903 NE Park Ave · Independence, IA 50644

$125,000

2 bd · 2.0 ba · 1,118 sqft · SingleFamily public records · 1 Days on market

Built 1952 0.30 ac lot Est $138k · 9% 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).

• Cash flow +11.8/30.0
• ARV discount +11.6/15.0
• Schools +6.3/10.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

OFFER PENDING WITH 72 HOUR CLAUSE--BACKUPS WELCOME! Take a look at this solid 2 bedroom sitting on a great lot. Step into the comfortable living room or eat-in kitchen featuring a long countertop with loads of cabinet space and easy access to the side door and basement. The partly finished basement offers additional living space and a possible 3rd non-conforming bedroom as well as laundry, 3/4 bath and storage space. Exterior boasts aluminum siding and newer roof. Big yard offers a fenced patio to hang out or relax in private, new landscaping and a 2-stall detached garage accessible from the horseshoe drive.

Key facts

• Spacious yard
• Fenced in
• 0.3 acre lot

Tags

• SPACIOUS YARD
• FENCED IN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $-35 ($-420/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (4.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (15.6% below list).
• Recommended offer: $106k (15.6% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.6% in Independence — 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 76/100 on livability (#198 in IA, #3,628 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Independence Community School District (rural): math 73% / reading 74% proficiency, ranked #86 of 289 in IA (top 30%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Independence Junior Senior High School (math 74% / reading 77%, grade A-, #79 of 336 statewide, top 25%, 701 students, 32% FRL).
• Market conditions: 63 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 19 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Buchanan County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $85k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,538 (15.6% 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. Built in 1952 — 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. 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?
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: 0.84% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.20%
• DSCR: 0.95
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $137,514
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
903 NE Park Ave	0.00mi	2/2.0	1,118 (0%)	0mo	$130,000	$116	100
812 NE 5th Ave. Ave	0.17mi	3/1.5 (+1)	1,092 (-2%)	2mo	$90,000	$82	80
1200 NE 6th Ave	0.21mi	2/1.5	1,232 (+10%)	2mo	$175,000	$142	70
1303 NE 8th Ave	0.36mi	2/1.5	1,146 (+2%)	9mo	$160,000	$140	69
816 NE 5th Ave	0.15mi	2/1.0	1,198 (+7%)	12mo	$52,500	$44	67
600 NE 8th Ave Ave	0.20mi	2/1.0	984 (-12%)	3mo	$103,000	$105	64
712 NE 5th St	0.30mi	2/2.0	1,040 (-7%)	13mo	$180,500	$174	64
707 1st St. East St	0.58mi	3/1.0 (+1)	1,125 (+1%)	6mo	$72,000	$64	58
811 7th St St NE	0.18mi	3/2.0 (+1)	1,250 (+12%)	12mo	$134,000	$107	57
615 5th ST St NE	0.33mi	2/2.0	960 (-14%)	9mo	$250,000	$260	54
206 4th St NE	0.51mi	2/1.0	1,052 (-6%)	11mo	$134,000	$127	53
708 3rd St SE	0.71mi	2/1.0	1,200 (+7%)	1mo	$148,000	$123	50

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: -18.3%
• Equity multiple: 0.36×
• Total profit: $-22,466
• Equity at exit: $18,638

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-22,358
• Equity at exit: $10,808

Cash invested: $35,000 (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 50644

• Home prices YoY: -24.3%
• Active inventory: 63
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,055 high
• Mortgage (P&I): −$656
• Tax from tax record: −$161 /mo · $1,934/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $-35

Break-even live

Break-even rent $1,100

Max offer price $118,815

Occupancy floor 98%

Sensitivity live

Price	-10% $36	-5% $0	+0% $-35	+5% $-70	+10% $-106
Rent	-10% $-118	-5% $-77	+0% $-35	+5% $7	+10% $48
Rate	-1.0pp $28	-0.5pp $-3	base $-35	+0.5pp $-67	+1.0pp $-100

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 9th Ave NE Independence, IA	2.0	1.0	700	$1,025	$1.46	18d	1	0.41mi
608 6th St NW Independence, IA	3.0	1.0	840	$1,350	$1.61	45d	1	0.81mi
609 1st St W Apt E Independence, IA	2.0	1.0	768	$875	$1.14	22d	1	0.98mi
609 1st St W Apt D Independence, IA	2.0	1.0	768	$875	$1.14	16d	1	0.98mi
403 9th Ave SW Independence, IA	2.0	1.0	750	$875	$1.17	45d	1	1.20mi
608 8th Ave SW Independence, IA	3.0	1.5	1421	$1,250	$0.88	45d	1	1.23mi

Listing history 5 events

1. 2026-04-22
   status Pending
2. 2026-04-21
   listed $125,000 Active
3. 2016-09-20
   soldstatus $84,875
4. 2016-09-19
   soldstatus $85,000 616-char remark

   Show marketing remark (616 chars)

   OFFER PENDING WITH 72 HOUR CLAUSE--BACKUPS WELCOME! Take a look at this solid 2 bedroom sitting on a great lot. Step into the comfortable living room or eat-in kitchen featuring a long countertop with loads of cabinet space and easy access to the side door and basement. The partly finished basement offers additional living space and a possible 3rd non-conforming bedroom as well as laundry, 3/4 bath and storage space. Exterior boasts aluminum siding and newer roof. Big yard offers a fenced patio to hang out or relax in private, new landscaping and a 2-stall detached garage accessible from the horseshoe drive.

5. 2016-07-11
   listed $94,500 616-char remark

   Show marketing remark (616 chars)

   OFFER PENDING WITH 72 HOUR CLAUSE--BACKUPS WELCOME! Take a look at this solid 2 bedroom sitting on a great lot. Step into the comfortable living room or eat-in kitchen featuring a long countertop with loads of cabinet space and easy access to the side door and basement. The partly finished basement offers additional living space and a possible 3rd non-conforming bedroom as well as laundry, 3/4 bath and storage space. Exterior boasts aluminum siding and newer roof. Big yard offers a fenced patio to hang out or relax in private, new landscaping and a 2-stall detached garage accessible from the horseshoe drive.

ⓘ 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: $1,934 · $161/mo
• Projected year-2 tax: $1,948 · $162/mo
• Expected delta: +$14/yr (+$1/mo · 0.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $12,665
• − Mortgage interest: −$7,002
• − Property taxes: −$1,934
• − Insurance: −$625
• − Repairs & maintenance: −$1,013
• − Management: −$1,013
• − Depreciation: −$3,636
• Taxable loss: −$2,559
• Est. tax savings @ 24.0%: +$614
• After-tax cash flow: $194/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: Independence Community School District
• NCES district ID: 1914580
• Math proficiency: 73% ▼ -3.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $54,269
• Composite: 62.68/100
• National rank: #674
• State rank: #86 of 289 in IA

Livability — Independence

• Score: 76/100
• State rank: #198
• US rank: #3628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, IA
• City population: 8,475
• Population (ZIP): 8,475

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 20,892 people
• By 2030: 20,578 · -1.5%
• By 2040: 19,906 · -4.7%
• By 2050: 19,024 · -8.9%
• By 2075: 16,289 · -22.0%
• By 2100: 12,561 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Portuguese 5% Iranian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.2) · D 35.1% · R 63.4% · Other 1.5%
• 2008→2024 swing: -46.7pp toward R · 2008: 18.5pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.9 2016: R+15.2 2012: D+13.9 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.31%
• Current HPI: 190.6265
• 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

+32.3% since first listed

5 events — show timeline

• 2026-04-22 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-21 Listed $125,000 NEIRBR as distributed by MLS GRID
• 2016-09-20 Sold (Public Records) $84,875 Public Records
• 2016-09-19 Sold (MLS) $85,000 NEIRBR as distributed by MLS GRID
• 2016-07-11 Listed $94,500 NEIRBR as distributed by MLS GRID

Property tax history

+3.8%/yr

Latest (2025): $1,934 · +3.3% YoY. Source: county tax records.