701 S Mill St · Lake Mills, IA 50450

$149,900

3 bd · 2.0 ba · 2,058 sqft · SingleFamily public records · 19 Days on market

Built 1920 10,062 sqft lot Est $259k · 42% under

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Why this score? — see what drove the C- 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 +11.2/30.0
• Schools +5.9/10.0
• Livability +4.0/5.0
• DSCR +3.3/10.0
• 1% rule +3.2/10.0
• Appreciation +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this charming & historic home, constructed in 1920. Step onto the expansive deck and into the entry, leading into the kitchen, complete w/ appliances. Adjacent to the kitchen, the spacious living and dining area awaits, promising an ideal ambiance for unforgettable gatherings. A main level bath has been seamlessly incorporated into the home, complete w/ a walk-in shower, built-ins, and a stackable washer/dryer set (2nd set in basement). Step through the beautiful French doors and discover a delightful enclosed porch, offering a tranquil spot to savor a morning coffee or indulge in a good book. Ascend to the 2nd floor and be greeted by a large landing, leading to three sizeable bedrooms. Completing this level is another bathroom with a tub for relaxing. The stucco exterior of this property could be easily painted. There is a detached 2 stall garage w/ an 18x20 addition, providing an ideal space for pursuing any of your hobbies. Let's get you into a new place to call home!

Key facts

• Laundry area
• Front porch
• Original woodwork

Tags

• CORNER LOT
• ORIGINAL WOODWORK
• FRONT PORCH
• LAUNDRY AREA
• ABUNDANT STORAGE
• FULLY FINISHED BASEMENT

Property features AI

Exterior

• Parking: 2-car garage (approximately 18 x 20, asphalt driveway)
• Utilities: City water connected; City sewer connected; Natural gas; Electric with circuit breakers
• Home design: Residential property; Two levels; Entry at main level
• Construction: Block foundation; Asphalt roof
• Exterior features: Stucco exterior; Deck; Porch; Corner lot; City street frontage on a public maintained road; Lot dimensions approximately 99 x 102

Interior

• Kitchen: Kitchen with window
• Bedrooms: 4 bedrooms (several on upper level; 3 bedrooms on one level noted)
• Bathrooms: Two 3/4 baths (one on main floor, one on upper level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement with sump pump; Ceiling fans; Natural woodwork; French doors; Porch; Deck; Kitchen window; 3 bedrooms on one level
• Laundry & utility: Washer/dryer hookup; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-57 ($-683/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (17.7% below list).
• Recommended offer: $123k (17.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#110 in IA, #2,117 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Lake Mills Community School District (rural): math 68% / reading 72% proficiency, ranked #148 of 289 in IA (top 51%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 13 active listings in the ZIP; 6 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Winnebago County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $124k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,307 (17.7% 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. Built in 1920 — 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: 0.82% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $259,308
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 S Washington St	0.15mi	3/2.0	2,184 (+6%)	13mo	$140,000	$64	72
605 S Mill St St	0.05mi	3/1.8	1,772 (-14%)	10mo	$225,000	$127	65
1009 S Grant St	0.31mi	3/2.0	1,810 (-12%)	4mo	$235,000	$130	62
302 S 4th Ave E	0.30mi	4/2.0 (+1)	2,112 (+3%)	22mo	$252,000	$119	59
404 W Front St St	0.67mi	4/2.0 (+1)	1,981 (-4%)	4mo	$82,000	$41	54
1004 S Western St	0.22mi	4/3.0 (+1)	1,824 (-11%)	14mo	$230,000	$126	50

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: -19.0%
• Equity multiple: 0.34×
• Total profit: $-27,900
• Equity at exit: $22,351

10-year hold

• IRR: -11.5%
• Equity multiple: 0.31×
• Total profit: $-28,900
• Equity at exit: $12,961

Cash invested: $41,972 (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 50450

• Home prices YoY: -2.0%
• Active inventory: 13
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,233 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$182 /mo · $2,190/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $-57

Break-even live

Break-even rent $1,305

Max offer price $139,844

Occupancy floor 100%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-17
   status $149,900 Pending 19 DOM
2. 2026-06-17
   days on market $149,900 Contingent - Inspection 19 DOM
3. 2026-06-16
   days on market $149,900 Contingent - Inspection 18 DOM
4. 2026-06-15
   days on market $149,900 Contingent - Inspection 17 DOM
5. 2026-06-13
   days on market $149,900 Contingent - Inspection 15 DOM
6. 2026-06-12
   days on market $149,900 Contingent - Inspection 14 DOM
7. 2026-06-09
   statusdays on market $149,900 Contingent - Inspection 11 DOM
8. 2026-06-08
   days on market $149,900 Active 10 DOM
9. 2026-06-07
   days on market $149,900 Active 9 DOM
10. 2026-06-05
    days on market $149,900 Active 7 DOM
11. 2026-06-04
    days on market $149,900 Active 5 DOM
12. 2026-06-02
    days on market $149,900 Active 4 DOM
13. 2026-06-01
    days on market $149,900 Active 3 DOM
14. 2026-05-31
    days on market $149,900 Active 2 DOM
15. 2026-05-29
    listed $149,900 Active
16. 2024-04-19
    soldstatus $123,500
17. 2024-04-16
    soldstatus $123,500 Closed 1002-char remark

    Show marketing remark (1002 chars)

    Welcome to this charming & historic home, constructed in 1920. Step onto the expansive deck and into the entry, leading into the kitchen, complete w/ appliances. Adjacent to the kitchen, the spacious living and dining area awaits, promising an ideal ambiance for unforgettable gatherings. A main level bath has been seamlessly incorporated into the home, complete w/ a walk-in shower, built-ins, and a stackable washer/dryer set (2nd set in basement). Step through the beautiful French doors and discover a delightful enclosed porch, offering a tranquil spot to savor a morning coffee or indulge in a good book. Ascend to the 2nd floor and be greeted by a large landing, leading to three sizeable bedrooms. Completing this level is another bathroom with a tub for relaxing. The stucco exterior of this property could be easily painted. There is a detached 2 stall garage w/ an 18x20 addition, providing an ideal space for pursuing any of your hobbies. Let's get you into a new place to call home!

18. 2024-03-25
    status Pending 1002-char remark

    Show marketing remark (1002 chars)

    Welcome to this charming & historic home, constructed in 1920. Step onto the expansive deck and into the entry, leading into the kitchen, complete w/ appliances. Adjacent to the kitchen, the spacious living and dining area awaits, promising an ideal ambiance for unforgettable gatherings. A main level bath has been seamlessly incorporated into the home, complete w/ a walk-in shower, built-ins, and a stackable washer/dryer set (2nd set in basement). Step through the beautiful French doors and discover a delightful enclosed porch, offering a tranquil spot to savor a morning coffee or indulge in a good book. Ascend to the 2nd floor and be greeted by a large landing, leading to three sizeable bedrooms. Completing this level is another bathroom with a tub for relaxing. The stucco exterior of this property could be easily painted. There is a detached 2 stall garage w/ an 18x20 addition, providing an ideal space for pursuing any of your hobbies. Let's get you into a new place to call home!

19. 2024-03-06
    historical Active Under Contract 1002-char remark

    Show marketing remark (1002 chars)

    Welcome to this charming & historic home, constructed in 1920. Step onto the expansive deck and into the entry, leading into the kitchen, complete w/ appliances. Adjacent to the kitchen, the spacious living and dining area awaits, promising an ideal ambiance for unforgettable gatherings. A main level bath has been seamlessly incorporated into the home, complete w/ a walk-in shower, built-ins, and a stackable washer/dryer set (2nd set in basement). Step through the beautiful French doors and discover a delightful enclosed porch, offering a tranquil spot to savor a morning coffee or indulge in a good book. Ascend to the 2nd floor and be greeted by a large landing, leading to three sizeable bedrooms. Completing this level is another bathroom with a tub for relaxing. The stucco exterior of this property could be easily painted. There is a detached 2 stall garage w/ an 18x20 addition, providing an ideal space for pursuing any of your hobbies. Let's get you into a new place to call home!

20. 2024-03-01
    listed $125,000 Active 1002-char remark

    Show marketing remark (1002 chars)

    Welcome to this charming & historic home, constructed in 1920. Step onto the expansive deck and into the entry, leading into the kitchen, complete w/ appliances. Adjacent to the kitchen, the spacious living and dining area awaits, promising an ideal ambiance for unforgettable gatherings. A main level bath has been seamlessly incorporated into the home, complete w/ a walk-in shower, built-ins, and a stackable washer/dryer set (2nd set in basement). Step through the beautiful French doors and discover a delightful enclosed porch, offering a tranquil spot to savor a morning coffee or indulge in a good book. Ascend to the 2nd floor and be greeted by a large landing, leading to three sizeable bedrooms. Completing this level is another bathroom with a tub for relaxing. The stucco exterior of this property could be easily painted. There is a detached 2 stall garage w/ an 18x20 addition, providing an ideal space for pursuing any of your hobbies. Let's get you into a new place to call home!

21. 2023-11-01
    price $125,000
22. 2023-10-11
    listed $135,000 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: $2,190 · $182/mo
• Projected year-2 tax: $2,272 · $189/mo
• Expected delta: +$82/yr (+$7/mo · 3.7%)

ⓘ 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 ≥99°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: $14,797
• − Mortgage interest: −$8,397
• − Property taxes: −$2,190
• − Insurance: −$750
• − Repairs & maintenance: −$1,184
• − Management: −$1,184
• − Depreciation: −$4,361
• Taxable loss: −$3,268
• Est. tax savings @ 24.0%: +$784
• After-tax cash flow: $101/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: Lake Mills Community School District
• NCES district ID: 1916110
• Math proficiency: 68% ▼ -5.00%
• Reading proficiency: 72% ▼ -2.00%
• Median HH income: $48,268
• Composite: 59.19/100
• National rank: #945
• State rank: #148 of 289 in IA

Livability — Lake Mills

• Score: 79/100
• State rank: #110
• US rank: #2117

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Mills, IA
• City population: 3,001
• Population (ZIP): 3,001

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 10,099 people
• By 2030: 9,831 · -2.7%
• By 2040: 9,326 · -7.7%
• By 2050: 9,073 · -10.2%
• By 2075: 9,448 · -6.4%
• By 2100: 10,279 · +1.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 46% Iranian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Winnebago

• 2024 margin: Solid R (+30.7) · D 33.9% · R 64.6% · Other 1.5%
• 2008→2024 swing: -39.3pp toward R · 2008: 8.6pp · 2024: -30.7pp
• All cycles: 2024: R+30.7 2020: R+26.3 2016: R+26.5 2012: R+0.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.57%
• Current HPI: 219.7494
• 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

+11.0% since first listed

8 events — show timeline

• 2026-05-29 Listed $149,900 NORTHSTARMLS as Distributed by MLS Grid
• 2024-04-19 Sold (Public Records) $123,500 Public Records
• 2024-04-16 Sold (MLS) $123,500 IAR
• 2024-03-25 Pending — IAR
• 2024-03-06 Contingent — IAR
• 2024-03-01 Listed $125,000 IAR
• 2023-11-01 Price Changed $125,000 IAR
• 2023-10-11 Listed $135,000 IAR

Property tax history

+8.1%/yr

Latest (2025): $2,190 · +43.5% YoY. Source: county tax records.