1124 N Carroll St #12 · Carroll, IA 51401

$75,000

2 bd · 1.5 ba · 1,039 sqft · SingleFamily public records · 13 Days on market

Built 1971 1,742 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy this comfortable 2 bedroom 2 bath condo that features kitchen, dining, living room, and a decent amount of storage. Detached single car garage. No more worrying about lawncare or snow removal.

Key facts

• Garage
• Built 1971
• Listed 13 days

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water service; Public sewer service
• Home design: Condominium (residential)
• Construction: Brick construction
• Exterior features: Public water; Public sewer

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Cap rate 11.1% vs local median 3.2% in Carroll — 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 82/100 on livability (#54 in IA, #1,282 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Carroll Community School District (town): math 72% / reading 72% proficiency, ranked #113 of 289 in IA (top 39%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 93 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Carroll County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1971 — 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 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?
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: 1.38% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.09%
• DSCR: 1.76
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $168,318
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
641 W 14th St	0.36mi	2/1.5	1,007 (-3%)	0mo	$180,000	$179	78
505 Parkview Dr	0.43mi	2/2.0	1,040 (+0%)	2mo	$190,000	$183	76
226 W 13th St	0.06mi	2/2.0	936 (-10%)	7mo	$165,000	$176	73
926 N Court St	0.28mi	2/2.0	1,124 (+8%)	3mo	$179,500	$160	69
807 N Court St	0.34mi	3/1.0 (+1)	1,089 (+5%)	6mo	$65,000	$60	64
326 N West St	0.61mi	2/1.0	1,008 (-3%)	2mo	$65,000	$64	63
1320 N Adams St	0.13mi	3/2.0 (+1)	1,178 (+13%)	3mo	$177,990	$151	62
1720 Salinger Ave	0.53mi	3/2.0 (+1)	1,104 (+6%)	1mo	$228,000	$207	57
1844 Benjamin St	0.59mi	3/2.0 (+1)	1,062 (+2%)	8mo	$160,000	$151	55
1022 Skyline Dr	0.70mi	3/2.0 (+1)	1,050 (+1%)	7mo	$170,000	$162	53
1852 Quint Ave	0.63mi	3/2.0 (+1)	1,080 (+4%)	6mo	$142,000	$131	52
746 Granada Rd	0.72mi	3/1.0 (+1)	988 (-5%)	1mo	$163,000	$165	50

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: 8.4%
• Equity multiple: 1.33×
• Total profit: $6,907
• Equity at exit: $11,183

10-year hold

• IRR: 17.6%
• Equity multiple: 2.46×
• Total profit: $30,601
• Equity at exit: $6,485

Cash invested: $21,000 (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 51401

• Home prices YoY: -22.3%
• Active inventory: 93
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,035 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$94 /mo · $1,128/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$217
• Net cashflow: $299

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 66%

Sensitivity live

Price	-10% $341	-5% $320	+0% $299	+5% $278	+10% $257
Rent	-10% $217	-5% $258	+0% $299	+5% $340	+10% $381
Rate	-1.0pp $337	-0.5pp $318	base $299	+0.5pp $280	+1.0pp $260

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-09
   status $75,000 Pending 13 DOM
2. 2026-06-08
   days on market $75,000 Active Under Contract 13 DOM
3. 2026-06-07
   days on market $75,000 Active Under Contract 12 DOM
4. 2026-06-07
   days on market $75,000 Active Under Contract 11 DOM
5. 2026-06-04
   days on market $75,000 Active Under Contract 8 DOM
6. 2026-06-02
   days on market $75,000 Active Under Contract 7 DOM
7. 2026-06-01
   days on market $75,000 Active Under Contract 6 DOM
8. 2026-05-31
   days on market $75,000 Active Under Contract 5 DOM
9. 2026-05-31
   days on market $75,000 Active Under Contract 4 DOM
10. 2026-05-26
    listed $75,000 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: $1,128 · $94/mo
• Projected year-2 tax: $1,153 · $96/mo
• Expected delta: +$25/yr (+$2/mo · 2.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $12,419
• − Mortgage interest: −$4,201
• − Property taxes: −$1,128
• − Insurance: −$375
• − Repairs & maintenance: −$994
• − Management: −$994
• − Depreciation: −$2,182
• Taxable income: $2,546
• Est. tax owed @ 24.0%: −$611
• After-tax cash flow: $2,977/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: Carroll Community School District
• NCES district ID: 1906330
• Math proficiency: 72% ▼ -6.00%
• Reading proficiency: 72% ▲ 2.00%
• Median HH income: $50,124
• Composite: 61.04/100
• National rank: #793
• State rank: #113 of 289 in IA

Livability — Carroll

• Score: 82/100
• State rank: #54
• US rank: #1282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carroll, IA
• City population: 12,113
• Population (ZIP): 12,113

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,745 people
• By 2030: 19,244 · -2.5%
• By 2040: 18,251 · -7.6%
• By 2050: 17,223 · -12.8%
• By 2075: 16,258 · -17.7%
• By 2100: 15,591 · -21.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Italian 2% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+41.9) · D 28.4% · R 70.3% · Other 1.4%
• 2008→2024 swing: -45.6pp toward R · 2008: 3.6pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+37.8 2016: R+31.8 2012: R+6.3 2008: D+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.74%
• Current HPI: 267.0068
• 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

• 2026-05-26 Listed $75,000 IAR

Property tax history

+2.5%/yr

Latest (2025): $1,128 · +2.0% YoY. Source: county tax records.