28 1st St SW · Nora Springs, IA 50458

$79,900

3 bd · 2.0 ba · 1,575 sqft · SingleFamily public records · 41 Days on market

Built 1903 7,688 sqft lot $51/sqft · 38% below area Est $123k · 35% 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
• Appreciation +10.0/10.0
• Schools +6.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charm and character are two words to describe this beautiful victorian home located close to downtown Nora Springs! Feast your eyes on the original woodwork throughout the home, prepare your mind for the large open spaces between the dining and living areas. This gorgeous 3 story home boasts 4 bedrooms including the finished attic space for a game room, or an extra bedroom for that teenager who needs their own space. A large double stall detached garage nestled next to the home on a large corner lot for additional parking space if needed. Take a walk downtown or down to the aquatic center just down the road. Give yourself a little peace of mind knowing your kids will have an opportunity to earn up to $16,000 towards their college education! Please call your favorite Realtor for your showing today!

Key facts

• Formal dining room
• Finished attic
• Generous side yard

Tags

• ARCHITECTURAL DETAILS
• FORMAL DINING ROOM
• FINISHED ATTIC
• ENCLOSED FRONT PORCH
• GENEROUS SIDE YARD
• OVERSIZED TWO-CAR GARAGE

Property features AI

Exterior

• Parking: Detached garage; Gravel parking; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Vinyl siding; Asphalt/composition roof; Full basement
• Exterior features: Corner lot

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Laminate; Vinyl; Wood
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#268 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Central Springs Community School District (rural): math 75% / reading 76% proficiency, ranked #64 of 289 in IA (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Central Springs Middle School (math 73% / reading 77%, grade A, #72 of 246 statewide, top 30%, 277 students, 43% FRL); Central Springs High School (math 77% / reading 77%, grade A-, #60 of 336 statewide, top 21%, 226 students, 38% FRL).
• Market conditions: 15 active listings in the ZIP; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($552 loan paydown + $8k appreciation (10.0% local appreciation)).
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1903 — 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: 1.52% ✓
• Cap rate: 11.87%
• Cash-on-cash: 19.93%
• DSCR: 1.89
• GRM: 5.5

CMA / ARV

• ARV (median comp): $123,103
• List price: $79,900
• Delta: -35.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
102 E Congress St	0.14mi	3/1.5	1,464 (-7%)	12mo	$155,000	$106	69
113 N Hawkeye Ave	0.17mi	3/1.5	1,672 (+6%)	14mo	$135,000	$81	68
406 E Congress St	0.33mi	4/2.0 (+1)	1,428 (-9%)	1mo	$72,600	$51	63
12 N Gaylord Ave	0.11mi	3/1.2	1,795 (+14%)	7mo	$82,000	$46	63
712 Bison Dr Dr	0.57mi	3/1.8	1,698 (+8%)	7mo	$290,000	$171	54
116 JJ Circle Cir	0.59mi	3/2.0	1,340 (-15%)	16mo	$192,000	$143	34

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.2%
• Equity multiple: 4.00×
• Total profit: $67,225
• Equity at exit: $71,980

10-year hold

• IRR: 33.8%
• Equity multiple: 9.02×
• Total profit: $179,428
• Equity at exit: $155,228

Cash invested: $22,372 (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 50458

• Home prices YoY: 6.8%
• Active inventory: 15
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,211 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$133 /mo · $1,596/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $372

Break-even live

Break-even rent $741

Max offer price $79,900

Occupancy floor 64%

Sensitivity live

Price	-10% $417	-5% $394	+0% $372	+5% $349	+10% $326
Rent	-10% $276	-5% $324	+0% $372	+5% $419	+10% $467
Rate	-1.0pp $412	-0.5pp $392	base $372	+0.5pp $351	+1.0pp $330

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-12
   statusdays on market $79,900 Pending 41 DOM
2. 2026-06-09
   days on market $79,900 Active Under Contract 40 DOM
3. 2026-06-08
   days on market $79,900 Active Under Contract 39 DOM
4. 2026-06-07
   days on market $79,900 Active Under Contract 38 DOM
5. 2026-06-07
   days on market $79,900 Active Under Contract 37 DOM
6. 2026-06-04
   days on market $79,900 Active Under Contract 34 DOM
7. 2026-06-02
   days on market $79,900 Active Under Contract 33 DOM
8. 2026-06-01
   days on market $79,900 Active Under Contract 32 DOM
9. 2026-05-31
   days on market $79,900 Active Under Contract 31 DOM
10. 2026-05-31
    days on market $79,900 Active Under Contract 30 DOM
11. 2026-04-29
    listed $79,900 Active 903-char remark
12. 2020-05-13
    soldstatus $93,500
13. 2020-05-08
    soldstatus $93,500 808-char remark

    Show marketing remark (808 chars)

    Charm and character are two words to describe this beautiful victorian home located close to downtown Nora Springs! Feast your eyes on the original woodwork throughout the home, prepare your mind for the large open spaces between the dining and living areas. This gorgeous 3 story home boasts 4 bedrooms including the finished attic space for a game room, or an extra bedroom for that teenager who needs their own space. A large double stall detached garage nestled next to the home on a large corner lot for additional parking space if needed. Take a walk downtown or down to the aquatic center just down the road. Give yourself a little peace of mind knowing your kids will have an opportunity to earn up to $16,000 towards their college education! Please call your favorite Realtor for your showing today!

14. 2019-11-15
    listed $102,000 808-char remark

    Show marketing remark (808 chars)

    Charm and character are two words to describe this beautiful victorian home located close to downtown Nora Springs! Feast your eyes on the original woodwork throughout the home, prepare your mind for the large open spaces between the dining and living areas. This gorgeous 3 story home boasts 4 bedrooms including the finished attic space for a game room, or an extra bedroom for that teenager who needs their own space. A large double stall detached garage nestled next to the home on a large corner lot for additional parking space if needed. Take a walk downtown or down to the aquatic center just down the road. Give yourself a little peace of mind knowing your kids will have an opportunity to earn up to $16,000 towards their college education! Please call your favorite Realtor for your showing today!

15. 1991-11-13
    soldstatus $43,500

ⓘ 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: $1,596 · $133/mo
• Projected year-2 tax: $1,596 · $133/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $14,536
• − Mortgage interest: −$4,476
• − Property taxes: −$1,596
• − Insurance: −$400
• − Repairs & maintenance: −$1,163
• − Management: −$1,163
• − Depreciation: −$2,324
• Taxable income: $3,415
• Est. tax owed @ 24.0%: −$820
• After-tax cash flow: $3,640/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: Central Springs Community School District
• NCES district ID: 1920760
• Math proficiency: 75% ▲ 3.00%
• Reading proficiency: 76% ▲ 15.00%
• Median HH income: $54,070
• Composite: 64.32/100
• National rank: #553
• State rank: #64 of 289 in IA

Livability — Nora Springs

• Score: 73/100
• State rank: #268
• US rank: #5165

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nora Springs, IA
• Population (ZIP): 2,242

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Portuguese 11% Scotch-Irish 4% Italian 4%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.85%
• Current HPI: 262.8536
• 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

+83.7% since first listed

7 events — show timeline

• 2026-06-10 Pending — Greater Mason BOR
• 2026-05-19 Contingent — Greater Mason BOR
• 2026-04-29 Listed $79,900 Greater Mason BOR
• 2020-05-13 Sold (Public Records) $93,500 Public Records
• 2020-05-08 Sold (MLS) $93,500 IAR
• 2019-11-15 Listed $102,000 IAR
• 1991-11-13 Sold (Public Records) $43,500 Public Records

Property tax history

+3.3%/yr

Latest (2025): $1,596 · +7.8% YoY. Source: county tax records.