1802 Boone St · Boone, IA 50036

$165,500

3 bd · 1.0 ba · 1,638 sqft · SingleFamily public records · 21 Days on market

Built 1900 10,800 sqft lot Est $201k · 18% under

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Why this score? — see what drove the B- 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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.2/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This lovely 4-Bedroom 1-Bathroom home could be the perfect place to grow for anybody willing to give it the time and care it deserves. With an insulated 3-Car detached garage and a spacious . 25 acre lot, this property leaves lots of options for any buyer! Listing Agent is related to the Seller.

Key facts

• 0.25 acre lot
• 3 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached or attached garage with 3 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential zoning
• Construction: Vinyl siding; Brick/mortar and block foundation; Built-in fireplace details (gas)
• Exterior features: Deck; Shed(s)

Interior

• Kitchen: Microwave; Refrigerator; Freezer
• Bedrooms: Master bedroom located downstairs
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Ceiling fans; Master suite on the main floor; Unfinished basement with sump pump; Two gas fireplaces
• Laundry & utility: Washer and dryer (laundry on main level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $166k.

Deal economics

• At list price, monthly cash flow is $358 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $166k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 2 comparable units currently listed for rent nearby; 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 21 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $163,017 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.12% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $201,474
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1116 Linn St	0.62mi	3/1.0	1,652 (+1%)	1mo	$99,000	$60	68
1717 Linn St	0.38mi	3/1.5	1,552 (-5%)	6mo	$202,000	$130	66
427 11th St	0.58mi	3/2.0	1,680 (+3%)	2mo	$165,000	$98	64
1210 Tama St	0.49mi	3/1.0	1,572 (-4%)	9mo	$141,000	$90	63
2004 Benton St	0.37mi	3/2.0	1,732 (+6%)	9mo	$253,000	$146	61
1524 22nd St	0.64mi	3/1.5	1,576 (-4%)	6mo	$260,000	$165	57
1303 Tama St	0.42mi	4/2.0 (+1)	1,728 (+6%)	7mo	$213,000	$123	57
816 Carroll St	0.71mi	3/1.5	1,732 (+6%)	2mo	$192,000	$111	54
2003 Linn St	0.41mi	3/1.0	1,410 (-14%)	6mo	$122,500	$87	53
1022 Linn St	0.68mi	3/2.0	1,545 (-6%)	5mo	$282,000	$183	50
515 8th St	0.75mi	3/1.0	1,464 (-11%)	2mo	$152,000	$104	46
209 12th St	0.66mi	4/2.0 (+1)	1,432 (-13%)	1mo	$225,000	$157	39

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

Projected returns pro-forma

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

5-year hold

• IRR: -2.3%
• Equity multiple: 0.91×
• Total profit: $-4,008
• Equity at exit: $24,677

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $25,906
• Equity at exit: $14,309

Cash invested: $46,340 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,861 medium
• Mortgage (P&I): −$868
• Tax from tax record: −$175 /mo · $2,102/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $358

Break-even live

Break-even rent $1,408

Max offer price $165,500

Occupancy floor 76%

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: $41,375
• Closing costs: $4,965
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1428 Story St Boone, IA	4.0	3.0	1900	$2,000	$1.05	43d	1	0.22mi
411 W 9th St Boone, IA	3.0	2.0	1275	$1,100	$0.86	43d	1	1.10mi

Listing history 17 events

1. 2026-06-18
   price $165,500 Active 21 DOM
2. 2026-06-18
   days on market $173,500 Active 21 DOM
3. 2026-06-17
   days on market $173,500 Active 20 DOM
4. 2026-06-16
   days on market $173,500 Active 19 DOM
5. 2026-06-15
   days on market $173,500 Active 18 DOM
6. 2026-06-13
   days on market $173,500 Active 16 DOM
7. 2026-06-12
   days on market $173,500 Active 15 DOM
8. 2026-06-09
   days on market $173,500 Active 12 DOM
9. 2026-06-08
   days on market $173,500 Active 11 DOM
10. 2026-06-07
    days on market $173,500 Active 10 DOM
11. 2026-06-05
    days on market $173,500 Active 8 DOM
12. 2026-06-04
    days on market $173,500 Active 6 DOM
13. 2026-06-02
    days on market $173,500 Active 5 DOM
14. 2026-06-01
    days on market $173,500 Active 4 DOM
15. 2026-05-31
    days on market $173,500 Active 3 DOM
16. 2026-05-31
    days on market $173,500 Active 2 DOM
17. 2026-05-27
    listed $173,500 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: $2,102 · $175/mo
• Projected year-2 tax: $2,350 · $196/mo
• Expected delta: +$248/yr (+$21/mo · 11.8%)

ⓘ 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: $22,330
• − Mortgage interest: −$9,271
• − Property taxes: −$2,102
• − Insurance: −$828
• − Repairs & maintenance: −$1,786
• − Management: −$1,786
• − Depreciation: −$4,815
• Taxable income: $1,742
• Est. tax owed @ 24.0%: −$418
• After-tax cash flow: $3,878/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

1 event — show timeline

• 2026-05-27 Listed $173,500 CIBOR

Property tax history

-0.2%/yr

Latest (2025): $2,102 · -1.5% YoY. Source: county tax records.