321 S Van Kirk St · Latimer, IA 50452

$139,900

4 bd · 1.0 ba · 1,646 sqft · SingleFamily public records · 66 Days on market

Built 1900 $85/sqft · 9% below area Est $155k · 9% 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).

• Cash flow +20.2/30.0
• ARV discount +11.8/15.0
• Appreciation +7.3/10.0
• DSCR +6.4/10.0
• Schools +5.6/10.0
• 1% rule +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this well-maintained 4-bedroom, 1 bath home in Latimer! As soon as you walk through the door of this beautiful home, you're sure to fall in love with the spacious kitchen (appliances included) with a remodeled full bath/laundry area on the main level for extra convenience, dining room featuring gorgeous hardwood floors that flow seamlessly into the open living room and one bedroom. Upstairs you will find 3 freshly painted and carpeted bedrooms, each with their own spacious closet for added storage. Take full advantage of the corner lot location featuring an oversized detached garage and newly graveled driveway for peace of mind. With new vinyl windows, a steel roof, fresh paint and new carpet this lovingly maintained home could be just the one you've been searching for!

Key facts

• Spacious kitchen
• Hardwood floors
• Remodeled full bath

Tags

• SPACIOUS KITCHEN
• REMODELED FULL BATH
• HARDWOOD FLOORS
• CORNER LOT LOCATION
• OVERSIZED DETACHED GARAGE
• NEWLY GRAVELED DRIVEWAY

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (0.3% below list).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#397 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime C-, amenities F, commute F.
• Cal Community School District (rural): math 60% / reading 70% proficiency, ranked #238 of 330 in IA (top 72%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 2 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($967 loan paydown + $6k appreciation (4.5% local appreciation)).
• Franklin County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, 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 66 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $71k; list at $140k implies a 97% 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 $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.00% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 8.4

CMA / ARV

• ARV (median comp): $154,558
• List price: $139,900
• Delta: -9.48%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 S Akir St	0.10mi	3/1.5 (-1)	1,546 (-6%)	21mo	$134,750	$87	61
115 S Vankirk	0.14mi	3/1.5 (-1)	1,512 (-8%)	24mo	$107,900	$71	53

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

Projected returns pro-forma

4.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.3%
• Equity multiple: 2.01×
• Total profit: $39,523
• Equity at exit: $75,104

10-year hold

• IRR: 16.9%
• Equity multiple: 3.85×
• Total profit: $111,774
• Equity at exit: $126,291

Cash invested: $39,172 (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 50452

• Home prices YoY: 3.1%
• Active inventory: 4
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,395 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$134 /mo · $1,614/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $176

Break-even live

Break-even rent $1,173

Max offer price $139,900

Occupancy floor 82%

Sensitivity live

Price	-10% $255	-5% $216	+0% $176	+5% $136	+10% $97
Rent	-10% $66	-5% $121	+0% $176	+5% $231	+10% $286
Rate	-1.0pp $246	-0.5pp $212	base $176	+0.5pp $140	+1.0pp $103

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $139,900 Active 66 DOM
2. 2026-06-18
   days on market $139,900 Active 64 DOM
3. 2026-06-17
   days on market $139,900 Active 63 DOM
4. 2026-06-16
   days on market $139,900 Active 62 DOM
5. 2026-06-15
   days on market $139,900 Active 61 DOM
6. 2026-06-13
   days on market $139,900 Active 59 DOM
7. 2026-06-12
   days on market $139,900 Active 58 DOM
8. 2026-06-09
   days on market $139,900 Active 55 DOM
9. 2026-06-08
   days on market $139,900 Active 54 DOM
10. 2026-06-07
    days on market $139,900 Active 53 DOM
11. 2026-06-05
    days on market $139,900 Active 51 DOM
12. 2026-06-04
    days on market $139,900 Active 49 DOM
13. 2026-06-02
    days on market $139,900 Active 48 DOM
14. 2026-06-01
    days on market $139,900 Active 47 DOM
15. 2026-05-31
    days on market $139,900 Active 46 DOM
16. 2026-05-31
    days on market $139,900 Active 45 DOM
17. 2026-04-14
    listed $162,900 Active 791-char remark

    Show marketing remark (791 chars)

    Welcome to this well-maintained 4-bedroom, 1 bath home in Latimer! As soon as you walk through the door of this beautiful home, you're sure to fall in love with the spacious kitchen (appliances included) with a remodeled full bath/laundry area on the main level for extra convenience, dining room featuring gorgeous hardwood floors that flow seamlessly into the open living room and one bedroom. Upstairs you will find 3 freshly painted and carpeted bedrooms, each with their own spacious closet for added storage. Take full advantage of the corner lot location featuring an oversized detached garage and newly graveled driveway for peace of mind. With new vinyl windows, a steel roof, fresh paint and new carpet this lovingly maintained home could be just the one you've been searching for!

18. 2006-09-13
    soldstatus $71,000

ⓘ 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: $1,614 · $134/mo
• Projected year-2 tax: $1,905 · $159/mo
• Expected delta: +$291/yr (+$24/mo · 18.0%)

ⓘ 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 ≥100°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: $16,745
• − Mortgage interest: −$7,837
• − Property taxes: −$1,614
• − Insurance: −$700
• − Repairs & maintenance: −$1,340
• − Management: −$1,340
• − Depreciation: −$4,070
• Taxable loss: −$154
• Est. tax savings @ 24.0%: +$37
• After-tax cash flow: $2,148/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: Cal Community School District
• NCES district ID: 1905970
• Math proficiency: 60% ▼ -5.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $46,352
• Composite: 56.26/100
• National rank: #2503
• State rank: #238 of 330 in IA

Livability — Latimer

• Score: 69/100
• State rank: #397
• US rank: #8463

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Latimer, IA
• Population (ZIP): 990

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 9,779 people
• By 2030: 9,456 · -3.3%
• By 2040: 8,737 · -10.7%
• By 2050: 8,142 · -16.7%
• By 2075: 7,345 · -24.9%
• By 2100: 6,978 · -28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 22% Two or more races 17% Black 6%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 3% Scottish 1% Iranian 1%
• Foreign-born: 13% · Canada
• Languages at home: 80% English-only · Spanish 20%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+41.7) · D 28.5% · R 70.2% · Other 1.2%
• 2008→2024 swing: -43.2pp toward R · 2008: 1.4pp · 2024: -41.7pp
• All cycles: 2024: R+41.7 2020: R+35.0 2016: R+33.8 2012: R+10.9 2008: D+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.50%
• Current HPI: 151.5278
• 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

+129.4% since first listed

2 events — show timeline

• 2026-04-14 Listed $162,900 IAR
• 2006-09-13 Sold (Public Records) $71,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,614 · -2.4% YoY. Source: county tax records.