402 E Franklin St · Bloomfield, IA 52537

$74,000

2 bd · 1.5 ba · 780 sqft · SingleFamily public records · 49 Days on market

Built 1906 5,227 sqft lot $95/sqft · 21% below area Est $94k · 21% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.9/30.0
• Schools +5.2/10.0
• DSCR +4.6/10.0
• Livability +3.9/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedroom 1 bath home with newer updates. This property is agent owned.

Key facts

• 5,227 sq ft lot
• Built 1906
• Listed 49 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $21 ($257/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 $65k (12.2% below list).
• Recommended offer: $65k (12.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.8% in Bloomfield — 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 77/100 on livability (#159 in IA, #2,887 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Davis County Community School District (rural): math 59% / reading 63% proficiency, ranked #236 of 289 in IA (top 82%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2 units permitted in Davis County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $512 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Davis County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $11k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $74k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000 (12.2% below list)

Questions for the listing agent

1. It's been on market 49 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 1906 — 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 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?
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: 0.88% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.24%
• DSCR: 1.06
• GRM: 9.5

CMA / ARV

• ARV (median comp): $93,549
• List price: $74,000
• Delta: -20.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 S Washington	0.20mi	2/1.0	832 (+7%)	10mo	$140,750	$169	70
603 W Walnut St	0.61mi	2/1.5	768 (-2%)	2mo	$144,500	$188	67
406 E Chestnut St	0.14mi	2/1.5	896 (+15%)	3mo	$115,000	$128	66
103 E Chestnut St	0.22mi	2/1.0	864 (+11%)	9mo	$92,000	$106	62
306 E Chestnut St	0.15mi	2/1.0	840 (+8%)	22mo	$112,000	$133	60
407 S West St	0.44mi	2/1.0	868 (+11%)	8mo	$92,000	$106	52
305 W Grant St	0.57mi	2/1.0	840 (+8%)	15mo	$57,000	$68	46

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: -14.3%
• Equity multiple: 0.49×
• Total profit: $-10,628
• Equity at exit: $11,034

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-7,505
• Equity at exit: $6,398

Cash invested: $20,720 (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 52537

• Home prices YoY: -6.9%
• Active inventory: 43
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $650 medium
• Mortgage (P&I): −$388
• Tax from tax record: −$73 /mo · $878/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$136
• Net cashflow: $21

Break-even live

Break-even rent $623

Max offer price $74,000

Occupancy floor 92%

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
920 W Chestnut St Unit 2 Bloomfield, IA	1.0	1.0	637	$650	$1.02	44d	1	0.92mi

Listing history 8 events

1. 2026-05-18
   status Pending 71-char remark

   Show marketing remark (71 chars)

   2 bedroom 1 bath home with newer updates. This property is agent owned.

2. 2026-05-11
   price $74,000 71-char remark

   Show marketing remark (71 chars)

   2 bedroom 1 bath home with newer updates. This property is agent owned.

3. 2026-04-30
   price $79,000 71-char remark

   Show marketing remark (71 chars)

   2 bedroom 1 bath home with newer updates. This property is agent owned.

4. 2026-03-30
   listed $85,000 Active 71-char remark

   Show marketing remark (71 chars)

   2 bedroom 1 bath home with newer updates. This property is agent owned.

5. 2024-11-30
   historical $725
6. 2024-11-20
   listed $725
7. 2024-09-18
   soldstatus $35,000
8. 2011-06-28
   soldstatus $25,000

ⓘ 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: $878 · $73/mo
• Projected year-2 tax: $1,020 · $85/mo
• Expected delta: +$142/yr (+$12/mo · 16.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $7,800
• − Mortgage interest: −$4,145
• − Property taxes: −$878
• − Insurance: −$370
• − Repairs & maintenance: −$624
• − Management: −$624
• − Depreciation: −$2,153
• Taxable loss: −$994
• Est. tax savings @ 24.0%: +$239
• After-tax cash flow: $496/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: Davis County Community School District
• NCES district ID: 1908610
• Math proficiency: 59% ▼ -8.00%
• Reading proficiency: 63% ▼ -5.00%
• Median HH income: $48,810
• Composite: 51.78/100
• National rank: #1674
• State rank: #236 of 289 in IA

Livability — Bloomfield

• Score: 77/100
• State rank: #159
• US rank: #2887

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bloomfield, IA
• Population (ZIP): 7,012

Population outlook (Davis County) Hauer SSP2

• Today (2025): 8,553 people
• By 2030: 8,396 · -1.8%
• By 2040: 8,139 · -4.8%
• By 2050: 7,799 · -8.8%
• By 2075: 6,614 · -22.7%
• By 2100: 5,053 · -40.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Polish 3% Iranian 2% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 79% English-only · German/W. Germanic 18% Spanish 3%

Political lean MEDSL · Davis

• 2024 margin: Solid R (+54.4) · D 22.2% · R 76.6% · Other 1.1%
• 2008→2024 swing: -45.3pp toward R · 2008: -9.1pp · 2024: -54.4pp
• All cycles: 2024: R+54.4 2020: R+49.2 2016: R+45.2 2012: R+16.4 2008: R+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -18.90%
• Current HPI: 254.7291
• 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

+196.0% since first listed

8 events — show timeline

• 2026-05-18 Pending — IAR
• 2026-05-11 Price Changed $74,000 IAR
• 2026-04-30 Price Changed $79,000 IAR
• 2026-03-30 Listed $85,000 IAR
• 2024-11-30 Rental Removed $725 APPFOLIO
• 2024-11-20 Listed for Rent $725 APPFOLIO
• 2024-09-18 Sold (Public Records) $35,000 Public Records
• 2011-06-28 Sold (Public Records) $25,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $878 · +5.8% YoY. Source: county tax records.