308 Summit St · Wall Lake, IA 51466

$235,000

4 bd · 1.5 ba · 2,270 sqft · SingleFamily public records · 185 Days on market

Built 1910 0.40 ac lot $104/sqft · 31% below area Est $448k · 48% under

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Why this score? — see what drove the D 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
• Appreciation +6.5/10.0
• Schools +5.4/10.0
• Cash flow +5.0/30.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Motivated Seller! So Very Inviting and Full of Character! Step inside and you’re immediately welcomed by the warmth and craftsmanship that define this beautifully preserved American Foursquare. Rich, original woodwork flows throughout the home, thoughtfully maintained and never painted, creating a sense of character you simply can’t recreate today. Hardwood floors anchor the main level, while natural light pours through generous windows, highlighting the care and pride of ownership found throughout. The living spaces feel both inviting and intentional, with a cozy fireplace serving as a natural gathering point and classic architectural details that give the home its timeless appeal. The dining room is a true standout, featuring classic dining built-ins with leaded glass and a charming built-in window seat, creating a space that invites family meals, conversation, and everyday memories to be made. The kitchen offers a welcoming layout with a center island, ample cabinetry, and a unique kids’ wash sink that adds practicality for daily living. Just off the kitchen, a three-season sunroom creates a light-filled retreat, perfect for morning coffee, quiet afternoons, or enjoying the changing seasons. A pantry and nearby storage enhance everyday convenience. Upstairs, all four bedrooms are thoughtfully located together, with a centrally placed hallway and generous storage, including walk-in closets and a cedar-lined hallway closet. With a bathroom on every level, the home balances historic charm with modern livability. A walk-up attic provides excellent storage or future potential. The lower level includes outside access, a canning or a jelly room with a sink, dedicated storage areas, and a work space. Outside, the backyard offers room to relax and gather around the fire pit, with a detached two-car garage and an additional shed providing practical storage. This is a home that has been lovingly cared for, where original craftsmanship meets thoughtful updates, ready to welcome its next chapter.

Key facts

• Built-in window seat
• Cozy fireplace
• Original woodwork

Tags

• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• COZY FIREPLACE
• CLASSIC DINING BUILT-INS
• BUILT-IN WINDOW SEAT
• CENTER ISLAND

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-552 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (41.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (46.7% below list).
• Recommended offer: $125k (46.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 74/100 on livability (#244 in IA, #4,709 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• East Sac County Community School District (rural): math 60% / reading 68% proficiency, ranked #211 of 289 in IA (top 73%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 6 units permitted in Sac County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.1% local appreciation)).
• Sac County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $235k implies a 88% 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 $125,186 (46.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.53% ✗
• Cap rate: 3.47%
• Cash-on-cash: -10.07%
• DSCR: 0.55
• GRM: 15.6

CMA / ARV

• ARV (median comp): $448,216
• List price: $235,000
• Delta: -47.57%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 W 6th St	0.20mi	3/2.5 (-1)	2,400 (+6%)	13mo	$400,000	$167	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.07% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.91×
• Total profit: $-6,026
• Equity at exit: $106,584

10-year hold

• IRR: 2.6%
• Equity multiple: 1.41×
• Total profit: $26,756
• Equity at exit: $164,976

Cash invested: $65,800 (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 51466

• Home prices YoY: 2.8%
• Active inventory: 6
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $1,252 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$211 /mo · $2,530/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $-552

Break-even live

Break-even rent $1,951

Max offer price $137,462

Occupancy floor —

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $235,000 Active 185 DOM
2. 2026-06-17
   days on market $235,000 Active 184 DOM
3. 2026-06-16
   days on market $235,000 Active 183 DOM
4. 2026-06-15
   days on market $235,000 Active 182 DOM
5. 2026-06-13
   days on market $235,000 Active 180 DOM
6. 2026-06-12
   statusdays on market $235,000 Active 179 DOM
7. 2026-06-09
   days on market $235,000 Active Under Contract 176 DOM
8. 2026-06-08
   days on market $235,000 Active Under Contract 175 DOM
9. 2026-06-07
   days on market $235,000 Active Under Contract 174 DOM
10. 2026-06-07
    days on market $235,000 Active Under Contract 173 DOM
11. 2026-06-04
    days on market $235,000 Active Under Contract 170 DOM
12. 2026-06-02
    days on market $235,000 Active Under Contract 169 DOM
13. 2026-06-01
    days on market $235,000 Active Under Contract 168 DOM
14. 2026-05-31
    days on market $235,000 Active Under Contract 167 DOM
15. 2026-05-31
    days on market $235,000 Active Under Contract 166 DOM
16. 2026-05-20
    price $235,000 2039-char remark

    Show marketing remark (2039 chars)

    Motivated Seller! So Very Inviting and Full of Character! Step inside and you’re immediately welcomed by the warmth and craftsmanship that define this beautifully preserved American Foursquare. Rich, original woodwork flows throughout the home, thoughtfully maintained and never painted, creating a sense of character you simply can’t recreate today. Hardwood floors anchor the main level, while natural light pours through generous windows, highlighting the care and pride of ownership found throughout. The living spaces feel both inviting and intentional, with a cozy fireplace serving as a natural gathering point and classic architectural details that give the home its timeless appeal. The dining room is a true standout, featuring classic dining built-ins with leaded glass and a charming built-in window seat, creating a space that invites family meals, conversation, and everyday memories to be made. The kitchen offers a welcoming layout with a center island, ample cabinetry, and a unique kids’ wash sink that adds practicality for daily living. Just off the kitchen, a three-season sunroom creates a light-filled retreat, perfect for morning coffee, quiet afternoons, or enjoying the changing seasons. A pantry and nearby storage enhance everyday convenience. Upstairs, all four bedrooms are thoughtfully located together, with a centrally placed hallway and generous storage, including walk-in closets and a cedar-lined hallway closet. With a bathroom on every level, the home balances historic charm with modern livability. A walk-up attic provides excellent storage or future potential. The lower level includes outside access, a canning or a jelly room with a sink, dedicated storage areas, and a work space. Outside, the backyard offers room to relax and gather around the fire pit, with a detached two-car garage and an additional shed providing practical storage. This is a home that has been lovingly cared for, where original craftsmanship meets thoughtful updates, ready to welcome its next chapter.

17. 2026-02-19
    price $260,000 2039-char remark

    Show marketing remark (2039 chars)

    Motivated Seller! So Very Inviting and Full of Character! Step inside and you’re immediately welcomed by the warmth and craftsmanship that define this beautifully preserved American Foursquare. Rich, original woodwork flows throughout the home, thoughtfully maintained and never painted, creating a sense of character you simply can’t recreate today. Hardwood floors anchor the main level, while natural light pours through generous windows, highlighting the care and pride of ownership found throughout. The living spaces feel both inviting and intentional, with a cozy fireplace serving as a natural gathering point and classic architectural details that give the home its timeless appeal. The dining room is a true standout, featuring classic dining built-ins with leaded glass and a charming built-in window seat, creating a space that invites family meals, conversation, and everyday memories to be made. The kitchen offers a welcoming layout with a center island, ample cabinetry, and a unique kids’ wash sink that adds practicality for daily living. Just off the kitchen, a three-season sunroom creates a light-filled retreat, perfect for morning coffee, quiet afternoons, or enjoying the changing seasons. A pantry and nearby storage enhance everyday convenience. Upstairs, all four bedrooms are thoughtfully located together, with a centrally placed hallway and generous storage, including walk-in closets and a cedar-lined hallway closet. With a bathroom on every level, the home balances historic charm with modern livability. A walk-up attic provides excellent storage or future potential. The lower level includes outside access, a canning or a jelly room with a sink, dedicated storage areas, and a work space. Outside, the backyard offers room to relax and gather around the fire pit, with a detached two-car garage and an additional shed providing practical storage. This is a home that has been lovingly cared for, where original craftsmanship meets thoughtful updates, ready to welcome its next chapter.

18. 2025-12-15
    listed $270,000 Active 2039-char remark

    Show marketing remark (2039 chars)

    Motivated Seller! So Very Inviting and Full of Character! Step inside and you’re immediately welcomed by the warmth and craftsmanship that define this beautifully preserved American Foursquare. Rich, original woodwork flows throughout the home, thoughtfully maintained and never painted, creating a sense of character you simply can’t recreate today. Hardwood floors anchor the main level, while natural light pours through generous windows, highlighting the care and pride of ownership found throughout. The living spaces feel both inviting and intentional, with a cozy fireplace serving as a natural gathering point and classic architectural details that give the home its timeless appeal. The dining room is a true standout, featuring classic dining built-ins with leaded glass and a charming built-in window seat, creating a space that invites family meals, conversation, and everyday memories to be made. The kitchen offers a welcoming layout with a center island, ample cabinetry, and a unique kids’ wash sink that adds practicality for daily living. Just off the kitchen, a three-season sunroom creates a light-filled retreat, perfect for morning coffee, quiet afternoons, or enjoying the changing seasons. A pantry and nearby storage enhance everyday convenience. Upstairs, all four bedrooms are thoughtfully located together, with a centrally placed hallway and generous storage, including walk-in closets and a cedar-lined hallway closet. With a bathroom on every level, the home balances historic charm with modern livability. A walk-up attic provides excellent storage or future potential. The lower level includes outside access, a canning or a jelly room with a sink, dedicated storage areas, and a work space. Outside, the backyard offers room to relax and gather around the fire pit, with a detached two-car garage and an additional shed providing practical storage. This is a home that has been lovingly cared for, where original craftsmanship meets thoughtful updates, ready to welcome its next chapter.

19. 2006-09-29
    soldstatus $125,000
20. 1993-11-28
    soldstatus $66,000

ⓘ 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: $2,530 · $211/mo
• Projected year-2 tax: $3,110 · $259/mo
• Expected delta: +$580/yr (+$48/mo · 22.9%)

ⓘ 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 2/10 Low 7 d/yr ≥101°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: $15,022
• − Mortgage interest: −$13,164
• − Property taxes: −$2,530
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,202
• − Management: −$1,202
• − Depreciation: −$6,836
• Taxable loss: −$11,086
• Est. tax savings @ 24.0%: +$2,661
• After-tax cash flow: $-3,965/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: East Sac County Community School District
• NCES district ID: 1929580
• Math proficiency: 60% ▼ -10.00%
• Reading proficiency: 68% ▲ 3.00%
• Median HH income: $46,988
• Composite: 54.08/100
• National rank: #1389
• State rank: #211 of 289 in IA

Livability — Wall Lake

• Score: 74/100
• State rank: #244
• US rank: #4709

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wall Lake, IA
• Population (ZIP): 1,180

Population outlook (Sac County) Hauer SSP2

• Today (2025): 9,438 people
• By 2030: 9,148 · -3.1%
• By 2040: 8,660 · -8.2%
• By 2050: 8,256 · -12.5%
• By 2075: 7,832 · -17.0%
• By 2100: 7,110 · -24.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Scottish 2% Danish 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 85% English-only · German/W. Germanic 14% Spanish 1%

Political lean MEDSL · Sac

• 2024 margin: Solid R (+51.6) · D 23.7% · R 75.3% · Other 1.1%
• 2008→2024 swing: -42.7pp toward R · 2008: -8.9pp · 2024: -51.6pp
• All cycles: 2024: R+51.6 2020: R+48.3 2016: R+47.0 2012: R+18.4 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.07%
• Current HPI: 111.988
• 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

+256.1% since first listed

5 events — show timeline

• 2026-05-20 Price Changed $235,000 Iowa Great Lakes BOR
• 2026-02-19 Price Changed $260,000 Iowa Great Lakes BOR
• 2025-12-15 Listed $270,000 Iowa Great Lakes BOR
• 2006-09-29 Sold (Public Records) $125,000 Public Records
• 1993-11-28 Sold (Public Records) $66,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $2,530 · +6.3% YoY. Source: county tax records.