1916 7th St · Harlan, IA 51537

$72,000

3 bd · 1.0 ba · 1,226 sqft · SingleFamily public records · 3 Days on market

Built 1910 0.25 ac lot

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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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +6.3/10.0
• 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

HANDMAN SPECIAL! Remodel this 1.5 story home with 3 bedrooms and attached carport! Main level: Eat-in kitchen; full bath with vanity, tub/shower and stool; bedroom with access to the half story; living room; laundry; and storage room. Upper level: large landing with closet; and 2 bedrooms. (Walk thru bedroom to access 2nd bedroom. ) Partial cellar type basement, natural gas furnace and Central air. Newer Shingles! -- The steps to the cellar are Loose and unsafe - use them only at your own peril!! Offered only in AS IS condition.

Key facts

• 0.25 acre lot
• Built 1910
• Listed 3 days

Property features AI

Exterior

• Parking: Carport on concrete surface
• Utilities: Public water; Public sewer
• Home design: One and one half story single-family residence; Residential property
• Construction: Metal siding
• Exterior features: Lot approximately 0.25 acres (88 x 124)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($884 rent vs $72k).
• Cap rate 9.1% vs local median 4.1% in Harlan — 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 80/100 on livability (#79 in IA, #1,656 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Harlan Community School District (town): math 72% / reading 77% proficiency, ranked #81 of 289 in IA (top 28%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 34 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 8 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $498 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Shelby County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $30k; list at $72k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.93%
• DSCR: 1.44
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $153,250
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1901 6th St	0.07mi	3/2.0	1,192 (-3%)	11mo	$130,000	$109	79
911 Laurel St	0.26mi	2/2.0 (-1)	1,188 (-3%)	2mo	$170,000	$143	72
1608 9th St	0.26mi	3/2.5	1,276 (+4%)	11mo	$170,000	$133	66
1907 8th St	0.09mi	3/2.5	1,297 (+6%)	18mo	$175,000	$135	65
912 Laurel St	0.28mi	3/1.0	1,134 (-8%)	16mo	$115,000	$101	61
807 Willow St	0.27mi	3/2.0	1,286 (+5%)	17mo	$157,000	$122	61
2106 7th St	0.10mi	4/2.0 (+1)	1,318 (+8%)	16mo	$165,000	$125	61
1009 Durant St	0.55mi	3/2.0	1,272 (+4%)	11mo	$202,500	$159	55
1607 8th St	0.24mi	2/2.0 (-1)	1,310 (+7%)	17mo	$135,000	$103	54
1511 Linda Ln	0.74mi	3/1.5	1,240 (+1%)	20mo	$151,900	$123	45
1320 Garfield Ave	0.55mi	3/3.0	1,347 (+10%)	8mo	$212,000	$157	43
306 Market St	0.67mi	2/2.0 (-1)	1,348 (+10%)	20mo	$130,000	$96	26

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-1,005
• Equity at exit: $10,735

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $12,949
• Equity at exit: $6,225

Cash invested: $20,160 (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 51537

• Home prices YoY: -26.9%
• Active inventory: 34
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $884 medium
• Mortgage (P&I): −$378
• Tax from tax record: −$124 /mo · $1,490/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $167

Break-even live

Break-even rent $673

Max offer price $72,000

Occupancy floor 76%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 12th St Harlan, IA	2.0	1.0	700	$700	$1.00	43d	1	1.01mi
611 Gary Scull Dr Unit 13-203 Harlan, IA	2.0	1.0	960	$1,056	$1.10	43d	1	1.22mi
611 Gary Scull Dr Unit 13-204 Harlan, IA	2.0	1.0	960	$875	$0.91	43d	1	1.22mi

Listing history 4 events

1. 2026-05-24
   listed $72,000 Active
2. 2018-04-02
   soldstatus $30,000
3. 2018-03-30
   soldstatus $30,000 534-char remark

   Show marketing remark (534 chars)

   HANDMAN SPECIAL! Remodel this 1.5 story home with 3 bedrooms and attached carport! Main level: Eat-in kitchen; full bath with vanity, tub/shower and stool; bedroom with access to the half story; living room; laundry; and storage room. Upper level: large landing with closet; and 2 bedrooms. (Walk thru bedroom to access 2nd bedroom. ) Partial cellar type basement, natural gas furnace and Central air. Newer Shingles! -- The steps to the cellar are Loose and unsafe - use them only at your own peril!! Offered only in AS IS condition.

4. 2018-02-17
   listed $35,900 534-char remark

   Show marketing remark (534 chars)

   HANDMAN SPECIAL! Remodel this 1.5 story home with 3 bedrooms and attached carport! Main level: Eat-in kitchen; full bath with vanity, tub/shower and stool; bedroom with access to the half story; living room; laundry; and storage room. Upper level: large landing with closet; and 2 bedrooms. (Walk thru bedroom to access 2nd bedroom. ) Partial cellar type basement, natural gas furnace and Central air. Newer Shingles! -- The steps to the cellar are Loose and unsafe - use them only at your own peril!! Offered only in AS IS condition.

ⓘ 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: $1,490 · $124/mo
• Projected year-2 tax: $1,490 · $124/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: $10,612
• − Mortgage interest: −$4,033
• − Property taxes: −$1,490
• − Insurance: −$360
• − Repairs & maintenance: −$849
• − Management: −$849
• − Depreciation: −$2,095
• Taxable income: $936
• Est. tax owed @ 24.0%: −$225
• After-tax cash flow: $1,778/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: Harlan Community School District
• NCES district ID: 1913500
• Math proficiency: 72% ▼ -7.00%
• Reading proficiency: 77% ▼ -3.00%
• Median HH income: $48,557
• Composite: 62.95/100
• National rank: #656
• State rank: #81 of 289 in IA

Livability — Harlan

• Score: 80/100
• State rank: #79
• US rank: #1656

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harlan, IA
• Population (ZIP): 6,480

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 11,637 people
• By 2030: 11,472 · -1.4%
• By 2040: 11,146 · -4.2%
• By 2050: 10,791 · -7.3%
• By 2075: 10,601 · -8.9%
• By 2100: 10,338 · -11.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Portuguese 3% Lithuanian 3% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+43.0) · D 27.9% · R 70.9% · Other 1.2%
• 2008→2024 swing: -33.3pp toward R · 2008: -9.7pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+40.3 2016: R+42.9 2012: R+22.2 2008: R+9.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.04%
• Current HPI: 209.5911
• 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

+100.6% since first listed

4 events — show timeline

• 2026-05-24 Listed $72,000 IAR
• 2018-04-02 Sold (Public Records) $30,000 Public Records
• 2018-03-30 Sold (MLS) $30,000 IAR
• 2018-02-17 Listed $35,900 IAR

Property tax history

+15.6%/yr

Latest (2025): $1,490 · +3.0% YoY. Source: county tax records.