243 S Boone St · Boone, IA 50036

$194,999

3 bd · 2.0 ba · 2,015 sqft · SingleFamily public records · 141 Days on market

Built 1930 10,800 sqft lot $97/sqft · 25% below area Est $222k · 12% under ↓ 5% since listing

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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).

• Cash flow +15.3/30.0
• ARV discount +13.0/15.0
• Schools +5.2/10.0
• DSCR +4.7/10.0
• 1% rule +4.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home's appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone's most desirable neighborhoods.

Key facts

• 0.25 acre lot
• Garage
• Built 1930

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $71 ($858/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $183k (6.3% below list).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 3.7% in Boone — 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 79/100 on livability (#112 in IA, #2,144 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Boone Community School District (town): math 57% / reading 66% proficiency, ranked #232 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Franklin Elementary School (math 75% / reading 69%, grade A-, #181 of 616 statewide, top 34%, 357 students, 41% FRL); Boone Middle School (math 48% / reading 63%, grade B-, #199 of 246 statewide, top 81%, 582 students, 39% FRL); Boone High School (math 60% / reading 69%, grade B-, #211 of 336 statewide, top 70%, 711 students, 36% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: 217 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 80 units permitted in Boone County in 2024 (16 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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $171,599 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 1930 — 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. Schools are B-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?
6. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.57%
• DSCR: 1.07
• GRM: 8.9

CMA / ARV

• ARV (median comp): $222,320
• List price: $194,999
• Delta: -12.29%
• 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
104 Boone St	0.17mi	4/2.0 (+1)	2,127 (+6%)	13mo	$220,000	$103	67
322 Marshall St	0.40mi	4/2.0 (+1)	2,048 (+2%)	8mo	$220,000	$107	67
1303 Union St	0.47mi	2/2.0 (-1)	1,982 (-2%)	5mo	$167,000	$84	66
530 5th St	0.46mi	4/2.0 (+1)	2,108 (+5%)	2mo	$188,500	$89	64
113 Marshall St	0.26mi	4/2.0 (+1)	1,789 (-11%)	1mo	$246,000	$138	64
128 Boone St	0.22mi	3/2.5	2,256 (+12%)	9mo	$349,900	$155	60
1316 Second St	0.53mi	3/3.0	1,937 (-4%)	9mo	$261,500	$135	57
1226 6th St	0.65mi	3/2.0	1,880 (-7%)	5mo	$198,000	$105	54
310 Linn St	0.57mi	4/2.5 (+1)	1,883 (-7%)	13mo	$195,000	$104	45
816 Carroll St	0.71mi	3/1.5	1,732 (-14%)	2mo	$192,000	$111	40
222 Clinton St	0.70mi	4/2.0 (+1)	1,776 (-12%)	11mo	$220,000	$124	34
210 W 3rd St	0.73mi	3/2.0	1,760 (-13%)	14mo	$180,000	$102	33

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: -13.8%
• Equity multiple: 0.51×
• Total profit: $-27,002
• Equity at exit: $29,075

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-17,475
• Equity at exit: $16,860

Cash invested: $54,600 (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 50036

• Home prices YoY: -27.1%
• Active inventory: 217
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,828 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$269 /mo · $3,226/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $71

Break-even live

Break-even rent $1,738

Max offer price $194,999

Occupancy floor 91%

Sensitivity live

Price	-10% $182	-5% $127	+0% $71	+5% $16	+10% $-39
Rent	-10% $-73	-5% $-1	+0% $71	+5% $144	+10% $216
Rate	-1.0pp $170	-0.5pp $121	base $71	+0.5pp $21	+1.0pp $-30

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1318 SE Linn St Boone, IA	3.0	2.0	1896	$1,695	$0.89	45d	1	0.50mi
1109 Ida Pl Boone, IA	3.0	2.5	1715	$1,950	$1.14	45d	1	0.78mi
1208 S Linn St Boone, IA	3.0	2.5	1449	$1,800	$1.24	45d	1	0.87mi
1428 Story St Boone, IA	4.0	3.0	1900	$2,000	$1.05	45d	1	1.17mi

Listing history 24 events

1. 2026-06-22
   days on market $194,999 Active 141 DOM
2. 2026-06-18
   days on market $194,999 Active 140 DOM
3. 2026-06-17
   days on market $194,999 Active 139 DOM
4. 2026-06-16
   days on market $194,999 Active 138 DOM
5. 2026-06-15
   days on market $194,999 Active 137 DOM
6. 2026-06-13
   days on market $194,999 Active 135 DOM
7. 2026-06-12
   days on market $194,999 Active 134 DOM
8. 2026-06-09
   days on market $194,999 Active 131 DOM
9. 2026-06-08
   days on market $194,999 Active 130 DOM
10. 2026-06-07
    days on market $194,999 Active 129 DOM
11. 2026-06-05
    days on market $194,999 Active 127 DOM
12. 2026-06-04
    days on market $194,999 Active 125 DOM
13. 2026-06-02
    days on market $194,999 Active 124 DOM
14. 2026-06-01
    days on market $194,999 Active 123 DOM
15. 2026-05-31
    days on market $194,999 Active 122 DOM
16. 2026-05-31
    days on market $194,999 Active 121 DOM
17. 2026-04-03
    status Active 883-char remark

    Show marketing remark (895 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home’s appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone’s most desirable neighborhoods.

18. 2026-04-03
    status Active 895-char remark

    Show marketing remark (895 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home’s appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone’s most desirable neighborhoods.

19. 2026-03-24
    status Pending 895-char remark

    Show marketing remark (895 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home’s appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone’s most desirable neighborhoods.

20. 2026-03-22
    status Pending 883-char remark

    Show marketing remark (883 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home's appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone's most desirable neighborhoods.

21. 2026-03-19
    price $194,999 883-char remark

    Show marketing remark (895 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home’s appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone’s most desirable neighborhoods.

22. 2026-03-19
    price $194,999 895-char remark

    Show marketing remark (895 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home’s appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone’s most desirable neighborhoods.

23. 2026-01-19
    listed $205,000 Active 883-char remark

    Show marketing remark (895 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home’s appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone’s most desirable neighborhoods.

24. 2026-01-19
    listed $205,000 Active 895-char remark

    Show marketing remark (895 chars)

    This charming Boone home is filled with timeless character and thoughtful details throughout. Offering three spacious bedrooms and two bathrooms, the home features gorgeous original woodwork, built-ins, and a cozy fireplace that create a warm, inviting atmosphere. A beautiful three-season porch and an expansive front porch provide the perfect spaces to relax and enjoy the mature, tree-lined neighborhood. The large bedrooms offer plenty of space and comfort, while the generous backyard is ideal for family gatherings, entertaining, or simply enjoying the outdoors. Durable steel siding, a single-car garage, and an amazing location add to the home’s appeal. With easy access to all amenities and close proximity to Herman Park and the scenic McHose Park, this property perfectly blends classic charm, functionality, and convenience in one of Boone’s most desirable neighborhoods.

ⓘ 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: $3,226 · $269/mo
• Projected year-2 tax: $3,226 · $269/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 ≥103°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: $21,937
• − Mortgage interest: −$10,923
• − Property taxes: −$3,226
• − Insurance: −$975
• − Repairs & maintenance: −$1,755
• − Management: −$1,755
• − Depreciation: −$5,673
• Taxable loss: −$2,370
• Est. tax savings @ 24.0%: +$569
• After-tax cash flow: $1,427/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: Boone Community School District
• NCES district ID: 1905130
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $48,703
• Composite: 52.16/100
• National rank: #1613
• State rank: #232 of 289 in IA

Livability — Boone

• Score: 79/100
• State rank: #112
• US rank: #2144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boone, IA
• Population (ZIP): 16,318

Population outlook (Boone County) Hauer SSP2

• Today (2025): 27,674 people
• By 2030: 28,058 · +1.4%
• By 2040: 28,474 · +2.9%
• By 2050: 28,383 · +2.6%
• By 2075: 27,647 · -0.1%
• By 2100: 25,485 · -7.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Iranian 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Boone

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 7.6pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+15.6 2016: R+13.9 2012: D+6.4 2008: D+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.62%
• Current HPI: 216.6814
• 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

-4.9% since first listed

8 events — show timeline

• 2026-04-03 Relisted — CIBOR
• 2026-04-03 Relisted — DMMLS
• 2026-03-24 Pending — DMMLS
• 2026-03-22 Pending — CIBOR
• 2026-03-19 Price Changed $194,999 CIBOR
• 2026-03-19 Price Changed $194,999 DMMLS
• 2026-01-19 Listed $205,000 CIBOR
• 2026-01-19 Listed $205,000 DMMLS

Property tax history

+4.5%/yr

Latest (2025): $3,226 · +4.0% YoY. Source: county tax records.