117 S Main St · Elkader, IA 52043

$175,000

3 bd · 4.5 ba · 1,760 sqft · SingleFamily public records · 358 Days on market

Built 1900 2,360 sqft lot $99/sqft · 106% above area Est $238k · 26% under

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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 +15.0/15.0
• Cash flow +9.7/30.0
• Appreciation +8.3/10.0
• Schools +5.3/10.0
• Livability +4.0/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0

Listing remarks MLS

Historic apartment - style home for sale on Main Street in Elkader Iowa near the Keystone Bridge. The owner of this parcel is use the entire building for their living quarters. 2 bedroom, 2 bath. Both buildings are being sold AS-IS. Cherished by three local families over the past 60 years and by the current owner for 32 years. This package offers both commercial and residential income potential. Offered at $87,500. per building.

Key facts

• Near keystone bridge
• 2,360 sq ft lot
• Built 1900

Tags

• HISTORIC APARTMENT STYLE HOME
• NEAR KEYSTONE BRIDGE

What this means for you Summary

Snapshot

• This is a 3-bed/4.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-117 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (31.4% below list).
• Recommended offer: $120k (31.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#77 in IA, #1,634 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Central Community School District (rural): math 56% / reading 70% proficiency, ranked #214 of 289 in IA (top 74%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 14 active listings in the ZIP; 48 units permitted in Clayton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (6.6% local appreciation)).
• Clayton County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, 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 358 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $120,073 (31.4% 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 358 days. Have you received any prior offers? Is the seller open to a 31% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.69% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.86%
• DSCR: 0.87
• GRM: 12.1

CMA / ARV

• ARV (median comp): $237,847
• List price: $175,000
• Delta: -26.42%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 NE 2nd St	0.21mi	3/1.5	1,812 (+3%)	13mo	$115,000	$63	63
311 NE Second St. St	0.25mi	3/1.0	1,602 (-9%)	0mo	$134,000	$84	60
714 Davidson St	0.57mi	2/1.5 (-1)	1,824 (+4%)	11mo	$115,000	$63	41
304 NW Spruce St	0.23mi	2/1.0 (-1)	1,980 (+12%)	22mo	$103,000	$52	31

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

Projected returns pro-forma

6.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.6%
• Equity multiple: 2.01×
• Total profit: $49,634
• Equity at exit: $117,047

10-year hold

• IRR: 14.7%
• Equity multiple: 4.07×
• Total profit: $150,186
• Equity at exit: $218,613

Cash invested: $49,000 (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 52043

• Home prices YoY: 4.8%
• Active inventory: 14
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $1,201 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$75 /mo · $896/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $-117

Break-even live

Break-even rent $1,348

Max offer price $154,380

Occupancy floor —

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $175,000 Active 358 DOM
2. 2026-06-17
   days on market $175,000 Active 357 DOM
3. 2026-06-16
   days on market $175,000 Active 356 DOM
4. 2026-06-15
   days on market $175,000 Active 355 DOM
5. 2026-06-13
   days on market $175,000 Active 353 DOM
6. 2026-06-12
   days on market $175,000 Active 352 DOM
7. 2026-06-09
   days on market $175,000 Active 349 DOM
8. 2026-06-08
   days on market $175,000 Active 348 DOM
9. 2026-06-07
   days on market $175,000 Active 347 DOM
10. 2026-06-05
    days on market $175,000 Active 345 DOM
11. 2026-06-04
    days on market $175,000 Active 343 DOM
12. 2026-06-02
    days on market $175,000 Active 342 DOM
13. 2026-06-01
    days on market $175,000 Active 341 DOM
14. 2026-05-31
    days on market $175,000 Active 340 DOM
15. 2026-05-31
    days on market $175,000 Active 339 DOM
16. 2025-06-25
    listed $175,000 Active 432-char remark

    Show marketing remark (432 chars)

    Historic apartment - style home for sale on Main Street in Elkader Iowa near the Keystone Bridge. The owner of this parcel is use the entire building for their living quarters. 2 bedroom, 2 bath. Both buildings are being sold AS-IS. Cherished by three local families over the past 60 years and by the current owner for 32 years. This package offers both commercial and residential income potential. Offered at $87,500. per building.

ⓘ 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: $896 · $75/mo
• Projected year-2 tax: $1,822 · $152/mo
• Expected delta: +$926/yr (+$77/mo · 103.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $14,409
• − Mortgage interest: −$9,803
• − Property taxes: −$896
• − Insurance: −$875
• − Repairs & maintenance: −$1,153
• − Management: −$1,153
• − Depreciation: −$5,091
• Taxable loss: −$4,561
• Est. tax savings @ 24.0%: +$1,095
• After-tax cash flow: $-306/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 Community School District
• NCES district ID: 1906840
• Math proficiency: 56% ▼ -4.00%
• Reading proficiency: 70% ▲ 7.00%
• Median HH income: $49,750
• Composite: 53.48/100
• National rank: #1456
• State rank: #214 of 289 in IA

Livability — Elkader

• Score: 80/100
• State rank: #77
• US rank: #1634

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elkader, IA
• Population (ZIP): 1,853

Population outlook (Clayton County) Hauer SSP2

• Today (2025): 16,656 people
• By 2030: 15,986 · -4.0%
• By 2040: 14,554 · -12.6%
• By 2050: 13,187 · -20.8%
• By 2075: 11,131 · -33.2%
• By 2100: 9,733 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 11% Romanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Clayton

• 2024 margin: Solid R (+34.5) · D 32.2% · R 66.7% · Other 1.2%
• 2008→2024 swing: -51.7pp toward R · 2008: 17.2pp · 2024: -34.5pp
• All cycles: 2024: R+34.5 2020: R+28.8 2016: R+22.8 2012: D+6.9 2008: D+17.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.63%
• Current HPI: 143.93
• 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

1 event — show timeline

• 2025-06-25 Listed $175,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.1%/yr

Latest (2025): $896 · -19.7% YoY. Source: county tax records.