520 6th St · Murray, IA 50174

$40,000

2 bd · 1.0 ba · 616 sqft · SingleFamily public records · 48 Days on market

Built 1910 0.41 ac lot $65/sqft · 34% below area Est $61k · 34% under

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Why this score? — see what drove the A 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.4/10.0
• Appreciation +6.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

Key facts

• 0.41 acre lot
• Built 1910
• Listed 48 days

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Wood siding construction
• Exterior features: Lot measures approximately 0.413 acres (about 120 x 150)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Baseboard heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($816 rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#565 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A; Watch: employment D, amenities F, commute F.
• Murray Community School District (rural): math 75% / reading 75% proficiency, ranked #117 of 330 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 10 active listings in the ZIP; 125 units permitted in Clarke County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($277 loan paydown + $909 appreciation (2.3% local appreciation)).
• At projected returns (2.3% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $5k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.04% ✓
• Cap rate: 16.64%
• Cash-on-cash: 36.96%
• DSCR: 2.64
• GRM: 4.1

CMA / ARV

• ARV (median comp): $61,010
• List price: $40,000
• Delta: -34.44%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

2.27% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 41.5%
• Equity multiple: 3.26×
• Total profit: $25,300
• Equity at exit: $16,371

10-year hold

• IRR: 42.1%
• Equity multiple: 6.47×
• Total profit: $61,260
• Equity at exit: $24,039

Cash invested: $11,200 (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 50174

• Home prices YoY: 1.3%
• Active inventory: 10
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $816 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $345

Break-even live

Break-even rent $379

Max offer price $40,000

Occupancy floor 53%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $40,000 Active 48 DOM
2. 2026-06-17
   days on market $40,000 Active 47 DOM
3. 2026-06-16
   days on market $40,000 Active 46 DOM
4. 2026-06-15
   days on market $40,000 Active 45 DOM
5. 2026-06-14
   days on market $40,000 Active 43 DOM
6. 2026-06-13
   days on market $40,000 Active 42 DOM
7. 2026-06-10
   days on market $40,000 Active 40 DOM
8. 2026-06-09
   days on market $40,000 Active 39 DOM
9. 2026-06-08
   days on market $40,000 Active 38 DOM
10. 2026-06-07
    days on market $40,000 Active 37 DOM
11. 2026-06-05
    days on market $40,000 Active 34 DOM
12. 2026-06-03
    days on market $40,000 Active 33 DOM
13. 2026-06-02
    days on market $40,000 Active 32 DOM
14. 2026-06-01
    days on market $40,000 Active 31 DOM
15. 2026-05-31
    days on market $40,000 Active 30 DOM
16. 2026-05-31
    days on market $40,000 Active 29 DOM
17. 2026-04-30
    listed $45,000 Active 184-char remark
18. 2021-12-02
    soldstatus $35,000 Sold

    Show marketing remark (378 chars)

    Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

19. 2021-12-02
    soldstatus $35,000

    Show marketing remark (378 chars)

    Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

20. 2021-12-02
    soldstatus $35,000

    Show marketing remark (378 chars)

    Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

21. 2021-11-12
    status Pending

    Show marketing remark (378 chars)

    Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

22. 2021-11-10
    price $39,900

    Show marketing remark (378 chars)

    Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

23. 2021-09-18
    historical
24. 2021-09-17
    listed $42,500 Active

    Show marketing remark (378 chars)

    Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

25. 2021-09-17
    listed $39,900

    Show marketing remark (378 chars)

    Want a mortgage payment much cheaper than rent?! You can have it with this 2 Bedroom, 1 Bath bungalow style home. Good sized living area, large open kitchen, full bath and laundry room equipped with a washer and dryer. Front porch allows for extra storage space as well. A great starter home or investment property! Propane tank just set at the house and ready to go for winter!

26. 2021-09-04
    status Active
27. 2021-07-07
    status Pending
28. 2021-06-18
    listed $42,500
29. 2021-06-18
    listed $42,500 Active
30. 1998-09-22
    soldstatus $15,000
31. 1995-09-26
    soldstatus $5,500

ⓘ 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: $874 · $73/mo
• Projected year-2 tax: $874 · $73/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 · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,786
• − Mortgage interest: −$2,241
• − Property taxes: −$874
• − Insurance: −$200
• − Repairs & maintenance: −$783
• − Management: −$783
• − Depreciation: −$1,164
• Taxable income: $3,742
• Est. tax owed @ 24.0%: −$898
• After-tax cash flow: $3,242/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: Murray Community School District
• NCES district ID: 1920100
• Math proficiency: 75% ▼ -5.00%
• Reading proficiency: 75% ▬ 0.00%
• Median HH income: $43,028
• Composite: 63.84/100
• National rank: #1214
• State rank: #117 of 330 in IA

Livability — Murray

• Score: 65/100
• State rank: #565
• US rank: #12783

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Murray, IA
• Population (ZIP): 1,312

Population outlook (Clarke County) Hauer SSP2

• Today (2025): 9,307 people
• By 2030: 9,294 · -0.1%
• By 2040: 9,259 · -0.5%
• By 2050: 9,345 · +0.4%
• By 2075: 10,219 · +9.8%
• By 2100: 11,526 · +23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 5%
• Common ancestry: Iranian 7% Portuguese 1% Subsaharan African 1%
• Foreign-born: 3% · Canada
• Languages at home: 84% English-only · German/W. Germanic 12% Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Clarke

• 2024 margin: Solid R (+42.0) · D 28.4% · R 70.4% · Other 1.2%
• 2008→2024 swing: -44.3pp toward R · 2008: 2.2pp · 2024: -42.0pp
• All cycles: 2024: R+42.0 2020: R+35.9 2016: R+28.2 2012: D+1.4 2008: D+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.27%
• Current HPI: 178.2786
• 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

+627.3% since first listed

16 events — show timeline

• 2026-05-28 Price Changed $40,000 IAR
• 2026-04-30 Listed $45,000 IAR
• 2021-12-02 Sold (Public Records) $35,000 Public Records
• 2021-12-02 Sold (MLS) $35,000 IAR
• 2021-12-02 Sold (MLS) $35,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-12 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-11-10 Price Changed $39,900 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-18 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-17 Listed $39,900 IAR
• 2021-09-17 Listed $42,500 NORTHSTARMLS as Distributed by MLS Grid
• 2021-09-04 Relisted — NORTHSTARMLS as Distributed by MLS Grid
• 2021-07-07 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-18 Listed $42,500 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-18 Listed $42,500 IAR
• 1998-09-22 Sold (Public Records) $15,000 Public Records
• 1995-09-26 Sold (Public Records) $5,500 Public Records

Property tax history

+6.5%/yr

Latest (2025): $874 · +3.6% YoY. Source: county tax records.