204 1st St NE · Nora Springs, IA 50458

$182,000

4 bd · 3.5 ba · 1,980 sqft · SingleFamily public records · 31 Days on market

Built 1900 0.36 ac lot Est $170k · 7% over

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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).

• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• Schools +6.4/10.0
• ARV discount +4.4/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +2.2/10.0

Listing remarks MLS

Small-town charm meets space to spread out! This spacious 2-story home in Nora Springs offers room for everyone inside and out. Relax on the welcoming front deck and enjoy the charm of small-town living. Inside, the beautifully updated eat-in kitchen is truly the heart of the home with abundant cabinetry, dining space, and a breakfast bar perfect for gathering with family and friends. You’ll appreciate the convenience of main floor laundry, a supersized living room for entertaining, plus a nicely updated main floor bedroom and bath. Upstairs features 3 additional bedrooms and a second bath offering flexible space for family, guests, or home office needs. Situated on a double lot, the property also includes an impressive detached 4-stall garage plus an additional single garage for extra storage, hobbies, or toys. Enjoy all that Nora Springs has to offer including the community swimming pool, parks, nearby river fun. An easy commute to both Mason City and Charles City - Welcome HOME!

Key facts

• Main floor laundry
• Double lot
• 0.36 acre lot

Tags

• UPDATED EAT-IN KITCHEN
• MAIN FLOOR LAUNDRY
• SUPERSIZED LIVING ROOM
• DOUBLE LOT
• DETACHED 4-STALL GARAGE
• COMMUNITY SWIMMING POOL

Property features AI

Exterior

• Parking: Detached garage; 4 garage spaces; Concrete driveway; Garage door opener
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories; Residential property
• Construction: Aluminum siding; Frame construction; Asphalt roof
• Exterior features: Deck; Corner lot

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Laminate
• Heating & cooling: Central air; Ceiling fan(s); Forced air heating; Natural gas heating
• Interior features: Eat-in kitchen; Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/3.5-bath single-family listed at $182k.

Deal economics

• At list price, monthly cash flow is $-171 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (16.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (28.1% below list).
• Recommended offer: $131k (28.1% below list) — sets the bar for 1% rule.

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 $19k of equity ($1k loan paydown + $18k 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.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $58k; list at $182k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $130,806 (28.1% 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. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.72% ✗
• Cap rate: 5.17%
• Cash-on-cash: -4.03%
• DSCR: 0.82
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $170,280
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 N Sullivan Ave Ave	0.07mi	3/1.8 (-1)	2,028 (+2%)	2mo	$160,000	$79	79
309 3rd St St NE	0.12mi	3/2.0 (-1)	1,820 (-8%)	1mo	$156,000	$86	69
116 W Congress St St	0.27mi	3/1.8 (-1)	1,896 (-4%)	3mo	$243,000	$128	66
403 N Iowa Ave	0.20mi	3/1.5 (-1)	1,888 (-5%)	8mo	$169,900	$90	63
117 N Sullivan Ave	0.07mi	3/1.2 (-1)	2,088 (+6%)	13mo	$119,900	$57	63
12 N Gaylord Ave	0.29mi	3/1.2 (-1)	1,795 (-9%)	7mo	$82,000	$46	52
616 1st St St SW	0.57mi	3/1.5 (-1)	1,944 (-2%)	12mo	$81,300	$42	47
712 Bison Dr Dr	0.37mi	3/1.8 (-1)	1,698 (-14%)	7mo	$290,000	$171	41

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: 21.4%
• Equity multiple: 2.73×
• Total profit: $88,214
• Equity at exit: $163,960

10-year hold

• IRR: 19.3%
• Equity multiple: 6.27×
• Total profit: $268,318
• Equity at exit: $353,586

Cash invested: $50,960 (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: 11.6×

Monthly cashflow live

• Estimated rent: $1,308 medium
• Mortgage (P&I): −$954
• Tax from tax record: −$174 /mo · $2,090/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $-171

Break-even live

Break-even rent $1,525

Max offer price $151,781

Occupancy floor —

Sensitivity live

Price	-10% $-68	-5% $-120	+0% $-171	+5% $-223	+10% $-274
Rent	-10% $-274	-5% $-223	+0% $-171	+5% $-119	+10% $-68
Rate	-1.0pp $-79	-0.5pp $-125	base $-171	+0.5pp $-218	+1.0pp $-266

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $182,000 Active 31 DOM
2. 2026-06-21
   days on market $182,000 Active 30 DOM
3. 2026-06-18
   days on market $182,000 Active 28 DOM
4. 2026-06-17
   days on market $182,000 Active 27 DOM
5. 2026-06-16
   days on market $182,000 Active 26 DOM
6. 2026-06-15
   days on market $182,000 Active 25 DOM
7. 2026-06-13
   days on market $182,000 Active 23 DOM
8. 2026-06-12
   days on market $182,000 Active 22 DOM
9. 2026-06-09
   days on market $182,000 Active 19 DOM
10. 2026-06-08
    days on market $182,000 Active 18 DOM
11. 2026-06-07
    days on market $182,000 Active 17 DOM
12. 2026-06-07
    days on market $182,000 Active 16 DOM
13. 2026-06-04
    days on market $182,000 Active 13 DOM
14. 2026-06-02
    days on market $182,000 Active 12 DOM
15. 2026-06-01
    days on market $182,000 Active 11 DOM
16. 2026-05-31
    days on market $182,000 Active 10 DOM
17. 2026-05-31
    days on market $182,000 Active 9 DOM
18. 2026-05-21
    listed $182,000 Active

    Show marketing remark (1002 chars)

    Small-town charm meets space to spread out! This spacious 2-story home in Nora Springs offers room for everyone inside and out. Relax on the welcoming front deck and enjoy the charm of small-town living. Inside, the beautifully updated eat-in kitchen is truly the heart of the home with abundant cabinetry, dining space, and a breakfast bar perfect for gathering with family and friends. You’ll appreciate the convenience of main floor laundry, a supersized living room for entertaining, plus a nicely updated main floor bedroom and bath. Upstairs features 3 additional bedrooms and a second bath offering flexible space for family, guests, or home office needs. Situated on a double lot, the property also includes an impressive detached 4-stall garage plus an additional single garage for extra storage, hobbies, or toys. Enjoy all that Nora Springs has to offer including the community swimming pool, parks, nearby river fun. An easy commute to both Mason City and Charles City - Welcome HOME!

19. 2026-05-21
    listed $182,000 Active 1002-char remark

    Show marketing remark (1002 chars)

    Small-town charm meets space to spread out! This spacious 2-story home in Nora Springs offers room for everyone inside and out. Relax on the welcoming front deck and enjoy the charm of small-town living. Inside, the beautifully updated eat-in kitchen is truly the heart of the home with abundant cabinetry, dining space, and a breakfast bar perfect for gathering with family and friends. You’ll appreciate the convenience of main floor laundry, a supersized living room for entertaining, plus a nicely updated main floor bedroom and bath. Upstairs features 3 additional bedrooms and a second bath offering flexible space for family, guests, or home office needs. Situated on a double lot, the property also includes an impressive detached 4-stall garage plus an additional single garage for extra storage, hobbies, or toys. Enjoy all that Nora Springs has to offer including the community swimming pool, parks, nearby river fun. An easy commute to both Mason City and Charles City - Welcome HOME!

20. 1998-07-09
    soldstatus $57,500

ⓘ 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: $2,090 · $174/mo
• Projected year-2 tax: $2,474 · $206/mo
• Expected delta: +$384/yr (+$32/mo · 18.4%)

ⓘ 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: $15,697
• − Mortgage interest: −$10,195
• − Property taxes: −$2,090
• − Insurance: −$910
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$5,295
• Taxable loss: −$5,304
• Est. tax savings @ 24.0%: +$1,273
• After-tax cash flow: $-780/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

+216.5% since first listed

3 events — show timeline

• 2026-05-21 Listed $182,000 IAR
• 2026-05-21 Listed $182,000 Greater Mason BOR
• 1998-07-09 Sold (Public Records) $57,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $2,090 · +3.0% YoY. Source: county tax records.