230 E Market St · Lisbon, IA 52253

$169,950

3 bd · 1.5 ba · 4,747 sqft · SingleFamily · 119 Days on market

Built 1906 0.32 ac lot $36/sqft · 65% below area

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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 +8.2/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Livability +4.1/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is your opportunity to own a historic former church that has been transitioned into a beautiful home. Main floor is gabled ceilings with historic beams and paintings. This will really make you say WOW. The balcony could be an amazing office or loft bedroom. The incredible stained glass windows of all shapes and sizes are ornate and classic. They have stunning light that filters through them and really makes this home feel like a castle. The large living room is amazing and beautiful and hardwoods were restored. A main floor primary bedroom was added and you have a second staircase to the basement or courtyard. Make another bathroom or several, you have a choice of locations. The raised floor area makes a great dining area, or make your amazing kitchen in the space. Large dining area, living area, amazing space for a piano. The basement is the hub with a large kitchen with granite counter, large rec room, storage room, brand new 2026 bathroom with clawfoot tub and two other rooms One would make a great home office and one that could be a bedroom, currently it is non conforming but an easy change. There is a large bedroom currently in the basement. Furnaces are 2024 and there are two to set your heat. Water heater is brand new 2026, all new water pipes in basement. New lower level kitchen cabinets. The home could have the basement as a separate apartment or mother in law suite. So many possibilities. The historic doors are amazing and the home has solar panels already paid for, on the roof, courtyard off to the side, two separate staircases, shed in the back, and room to build a garage and a deck. An opportunity to own a very special home or turn it into the most incredible Air BnB, so many opportunities!

Key facts

• Historic beams
• Gabled ceilings
• Granite counter

Tags

• GABLED CEILINGS
• HISTORIC BEAMS
• STAINED GLASS WINDOWS
• LARGE KITCHEN
• GRANITE COUNTER
• REMODELED BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (24.3% below list).
• Recommended offer: $129k (24.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 82/100 on livability (#53 in IA, #1,268 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Lisbon Community School District (town): math 74% / reading 74% proficiency, ranked #75 of 289 in IA (top 26%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Lisbon Elementary School (math 72% / reading 67%, grade A-, #224 of 616 statewide, top 42%, 415 students, 18% FRL); Lisbon Middle School (math 72% / reading 72%); Lisbon Secondary (math 77% / reading 82%, grade A-, #34 of 336 statewide, top 14%, 304 students, 21% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 16 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 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.
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $88k; list at $170k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,718 (24.3% 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 119 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 1906 — 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 A-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: 0.76% ✗
• Cap rate: 5.18%
• Cash-on-cash: -3.97%
• DSCR: 0.82
• GRM: 11.0

CMA / ARV

• ARV (median comp): $489,395
• List price: $169,950
• Delta: -65.27%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -23.0%
• Equity multiple: 0.21×
• Total profit: $-37,558
• Equity at exit: $25,340

10-year hold

• IRR: -17.4%
• Equity multiple: 0.04×
• Total profit: $-45,552
• Equity at exit: $14,694

Cash invested: $47,586 (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 52253

• Home prices YoY: -13.4%
• Active inventory: 16
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,287 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,549/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-158

Break-even live

Break-even rent $1,487

Max offer price $147,143

Occupancy floor —

Sensitivity live

Price	-10% $-40	-5% $-99	+0% $-158	+5% $-216	+10% $-275
Rent	-10% $-259	-5% $-208	+0% $-158	+5% $-107	+10% $-56
Rate	-1.0pp $-72	-0.5pp $-114	base $-158	+0.5pp $-202	+1.0pp $-246

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: $42,488
• Closing costs: $5,098
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $169,950 Active 119 DOM
2. 2026-06-21
   days on market $169,950 Active 118 DOM
3. 2026-06-21
   days on market $169,950 Active 117 DOM
4. 2026-06-18
   days on market $169,950 Active 115 DOM
5. 2026-06-17
   price $169,950 Active 114 DOM
6. 2026-06-17
   days on market $175,000 Active 114 DOM
7. 2026-06-17
   status $175,000 Active 113 DOM
8. 2026-06-03
   status $175,000 Pending 113 DOM
9. 2026-06-02
   days on market $175,000 Active 113 DOM
10. 2026-06-01
    days on market $175,000 Active 112 DOM
11. 2026-05-31
    days on market $175,000 Active 111 DOM
12. 2026-05-31
    days on market $175,000 Active 110 DOM
13. 2026-02-04
    listed $175,000 Active 1737-char remark

    Show marketing remark (1737 chars)

    This is your opportunity to own a historic former church that has been transitioned into a beautiful home. Main floor is gabled ceilings with historic beams and paintings. This will really make you say WOW. The balcony could be an amazing office or loft bedroom. The incredible stained glass windows of all shapes and sizes are ornate and classic. They have stunning light that filters through them and really makes this home feel like a castle. The large living room is amazing and beautiful and hardwoods were restored. A main floor primary bedroom was added and you have a second staircase to the basement or courtyard. Make another bathroom or several, you have a choice of locations. The raised floor area makes a great dining area, or make your amazing kitchen in the space. Large dining area, living area, amazing space for a piano. The basement is the hub with a large kitchen with granite counter, large rec room, storage room, brand new 2026 bathroom with clawfoot tub and two other rooms One would make a great home office and one that could be a bedroom, currently it is non conforming but an easy change. There is a large bedroom currently in the basement. Furnaces are 2024 and there are two to set your heat. Water heater is brand new 2026, all new water pipes in basement. New lower level kitchen cabinets. The home could have the basement as a separate apartment or mother in law suite. So many possibilities. The historic doors are amazing and the home has solar panels already paid for, on the roof, courtyard off to the side, two separate staircases, shed in the back, and room to build a garage and a deck. An opportunity to own a very special home or turn it into the most incredible Air BnB, so many opportunities!

14. 2025-11-07
    price $175,000
15. 2025-07-28
    price $189,950
16. 2019-12-02
    soldstatus $88,000
17. 2019-09-27
    listed $104,950
18. 2018-03-13
    soldstatus $61,600
19. 2017-12-12
    listed $59,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,446
• − Mortgage interest: −$9,520
• − Property taxes: −$2,549
• − Insurance: −$850
• − Repairs & maintenance: −$1,236
• − Management: −$1,236
• − Depreciation: −$4,944
• Taxable loss: −$4,888
• Est. tax savings @ 24.0%: +$1,173
• After-tax cash flow: $-718/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: Lisbon Community School District
• NCES district ID: 1917250
• Math proficiency: 74% ▲ 1.00%
• Reading proficiency: 74% ▼ -2.00%
• Median HH income: $60,633
• Composite: 63.71/100
• National rank: #600
• State rank: #75 of 289 in IA

Livability — Lisbon

• Score: 82/100
• State rank: #53
• US rank: #1268

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lisbon, IA
• Population (ZIP): 2,593

Population outlook (Linn County) Hauer SSP2

• Today (2025): 239,589 people
• By 2030: 248,587 · +3.8%
• By 2040: 264,817 · +10.5%
• By 2050: 278,685 · +16.3%
• By 2075: 311,754 · +30.1%
• By 2100: 336,773 · +40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Portuguese 4% Lithuanian 2% Slovak 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Linn

• 2024 margin: Lean D (+9.9) · D 54.2% · R 44.3% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 21.5pp · 2024: 9.9pp
• All cycles: 2024: D+9.9 2020: D+13.7 2016: D+9.0 2012: D+17.6 2008: D+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.05%
• Current HPI: 246.4942
• 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

+196.6% since first listed

7 events — show timeline

• 2026-02-04 Listed $175,000 CRAAR, CDRMLS
• 2025-11-07 Price Changed $175,000 CRAAR, CDRMLS
• 2025-07-28 Price Changed $189,950 CRAAR, CDRMLS
• 2019-12-02 Sold (MLS) $88,000 CRAAR, CDRMLS
• 2019-09-27 Listed $104,950 CRAAR, CDRMLS
• 2018-03-13 Sold (MLS) $61,600 CRAAR, CDRMLS
• 2017-12-12 Listed $59,000 CRAAR, CDRMLS