604 Adams Street St · Armstrong, IA 50514

$138,000

3 bd · 2.0 ba · 1,993 sqft · SingleFamily public records · 25 Days on market

Built 1972 0.25 ac lot $69/sqft · at area comps Est $143k · at est.

---

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 +14.4/30.0
• ARV discount +9.0/15.0
• Appreciation +7.3/10.0
• Schools +6.4/10.0
• DSCR +4.4/10.0
• 1% rule +3.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Mid-century Ranch with 2 levels of living space! The main floor features a spacious living + dining + kitchen area with a main-floor laundry, two bedrooms and full bath. The basement is finished with a 2nd kitchen, bedroom, family room and 3/4 bathroom. Nice backyard with a patio and a shed for storage. What remains in the house can stay if buyer requested.

Key facts

• Backyard patio
• Main floor laundry
• Finished basement

Tags

• MAIN FLOOR LAUNDRY
• FINISHED BASEMENT
• 2ND KITCHEN
• BACKYARD PATIO
• STORAGE SHED

Property features AI

Finance

• Other: Approximately 1,040 above-grade finished area and 800 below-grade finished area; Lot roughly 0.25 acre (dimensions 80 x 138)

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Residential property
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Patio; Publicly maintained road

Interior

• Kitchen: Dishwasher; Oven; Refrigerator; Water purifier
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Natural gas heating; Baseboard heating; Forced air heating; Central air conditioning
• Interior features: Full basement with sump pump; Patio
• Laundry & utility: Washer; Dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $29 ($348/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 $122k (11.6% below list).
• Recommended offer: $122k (11.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#352 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• North Union Community School District (rural): math 68% / reading 83% proficiency, ranked #73 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: North Union Elementary (math 84% / reading 84%, grade A+, #31 of 616 statewide, top 6%, 131 students, 51% FRL); North Union High School (math 62% / reading 82%, grade B+, #117 of 336 statewide, top 39%, 194 students, 53% FRL) — zoned schools average 52% FRL vs 30% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 6 active listings in the ZIP; 11 units permitted in Emmet County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($954 loan paydown + $6k appreciation (4.6% local appreciation)).
• Emmet County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 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 25 days — a 2% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $121,944 (11.6% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.88% ✗
• Cap rate: 6.55%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• GRM: 9.4

CMA / ARV

• ARV (median comp): $142,737
• List price: $138,000
• Delta: -3.32%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Adams Street St	0.00mi	3/2.0	2,054 (+3%)	0mo	$138,000	$67	95
305 7th St	0.37mi	3/1.0	1,808 (-9%)	12mo	$125,000	$69	53
400 2nd Ave	0.51mi	3/2.0	1,872 (-6%)	20mo	$163,000	$87	49
201 4th St	0.60mi	3/2.0	2,260 (+13%)	3mo	$160,000	$71	47
203 6th St	0.49mi	4/1.0 (+1)	2,270 (+14%)	18mo	$99,000	$44	30

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

Projected returns pro-forma

4.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.7%
• Equity multiple: 1.80×
• Total profit: $30,845
• Equity at exit: $75,207

10-year hold

• IRR: 13.8%
• Equity multiple: 3.41×
• Total profit: $93,074
• Equity at exit: $127,386

Cash invested: $38,640 (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 50514

• Home prices YoY: 2.8%
• Active inventory: 6
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$724
• Tax from tax record: −$153 /mo · $1,838/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $29

Break-even live

Break-even rent $1,183

Max offer price $138,000

Occupancy floor 93%

Sensitivity live

Price	-10% $107	-5% $68	+0% $29	+5% $-10	+10% $-49
Rent	-10% $-67	-5% $-19	+0% $29	+5% $77	+10% $125
Rate	-1.0pp $99	-0.5pp $64	base $29	+0.5pp $-7	+1.0pp $-43

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-09
   historical Active Under Contract 360-char remark
2. 2026-05-04
   listed $138,000 Active 360-char remark
3. 2011-09-07
   soldstatus $97,600

ⓘ 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: $1,838 · $153/mo
• Projected year-2 tax: $2,002 · $167/mo
• Expected delta: +$164/yr (+$14/mo · 8.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,633
• − Mortgage interest: −$7,730
• − Property taxes: −$1,838
• − Insurance: −$690
• − Repairs & maintenance: −$1,171
• − Management: −$1,171
• − Depreciation: −$4,015
• Taxable loss: −$1,981
• Est. tax savings @ 24.0%: +$475
• After-tax cash flow: $823/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: North Union Community School District
• NCES district ID: 1903850
• Math proficiency: 68% ▲ 8.00%
• Reading proficiency: 83% ▲ 8.00%
• Median HH income: $49,521
• Composite: 63.83/100
• National rank: #592
• State rank: #73 of 289 in IA

Livability — Armstrong

• Score: 71/100
• State rank: #352
• US rank: #7186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Armstrong, IA
• Population (ZIP): 1,190

Population outlook (Emmet County) Hauer SSP2

• Today (2025): 9,084 people
• By 2030: 8,626 · -5.0%
• By 2040: 7,751 · -14.7%
• By 2050: 6,991 · -23.0%
• By 2075: 5,854 · -35.6%
• By 2100: 5,563 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Portuguese 12% Slovak 2% Iranian 1%
• Foreign-born: 1%

Political lean MEDSL · Emmet

• 2024 margin: Solid R (+44.0) · D 27.5% · R 71.5% · Other 1.0%
• 2008→2024 swing: -48.0pp toward R · 2008: 3.9pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+36.0 2016: R+37.5 2012: R+8.9 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.64%
• Current HPI: 170.7437
• 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

+41.4% since first listed

5 events — show timeline

• 2026-06-11 Sold (MLS) $138,000 Iowa Great Lakes BOR
• 2026-05-29 Pending — Iowa Great Lakes BOR
• 2026-05-09 Contingent — Iowa Great Lakes BOR
• 2026-05-04 Listed $138,000 Iowa Great Lakes BOR
• 2011-09-07 Sold (Public Records) $97,600 Public Records

Property tax history

+5.4%/yr

Latest (2025): $1,838 · -0.5% YoY. Source: county tax records.