1116 Harrison St · Boone, IA 50036

$179,900

3 bd · 4.0 ba · 1,742 sqft · Townhouse public records · 103 Days on market

Built 1900 10,800 sqft lot ↓ 12% since listing

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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 +13.1/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Multi family home in Boone neighborhood. This home features 2 bedrooms 1 bath in the lower area, upstairs with private entry features 1 bedroom 1 bath With its cozy living spaces, two kitchen, and a spacious backyard perfect for gatherings, this residence is ideal for both relaxation and entertaining. New HAVC in the lower unit and two new hot water​​‌​​​​‌​​‌‌​‌‌​​​‌‌​​‌​​​‌‌​​‌​ heaters.

Key facts

• Two kitchens
• Spacious backyard
• New hvac

Tags

• PRIVATE ENTRY
• TWO KITCHENS
• SPACIOUS BACKYARD
• NEW HVAC
• TWO NEW HOT WATER HEATERS

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath townhouse listed at $180k.

Deal economics

• At list price, monthly cash flow is $-6 ($-71/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (17.1% below list).
• Recommended offer: $149k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.6% in Boone — 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 79/100 on livability (#112 in IA, #2,144 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Boone Community School District (town): math 57% / reading 66% proficiency, ranked #232 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 215 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 80 units permitted in Boone County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $149,125 (17.1% 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 103 days. Have you received any prior offers? Is the seller open to a 17% 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. 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?
8. 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.
9. 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.
10. 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: 0.83% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.14%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-29,545
• Equity at exit: $26,824

10-year hold

• IRR: -8.3%
• Equity multiple: 0.48×
• Total profit: $-26,271
• Equity at exit: $15,554

Cash invested: $50,372 (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 50036

• Home prices YoY: -27.1%
• Active inventory: 215
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,491 high
• Mortgage (P&I): −$943
• Tax from tax record: −$166 /mo · $1,988/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $-6

Break-even live

Break-even rent $1,499

Max offer price $178,848

Occupancy floor 95%

Sensitivity live

Price	-10% $96	-5% $45	+0% $-6	+5% $-57	+10% $-108
Rent	-10% $-124	-5% $-65	+0% $-6	+5% $53	+10% $112
Rate	-1.0pp $85	-0.5pp $40	base $-6	+0.5pp $-53	+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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
411 W 9th St Boone, IA	3.0	2.0	1275	$1,100	$0.86	44d	1	0.46mi
1428 Story St Boone, IA	4.0	3.0	1900	$2,000	$1.05	44d	1	0.59mi
680 S Marion St Boone, IA	2.0–3.0	1.0–2.0	1042	$1,295	$1.24	14d	37	1.23mi
1318 SE Linn St Boone, IA	3.0	2.0	1896	$1,695	$0.89	44d	1	1.38mi
115 S Plum St Unit 117 Boone, IA	3.0	1.0	1200	$1,050	$0.88	44d	1	1.41mi

Listing history 6 events

1. 2025-08-21
   soldstatus $166,500
2. 2025-07-14
   status Pending
3. 2025-05-30
   price $179,900
4. 2025-04-02
   listed $189,900 Active
5. 2025-03-26
   historical
6. 2024-09-25
   listed $189,900 Active

ⓘ 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: $1,988 · $166/mo
• Projected year-2 tax: $2,406 · $201/mo
• Expected delta: +$418/yr (+$35/mo · 21.0%)

ⓘ 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 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: $17,895
• − Mortgage interest: −$10,077
• − Property taxes: −$1,988
• − Insurance: −$900
• − Repairs & maintenance: −$1,432
• − Management: −$1,432
• − Depreciation: −$5,233
• Taxable loss: −$3,166
• Est. tax savings @ 24.0%: +$760
• After-tax cash flow: $688/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: Boone Community School District
• NCES district ID: 1905130
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $48,703
• Composite: 52.16/100
• National rank: #1613
• State rank: #232 of 289 in IA

Livability — Boone

• Score: 79/100
• State rank: #112
• US rank: #2144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boone, IA
• Population (ZIP): 16,318

Population outlook (Boone County) Hauer SSP2

• Today (2025): 27,674 people
• By 2030: 28,058 · +1.4%
• By 2040: 28,474 · +2.9%
• By 2050: 28,383 · +2.6%
• By 2075: 27,647 · -0.1%
• By 2100: 25,485 · -7.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Iranian 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Boone

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 7.6pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+15.6 2016: R+13.9 2012: D+6.4 2008: D+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.62%
• Current HPI: 216.6814
• 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

-12.3% since first listed

6 events — show timeline

• 2025-08-21 Sold (Public Records) $166,500 Public Records
• 2025-07-14 Pending — DMMLS
• 2025-05-30 Price Changed $179,900 DMMLS
• 2025-04-02 Listed $189,900 DMMLS
• 2025-03-26 Listing Removed — DMMLS
• 2024-09-25 Listed $189,900 DMMLS

Property tax history

+1.0%/yr

Latest (2025): $1,988 · +3.9% YoY. Source: county tax records.