506 West St · Reinbeck, IA 50669

$85,000

4 bd · 1.5 ba · 1,709 sqft · SingleFamily public records · 24 Days on market

Built 1910 Est $130k · 35% under ↓ 33% since listing

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Why this score? — see what drove the A 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 +28.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• Schools +6.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Handyman Special - Cheap - Cash or possible Contract COMPS in Good Condition = $158,000 to $180,000. Needs work. Livable as-is. Needs: electrical updated New furnace/mini-split re-finish hardwoods Other minor updates as buyer sees fit. Other pics coming soon. School Information Elementary School: Gladbrook-Reinbeck High School: Gladbrook-Reinbeck Middle School: Gladbrook-Reinbeck Annual Tax Amount: 1958.94 Directions: Via Iowa HWY-175: Head West On IA-175 W/ 260 Th St/Reinbeck Toward Progress Dr 0.8 Mi Turn Left Onto Blackhawk St 0.3 Mi Turn Right Onto Park St 361 Ft Turn Left Onto West St Destination Will Be On The Left Property Type: RESIDENTIAL Area: Grundy Building and Constructi

Key facts

• Built 1910
• Listed 23 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#382 in IA) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Gladbrook-Reinbeck Community School District (rural): math 76% / reading 74% proficiency, ranked #71 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 14 active listings in the ZIP; 14 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($588 loan paydown + $8k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.41% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.28%
• DSCR: 1.64
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $129,884
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
807 Randall St	0.22mi	3/1.0 (-1)	1,756 (+3%)	1mo	$118,000	$67	77
812 Blackhawk St	0.25mi	4/2.0	1,652 (-3%)	11mo	$70,000	$42	72
303 Broad St	0.19mi	3/1.5 (-1)	1,640 (-4%)	10mo	$124,000	$76	71
501 Blackhawk St	0.04mi	3/1.5 (-1)	1,864 (+9%)	11mo	$145,000	$78	68
707 Park St	0.14mi	4/2.0	1,640 (-4%)	21mo	$118,000	$72	68
208 Center St	0.29mi	3/1.0 (-1)	1,724 (+1%)	14mo	$100,000	$58	67
411 Broad St	0.12mi	4/2.0	1,631 (-5%)	22mo	$119,000	$73	66
404 Spruce St	0.37mi	3/1.5 (-1)	1,694 (-1%)	19mo	$269,900	$159	60
706 Park St	0.12mi	3/1.5 (-1)	1,532 (-10%)	21mo	$110,000	$72	54
605 Pioneer Rd	0.43mi	3/3.0 (-1)	1,600 (-6%)	12mo	$232,500	$145	49
103 Park St	0.39mi	4/2.0	1,848 (+8%)	22mo	$180,000	$97	48
103 Fieldstone Dr	0.57mi	3/2.0 (-1)	1,891 (+11%)	22mo	$458,000	$242	30

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: 34.8%
• Equity multiple: 3.71×
• Total profit: $64,400
• Equity at exit: $76,575

10-year hold

• IRR: 30.0%
• Equity multiple: 8.38×
• Total profit: $175,586
• Equity at exit: $165,136

Cash invested: $23,800 (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 50669

• Home prices YoY: 4.9%
• Active inventory: 14
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,196 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$180 /mo · $2,164/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $283

Break-even live

Break-even rent $837

Max offer price $85,000

Occupancy floor 71%

Sensitivity live

Price	-10% $331	-5% $307	+0% $283	+5% $259	+10% $235
Rent	-10% $189	-5% $236	+0% $283	+5% $331	+10% $378
Rate	-1.0pp $326	-0.5pp $305	base $283	+0.5pp $261	+1.0pp $239

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $85,000 Active 24 DOM
2. 2026-06-18
   days on market $85,000 Active 23 DOM
3. 2026-06-17
   days on market $85,000 Active 22 DOM
4. 2026-06-16
   days on market $85,000 Active 21 DOM
5. 2026-06-15
   days on market $85,000 Active 20 DOM
6. 2026-06-14
   days on market $85,000 Active 18 DOM
7. 2026-06-12
   days on market $85,000 Active 17 DOM
8. 2026-06-09
   days on market $85,000 Active 14 DOM
9. 2026-06-08
   days on market $85,000 Active 13 DOM
10. 2026-06-07
    days on market $85,000 Active 12 DOM
11. 2026-06-05
    days on market $85,000 Active 9 DOM
12. 2026-06-03
    days on market $85,000 Active 8 DOM
13. 2026-06-02
    days on market $85,000 Active 7 DOM
14. 2026-06-01
    days on market $85,000 Active 6 DOM
15. 2026-05-31
    days on market $85,000 Active 5 DOM
16. 2026-05-30
    days on market $85,000 Active 4 DOM
17. 2026-05-26
    listed $85,000 Active
18. 2023-11-23
    price $92,000
19. 2023-10-30
    price $109,900
20. 2023-10-16
    price $124,900
21. 2023-09-08
    price $130,900
22. 2023-08-03
    price $139,900
23. 2005-11-07
    soldstatus $126,500

ⓘ 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: $2,164 · $180/mo
• Projected year-2 tax: $2,164 · $180/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 2/10 Low 7 d/yr ≥101°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: $14,351
• − Mortgage interest: −$4,761
• − Property taxes: −$2,164
• − Insurance: −$425
• − Repairs & maintenance: −$1,148
• − Management: −$1,148
• − Depreciation: −$2,473
• Taxable income: $2,232
• Est. tax owed @ 24.0%: −$536
• After-tax cash flow: $2,864/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: Gladbrook-Reinbeck Community School District
• NCES district ID: 1912660
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 74% ▲ 9.00%
• Median HH income: $55,866
• Composite: 64.09/100
• National rank: #576
• State rank: #71 of 289 in IA

Livability — Reinbeck

• Score: 70/100
• State rank: #382
• US rank: #8130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reinbeck, IA
• Population (ZIP): 2,447

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 12,452 · +0.0%
• By 2040: 12,437 · -0.1%
• By 2050: 12,370 · -0.7%
• By 2075: 12,495 · +0.3%
• By 2100: 11,823 · -5.1%

Race, ethnicity, and origin ACS 2023

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

Political lean MEDSL · Grundy

• 2024 margin: Solid R (+41.8) · D 28.3% · R 70.1% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: -16.9pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+37.4 2016: R+39.5 2012: R+23.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.93%
• Current HPI: 257.04
• 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

-32.8% since first listed

7 events — show timeline

• 2026-05-26 Listed $85,000 FSBO.com
• 2023-11-23 Price Changed $92,000 NEIRBR as distributed by MLS GRID
• 2023-10-30 Price Changed $109,900 NEIRBR as distributed by MLS GRID
• 2023-10-16 Price Changed $124,900 NEIRBR as distributed by MLS GRID
• 2023-09-08 Price Changed $130,900 NEIRBR as distributed by MLS GRID
• 2023-08-03 Price Changed $139,900 NEIRBR as distributed by MLS GRID
• 2005-11-07 Sold (Public Records) $126,500 Public Records

Property tax history

+3.5%/yr

Latest (2025): $2,164 · +5.7% YoY. Source: county tax records.