223 W Nodaway St · Clarinda, IA 51632

$79,500

3 bd · 1.5 ba · 1,452 sqft · SingleFamily public records · 320 Days on market

Built 1900 5,663 sqft lot $55/sqft · 36% below area Est $123k · 36% under

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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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +7.3/10.0
• Schools +5.1/10.0
• Livability +3.7/5.0
• Appreciation +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Motivated Sellers. This two story house has been redone with new paint and some new floors. All the appliances come with the house. This could be a good house for new home buyers with growing families. The colors are neutral so you can create and make it your own home. This house has 3 bedrooms upstairs with a newly finished half bath on this level. The downstairs has a backroom that could be converted to a bedroom or it could be used as a playroom. There is an eat-in kitchen with patio doors going out to the deck. The laundry room in back of the house is for easy working while in the kitchen or dining area. The full bathroom downstairs features a tub/shower combination, a new toilet and new flooring. The wraparound deck is great for sitting to relax in the evenings or just enjoying the quiet neighborhood. This house will need some updating on the outside but it is move-in ready! Come see this home and start building your dreams.

Key facts

• New rubber flooring
• Open style concept
• Included appliances

Tags

• CORNER LOT
• NEW RUBBER FLOORING
• OPEN STYLE CONCEPT
• WRAPAROUND FRONT PORCH
• FULL UNFINISHED BASEMENT
• INCLUDED APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($976 rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.4% in Clarinda — 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 73/100 on livability (#289 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Clarinda Community School District (town): math 61% / reading 59% proficiency, ranked #249 of 289 in IA (top 86%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 44 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $550 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Page County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 320 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $20k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 320 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 1900 — 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. 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: 1.23% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.82%
• DSCR: 1.48
• GRM: 6.8

CMA / ARV

• ARV (median comp): $123,260
• List price: $79,500
• Delta: -35.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
523 N 16th St	0.15mi	3/3.0	1,511 (+4%)	0mo	$205,500,000	$136,003	80
723 N 14th St	0.30mi	4/2.0 (+1)	1,416 (-2%)	9mo	$57,000	$40	67
500 W Stuart St	0.46mi	3/1.0	1,390 (-4%)	4mo	$104,000	$75	66
523 N 12th St	0.42mi	3/2.5	1,429 (-2%)	13mo	$169,950	$119	63
400 N 19th St	0.16mi	3/1.5	1,281 (-12%)	14mo	$107,000	$84	62
521 N 12th St	0.42mi	3/1.0	1,310 (-10%)	3mo	$108,000	$82	59
314 S 15th St	0.58mi	3/1.5	1,344 (-7%)	2mo	$80,000	$60	58
915 N 12th St	0.53mi	4/3.0 (+1)	1,504 (+4%)	0mo	$325,000	$216	58
322 N 12th St	0.42mi	2/1.0 (-1)	1,372 (-6%)	11mo	$138,000	$101	55
240 S Cardinal Dr #2	0.62mi	2/2.0 (-1)	1,488 (+2%)	11mo	$135,000	$91	51
503 W Garfield St	0.58mi	4/1.0 (+1)	1,323 (-9%)	6mo	$90,500	$68	46
209 W Clark St	0.69mi	2/2.0 (-1)	1,384 (-5%)	11mo	$175,000	$126	43

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: -0.1%
• Equity multiple: 1.00×
• Total profit: $-72
• Equity at exit: $11,854

10-year hold

• IRR: 9.6%
• Equity multiple: 1.74×
• Total profit: $16,510
• Equity at exit: $6,874

Cash invested: $22,260 (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 51632

• Home prices YoY: -2.6%
• Active inventory: 44
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $976 medium
• Mortgage (P&I): −$417
• Tax from tax record: −$120 /mo · $1,442/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $201

Break-even live

Break-even rent $722

Max offer price $79,500

Occupancy floor 74%

Sensitivity live

Price	-10% $246	-5% $223	+0% $201	+5% $178	+10% $156
Rent	-10% $124	-5% $162	+0% $201	+5% $239	+10% $278
Rate	-1.0pp $241	-0.5pp $221	base $201	+0.5pp $180	+1.0pp $159

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: $19,875
• Closing costs: $2,385
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-03
   status $79,500 Pending 320 DOM
2. 2026-06-02
   days on market $79,500 Active Under Contract 320 DOM
3. 2026-06-01
   days on market $79,500 Active Under Contract 319 DOM
4. 2026-05-31
   days on market $79,500 Active Under Contract 318 DOM
5. 2026-05-31
   days on market $79,500 Active Under Contract 317 DOM
6. 2026-05-19
   historical Active Under Contract 944-char remark

   Show marketing remark (944 chars)

   Motivated Sellers. This two story house has been redone with new paint and some new floors. All the appliances come with the house. This could be a good house for new home buyers with growing families. The colors are neutral so you can create and make it your own home. This house has 3 bedrooms upstairs with a newly finished half bath on this level. The downstairs has a backroom that could be converted to a bedroom or it could be used as a playroom. There is an eat-in kitchen with patio doors going out to the deck. The laundry room in back of the house is for easy working while in the kitchen or dining area. The full bathroom downstairs features a tub/shower combination, a new toilet and new flooring. The wraparound deck is great for sitting to relax in the evenings or just enjoying the quiet neighborhood. This house will need some updating on the outside but it is move-in ready! Come see this home and start building your dreams.

7. 2026-05-07
   price $79,500 944-char remark

   Show marketing remark (944 chars)

   Motivated Sellers. This two story house has been redone with new paint and some new floors. All the appliances come with the house. This could be a good house for new home buyers with growing families. The colors are neutral so you can create and make it your own home. This house has 3 bedrooms upstairs with a newly finished half bath on this level. The downstairs has a backroom that could be converted to a bedroom or it could be used as a playroom. There is an eat-in kitchen with patio doors going out to the deck. The laundry room in back of the house is for easy working while in the kitchen or dining area. The full bathroom downstairs features a tub/shower combination, a new toilet and new flooring. The wraparound deck is great for sitting to relax in the evenings or just enjoying the quiet neighborhood. This house will need some updating on the outside but it is move-in ready! Come see this home and start building your dreams.

8. 2025-10-30
   price $84,500 944-char remark

   Show marketing remark (944 chars)

   Motivated Sellers. This two story house has been redone with new paint and some new floors. All the appliances come with the house. This could be a good house for new home buyers with growing families. The colors are neutral so you can create and make it your own home. This house has 3 bedrooms upstairs with a newly finished half bath on this level. The downstairs has a backroom that could be converted to a bedroom or it could be used as a playroom. There is an eat-in kitchen with patio doors going out to the deck. The laundry room in back of the house is for easy working while in the kitchen or dining area. The full bathroom downstairs features a tub/shower combination, a new toilet and new flooring. The wraparound deck is great for sitting to relax in the evenings or just enjoying the quiet neighborhood. This house will need some updating on the outside but it is move-in ready! Come see this home and start building your dreams.

9. 2025-09-16
   price $89,500 944-char remark

   Show marketing remark (944 chars)

   Motivated Sellers. This two story house has been redone with new paint and some new floors. All the appliances come with the house. This could be a good house for new home buyers with growing families. The colors are neutral so you can create and make it your own home. This house has 3 bedrooms upstairs with a newly finished half bath on this level. The downstairs has a backroom that could be converted to a bedroom or it could be used as a playroom. There is an eat-in kitchen with patio doors going out to the deck. The laundry room in back of the house is for easy working while in the kitchen or dining area. The full bathroom downstairs features a tub/shower combination, a new toilet and new flooring. The wraparound deck is great for sitting to relax in the evenings or just enjoying the quiet neighborhood. This house will need some updating on the outside but it is move-in ready! Come see this home and start building your dreams.

10. 2025-08-06
    price $95,000 944-char remark

    Show marketing remark (944 chars)

    Motivated Sellers. This two story house has been redone with new paint and some new floors. All the appliances come with the house. This could be a good house for new home buyers with growing families. The colors are neutral so you can create and make it your own home. This house has 3 bedrooms upstairs with a newly finished half bath on this level. The downstairs has a backroom that could be converted to a bedroom or it could be used as a playroom. There is an eat-in kitchen with patio doors going out to the deck. The laundry room in back of the house is for easy working while in the kitchen or dining area. The full bathroom downstairs features a tub/shower combination, a new toilet and new flooring. The wraparound deck is great for sitting to relax in the evenings or just enjoying the quiet neighborhood. This house will need some updating on the outside but it is move-in ready! Come see this home and start building your dreams.

11. 2025-07-17
    listed $99,900 Active 944-char remark

    Show marketing remark (944 chars)

    Motivated Sellers. This two story house has been redone with new paint and some new floors. All the appliances come with the house. This could be a good house for new home buyers with growing families. The colors are neutral so you can create and make it your own home. This house has 3 bedrooms upstairs with a newly finished half bath on this level. The downstairs has a backroom that could be converted to a bedroom or it could be used as a playroom. There is an eat-in kitchen with patio doors going out to the deck. The laundry room in back of the house is for easy working while in the kitchen or dining area. The full bathroom downstairs features a tub/shower combination, a new toilet and new flooring. The wraparound deck is great for sitting to relax in the evenings or just enjoying the quiet neighborhood. This house will need some updating on the outside but it is move-in ready! Come see this home and start building your dreams.

12. 2021-08-12
    soldstatus $60,000
13. 2021-08-05
    soldstatus $60,000
14. 2021-05-03
    listed $69,900
15. 2019-09-12
    listed $79,500
16. 2009-09-02
    soldstatus $36,500
17. 1998-07-29
    soldstatus $28,000

ⓘ 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: $1,442 · $120/mo
• Projected year-2 tax: $1,442 · $120/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $11,710
• − Mortgage interest: −$4,453
• − Property taxes: −$1,442
• − Insurance: −$398
• − Repairs & maintenance: −$937
• − Management: −$937
• − Depreciation: −$2,313
• Taxable income: $1,231
• Est. tax owed @ 24.0%: −$295
• After-tax cash flow: $2,113/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: Clarinda Community School District
• NCES district ID: 1907350
• Math proficiency: 61% ▲ 2.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $46,371
• Composite: 50.74/100
• National rank: #1814
• State rank: #249 of 289 in IA

Livability — Clarinda

• Score: 73/100
• State rank: #289
• US rank: #5589

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clarinda, IA
• City population: 6,682
• Population (ZIP): 6,682

Population outlook (Page County) Hauer SSP2

• Today (2025): 15,052 people
• By 2030: 14,709 · -2.3%
• By 2040: 13,981 · -7.1%
• By 2050: 13,302 · -11.6%
• By 2075: 11,678 · -22.4%
• By 2100: 9,213 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Black 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Slovak 2% Portuguese 2% Iranian 1%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 98% English-only · Spanish 1% Vietnamese 1%

Political lean MEDSL · Page

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -19.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+43.0 2016: R+44.1 2012: R+24.9 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -4.86%
• Current HPI: 179.9325
• 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

+183.9% since first listed

12 events — show timeline

• 2026-05-19 Contingent — IAR
• 2026-05-07 Price Changed $79,500 IAR
• 2025-10-30 Price Changed $84,500 IAR
• 2025-09-16 Price Changed $89,500 IAR
• 2025-08-06 Price Changed $95,000 IAR
• 2025-07-17 Listed $99,900 IAR
• 2021-08-12 Sold (Public Records) $60,000 Public Records
• 2021-08-05 Sold (MLS) $60,000 IAR
• 2021-05-03 Listed $69,900 IAR
• 2019-09-12 Listed $79,500 IAR
• 2009-09-02 Sold (Public Records) $36,500 Public Records
• 1998-07-29 Sold (Public Records) $28,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $1,442 · +1.4% YoY. Source: county tax records.