504 Linn St · Boone, IA 50036

$196,000

4 bd · 1.0 ba · 2,044 sqft · SingleFamily public records · 241 Days on market

Built 1910 9,000 sqft lot $96/sqft · at area comps Est $218k · 10% under

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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 +16.1/30.0
• ARV discount +12.1/15.0
• Schools +5.2/10.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• 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

Charming 1910-built 2 story home located in the heart of Boone — this spacious home boasts 4 bedrooms and a full bath, all thoughtfully arranged across approximately 2,000 sq ft of living space. On the main level you’ll find a large kitchen featuring hickory cabinetry, a formal dining room, a comfortable living room and a versatile flex space perfect for an office or play area. Upstairs offers additional bedrooms and generous storage. Set on a level lot spanning roughly 90' × 100' (about 1½ lots), the property also includes a detached garage and ample yard space for outdoor enjoyment. With its blend of historic character and modern comfort, this property offers fantastic value in a prime Boone location.

Key facts

• Formal dining room
• Flex space
• Historic character

Tags

• HICKORY CABINETRY
• FORMAL DINING ROOM
• FLEX SPACE
• DETACHED GARAGE
• AMPLE YARD SPACE
• HISTORIC CHARACTER

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $196k.

Deal economics

• At list price, monthly cash flow is $102 ($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 $185k (5.7% below list).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 3.6% in Boone — 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 79/100 on livability (#112 in IA, #2,144 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Boone Community School District (town): math 57% / reading 66% proficiency, ranked #232 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 215 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 80 units permitted in Boone County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 241 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $136k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $172,480 (12.0% below list)

Questions for the listing agent

1. It's been on market 241 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 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?
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: 0.94% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.23%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

• ARV (median comp): $218,080
• List price: $196,000
• Delta: -10.12%
• 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
620 Benton St	0.13mi	5/1.0 (+1)	2,064 (+1%)	4mo	$150,000	$73	84
322 Marshall St	0.28mi	4/2.0	2,048 (+0%)	8mo	$220,000	$107	76
1226 6th St	0.06mi	3/2.0 (-1)	1,880 (-8%)	5mo	$198,000	$105	71
310 Linn St	0.13mi	4/2.5	1,883 (-8%)	13mo	$195,000	$104	64
107 Marshall St	0.40mi	5/1.5 (+1)	1,908 (-7%)	1mo	$120,000	$63	63
530 5th St	0.64mi	4/2.0	2,108 (+3%)	2mo	$188,500	$89	60
1316 Second St	0.24mi	3/3.0 (-1)	1,937 (-5%)	9mo	$261,500	$135	59
203 Sunrise St	0.66mi	4/3.0	2,081 (+2%)	1mo	$325,000	$156	57
113 Marshall St	0.39mi	4/2.0	1,789 (-12%)	1mo	$246,000	$138	56
104 Boone St	0.51mi	4/2.0	2,127 (+4%)	12mo	$220,000	$103	55
222 Clinton St	0.25mi	4/2.0	1,776 (-13%)	11mo	$220,000	$124	53
128 Boone St	0.49mi	3/2.5 (-1)	2,256 (+10%)	9mo	$349,900	$155	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: -12.7%
• Equity multiple: 0.54×
• Total profit: $-25,230
• Equity at exit: $29,224

10-year hold

• IRR: -3.7%
• Equity multiple: 0.75×
• Total profit: $-13,476
• Equity at exit: $16,946

Cash invested: $54,880 (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 50036

• Home prices YoY: -27.1%
• Active inventory: 215
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,849 medium
• Mortgage (P&I): −$1,028
• Tax from tax record: −$249 /mo · $2,990/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $102

Break-even live

Break-even rent $1,720

Max offer price $196,000

Occupancy floor 89%

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: $49,000
• Closing costs: $5,880
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1318 SE Linn St Boone, IA	3.0	2.0	1896	$1,695	$0.89	43d	1	0.64mi
1428 Story St Boone, IA	4.0	3.0	1900	$2,000	$1.05	43d	1	0.77mi
1109 Ida Pl Boone, IA	3.0	2.5	1715	$1,950	$1.14	43d	1	1.23mi
1208 S Linn St Boone, IA	3.0	2.5	1449	$1,800	$1.24	43d	1	1.24mi

Listing history 31 events

1. 2026-06-18
   days on market $196,000 Active 241 DOM
2. 2026-06-17
   days on market $196,000 Active 240 DOM
3. 2026-06-16
   days on market $196,000 Active 239 DOM
4. 2026-06-15
   days on market $196,000 Active 238 DOM
5. 2026-06-13
   days on market $196,000 Active 236 DOM
6. 2026-06-12
   days on market $196,000 Active 235 DOM
7. 2026-06-09
   days on market $196,000 Active 232 DOM
8. 2026-06-08
   days on market $196,000 Active 231 DOM
9. 2026-06-07
   days on market $196,000 Active 230 DOM
10. 2026-06-05
    days on market $196,000 Active 228 DOM
11. 2026-06-04
    days on market $196,000 Active 226 DOM
12. 2026-06-02
    days on market $196,000 Active 225 DOM
13. 2026-06-01
    days on market $196,000 Active 224 DOM
14. 2026-05-31
    days on market $196,000 Active 223 DOM
15. 2026-05-31
    days on market $196,000 Active 222 DOM
16. 2026-05-19
    price $196,000 737-char remark

    Show marketing remark (737 chars)

    Charming 1910-built 2 story home located in the heart of Boone — this spacious home boasts 4 bedrooms and a full bath, all thoughtfully arranged across approximately 2,000 sq ft of living space. On the main level you’ll find a large kitchen featuring hickory cabinetry, a formal dining room, a comfortable living room and a versatile flex space perfect for an office or play area. Upstairs offers additional bedrooms and generous storage. Set on a level lot spanning roughly 90' × 100' (about 1½ lots), the property also includes a detached garage and ample yard space for outdoor enjoyment. With its blend of historic character and modern comfort, this property offers fantastic value in a prime Boone location.

17. 2026-05-06
    listed $199,000 Active 726-char remark

    Show marketing remark (726 chars)

    Charming 1910-built 2 story home located in the heart of Boone -- this spacious home boasts 4 bedrooms and a full bath, all thoughtfully arranged across approximately 2,000 sq ft of living space. On the main level you'll find a large kitchen featuring hickory cabinetry, a formal dining room, a comfortable living room and a versatile flex space perfect for an office or play area. Upstairs offers additional bedrooms and generous storage. Set on a level lot spanning roughly 90' × 100' (about 1½ lots), the property also includes a detached garage and ample yard space for outdoor enjoyment. With its blend of historic character and modern comfort, this property offers fantastic value in a prime Boone location.

18. 2026-03-30
    price $199,000
19. 2026-01-03
    price $199,000 737-char remark

    Show marketing remark (737 chars)

    Charming 1910-built 2 story home located in the heart of Boone — this spacious home boasts 4 bedrooms and a full bath, all thoughtfully arranged across approximately 2,000 sq ft of living space. On the main level you’ll find a large kitchen featuring hickory cabinetry, a formal dining room, a comfortable living room and a versatile flex space perfect for an office or play area. Upstairs offers additional bedrooms and generous storage. Set on a level lot spanning roughly 90' × 100' (about 1½ lots), the property also includes a detached garage and ample yard space for outdoor enjoyment. With its blend of historic character and modern comfort, this property offers fantastic value in a prime Boone location.

20. 2025-12-01
    price $205,000 737-char remark

    Show marketing remark (737 chars)

    Charming 1910-built 2 story home located in the heart of Boone — this spacious home boasts 4 bedrooms and a full bath, all thoughtfully arranged across approximately 2,000 sq ft of living space. On the main level you’ll find a large kitchen featuring hickory cabinetry, a formal dining room, a comfortable living room and a versatile flex space perfect for an office or play area. Upstairs offers additional bedrooms and generous storage. Set on a level lot spanning roughly 90' × 100' (about 1½ lots), the property also includes a detached garage and ample yard space for outdoor enjoyment. With its blend of historic character and modern comfort, this property offers fantastic value in a prime Boone location.

21. 2025-11-12
    price $209,000 737-char remark

    Show marketing remark (737 chars)

    Charming 1910-built 2 story home located in the heart of Boone — this spacious home boasts 4 bedrooms and a full bath, all thoughtfully arranged across approximately 2,000 sq ft of living space. On the main level you’ll find a large kitchen featuring hickory cabinetry, a formal dining room, a comfortable living room and a versatile flex space perfect for an office or play area. Upstairs offers additional bedrooms and generous storage. Set on a level lot spanning roughly 90' × 100' (about 1½ lots), the property also includes a detached garage and ample yard space for outdoor enjoyment. With its blend of historic character and modern comfort, this property offers fantastic value in a prime Boone location.

22. 2025-10-20
    listed $215,000 Active 737-char remark

    Show marketing remark (737 chars)

    Charming 1910-built 2 story home located in the heart of Boone — this spacious home boasts 4 bedrooms and a full bath, all thoughtfully arranged across approximately 2,000 sq ft of living space. On the main level you’ll find a large kitchen featuring hickory cabinetry, a formal dining room, a comfortable living room and a versatile flex space perfect for an office or play area. Upstairs offers additional bedrooms and generous storage. Set on a level lot spanning roughly 90' × 100' (about 1½ lots), the property also includes a detached garage and ample yard space for outdoor enjoyment. With its blend of historic character and modern comfort, this property offers fantastic value in a prime Boone location.

23. 2019-09-05
    soldstatus $135,500
24. 2019-08-29
    soldstatus $135,500
25. 2019-08-29
    soldstatus $135,500
26. 2019-03-22
    listed $139,900
27. 2019-03-22
    listed $139,900
28. 2019-03-17
    historical
29. 2018-09-22
    listed $159,900
30. 2018-09-18
    listed $159,900
31. 2017-10-20
    soldstatus $156,000

ⓘ 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: $2,990 · $249/mo
• Projected year-2 tax: $3,034 · $253/mo
• Expected delta: +$44/yr (+$4/mo · 1.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥103°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: $22,188
• − Mortgage interest: −$10,979
• − Property taxes: −$2,990
• − Insurance: −$980
• − Repairs & maintenance: −$1,775
• − Management: −$1,775
• − Depreciation: −$5,702
• Taxable loss: −$2,013
• Est. tax savings @ 24.0%: +$483
• After-tax cash flow: $1,708/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: Boone Community School District
• NCES district ID: 1905130
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $48,703
• Composite: 52.16/100
• National rank: #1613
• State rank: #232 of 289 in IA

Livability — Boone

• Score: 79/100
• State rank: #112
• US rank: #2144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boone, IA
• Population (ZIP): 16,318

Population outlook (Boone County) Hauer SSP2

• Today (2025): 27,674 people
• By 2030: 28,058 · +1.4%
• By 2040: 28,474 · +2.9%
• By 2050: 28,383 · +2.6%
• By 2075: 27,647 · -0.1%
• By 2100: 25,485 · -7.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Iranian 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Boone

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 7.6pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+15.6 2016: R+13.9 2012: D+6.4 2008: D+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.62%
• Current HPI: 216.6814
• 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

+25.6% since first listed

16 events — show timeline

• 2026-05-19 Price Changed $196,000 DMMLS
• 2026-05-06 Listed $199,000 CIBOR
• 2026-03-30 Price Changed $199,000 CIBOR
• 2026-01-03 Price Changed $199,000 DMMLS
• 2025-12-01 Price Changed $205,000 DMMLS
• 2025-11-12 Price Changed $209,000 DMMLS
• 2025-10-20 Listed $215,000 DMMLS
• 2019-09-05 Sold (Public Records) $135,500 Public Records
• 2019-08-29 Sold (MLS) $135,500 CIBOR
• 2019-08-29 Sold (MLS) $135,500 DMMLS
• 2019-03-22 Listed $139,900 CIBOR
• 2019-03-22 Listed $139,900 DMMLS
• 2019-03-17 Listing Removed — DMMLS
• 2018-09-22 Listed $159,900 DMMLS
• 2018-09-18 Listed $159,900 CIBOR
• 2017-10-20 Sold (Public Records) $156,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,990 · +4.2% YoY. Source: county tax records.