3538 360th St · Ruthven, IA 51358

$39,000

2 bd · 1.0 ba · 996 sqft · SingleFamily public records · 273 Days on market

Built 1880 0.97 ac lot $39/sqft · 66% below area ↓ 34% since listing

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Schools +4.8/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Acreage just shy of an acre would be a great Location to build or move in a home or building. Located on Highway 18. A couple of out-buildings 30x20 and 18x24 they would be worth fixing up. The house on the property is in habitable no running water or electricity. The shed to the East of the house has electricity that works.

Key facts

• Out-buildings
• Great location
• 0.97 acre lot

Tags

• GREAT LOCATION
• OUT-BUILDINGS
• SHED WITH ELECTRICITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($891 rent vs $39k).
• Recommended offer: $34k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#534 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities F.
• Ruthven-Ayrshire Community School District (rural): math 50% / reading 60% proficiency, ranked #309 of 330 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 16 active listings in the ZIP; 19 units permitted in Palo Alto County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $804 of equity ($270 loan paydown + $534 appreciation (1.4% local appreciation)).
• Palo Alto County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.4% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 273 days — a 12% lower offer ($34k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 273 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.28% ✓
• Cap rate: 19.68%
• Cash-on-cash: 47.79%
• DSCR: 3.13
• GRM: 3.6

CMA / ARV

• ARV (median comp): $115,866
• List price: $39,000
• Delta: -66.34%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1503 Ruthven St	0.72mi	2/1.0	1,016 (+2%)	16mo	$19,500	$19	50

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

Projected returns pro-forma

1.37% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.9%
• Equity multiple: 3.67×
• Total profit: $29,152
• Equity at exit: $14,068

10-year hold

• IRR: 52.2%
• Equity multiple: 7.35×
• Total profit: $69,316
• Equity at exit: $19,293

Cash invested: $10,920 (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 51358

• Home prices YoY: 0.5%
• Active inventory: 16
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $891 medium
• Mortgage (P&I): −$205
• Tax from tax record: −$48 /mo · $574/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $435

Break-even live

Break-even rent $340

Max offer price $39,000

Occupancy floor 46%

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $39,000 Active 273 DOM
2. 2026-06-17
   days on market $39,000 Active 272 DOM
3. 2026-06-16
   days on market $39,000 Active 271 DOM
4. 2026-06-15
   days on market $39,000 Active 270 DOM
5. 2026-06-13
   days on market $39,000 Active 268 DOM
6. 2026-06-12
   days on market $39,000 Active 267 DOM
7. 2026-06-09
   days on market $39,000 Active 264 DOM
8. 2026-06-08
   days on market $39,000 Active 263 DOM
9. 2026-06-07
   days on market $39,000 Active 262 DOM
10. 2026-06-05
    days on market $39,000 Active 260 DOM
11. 2026-06-04
    days on market $39,000 Active 258 DOM
12. 2026-06-02
    days on market $39,000 Active 257 DOM
13. 2026-06-01
    days on market $39,000 Active 256 DOM
14. 2026-05-31
    days on market $39,000 Active 255 DOM
15. 2026-05-31
    days on market $39,000 Active 254 DOM
16. 2026-03-17
    price $39,000 326-char remark

    Show marketing remark (326 chars)

    Acreage just shy of an acre would be a great Location to build or move in a home or building. Located on Highway 18. A couple of out-buildings 30x20 and 18x24 they would be worth fixing up. The house on the property is in habitable no running water or electricity. The shed to the East of the house has electricity that works.

17. 2025-10-30
    price $49,000 326-char remark

    Show marketing remark (326 chars)

    Acreage just shy of an acre would be a great Location to build or move in a home or building. Located on Highway 18. A couple of out-buildings 30x20 and 18x24 they would be worth fixing up. The house on the property is in habitable no running water or electricity. The shed to the East of the house has electricity that works.

18. 2025-09-18
    listed $59,000 Active 326-char remark

    Show marketing remark (326 chars)

    Acreage just shy of an acre would be a great Location to build or move in a home or building. Located on Highway 18. A couple of out-buildings 30x20 and 18x24 they would be worth fixing up. The house on the property is in habitable no running water or electricity. The shed to the East of the house has electricity that works.

ⓘ 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: $574 · $48/mo
• Projected year-2 tax: $593 · $49/mo
• Expected delta: +$19/yr (+$2/mo · 3.3%)

ⓘ 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 ≥99°F today · 16 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: $10,686
• − Mortgage interest: −$2,185
• − Property taxes: −$574
• − Insurance: −$195
• − Repairs & maintenance: −$855
• − Management: −$855
• − Depreciation: −$1,135
• Taxable income: $4,888
• Est. tax owed @ 24.0%: −$1,173
• After-tax cash flow: $4,046/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: Ruthven-Ayrshire Community School District
• NCES district ID: 1925050
• Math proficiency: 50% ▼ -25.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $44,398
• Composite: 48.19/100
• National rank: #4727
• State rank: #309 of 330 in IA

Livability — Ruthven

• Score: 66/100
• State rank: #534
• US rank: #11944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,277
• Population (ZIP): 1,277

Population outlook (Palo Alto County) Hauer SSP2

• Today (2025): 8,816 people
• By 2030: 8,634 · -2.1%
• By 2040: 8,334 · -5.5%
• By 2050: 8,232 · -6.6%
• By 2075: 8,533 · -3.2%
• By 2100: 8,976 · +1.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 11% Hispanic / Latino 5% Asian 1%
• Common ancestry: Portuguese 5% Russian 3% Iranian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 97% English-only · Spanish 2% Tagalog/Filipino 1%

Political lean MEDSL · Palo Alto

• 2024 margin: Solid R (+45.0) · D 26.9% · R 71.9% · Other 1.2%
• 2008→2024 swing: -47.8pp toward R · 2008: 2.8pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+37.3 2016: R+36.0 2012: R+10.8 2008: D+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.37%
• Current HPI: 266.9712
• 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

-33.9% since first listed

3 events — show timeline

• 2026-03-17 Price Changed $39,000 Iowa Great Lakes BOR
• 2025-10-30 Price Changed $49,000 Iowa Great Lakes BOR
• 2025-09-18 Listed $59,000 Iowa Great Lakes BOR

Property tax history

+3.5%/yr

Latest (2025): $574 · +0.3% YoY. Source: county tax records.