900 NE 2nd Ave · Independence, IA 50644

$64,900

3 bd · 1.0 ba · 1,048 sqft · SingleFamily public records · 254 Days on market

Built 1910 3,872 sqft lot $62/sqft · 54% below area

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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
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice investment or starter home with 3 bedrooms and 1st floor laundry.

Key facts

• 3,872 sq ft lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 3.6% in Independence — 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 76/100 on livability (#198 in IA, #3,628 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Independence Community School District (rural): math 73% / reading 74% proficiency, ranked #86 of 289 in IA (top 30%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 61 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 19 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Buchanan County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 254 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $65k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.65% ✓
• Cap rate: 13.77%
• Cash-on-cash: 26.69%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

• ARV (median comp): $142,432
• List price: $64,900
• Delta: -54.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
812 NE 5th Ave. Ave	0.21mi	3/1.5	1,092 (+4%)	2mo	$90,000	$82	80
206 4th St NE	0.36mi	2/1.0 (-1)	1,052 (+0%)	11mo	$134,000	$127	69
713 9th Ave NW	0.59mi	3/2.0	1,040 (-1%)	5mo	$160,000	$154	63
903 NE Park Ave	0.37mi	2/2.0 (-1)	1,118 (+7%)	0mo	$130,000	$116	62
600 NE 8th Ave Ave	0.48mi	2/1.0 (-1)	984 (-6%)	3mo	$103,000	$105	60
707 1st St. East St	0.68mi	3/1.0	1,125 (+7%)	6mo	$72,000	$64	51
615 5th ST St NE	0.45mi	2/2.0 (-1)	960 (-8%)	9mo	$250,000	$260	48
505 NE 8th Avenue Ave	0.50mi	2/1.0 (-1)	934 (-11%)	6mo	$146,000	$156	48
214 2nd St. S.w. St	0.63mi	2/2.0 (-1)	1,104 (+5%)	6mo	$65,000	$59	47
1303 NE 8th Ave	0.56mi	2/1.5 (-1)	1,146 (+9%)	9mo	$160,000	$140	44
808 W 1st St	0.75mi	3/1.0	1,199 (+14%)	2mo	$42,000	$35	39
501 2nd ST St NW	0.60mi	3/2.0	1,204 (+15%)	9mo	$127,500	$106	36

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: 20.6%
• Equity multiple: 1.84×
• Total profit: $15,238
• Equity at exit: $9,677

10-year hold

• IRR: 28.8%
• Equity multiple: 3.56×
• Total profit: $46,468
• Equity at exit: $5,611

Cash invested: $18,172 (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 50644

• Home prices YoY: -24.3%
• Active inventory: 61
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,072 high
• Mortgage (P&I): −$340
• Tax from tax record: −$75 /mo · $904/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $404

Break-even live

Break-even rent $560

Max offer price $64,900

Occupancy floor 57%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 6th St NW Independence, IA	3.0	1.0	840	$1,350	$1.61	43d	1	0.48mi
309 9th Ave NE Independence, IA	2.0	1.0	700	$1,025	$1.46	16d	1	0.63mi
609 1st St W Apt E Independence, IA	2.0	1.0	768	$875	$1.14	21d	1	0.73mi
609 1st St W Apt D Independence, IA	2.0	1.0	768	$875	$1.14	15d	1	0.73mi
403 9th Ave SW Independence, IA	2.0	1.0	750	$875	$1.17	43d	1	0.96mi
608 8th Ave SW Independence, IA	3.0	1.5	1421	$1,250	$0.88	43d	1	1.02mi

Listing history 11 events

1. 2026-06-07
   statusdays on market $64,900 Pending 254 DOM
2. 2026-06-04
   days on market $64,900 Active 252 DOM
3. 2026-06-02
   days on market $64,900 Active 251 DOM
4. 2026-06-01
   days on market $64,900 Active 250 DOM
5. 2026-05-31
   days on market $64,900 Active 249 DOM
6. 2026-05-31
   days on market $64,900 Active 248 DOM
7. 2026-04-29
   price $64,900 70-char remark

   Show marketing remark (70 chars)

   Nice investment or starter home with 3 bedrooms and 1st floor laundry.

8. 2026-03-23
   price $69,900 70-char remark

   Show marketing remark (70 chars)

   Nice investment or starter home with 3 bedrooms and 1st floor laundry.

9. 2025-09-24
   listed $74,500 Active 70-char remark

   Show marketing remark (70 chars)

   Nice investment or starter home with 3 bedrooms and 1st floor laundry.

10. 2020-12-15
    soldstatus $38,500 211-char remark

    Show marketing remark (211 chars)

    Nice investment or starter home with 3 bedrooms and 1st floor laundry. Newer furnace, breaker box, and a brand new water heater. Newer water line from street to house. Central air. 1 car garage. Appliances stay.

11. 2020-11-09
    listed $47,500 211-char remark

    Show marketing remark (211 chars)

    Nice investment or starter home with 3 bedrooms and 1st floor laundry. Newer furnace, breaker box, and a brand new water heater. Newer water line from street to house. Central air. 1 car garage. Appliances stay.

ⓘ 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: $904 · $75/mo
• Projected year-2 tax: $961 · $80/mo
• Expected delta: +$57/yr (+$5/mo · 6.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°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: $12,864
• − Mortgage interest: −$3,635
• − Property taxes: −$904
• − Insurance: −$324
• − Repairs & maintenance: −$1,029
• − Management: −$1,029
• − Depreciation: −$1,888
• Taxable income: $4,054
• Est. tax owed @ 24.0%: −$973
• After-tax cash flow: $3,877/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: Independence Community School District
• NCES district ID: 1914580
• Math proficiency: 73% ▼ -3.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $54,269
• Composite: 62.68/100
• National rank: #674
• State rank: #86 of 289 in IA

Livability — Independence

• Score: 76/100
• State rank: #198
• US rank: #3628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, IA
• City population: 8,475
• Population (ZIP): 8,475

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 20,892 people
• By 2030: 20,578 · -1.5%
• By 2040: 19,906 · -4.7%
• By 2050: 19,024 · -8.9%
• By 2075: 16,289 · -22.0%
• By 2100: 12,561 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Portuguese 5% Iranian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.2) · D 35.1% · R 63.4% · Other 1.5%
• 2008→2024 swing: -46.7pp toward R · 2008: 18.5pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.9 2016: R+15.2 2012: D+13.9 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.31%
• Current HPI: 190.6265
• 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

+36.6% since first listed

5 events — show timeline

• 2026-04-29 Price Changed $64,900 NEIRBR as distributed by MLS GRID
• 2026-03-23 Price Changed $69,900 NEIRBR as distributed by MLS GRID
• 2025-09-24 Listed $74,500 NEIRBR as distributed by MLS GRID
• 2020-12-15 Sold (MLS) $38,500 NEIRBR as distributed by MLS GRID
• 2020-11-09 Listed $47,500 NEIRBR as distributed by MLS GRID

Property tax history

+1.2%/yr

Latest (2025): $904 · +3.0% YoY. Source: county tax records.