604 1st Ave · Collins, IA 50055

$109,900

2 bd · 1.0 ba · 726 sqft · SingleFamily public records · 64 Days on market

Built 1900 0.33 ac lot $151/sqft · 19% below area Est $136k · 19% 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 +9.5/30.0
• Appreciation +7.0/10.0
• Schools +5.7/10.0
• Livability +3.4/5.0
• DSCR +2.7/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Are you searching for affordable, single-level housing? This is it! It's the perfect combination of old charm and modern updates. This remodeled ranch home provides 2 spacious bedrooms and one remodeled full bath, situated on a large lot of 14,386 sq ft. Additional features include a new mini-split heat system, a backup heat source, and updated roofing, windows, exterior stone, vinyl siding, and fresh interior paint. It features a cozy gas fireplace, updated vinyl flooring and updated bathroom fixtures, as well as updated kitchen appliances including a gas range. There is convenient alley access to the backyard. The covered deck is the perfect spot in the backyard for your morning coffee, or you can walk across the street to the popular neighborhood restaurant. This home is currently being used as an Airbnb, but it would make a fantastic owner occupied home too. It truly is move in ready and feels like home.

Key facts

• Backup heat source
• Updated roofing
• Remodeled ranch home

Tags

• REMODELED RANCH HOME
• NEW MINI-SPLIT HEAT SYSTEM
• BACKUP HEAT SOURCE
• UPDATED ROOFING
• UPDATED WINDOWS
• EXTERIOR STONE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $-77 ($-927/yr) — negative.
• To cash-flow at today's rent, offer at most $96k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $84k (24.0% below list).
• Recommended offer: $84k (24.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#501 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: amenities F, commute F, health & safety D-.
• Collins-Maxwell Community School District (rural): math 62% / reading 69% proficiency, ranked #179 of 289 in IA (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 9 active listings in the ZIP; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($760 loan paydown + $4k appreciation (4.0% local appreciation)).
• Story County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $110k implies a 714% 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 $83,548 (24.0% 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 64 days. Have you received any prior offers? Is the seller open to a 24% 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. 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.
7. 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.
8. 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: 0.76% ✗
• Cap rate: 5.45%
• Cash-on-cash: -3.01%
• DSCR: 0.87
• GRM: 11.0

CMA / ARV

• ARV (median comp): $136,071
• List price: $109,900
• Delta: -19.23%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

4.01% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.47×
• Total profit: $14,318
• Equity at exit: $55,799

10-year hold

• IRR: 9.9%
• Equity multiple: 2.65×
• Total profit: $50,781
• Equity at exit: $91,326

Cash invested: $30,772 (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 50055

• Home prices YoY: 2.0%
• Active inventory: 9
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $835 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$115 /mo · $1,382/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$175
• Net cashflow: $-77

Break-even live

Break-even rent $933

Max offer price $96,252

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-02
   days on market $109,900 Active 64 DOM
2. 2026-06-01
   days on market $109,900 Active 63 DOM
3. 2026-05-31
   days on market $109,900 Active 62 DOM
4. 2026-05-31
   days on market $109,900 Active 61 DOM
5. 2026-04-30
   price $109,900 921-char remark

   Show marketing remark (921 chars)

   Are you searching for affordable, single-level housing? This is it! It's the perfect combination of old charm and modern updates. This remodeled ranch home provides 2 spacious bedrooms and one remodeled full bath, situated on a large lot of 14,386 sq ft. Additional features include a new mini-split heat system, a backup heat source, and updated roofing, windows, exterior stone, vinyl siding, and fresh interior paint. It features a cozy gas fireplace, updated vinyl flooring and updated bathroom fixtures, as well as updated kitchen appliances including a gas range. There is convenient alley access to the backyard. The covered deck is the perfect spot in the backyard for your morning coffee, or you can walk across the street to the popular neighborhood restaurant. This home is currently being used as an Airbnb, but it would make a fantastic owner occupied home too. It truly is move in ready and feels like home.

6. 2026-03-30
   listed $119,900 Active 921-char remark

   Show marketing remark (921 chars)

   Are you searching for affordable, single-level housing? This is it! It's the perfect combination of old charm and modern updates. This remodeled ranch home provides 2 spacious bedrooms and one remodeled full bath, situated on a large lot of 14,386 sq ft. Additional features include a new mini-split heat system, a backup heat source, and updated roofing, windows, exterior stone, vinyl siding, and fresh interior paint. It features a cozy gas fireplace, updated vinyl flooring and updated bathroom fixtures, as well as updated kitchen appliances including a gas range. There is convenient alley access to the backyard. The covered deck is the perfect spot in the backyard for your morning coffee, or you can walk across the street to the popular neighborhood restaurant. This home is currently being used as an Airbnb, but it would make a fantastic owner occupied home too. It truly is move in ready and feels like home.

7. 2019-10-02
   soldstatus $13,500
8. 2019-09-27
   soldstatus $13,500 182-char remark

   Show marketing remark (182 chars)

   Investors special! This is a 1/3 acre lot right off Hwy 65 with great access. The home is in disrepair. Home is sold AS IS, and inspections of any kind are for buyer knowledge only.

9. 2019-05-07
   listed $15,590 182-char remark

   Show marketing remark (182 chars)

   Investors special! This is a 1/3 acre lot right off Hwy 65 with great access. The home is in disrepair. Home is sold AS IS, and inspections of any kind are for buyer knowledge only.

10. 2019-04-05
    historical
11. 2018-10-18
    listed $15,590

ⓘ 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: $1,382 · $115/mo
• Projected year-2 tax: $1,554 · $129/mo
• Expected delta: +$172/yr (+$14/mo · 12.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $10,026
• − Mortgage interest: −$6,156
• − Property taxes: −$1,382
• − Insurance: −$550
• − Repairs & maintenance: −$802
• − Management: −$802
• − Depreciation: −$3,197
• Taxable loss: −$2,863
• Est. tax savings @ 24.0%: +$687
• After-tax cash flow: $-240/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: Collins-Maxwell Community School District
• NCES district ID: 1907900
• Math proficiency: 62% ▲ 2.00%
• Reading proficiency: 69% ▲ 4.00%
• Median HH income: $61,249
• Composite: 56.69/100
• National rank: #1131
• State rank: #179 of 289 in IA

Livability — Collins

• Score: 67/100
• State rank: #501
• US rank: #11105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Collins, IA
• Population (ZIP): 1,157

Population outlook (Story County) Hauer SSP2

• Today (2025): 115,493 people
• By 2030: 126,820 · +9.8%
• By 2040: 150,771 · +30.5%
• By 2050: 177,915 · +54.0%
• By 2075: 255,370 · +121.1%
• By 2100: 316,429 · +174.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Italian 3% Iranian 2% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Story

• 2024 margin: D (+10.4) · D 54.4% · R 44.0% · Other 1.6%
• 2008→2024 swing: -5.8pp toward R · 2008: 16.2pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+17.3 2016: D+12.2 2012: D+13.7 2008: D+16.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.01%
• Current HPI: 201.2362
• 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

+604.9% since first listed

7 events — show timeline

• 2026-04-30 Price Changed $109,900 CIBOR
• 2026-03-30 Listed $119,900 CIBOR
• 2019-10-02 Sold (Public Records) $13,500 Public Records
• 2019-09-27 Sold (MLS) $13,500 DMMLS
• 2019-05-07 Listed $15,590 DMMLS
• 2019-04-05 Listing Removed — DMMLS
• 2018-10-18 Listed $15,590 DMMLS

Property tax history

+15.8%/yr

Latest (2025): $1,382 · -1.1% YoY. Source: county tax records.