    status Pending
27. 2021-12-28
    listed $72,000
28. 2021-12-28
    listed $72,000 Active
29. 2021-12-10
    historical
30. 2021-10-29
    price $75,000
31. 2021-08-24
    price $77,000
32. 2021-06-24
    status Active
33. 2021-06-22
    status Pending
34. 2021-06-10
    listed $75,000
35. 2021-06-10
    listed $79,000 Active

ⓘ 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: $1,552 · $129/mo
• Projected year-2 tax: $1,552 · $129/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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,550
• − Mortgage interest: −$4,476
• − Property taxes: −$1,552
• − Insurance: −$400
• − Repairs & maintenance: −$1,244
• − Management: −$1,244
• − Depreciation: −$2,324
• Taxable income: $4,310
• Est. tax owed @ 24.0%: −$1,034
• After-tax cash flow: $4,270/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: Red Oak Community School District
• NCES district ID: 1924000
• Math proficiency: 58% ▼ -6.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $38,902
• Composite: 48.77/100
• National rank: #2092
• State rank: #255 of 289 in IA

Livability — Red Oak

• Score: 68/100
• State rank: #428
• US rank: #9239

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Red Oak, IA
• City population: 7,004
• Population (ZIP): 7,004

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 9,518 people
• By 2030: 9,116 · -4.2%
• By 2040: 8,303 · -12.8%
• By 2050: 7,595 · -20.2%
• By 2075: 6,568 · -31.0%
• By 2100: 5,800 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 1% Asian 1%
• Common ancestry: Serbian 2% Romanian 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+39.1) · D 29.8% · R 68.9% · Other 1.3%
• 2008→2024 swing: -28.5pp toward R · 2008: -10.6pp · 2024: -39.1pp
• All cycles: 2024: R+39.1 2020: R+39.0 2016: R+42.4 2012: R+21.6 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.42%
• Current HPI: 187.1643
• 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

+6.5% since first listed

19 events — show timeline

• 2026-03-20 Price Changed $79,900 IAR
• 2026-03-05 Price Changed $89,900 IAR
• 2026-02-24 Listed $94,900 IAR
• 2025-09-15 Price Changed $110,000 IAR
• 2025-07-16 Price Changed $115,000 IAR
• 2025-05-05 Listed $120,000 IAR
• 2022-04-13 Sold (Public Records) $74,000 Public Records
• 2022-03-29 Sold (MLS) $74,000 NORTHSTARMLS as Distributed by MLS Grid
• 2022-03-29 Sold (MLS) $74,000 IAR
• 2021-12-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-28 Listed $72,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-12-28 Listed $72,000 IAR
• 2021-12-10 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-10-29 Price Changed $75,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-08-24 Price Changed $77,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-24 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-22 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-10 Listed $79,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-10 Listed $75,000 IAR

Property tax history

+2.3%/yr

Latest (2025): $1,552 · +4.6% YoY. Source: county tax records.