2470 480th St · Sioux Rapids, IA 51366

$66,500

3 bd · 3.0 ba · 1,655 sqft · SingleFamily public records · 51 Days on market

Built 1988 0.80 ac 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This spacious 3 bedroom home has soo much to offer!! Two sided fireplace between family room and huge dining area, oversized kitchen with all the cabinets and countertops you've dreamed of. Master suite with fireplace, built-ins, walk-in closet, and large bath room. Additional full bath , two additional bedrooms, laundry room with storage room finish it off inside. Oversized attached garage has work bench for those projects you might finish someday. You'll love the country views on just under an acre of land, on hard surfaced road, and rural water. Some clean-up and minor updates are probably in order, but the instant equity here covers that in a heartbeat!! Call today on this bargain!!

Key facts

• Master suite
• Two sided fireplace
• Walk-in closet

Tags

• TWO SIDED FIREPLACE
• OVERSIZED KITCHEN
• MASTER SUITE
• WALK-IN CLOSET
• LAUNDRY ROOM
• COUNTRY VIEWS

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $66k.

Deal economics

• At list price, monthly cash flow is $515 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $66k).
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#419 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: health & safety D, amenities F, commute F.
• Sioux Central Community School District (rural): math 68% / reading 73% proficiency, ranked #143 of 289 in IA (top 50%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 2 active listings in the ZIP; 11 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($460 loan paydown + $3k appreciation (5.1% local appreciation)).
• Clay County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,505 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.88% ✓
• Cap rate: 15.59%
• Cash-on-cash: 33.19%
• DSCR: 2.48
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.3%
• Equity multiple: 3.61×
• Total profit: $48,556
• Equity at exit: $38,112

10-year hold

• IRR: 40.2%
• Equity multiple: 7.35×
• Total profit: $118,308
• Equity at exit: $66,132

Cash invested: $18,620 (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 51366

• Home prices YoY: 4.2%
• Active inventory: 2
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,251 medium
• Mortgage (P&I): −$349
• Tax from tax record: −$97 /mo · $1,164/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $515

Break-even live

Break-even rent $599

Max offer price $66,500

Occupancy floor 54%

Sensitivity live

Price	-10% $553	-5% $534	+0% $515	+5% $496	+10% $477
Rent	-10% $416	-5% $466	+0% $515	+5% $564	+10% $614
Rate	-1.0pp $548	-0.5pp $532	base $515	+0.5pp $498	+1.0pp $480

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: $16,625
• Closing costs: $1,995
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $66,500 Active Under Contract 51 DOM
2. 2026-06-21
   statusdays on market $66,500 Active Under Contract 50 DOM
3. 2026-06-18
   days on market $66,500 Active 48 DOM
4. 2026-06-17
   days on market $66,500 Active 47 DOM
5. 2026-06-16
   days on market $66,500 Active 46 DOM
6. 2026-06-15
   days on market $66,500 Active 45 DOM
7. 2026-06-13
   days on market $66,500 Active 43 DOM
8. 2026-06-12
   statusdays on market $66,500 Active 42 DOM
9. 2026-06-09
   days on market $66,500 Active Under Contract 39 DOM
10. 2026-06-08
    days on market $66,500 Active Under Contract 38 DOM
11. 2026-06-07
    days on market $66,500 Active Under Contract 37 DOM
12. 2026-06-07
    days on market $66,500 Active Under Contract 36 DOM
13. 2026-06-04
    days on market $66,500 Active Under Contract 33 DOM
14. 2026-06-02
    days on market $66,500 Active Under Contract 32 DOM
15. 2026-06-01
    days on market $66,500 Active Under Contract 31 DOM
16. 2026-05-31
    days on market $66,500 Active Under Contract 30 DOM
17. 2026-05-31
    days on market $66,500 Active Under Contract 29 DOM
18. 2026-05-18
    historical Active Under Contract 695-char remark

    Show marketing remark (695 chars)

    This spacious 3 bedroom home has soo much to offer!! Two sided fireplace between family room and huge dining area, oversized kitchen with all the cabinets and countertops you've dreamed of. Master suite with fireplace, built-ins, walk-in closet, and large bath room. Additional full bath , two additional bedrooms, laundry room with storage room finish it off inside. Oversized attached garage has work bench for those projects you might finish someday. You'll love the country views on just under an acre of land, on hard surfaced road, and rural water. Some clean-up and minor updates are probably in order, but the instant equity here covers that in a heartbeat!! Call today on this bargain!!

19. 2026-05-01
    listed $66,500 Active 695-char remark

    Show marketing remark (695 chars)

    This spacious 3 bedroom home has soo much to offer!! Two sided fireplace between family room and huge dining area, oversized kitchen with all the cabinets and countertops you've dreamed of. Master suite with fireplace, built-ins, walk-in closet, and large bath room. Additional full bath , two additional bedrooms, laundry room with storage room finish it off inside. Oversized attached garage has work bench for those projects you might finish someday. You'll love the country views on just under an acre of land, on hard surfaced road, and rural water. Some clean-up and minor updates are probably in order, but the instant equity here covers that in a heartbeat!! Call today on this bargain!!

ⓘ 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: $1,164 · $97/mo
• Projected year-2 tax: $1,164 · $97/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $15,014
• − Mortgage interest: −$3,725
• − Property taxes: −$1,164
• − Insurance: −$332
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$1,935
• Taxable income: $5,456
• Est. tax owed @ 24.0%: −$1,309
• After-tax cash flow: $4,870/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: Sioux Central Community School District
• NCES district ID: 1900023
• Math proficiency: 68% ▼ -4.00%
• Reading proficiency: 73% ▼ -3.00%
• Median HH income: $47,122
• Composite: 59.49/100
• National rank: #922
• State rank: #143 of 289 in IA

Livability — Sioux Rapids

• Score: 69/100
• State rank: #419
• US rank: #9052

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 335

Population outlook (Clay County) Hauer SSP2

• Today (2025): 16,277 people
• By 2030: 16,073 · -1.3%
• By 2040: 15,638 · -3.9%
• By 2050: 15,315 · -5.9%
• By 2075: 15,026 · -7.7%
• By 2100: 14,638 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Iranian 8% Scottish 7% Portuguese 5%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Clay

• 2024 margin: Solid R (+43.2) · D 27.8% · R 71.0% · Other 1.2%
• 2008→2024 swing: -38.1pp toward R · 2008: -5.1pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.7 2016: R+42.4 2012: R+18.7 2008: R+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.11%
• Current HPI: 126.2555
• 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

2 events — show timeline

• 2026-05-18 Contingent — IAR
• 2026-05-01 Listed $66,500 IAR

Property tax history

+8.3%/yr

Latest (2025): $1,164 · -25.6% YoY. Source: county tax records.