906 SE Q St · Leon, IA 50144

$28,000

3 bd · 1.0 ba · 1,196 sqft · Other public records · 138 Days on market

Built 1890 5,401 sqft lot $23/sqft · 76% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This home has so much already going for it, just needs TLC to become the perfect property. First, it has a metal roof. Second, it's in a great location! Within about 2 blocks you have the elementary school, public pool, and ball fields. Priced to sell. * * First two photos are edited to show the potential of the home. These are not official photos of the actual property. * *

Key facts

• Metal roof
• Great location
• Elementary school

Tags

• METAL ROOF
• GREAT LOCATION
• ELEMENTARY SCHOOL
• PUBLIC POOL
• BALL FIELDS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $28k.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($700 rent vs $28k).
• Recommended offer: $25k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 79/100 on livability (#105 in IA, #2,071 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Central Decatur Community School District (rural): math 62% / reading 70% proficiency, ranked #200 of 289 in IA (top 69%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 12 active listings in the ZIP; 1 comparable units currently listed for rent nearby.

Forward outlook

• In year one you build about $1k of equity ($194 loan paydown + $1k appreciation (4.5% local appreciation)).
• Decatur County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 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 1890 — 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: 2.50% ✓
• Cap rate: 21.51%
• Cash-on-cash: 54.34%
• DSCR: 3.42
• GRM: 3.3

CMA / ARV

• ARV (median comp): $110,879
• List price: $28,000
• Delta: -74.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

4.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 61.1%
• Equity multiple: 4.61×
• Total profit: $28,285
• Equity at exit: $15,024

10-year hold

• IRR: 59.3%
• Equity multiple: 9.47×
• Total profit: $66,384
• Equity at exit: $25,258

Cash invested: $7,840 (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 50144

• Home prices YoY: 3.2%
• Active inventory: 12
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $700 medium
• Mortgage (P&I): −$147
• Tax from tax record: −$40 /mo · $474/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$147
• Net cashflow: $355

Break-even live

Break-even rent $251

Max offer price $28,000

Occupancy floor 44%

Sensitivity live

Price	-10% $371	-5% $363	+0% $355	+5% $347	+10% $339
Rent	-10% $300	-5% $327	+0% $355	+5% $383	+10% $410
Rate	-1.0pp $369	-0.5pp $362	base $355	+0.5pp $348	+1.0pp $340

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1006 SW 11th St Unit 14 Leon, IA	2.0	1.0	700	$700	$1.00	44d	1	0.68mi

Listing history 17 events

1. 2026-06-21
   days on market $28,000 Active 138 DOM
2. 2026-06-18
   days on market $28,000 Active 136 DOM
3. 2026-06-17
   days on market $28,000 Active 135 DOM
4. 2026-06-16
   days on market $28,000 Active 134 DOM
5. 2026-06-15
   days on market $28,000 Active 133 DOM
6. 2026-06-13
   days on market $28,000 Active 131 DOM
7. 2026-06-12
   days on market $28,000 Active 130 DOM
8. 2026-06-09
   days on market $28,000 Active 127 DOM
9. 2026-06-08
   days on market $28,000 Active 126 DOM
10. 2026-06-07
    days on market $28,000 Active 125 DOM
11. 2026-06-07
    pricedays on market $28,000 Active 124 DOM
12. 2026-06-04
    days on market $35,000 Active 121 DOM
13. 2026-06-02
    days on market $35,000 Active 120 DOM
14. 2026-06-01
    days on market $35,000 Active 119 DOM
15. 2026-05-31
    days on market $35,000 Active 118 DOM
16. 2026-05-31
    days on market $35,000 Active 117 DOM
17. 2026-02-02
    listed $35,000 Active 380-char remark

    Show marketing remark (380 chars)

    This home has so much already going for it, just needs TLC to become the perfect property. First, it has a metal roof. Second, it's in a great location! Within about 2 blocks you have the elementary school, public pool, and ball fields. Priced to sell. * * First two photos are edited to show the potential of the home. These are not official photos of the actual property. * *

ⓘ 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: $474 · $40/mo
• Projected year-2 tax: $474 · $40/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 3/10 Moderate 7 d/yr ≥104°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: $8,400
• − Mortgage interest: −$1,568
• − Property taxes: −$474
• − Insurance: −$140
• − Repairs & maintenance: −$672
• − Management: −$672
• − Depreciation: −$815
• Taxable income: $4,059
• Est. tax owed @ 24.0%: −$974
• After-tax cash flow: $3,286/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: Central Decatur Community School District
• NCES district ID: 1906900
• Math proficiency: 62% ▼ -5.00%
• Reading proficiency: 70% ▲ 11.00%
• Median HH income: $38,617
• Composite: 54.94/100
• National rank: #1306
• State rank: #200 of 289 in IA

Livability — Leon

• Score: 79/100
• State rank: #105
• US rank: #2071

Category grades

Amenities D+ 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: Leon, IA
• Population (ZIP): 2,715

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 7,720 people
• By 2030: 7,467 · -3.3%
• By 2040: 6,935 · -10.2%
• By 2050: 6,500 · -15.8%
• By 2075: 6,761 · -12.4%
• By 2100: 6,215 · -19.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 4% Slovak 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+47.1) · D 25.7% · R 72.7% · Other 1.6%
• 2008→2024 swing: -46.2pp toward R · 2008: -0.8pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+39.3 2016: R+29.6 2012: R+4.1 2008: R+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.50%
• Current HPI: 145.2113
• 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

1 event — show timeline

• 2026-02-02 Listed $35,000 IAR

Property tax history

+1.6%/yr

Latest (2024): $474 · +3.0% YoY. Source: county tax records.