410 S 2nd St · Mallard, IA 50562

$169,000

3 bd · 1.5 ba · 2,232 sqft · SingleFamily public records · 44 Days on market

Built 1916 0.49 ac lot $76/sqft · 78% above area

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Why this score? — see what drove the C- 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 +16.3/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• Appreciation +5.5/10.0
• DSCR +5.1/10.0
• 1% rule +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Diamond in the rough, this house has history, character, beauty, but you have to see beyond the dust! Imagine what this place can be - 4 bedrooms, plus a sleeping porch, 1 1/2 bath, an attic with potential. The room sizes and ceilings are phenomenal. But above all, you will not find a house with the gorgeous woodwork and unique character that this 2 story brick 1916 home has at every turn. From the moment you step foot on the porch and see the double entrance, through walking past the grand staircase, the fireplace, the window seats, and the dining room buffet. Look up and you will notice the coffered ceilings, and detailed light fixtures. Legend has it, this home was built by a banker for his family, and by the looks of it, no expenses were spared. Almost a half acre on the edge of town, a cement slab for a possible patio or garage, and an apple tree rounds out this beautiful fixer. * * Be Advised * * no utilities * * not livable * * no electricity currently * * private propane- no tank on property * * water is off - needs a plumber evaluation before hook-up due to a pipe breakage in second floor bath * * daytime showings only * As-Is property. Not livable in its current state due to lack of verifiable heat source and functioning water source due to pipe burst.

Key facts

• Rare sleeping porch
• Built-in buffet
• Walk-up attic

Tags

• FULL FRONT OPEN PORCH
• WORKING WOOD BURNING FIREPLACE
• BUILT-IN BUFFET
• ORIGINAL LIGHT FIXTURES
• RARE SLEEPING PORCH
• WALK-UP ATTIC

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residential; Two levels (2 stories)
• Construction: Asphalt roof
• Exterior features: Porch; Gravel road/access

Interior

• Kitchen: Refrigerator
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Propane heating; Radiant heating; Window air conditioning unit(s)
• Interior features: Wood-burning fireplace; Unfinished full basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (14.4% below list).
• Recommended offer: $145k (14.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#461 in IA) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• West Bend-Mallard Community School District (rural): math 71% / reading 82% proficiency, ranked #64 of 289 in IA (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 4 active listings in the ZIP; 19 units permitted in Palo Alto County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.1% local appreciation)).
• Palo Alto County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $169k implies a 397% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,604 (14.4% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 6.95%
• Cash-on-cash: 2.36%
• DSCR: 1.11
• GRM: 9.7

CMA / ARV

• ARV (median comp): $100,501
• List price: $169,000
• Delta: 68.16%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

1.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.20×
• Total profit: $9,679
• Equity at exit: $58,368

10-year hold

• IRR: 8.3%
• Equity multiple: 2.02×
• Total profit: $48,382
• Equity at exit: $78,089

Cash invested: $47,320 (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 50562

• Home prices YoY: 1.0%
• Active inventory: 4
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,446 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$92 /mo · $1,110/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $93

Break-even live

Break-even rent $1,328

Max offer price $169,000

Occupancy floor 89%

Sensitivity live

Price	-10% $189	-5% $141	+0% $93	+5% $45	+10% $-2
Rent	-10% $-21	-5% $36	+0% $93	+5% $150	+10% $207
Rate	-1.0pp $178	-0.5pp $136	base $93	+0.5pp $49	+1.0pp $5

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $169,000 Active 44 DOM
2. 2026-06-21
   pricedays on market $169,000 Active 43 DOM
3. 2026-06-18
   days on market $179,000 Active 41 DOM
4. 2026-06-17
   days on market $179,000 Active 40 DOM
5. 2026-06-16
   days on market $179,000 Active 39 DOM
6. 2026-06-15
   days on market $179,000 Active 38 DOM
7. 2026-06-13
   days on market $179,000 Active 36 DOM
8. 2026-06-12
   days on market $179,000 Active 35 DOM
9. 2026-06-09
   days on market $179,000 Active 32 DOM
10. 2026-06-08
    days on market $179,000 Active 31 DOM
11. 2026-06-07
    days on market $179,000 Active 30 DOM
12. 2026-06-04
    days on market $179,000 Active 26 DOM
13. 2026-06-02
    days on market $179,000 Active 25 DOM
14. 2026-06-01
    days on market $179,000 Active 24 DOM
15. 2026-05-31
    days on market $179,000 Active 23 DOM
16. 2026-05-08
    listed $179,000 Active 1180-char remark
17. 2026-03-13
    listed $187,000 Active
18. 2023-01-06
    soldstatus $34,000 Closed

    Show marketing remark (1296 chars)

    Diamond in the rough, this house has history, character, beauty, but you have to see beyond the dust! Imagine what this place can be - 4 bedrooms, plus a sleeping porch, 1 1/2 bath, an attic with potential. The room sizes and ceilings are phenomenal. But above all, you will not find a house with the gorgeous woodwork and unique character that this 2 story brick 1916 home has at every turn. From the moment you step foot on the porch and see the double entrance, through walking past the grand staircase, the fireplace, the window seats, and the dining room buffet. Look up and you will notice the coffered ceilings, and detailed light fixtures. Legend has it, this home was built by a banker for his family, and by the looks of it, no expenses were spared. Almost a half acre on the edge of town, a cement slab for a possible patio or garage, and an apple tree rounds out this beautiful fixer. * * Be Advised * * no utilities * * not livable * * no electricity currently * * private propane- no tank on property * * water is off - needs a plumber evaluation before hook-up due to a pipe breakage in second floor bath * * daytime showings only * As-Is property. Not livable in its current state due to lack of verifiable heat source and functioning water source due to pipe burst.

19. 2022-11-04
    status Pending

    Show marketing remark (1296 chars)

    Diamond in the rough, this house has history, character, beauty, but you have to see beyond the dust! Imagine what this place can be - 4 bedrooms, plus a sleeping porch, 1 1/2 bath, an attic with potential. The room sizes and ceilings are phenomenal. But above all, you will not find a house with the gorgeous woodwork and unique character that this 2 story brick 1916 home has at every turn. From the moment you step foot on the porch and see the double entrance, through walking past the grand staircase, the fireplace, the window seats, and the dining room buffet. Look up and you will notice the coffered ceilings, and detailed light fixtures. Legend has it, this home was built by a banker for his family, and by the looks of it, no expenses were spared. Almost a half acre on the edge of town, a cement slab for a possible patio or garage, and an apple tree rounds out this beautiful fixer. * * Be Advised * * no utilities * * not livable * * no electricity currently * * private propane- no tank on property * * water is off - needs a plumber evaluation before hook-up due to a pipe breakage in second floor bath * * daytime showings only * As-Is property. Not livable in its current state due to lack of verifiable heat source and functioning water source due to pipe burst.

20. 2022-10-27
    listed $32,500 Active

    Show marketing remark (1296 chars)

    Diamond in the rough, this house has history, character, beauty, but you have to see beyond the dust! Imagine what this place can be - 4 bedrooms, plus a sleeping porch, 1 1/2 bath, an attic with potential. The room sizes and ceilings are phenomenal. But above all, you will not find a house with the gorgeous woodwork and unique character that this 2 story brick 1916 home has at every turn. From the moment you step foot on the porch and see the double entrance, through walking past the grand staircase, the fireplace, the window seats, and the dining room buffet. Look up and you will notice the coffered ceilings, and detailed light fixtures. Legend has it, this home was built by a banker for his family, and by the looks of it, no expenses were spared. Almost a half acre on the edge of town, a cement slab for a possible patio or garage, and an apple tree rounds out this beautiful fixer. * * Be Advised * * no utilities * * not livable * * no electricity currently * * private propane- no tank on property * * water is off - needs a plumber evaluation before hook-up due to a pipe breakage in second floor bath * * daytime showings only * As-Is property. Not livable in its current state due to lack of verifiable heat source and functioning water source due to pipe burst.

ⓘ 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: $1,110 · $92/mo
• Projected year-2 tax: $1,882 · $157/mo
• Expected delta: +$772/yr (+$64/mo · 69.5%)

ⓘ 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 2/10 Low 7 d/yr ≥101°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: $17,352
• − Mortgage interest: −$9,467
• − Property taxes: −$1,110
• − Insurance: −$845
• − Repairs & maintenance: −$1,388
• − Management: −$1,388
• − Depreciation: −$4,916
• Taxable loss: −$1,762
• Est. tax savings @ 24.0%: +$423
• After-tax cash flow: $1,541/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: West Bend-Mallard Community School District
• NCES district ID: 1930720
• Math proficiency: 71% ▲ 1.00%
• Reading proficiency: 82% ▲ 7.00%
• Median HH income: $45,858
• Composite: 64.32/100
• National rank: #554
• State rank: #64 of 289 in IA

Livability — Mallard

• Score: 67/100
• State rank: #461
• US rank: #10171

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mallard, IA
• Population (ZIP): 346

Population outlook (Palo Alto County) Hauer SSP2

• Today (2025): 8,816 people
• By 2030: 8,634 · -2.1%
• By 2040: 8,334 · -5.5%
• By 2050: 8,232 · -6.6%
• By 2075: 8,533 · -3.2%
• By 2100: 8,976 · +1.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Black 3% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Portuguese 9% Serbian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Palo Alto

• 2024 margin: Solid R (+45.0) · D 26.9% · R 71.9% · Other 1.2%
• 2008→2024 swing: -47.8pp toward R · 2008: 2.8pp · 2024: -45.0pp
• All cycles: 2024: R+45.0 2020: R+37.3 2016: R+36.0 2012: R+10.8 2008: D+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.08%
• Current HPI: 113.6462
• 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

+450.8% since first listed

5 events — show timeline

• 2026-05-08 Listed $179,000 Iowa Great Lakes BOR
• 2026-03-13 Listed $187,000 NWIA
• 2023-01-06 Sold (MLS) $34,000 NWIA
• 2022-11-04 Pending — NWIA
• 2022-10-27 Listed $32,500 NWIA

Property tax history

+7.7%/yr

Latest (2025): $1,110 · -0.1% YoY. Source: county tax records.