215 3rd St NE · Belmond, IA 50421

$19,900

3 bd · 1.0 ba · 1,428 sqft · SingleFamily public records · 30 Days on market

Built 1900 9,148 sqft lot $14/sqft · 85% 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unlock the value in this 3–4 bedroom, 1-bath property sitting on a desirable corner lot in Belmond. This home is in poor condition and priced accordingly, making it an ideal project for investors seeking ROI through renovation or resale. Inside, the layout offers solid potential, including a large kitchen ready for redesign and multiple bedrooms that can be reconfigured to maximize functionality. An enclosed porch and patio add extra square footage to work with—perfect for enhancing curb appeal and livability. A major asset is the detached 3-car garage, providing excellent storage, workshop space, or rental value for hobbyists and tradespeople. This property needs full rehab, but the fundamentals are here: corner lot, flexible floor plan, and a garage setup rarely found at this price point. Whether you’re planning a flip, BRRRR strategy, or long-term rental, this is a prime opportunity to add value in a steady small-town market.

Key facts

• Large kitchen
• Enclosed porch
• Corner lot

Tags

• CORNER LOT
• LARGE KITCHEN
• ENCLOSED PORCH
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $20k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 79/100 on livability (#96 in IA, #1,995 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Belmond-Klemme Community School District (rural): math 60% / reading 67% proficiency, ranked #212 of 289 in IA (top 73%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 20 active listings in the ZIP; 23 units permitted in Wright County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• Wright County population projected at -15% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($20k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $19,601 (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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 5.59% ✓
• Cap rate: 49.59%
• Cash-on-cash: 154.62%
• DSCR: 7.88
• GRM: 1.5

CMA / ARV

• ARV (median comp): $129,495
• List price: $19,900
• Delta: -84.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
711 3rd Ave NE	0.23mi	2/1.5 (-1)	1,388 (-3%)	6mo	$87,600	$63	72
312 1st St St NW	0.35mi	3/2.5	1,344 (-6%)	1mo	$225,000	$167	67
516 3rd St SW	0.64mi	3/1.5	1,344 (-6%)	4mo	$168,000	$125	56
508 2nd Avenue NE Ave NE	0.08mi	4/2.0 (+1)	1,260 (-12%)	20mo	$150,000	$119	51
811 8th Ave NE	0.49mi	3/2.0	1,620 (+13%)	1mo	$153,250	$95	50
1036 3rd St NE	0.60mi	3/2.0	1,404 (-2%)	22mo	$144,000	$103	47
1124 Windsor Pl	0.72mi	4/1.0 (+1)	1,360 (-5%)	15mo	$148,000	$109	41

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: —
• Equity multiple: 8.63×
• Total profit: $42,533
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 18.24×
• Total profit: $96,045
• Equity at exit: $1,721

Cash invested: $5,572 (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 50421

• Home prices YoY: -27.0%
• Active inventory: 20
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,113 medium
• Mortgage (P&I): −$104
• Tax from tax record: −$49 /mo · $586/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $718

Break-even live

Break-even rent $204

Max offer price $19,900

Occupancy floor 31%

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-04
   status Pending 960-char remark

   Show marketing remark (960 chars)

   Unlock the value in this 3–4 bedroom, 1-bath property sitting on a desirable corner lot in Belmond. This home is in poor condition and priced accordingly, making it an ideal project for investors seeking ROI through renovation or resale. Inside, the layout offers solid potential, including a large kitchen ready for redesign and multiple bedrooms that can be reconfigured to maximize functionality. An enclosed porch and patio add extra square footage to work with—perfect for enhancing curb appeal and livability. A major asset is the detached 3-car garage, providing excellent storage, workshop space, or rental value for hobbyists and tradespeople. This property needs full rehab, but the fundamentals are here: corner lot, flexible floor plan, and a garage setup rarely found at this price point. Whether you’re planning a flip, BRRRR strategy, or long-term rental, this is a prime opportunity to add value in a steady small-town market.

2. 2026-04-05
   listed $19,900 Active 960-char remark

   Show marketing remark (960 chars)

   Unlock the value in this 3–4 bedroom, 1-bath property sitting on a desirable corner lot in Belmond. This home is in poor condition and priced accordingly, making it an ideal project for investors seeking ROI through renovation or resale. Inside, the layout offers solid potential, including a large kitchen ready for redesign and multiple bedrooms that can be reconfigured to maximize functionality. An enclosed porch and patio add extra square footage to work with—perfect for enhancing curb appeal and livability. A major asset is the detached 3-car garage, providing excellent storage, workshop space, or rental value for hobbyists and tradespeople. This property needs full rehab, but the fundamentals are here: corner lot, flexible floor plan, and a garage setup rarely found at this price point. Whether you’re planning a flip, BRRRR strategy, or long-term rental, this is a prime opportunity to add value in a steady small-town market.

ⓘ 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: $586 · $49/mo
• Projected year-2 tax: $586 · $49/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $13,358
• − Mortgage interest: −$1,115
• − Property taxes: −$586
• − Insurance: −$100
• − Repairs & maintenance: −$1,069
• − Management: −$1,069
• − Depreciation: −$579
• Taxable income: $8,842
• Est. tax owed @ 24.0%: −$2,122
• After-tax cash flow: $6,493/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: Belmond-Klemme Community School District
• NCES district ID: 1904680
• Math proficiency: 60% ▼ -2.00%
• Reading proficiency: 67% ▲ 7.00%
• Median HH income: $46,566
• Composite: 53.63/100
• National rank: #1435
• State rank: #212 of 289 in IA

Livability — Belmond

• Score: 79/100
• State rank: #96
• US rank: #1995

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belmond, IA
• City population: 3,142
• Population (ZIP): 3,142

Population outlook (Wright County) Hauer SSP2

• Today (2025): 12,154 people
• By 2030: 11,770 · -3.2%
• By 2040: 10,981 · -9.7%
• By 2050: 10,313 · -15.1%
• By 2075: 9,217 · -24.2%
• By 2100: 8,084 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 14% Two or more races 12%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 14% Iranian 2% Slovak 1%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · Wright

• 2024 margin: Solid R (+36.5) · D 31.0% · R 67.5% · Other 1.4%
• 2008→2024 swing: -35.0pp toward R · 2008: -1.5pp · 2024: -36.5pp
• All cycles: 2024: R+36.5 2020: R+34.2 2016: R+31.9 2012: R+8.3 2008: R+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.41%
• Current HPI: 109.3779
• 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

• 2026-05-04 Pending — IAR
• 2026-04-05 Listed $19,900 IAR

Property tax history

-0.3%/yr

Latest (2025): $586 · +7.7% YoY. Source: county tax records.