2593 Garrels Dr · New London, IA 52645

$130,000

3 bd · 2.0 ba · 1,624 sqft · SingleFamily public records · 24 Days on market

Built 1992 0.50 ac lot $80/sqft · 16% below area Est $156k · 16% under ↓ 19% since listing

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Why this score? — see what drove the C 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).

• ARV discount +14.9/15.0
• Cash flow +12.6/30.0
• Appreciation +6.2/10.0
• Schools +5.5/10.0
• 1% rule +4.1/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover the possibilities with this 3-bedroom, 2-bath home situated just outside New London. Nestled on 0.84 acres, this property offers the perfect blend of privacy and opportunity. Enjoy peaceful surroundings with a pond, ideal for relaxing evenings or outdoor activities. The home features an attached garage and a layout ready for your personal touch. Whether you're looking to renovate, invest, or create your dream rural retreat, this property is full of potential. With space to grow and customize, the ideas truly are endless.

Key facts

• 0.5 acre lot
• Garage
• Built 1992

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-16 ($-197/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (8.7% below list).
• Recommended offer: $119k (8.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 76/100 on livability (#188 in IA, #3,417 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• New London Community School District (rural): math 63% / reading 68% proficiency, ranked #194 of 289 in IA (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 13 active listings in the ZIP; 30 units permitted in Henry County in 2024 (8 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($899 loan paydown + $3k appreciation (2.5% local appreciation)).
• Henry County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k 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 ($128k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $118,670 (8.7% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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.
5. 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.
6. 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: 0.91% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 9.1

CMA / ARV

• ARV (median comp): $155,500
• List price: $130,000
• Delta: -16.40%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2593 Garrels Dr	0.00mi	3/2.0	1,624 (0%)	0mo	$106,000	$65	100
2523 Rocky Lane Ln	0.07mi	3/1.5	1,776 (+9%)	2mo	$205,000	$115	77

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.46% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.30×
• Total profit: $10,998
• Equity at exit: $54,550

10-year hold

• IRR: 8.7%
• Equity multiple: 2.25×
• Total profit: $45,373
• Equity at exit: $81,151

Cash invested: $36,400 (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 52645

• Home prices YoY: 1.3%
• Active inventory: 13
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,187 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$218 /mo · $2,616/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $-16

Break-even live

Break-even rent $1,207

Max offer price $127,101

Occupancy floor 96%

Sensitivity live

Price	-10% $57	-5% $20	+0% $-16	+5% $-53	+10% $-90
Rent	-10% $-110	-5% $-63	+0% $-16	+5% $30	+10% $77
Rate	-1.0pp $49	-0.5pp $17	base $-16	+0.5pp $-50	+1.0pp $-84

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-04
   status Pending 535-char remark

   Show marketing remark (535 chars)

   Discover the possibilities with this 3-bedroom, 2-bath home situated just outside New London. Nestled on 0.84 acres, this property offers the perfect blend of privacy and opportunity. Enjoy peaceful surroundings with a pond, ideal for relaxing evenings or outdoor activities. The home features an attached garage and a layout ready for your personal touch. Whether you're looking to renovate, invest, or create your dream rural retreat, this property is full of potential. With space to grow and customize, the ideas truly are endless.

2. 2026-04-20
   price $130,000 535-char remark

   Show marketing remark (535 chars)

   Discover the possibilities with this 3-bedroom, 2-bath home situated just outside New London. Nestled on 0.84 acres, this property offers the perfect blend of privacy and opportunity. Enjoy peaceful surroundings with a pond, ideal for relaxing evenings or outdoor activities. The home features an attached garage and a layout ready for your personal touch. Whether you're looking to renovate, invest, or create your dream rural retreat, this property is full of potential. With space to grow and customize, the ideas truly are endless.

3. 2026-04-10
   listed $139,000 Active 535-char remark

   Show marketing remark (535 chars)

   Discover the possibilities with this 3-bedroom, 2-bath home situated just outside New London. Nestled on 0.84 acres, this property offers the perfect blend of privacy and opportunity. Enjoy peaceful surroundings with a pond, ideal for relaxing evenings or outdoor activities. The home features an attached garage and a layout ready for your personal touch. Whether you're looking to renovate, invest, or create your dream rural retreat, this property is full of potential. With space to grow and customize, the ideas truly are endless.

4. 2021-09-08
   soldstatus $160,000
5. 2021-09-02
   soldstatus $160,000 279-char remark

   Show marketing remark (279 chars)

   Come see this hidden Gem 1 Acre Three Bedroom 2 Bath home with Vaulted Ceilings, Fenced in pet area, A pond with a Dock, Mature trees including an Apple Tree and Black and Red Raspberries. Have Your Own personal oasis. just 12 minutes to Mt Pleasant or 20 Minutes to Burlington.

6. 2021-07-30
   listed $160,000 279-char remark

   Show marketing remark (279 chars)

   Come see this hidden Gem 1 Acre Three Bedroom 2 Bath home with Vaulted Ceilings, Fenced in pet area, A pond with a Dock, Mature trees including an Apple Tree and Black and Red Raspberries. Have Your Own personal oasis. just 12 minutes to Mt Pleasant or 20 Minutes to Burlington.

ⓘ 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: $2,616 · $218/mo
• Projected year-2 tax: $2,616 · $218/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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,240
• − Mortgage interest: −$7,282
• − Property taxes: −$2,616
• − Insurance: −$650
• − Repairs & maintenance: −$1,139
• − Management: −$1,139
• − Depreciation: −$3,782
• Taxable loss: −$2,368
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $371/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: New London Community School District
• NCES district ID: 1920460
• Math proficiency: 63% ▲ 2.00%
• Reading proficiency: 68% ▲ 5.00%
• Median HH income: $46,710
• Composite: 55.31/100
• National rank: #1260
• State rank: #194 of 289 in IA

Livability — New London

• Score: 76/100
• State rank: #188
• US rank: #3417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,472

Population outlook (Henry County) Hauer SSP2

• Today (2025): 19,583 people
• By 2030: 19,271 · -1.6%
• By 2040: 18,505 · -5.5%
• By 2050: 17,796 · -9.1%
• By 2075: 16,821 · -14.1%
• By 2100: 15,549 · -20.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: Portuguese 5% Iranian 2% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+36.0) · D 31.3% · R 67.3% · Other 1.5%
• 2008→2024 swing: -30.9pp toward R · 2008: -5.0pp · 2024: -36.0pp
• All cycles: 2024: R+36.0 2020: R+32.4 2016: R+30.9 2012: R+6.0 2008: R+5.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.46%
• Current HPI: 197.8445
• 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

-18.8% since first listed

6 events — show timeline

• 2026-05-04 Pending — IAR
• 2026-04-20 Price Changed $130,000 IAR
• 2026-04-10 Listed $139,000 IAR
• 2021-09-08 Sold (Public Records) $160,000 Public Records
• 2021-09-02 Sold (MLS) $160,000 ICAARMLS
• 2021-07-30 Listed $160,000 ICAARMLS

Property tax history

+2.8%/yr

Latest (2025): $2,616 · +6.6% YoY. Source: county tax records.