238 S Walnut St · Colfax, IA 50054

$55,349

2 bd · 1.0 ba · 900 sqft · SingleFamily public records · 122 Days on market

Built 1910 10,440 sqft lot $61/sqft · 63% below area

---

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
• Schools +5.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This ranch home is ready for its new owner! It offers a spacious layout, a large lot with plenty of room to enjoy, and convenient access to the interstate for easy commuting.

Key facts

• Convenient access
• Large lot
• 0.24 acre lot

Tags

• LARGE LOT
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $316 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $49k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#242 in IA, #4,698 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Colfax-Mingo Community School District (rural): math 59% / reading 66% proficiency, ranked #213 of 289 in IA (top 74%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 22 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 16 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $383 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Jasper County population projected to shrink 7% 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 $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y ago; this cycle's ask has dropped $78k (58%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,707 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.99% ✓
• Cap rate: 14.58%
• Cash-on-cash: 29.60%
• DSCR: 2.32
• GRM: 4.2

CMA / ARV

• ARV (median comp): $147,829
• List price: $55,349
• Delta: -62.56%
• 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
226 S Iowa St	0.22mi	2/1.0	888 (-1%)	2mo	$145,000	$163	86
216 E Washington St	0.24mi	2/2.0	884 (-2%)	3mo	$100,000	$113	80
516 W Spring St	0.38mi	2/1.0	876 (-3%)	2mo	$129,000	$147	76
223 W Broadway St	0.22mi	3/1.0 (+1)	961 (+7%)	6mo	$165,000	$172	68
520 S Oak Park Ave	0.39mi	2/1.0	842 (-6%)	5mo	$159,000	$189	67
624 S Goodrich St	0.52mi	2/1.0	864 (-4%)	4mo	$174,500	$202	66
34 E Broadway St	0.10mi	3/1.0 (+1)	780 (-13%)	6mo	$135,000	$173	63
10176 S 34th Ave W	0.66mi	2/1.0	864 (-4%)	0mo	$170,000	$197	62
517 S Lincoln St	0.29mi	3/2.0 (+1)	960 (+7%)	8mo	$200,000	$208	60
10114 S 34th Ave W	0.71mi	3/1.5 (+1)	912 (+1%)	2mo	$225,000	$247	56
511 W Broadway St	0.37mi	3/1.0 (+1)	768 (-15%)	0mo	$22,000	$29	53
17 S Kelly St	0.45mi	3/2.0 (+1)	1,020 (+13%)	4mo	$202,500	$199	45

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: 17.9%
• Equity multiple: 1.73×
• Total profit: $11,266
• Equity at exit: $8,253

10-year hold

• IRR: 26.5%
• Equity multiple: 3.34×
• Total profit: $36,204
• Equity at exit: $4,786

Cash invested: $15,498 (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 50054

• Home prices YoY: -7.7%
• Active inventory: 22
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$290
• Tax from tax record: −$173 /mo · $2,081/yr
• Insurance: −$23
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $316

Break-even live

Break-even rent $700

Max offer price $55,349

Occupancy floor 66%

Sensitivity live

Price	-10% $347	-5% $331	+0% $316	+5% $300	+10% $284
Rent	-10% $229	-5% $272	+0% $316	+5% $359	+10% $403
Rate	-1.0pp $344	-0.5pp $330	base $316	+0.5pp $301	+1.0pp $287

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: $13,837
• Closing costs: $1,660
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 W Pleasant St Colfax, IA	2.0	1.0	960	$1,100	$1.15	15d	1	0.50mi

Listing history 29 events

1. 2026-06-21
   days on market $55,349 Active 122 DOM
2. 2026-06-18
   days on market $55,349 Active 119 DOM
3. 2026-06-17
   days on market $55,349 Active 118 DOM
4. 2026-06-16
   days on market $55,349 Active 117 DOM
5. 2026-06-15
   days on market $55,349 Active 116 DOM
6. 2026-06-14
   days on market $55,349 Active 114 DOM
7. 2026-06-13
   pricedays on market $55,349 Active 113 DOM
8. 2026-06-10
   days on market $61,499 Active 111 DOM
9. 2026-06-09
   days on market $61,499 Active 110 DOM
10. 2026-06-08
    days on market $61,499 Active 109 DOM
11. 2026-06-07
    pricedays on market $61,499 Active 108 DOM
12. 2026-06-05
    days on market $72,352 Active 105 DOM
13. 2026-06-03
    days on market $72,352 Active 104 DOM
14. 2026-06-02
    days on market $72,352 Active 103 DOM
15. 2026-06-01
    days on market $72,352 Active 102 DOM
16. 2026-05-31
    days on market $72,352 Active 101 DOM
17. 2026-05-31
    days on market $72,352 Active 100 DOM
18. 2026-05-19
    price $72,352 174-char remark

    Show marketing remark (174 chars)

    This ranch home is ready for its new owner! It offers a spacious layout, a large lot with plenty of room to enjoy, and convenient access to the interstate for easy commuting.

19. 2026-04-24
    price $85,120 174-char remark

    Show marketing remark (174 chars)

    This ranch home is ready for its new owner! It offers a spacious layout, a large lot with plenty of room to enjoy, and convenient access to the interstate for easy commuting.

20. 2026-04-07
    price $106,400 174-char remark

    Show marketing remark (174 chars)

    This ranch home is ready for its new owner! It offers a spacious layout, a large lot with plenty of room to enjoy, and convenient access to the interstate for easy commuting.

21. 2026-02-18
    listed $133,000 Active 174-char remark

    Show marketing remark (174 chars)

    This ranch home is ready for its new owner! It offers a spacious layout, a large lot with plenty of room to enjoy, and convenient access to the interstate for easy commuting.

22. 2023-03-06
    soldstatus $95,000
23. 2023-03-03
    soldstatus $95,000 Closed 208-char remark

    Show marketing remark (208 chars)

    Looking for home with no steps. .. .. look here. Large eat in kitchen plus dining room. Bathroom offers a whirlpool tub. Exterior offers many perennial plants. Raised strawberry bed. And super fun tree house.

24. 2023-01-26
    status Pending 208-char remark

    Show marketing remark (208 chars)

    Looking for home with no steps. .. .. look here. Large eat in kitchen plus dining room. Bathroom offers a whirlpool tub. Exterior offers many perennial plants. Raised strawberry bed. And super fun tree house.

25. 2022-12-20
    status Active 208-char remark

    Show marketing remark (208 chars)

    Looking for home with no steps. .. .. look here. Large eat in kitchen plus dining room. Bathroom offers a whirlpool tub. Exterior offers many perennial plants. Raised strawberry bed. And super fun tree house.

26. 2022-11-18
    status Pending 208-char remark

    Show marketing remark (208 chars)

    Looking for home with no steps. .. .. look here. Large eat in kitchen plus dining room. Bathroom offers a whirlpool tub. Exterior offers many perennial plants. Raised strawberry bed. And super fun tree house.

27. 2022-10-04
    listed $105,000 Active 208-char remark

    Show marketing remark (208 chars)

    Looking for home with no steps. .. .. look here. Large eat in kitchen plus dining room. Bathroom offers a whirlpool tub. Exterior offers many perennial plants. Raised strawberry bed. And super fun tree house.

28. 2008-01-28
    soldstatus $20,000
29. 2007-11-19
    listed $27,000

ⓘ 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: $2,081 · $173/mo
• Projected year-2 tax: $2,081 · $173/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 7/10 Severe FEMA zone X (unshaded) · 77% 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: $13,200
• − Mortgage interest: −$3,100
• − Property taxes: −$2,081
• − Insurance: −$1,074
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$1,610
• Taxable income: $3,222
• Est. tax owed @ 24.0%: −$773
• After-tax cash flow: $3,016/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: Colfax-Mingo Community School District
• NCES district ID: 1900009
• Math proficiency: 59% ▼ -2.00%
• Reading proficiency: 66% ▲ 7.00%
• Median HH income: $53,956
• Composite: 53.51/100
• National rank: #1450
• State rank: #213 of 289 in IA

Livability — Colfax

• Score: 74/100
• State rank: #242
• US rank: #4698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colfax, IA
• City population: 3,179
• Population (ZIP): 3,179

Population outlook (Jasper County) Hauer SSP2

• Today (2025): 36,216 people
• By 2030: 35,730 · -1.3%
• By 2040: 34,727 · -4.1%
• By 2050: 33,802 · -6.7%
• By 2075: 33,382 · -7.8%
• By 2100: 32,761 · -9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Iranian 5% Slovak 4% Portuguese 4%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Jasper

• 2024 margin: Strong R (+27.6) · D 35.4% · R 63.0% · Other 1.5%
• 2008→2024 swing: -35.1pp toward R · 2008: 7.5pp · 2024: -27.6pp
• All cycles: 2024: R+27.6 2020: R+21.5 2016: R+18.4 2012: D+7.1 2008: D+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.08%
• Current HPI: 275.7
• 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

+168.0% since first listed

12 events — show timeline

• 2026-05-19 Price Changed $72,352 DMMLS
• 2026-04-24 Price Changed $85,120 DMMLS
• 2026-04-07 Price Changed $106,400 DMMLS
• 2026-02-18 Listed $133,000 DMMLS
• 2023-03-06 Sold (Public Records) $95,000 Public Records
• 2023-03-03 Sold (MLS) $95,000 DMMLS
• 2023-01-26 Pending — DMMLS
• 2022-12-20 Relisted — DMMLS
• 2022-11-18 Pending — DMMLS
• 2022-10-04 Listed $105,000 DMMLS
• 2008-01-28 Sold (MLS) $20,000 DMMLS
• 2007-11-19 Listed $27,000 DMMLS

Property tax history

+11.2%/yr

Latest (2025): $2,081 · +7.3% YoY. Source: county tax records.