304 E Elm St · Red Oak, IA 51566

$78,000

4 bd · 1.5 ba · 1,694 sqft · SingleFamily public records · 7 Days on market

Built 1910 6,534 sqft lot Est $130k · 40% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

304 E Elm St is a beautiful home with oak woodwork and floors, and an open stair case. The front porch is inviting and a great place to relax and watch the world roll by. The main level has a large living room, dining room combination, updated kitchen, bedroom and 1/2 bath, and laundry area. Upstairs there are 4 bedrooms and a full bath. The back yard is fenced and there is a 2 car garage. Property is being sold as is. Contact your favorite agent right away to see this property.

Key facts

• Enclosed back porch
• Den or office
• Fenced in backyard

Tags

• OPEN FRONT PORCH
• ENCLOSED BACK PORCH
• HARDWOOD FLOORS
• MAIN LEVEL LAUNDRY
• DEN OR OFFICE
• FENCED IN BACKYARD

Property features AI

Exterior

• Parking: Detached garage with storage; Gravel parking; 2-car garage
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: Single family residence; Two levels
• Construction: Built with block, concrete, and frame materials; Foundation area 780
• Exterior features: Vinyl fencing; Shingle roof; Road frontage on a city street; Public and private maintained road access

Interior

• Kitchen: Range; Microwave; Refrigerator; Gas water heater
• Flooring: Hardwood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air; Window air conditioning units
• Interior features: Aluminum and wood framed windows; Electric fireplace in the living room; Basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Cap rate 14.7% vs local median 3.6% in Red Oak — 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 68/100 on livability (#428 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.
• Red Oak Community School District (town): math 58% / reading 59% proficiency, ranked #255 of 289 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 56 active listings in the ZIP; 13 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Montgomery County population projected at -20% 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 ~5 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 17y 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.
• Current owner paid $61k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.68% ✓
• Cap rate: 14.67%
• Cash-on-cash: 29.91%
• DSCR: 2.33
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $130,438
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 Maple St	0.06mi	4/2.0	1,810 (+7%)	10mo	$138,500	$77	76
207 E Joy St	0.17mi	3/2.0 (-1)	1,760 (+4%)	4mo	$122,500	$70	75
1010 N 6th St	0.19mi	3/2.0 (-1)	1,874 (+11%)	3mo	$143,000	$76	64
709 E Grimes St	0.58mi	4/2.0	1,672 (-1%)	14mo	$105,000	$63	57
210 N 8th St	0.62mi	3/2.0 (-1)	1,732 (+2%)	5mo	$50,000	$29	56
709 Maple St	0.27mi	3/2.0 (-1)	1,468 (-13%)	3mo	$105,000	$72	56
1009 Chautauqua Dr	0.52mi	3/2.0 (-1)	1,686 (-0%)	15mo	$250,000	$148	55
1209 Miller Ave	0.51mi	3/2.0 (-1)	1,644 (-3%)	12mo	$189,000	$115	54
1022 E Joy St	0.54mi	4/2.0	1,769 (+4%)	15mo	$95,000	$54	53
1123 Boundary St	0.40mi	4/2.0	1,878 (+11%)	13mo	$310,000	$165	50
1213 Circle Dr	0.70mi	3/2.0 (-1)	1,712 (+1%)	11mo	$188,000	$110	49
1206 E Valley St	0.63mi	4/2.0	1,578 (-7%)	11mo	$214,000	$136	48

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: 24.5%
• Equity multiple: 2.01×
• Total profit: $22,027
• Equity at exit: $11,630

10-year hold

• IRR: 32.3%
• Equity multiple: 3.92×
• Total profit: $63,796
• Equity at exit: $6,744

Cash invested: $21,840 (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 51566

• Home prices YoY: -33.3%
• Active inventory: 56
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,313 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$51 /mo · $614/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $544

Break-even live

Break-even rent $624

Max offer price $78,000

Occupancy floor 54%

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-07
   status $78,000 Pending 7 DOM
2. 2026-06-05
   days on market $78,000 Active 7 DOM
3. 2026-06-04
   days on market $78,000 Active 5 DOM
4. 2026-06-02
   days on market $78,000 Active 4 DOM
5. 2026-06-01
   days on market $78,000 Active 3 DOM
6. 2026-05-31
   days on market $78,000 Active 2 DOM
7. 2026-05-29
   listed $78,000 Active
8. 2021-06-24
   soldstatus $61,000
9. 2021-06-15
   soldstatus $61,000 Sold 483-char remark

   Show marketing remark (483 chars)

   304 E Elm St is a beautiful home with oak woodwork and floors, and an open stair case. The front porch is inviting and a great place to relax and watch the world roll by. The main level has a large living room, dining room combination, updated kitchen, bedroom and 1/2 bath, and laundry area. Upstairs there are 4 bedrooms and a full bath. The back yard is fenced and there is a 2 car garage. Property is being sold as is. Contact your favorite agent right away to see this property.

10. 2021-06-15
    soldstatus $61,000 483-char remark

    Show marketing remark (483 chars)

    304 E Elm St is a beautiful home with oak woodwork and floors, and an open stair case. The front porch is inviting and a great place to relax and watch the world roll by. The main level has a large living room, dining room combination, updated kitchen, bedroom and 1/2 bath, and laundry area. Upstairs there are 4 bedrooms and a full bath. The back yard is fenced and there is a 2 car garage. Property is being sold as is. Contact your favorite agent right away to see this property.

11. 2021-04-30
    status Pending 483-char remark

    Show marketing remark (483 chars)

    304 E Elm St is a beautiful home with oak woodwork and floors, and an open stair case. The front porch is inviting and a great place to relax and watch the world roll by. The main level has a large living room, dining room combination, updated kitchen, bedroom and 1/2 bath, and laundry area. Upstairs there are 4 bedrooms and a full bath. The back yard is fenced and there is a 2 car garage. Property is being sold as is. Contact your favorite agent right away to see this property.

12. 2021-04-07
    listed $59,000 Active 483-char remark

    Show marketing remark (483 chars)

    304 E Elm St is a beautiful home with oak woodwork and floors, and an open stair case. The front porch is inviting and a great place to relax and watch the world roll by. The main level has a large living room, dining room combination, updated kitchen, bedroom and 1/2 bath, and laundry area. Upstairs there are 4 bedrooms and a full bath. The back yard is fenced and there is a 2 car garage. Property is being sold as is. Contact your favorite agent right away to see this property.

13. 2021-04-07
    listed $59,000 483-char remark

    Show marketing remark (483 chars)

    304 E Elm St is a beautiful home with oak woodwork and floors, and an open stair case. The front porch is inviting and a great place to relax and watch the world roll by. The main level has a large living room, dining room combination, updated kitchen, bedroom and 1/2 bath, and laundry area. Upstairs there are 4 bedrooms and a full bath. The back yard is fenced and there is a 2 car garage. Property is being sold as is. Contact your favorite agent right away to see this property.

14. 2009-10-27
    historical
15. 2009-07-21
    listed $72,000

ⓘ 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: $614 · $51/mo
• Projected year-2 tax: $919 · $77/mo
• Expected delta: +$305/yr (+$25/mo · 49.7%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°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: $15,754
• − Mortgage interest: −$4,369
• − Property taxes: −$614
• − Insurance: −$390
• − Repairs & maintenance: −$1,260
• − Management: −$1,260
• − Depreciation: −$2,269
• Taxable income: $5,591
• Est. tax owed @ 24.0%: −$1,342
• After-tax cash flow: $5,191/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: Red Oak Community School District
• NCES district ID: 1924000
• Math proficiency: 58% ▼ -6.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $38,902
• Composite: 48.77/100
• National rank: #2092
• State rank: #255 of 289 in IA

Livability — Red Oak

• Score: 68/100
• State rank: #428
• US rank: #9239

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Red Oak, IA
• City population: 7,004
• Population (ZIP): 7,004

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 9,518 people
• By 2030: 9,116 · -4.2%
• By 2040: 8,303 · -12.8%
• By 2050: 7,595 · -20.2%
• By 2075: 6,568 · -31.0%
• By 2100: 5,800 · -39.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 1% Asian 1%
• Common ancestry: Serbian 2% Romanian 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+39.1) · D 29.8% · R 68.9% · Other 1.3%
• 2008→2024 swing: -28.5pp toward R · 2008: -10.6pp · 2024: -39.1pp
• All cycles: 2024: R+39.1 2020: R+39.0 2016: R+42.4 2012: R+21.6 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.42%
• Current HPI: 187.1643
• 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

+8.3% since first listed

9 events — show timeline

• 2026-05-29 Listed $78,000 IAR
• 2021-06-24 Sold (Public Records) $61,000 Public Records
• 2021-06-15 Sold (MLS) $61,000 IAR
• 2021-06-15 Sold (MLS) $61,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-30 Pending — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-07 Listed $59,000 IAR
• 2021-04-07 Listed $59,000 NORTHSTARMLS as Distributed by MLS Grid
• 2009-10-27 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2009-07-21 Listed $72,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-6.7%/yr

Latest (2025): $614 · +5.1% YoY. Source: county tax records.