518 5th St · Perry, IA 50220

$54,900

2 bd · 1.0 ba · 784 sqft · SingleFamily public records · 445 Days on market

Built 1945 10,500 sqft lot Est $60k · 8% 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 +11.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• 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

Move in ready with a great backyard close to local bike trail! Excellent starter home with 2 bedroom, 3rd non-conforming, on the main level. Convenience of attached garage! All information obtained from seller and public records.

Key facts

• 0.24 acre lot
• Garage
• Built 1945

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 $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($885 rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 3.8% in Perry — 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 73/100 on livability (#273 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Perry Community School District (town): math 51% / reading 59% proficiency, ranked #266 of 289 in IA (top 92%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Perry Elementary (math 61% / reading 56%, grade B-, #432 of 616 statewide, top 71%, 815 students, 60% FRL); Perry Middle School (math 51% / reading 59%, grade B-, #201 of 246 statewide, top 82%, 367 students, 64% FRL); Perry High School (math 43% / reading 64%, grade C-, #295 of 336 statewide, top 88%, 564 students, 56% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 50 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 445 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $30k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 445 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 1945 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.61% ✓
• Cap rate: 11.23%
• Cash-on-cash: 17.63%
• DSCR: 1.78
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $59,584
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 5th St	0.00mi	2/1.0	784 (0%)	1mo	$54,900	$70	99
721 Grove St	0.14mi	2/1.0	836 (+7%)	12mo	$107,000	$128	72
1901 Estella St	0.33mi	2/2.0	816 (+4%)	5mo	$206,000	$252	70
1606 Evelyn St	0.29mi	2/1.0	829 (+6%)	18mo	$50,000	$60	62
1412 6th St	0.66mi	2/1.0	820 (+5%)	20mo	$62,000	$76	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: 9.2%
• Equity multiple: 1.36×
• Total profit: $5,555
• Equity at exit: $8,186

10-year hold

• IRR: 18.4%
• Equity multiple: 2.54×
• Total profit: $23,644
• Equity at exit: $4,747

Cash invested: $15,372 (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 50220

• Home prices YoY: -30.2%
• Active inventory: 50
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $885 high
• Mortgage (P&I): −$288
• Tax from tax record: −$163 /mo · $1,952/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $226

Break-even live

Break-even rent $599

Max offer price $54,900

Occupancy floor 69%

Sensitivity live

Price	-10% $257	-5% $241	+0% $226	+5% $210	+10% $195
Rent	-10% $156	-5% $191	+0% $226	+5% $261	+10% $296
Rate	-1.0pp $253	-0.5pp $240	base $226	+0.5pp $212	+1.0pp $197

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 8th St Unit 1 Perry, IA	2.0	1.0	750	$850	$1.13	45d	1	0.30mi
1011 Evelyn St Unit 1 Perry, IA	2.0	2.0	1000	$895	$0.90	15d	1	0.40mi
1402 Willis Ave Unit 5 Perry, IA	2.0	1.0	675	$650	$0.96	15d	1	0.41mi
913 Willis Ave Perry, IA	1.0–2.0	1.0–2.0	882	$1,000	$1.13	15d	1	0.53mi
1214 2nd St Unit 6 Perry, IA	1.0	1.0	900	$995	$1.11	45d	1	0.53mi
2103 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	25d	1	0.57mi
2105 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	45d	1	0.57mi
1313 1st Ave Perry, IA	2.0	1.0	806	$700	$0.87	45d	1	0.64mi
2516 Perry Park Ave Unit A Perry, IA	3.0	1.0	966	$850	$0.88	45d	1	0.66mi
2516 Perry Park Ave Unit 111 Perry, IA	2.0	1.0	660	$745	$1.13	15d	1	0.66mi
2523 Perry Park Ave Unit 5 Perry, IA	1.0	1.0	550	$495	$0.90	45d	1	0.70mi
2523 Perry Park Ave Unit 2 Perry, IA	1.0	1.0	550	$545	$0.99	45d	1	0.70mi
2902 Iowa St Unit 8 Perry, IA	1.0	1.0	760	$495	$0.65	45d	1	1.11mi
2902 Iowa St Unit 6 Perry, IA	2.0	1.0	960	$695	$0.72	15d	1	1.13mi
2908 Kading Rd Perry, IA	3.0	1.0	1008	$920	$0.91	15d	5	1.14mi

Listing history 22 events

1. 2026-04-27
   status Pending
2. 2026-02-17
   price $54,900
3. 2025-11-18
   price $59,900
4. 2025-08-26
   price $64,900
5. 2025-06-27
   price $67,000
6. 2025-05-20
   price $69,900
7. 2025-04-14
   price $74,900
8. 2025-03-25
   price $79,900
9. 2025-02-06
   listed $85,000 Active
10. 2024-08-15
    historical
11. 2024-05-23
    price $106,500
12. 2024-04-25
    price $106,990
13. 2024-03-19
    listed $110,000 Active
14. 2023-12-19
    soldstatus $95,000
15. 2023-12-15
    soldstatus $95,000 Closed 230-char remark

    Show marketing remark (230 chars)

    Move in ready with a great backyard close to local bike trail! Excellent starter home with 2 bedroom, 3rd non-conforming, on the main level. Convenience of attached garage! All information obtained from seller and public records.

16. 2023-11-16
    status Pending 230-char remark

    Show marketing remark (230 chars)

    Move in ready with a great backyard close to local bike trail! Excellent starter home with 2 bedroom, 3rd non-conforming, on the main level. Convenience of attached garage! All information obtained from seller and public records.

17. 2023-11-13
    listed $87,900 Active 230-char remark

    Show marketing remark (230 chars)

    Move in ready with a great backyard close to local bike trail! Excellent starter home with 2 bedroom, 3rd non-conforming, on the main level. Convenience of attached garage! All information obtained from seller and public records.

18. 2016-04-01
    historical
19. 2015-10-01
    listed $53,000
20. 2005-11-14
    soldstatus $47,500
21. 1995-11-04
    soldstatus $23,000
22. 1992-11-11
    soldstatus $17,000

ⓘ 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: $1,952 · $163/mo
• Projected year-2 tax: $1,952 · $163/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 ≥103°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: $10,621
• − Mortgage interest: −$3,075
• − Property taxes: −$1,952
• − Insurance: −$274
• − Repairs & maintenance: −$850
• − Management: −$850
• − Depreciation: −$1,597
• Taxable income: $2,023
• Est. tax owed @ 24.0%: −$486
• After-tax cash flow: $2,224/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: Perry Community School District
• NCES district ID: 1922530
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 59% ▲ 3.00%
• Median HH income: $44,382
• Composite: 46.37/100
• National rank: #2460
• State rank: #266 of 289 in IA

Livability — Perry

• Score: 73/100
• State rank: #273
• US rank: #5276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry, IA
• City population: 9,251
• Population (ZIP): 9,251

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 27% Two or more races 8% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Iranian 2% Slovak 2% Portuguese 2%
• Foreign-born: 16% · Canada
• Languages at home: 75% English-only · Spanish 22% German/W. Germanic 1% Arabic 0%

Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.94%
• Current HPI: 212.8459
• 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

+222.9% since first listed

22 events — show timeline

• 2026-04-27 Pending — DMMLS
• 2026-02-17 Price Changed $54,900 DMMLS
• 2025-11-18 Price Changed $59,900 DMMLS
• 2025-08-26 Price Changed $64,900 DMMLS
• 2025-06-27 Price Changed $67,000 DMMLS
• 2025-05-20 Price Changed $69,900 DMMLS
• 2025-04-14 Price Changed $74,900 DMMLS
• 2025-03-25 Price Changed $79,900 DMMLS
• 2025-02-06 Listed $85,000 DMMLS
• 2024-08-15 Listing Removed — DMMLS
• 2024-05-23 Price Changed $106,500 DMMLS
• 2024-04-25 Price Changed $106,990 DMMLS
• 2024-03-19 Listed $110,000 DMMLS
• 2023-12-19 Sold (Public Records) $95,000 Public Records
• 2023-12-15 Sold (MLS) $95,000 DMMLS
• 2023-11-16 Pending — DMMLS
• 2023-11-13 Listed $87,900 DMMLS
• 2016-04-01 Listing Removed — DMMLS
• 2015-10-01 Listed $53,000 DMMLS
• 2005-11-14 Sold (Public Records) $47,500 Public Records
• 1995-11-04 Sold (Public Records) $23,000 Public Records
• 1992-11-11 Sold (Public Records) $17,000 Public Records

Property tax history

+7.6%/yr

Latest (2025): $1,952 · +35.4% YoY. Source: county tax records.