2986 333rd St · Wellman, IA 52356

$475,000

3 bd · 1.5 ba · 2,900 sqft · SingleFamily public records · 214 Days on market

Built 1996 5.86 ac lot $164/sqft · 16% below area Est $591k · 20% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +5.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.2/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Country Living with Endless Possibilities Escape to peaceful country living on 5.86 acres with a gentle stream winding through the property—your own slice of Iowa paradise. This charming 3-bedroom, 1.5-bath home blends comfort, character, and opportunity in every corner. Step into a brand-new kitchen, perfect for family meals or entertaining friends, then relax in the beautiful three-seasons room overlooking nature. The attached dog kennel offers potential to be transformed into a spacious master suite, adding even more living space and value. Outside, enjoy a 2-car detached garage/shop for your projects and toys, plus automated plant watering that keeps your gardens thriving with ease. With open acreage, mature trees, and the peaceful sound of running water, this property is ideal for anyone craving space, serenity, and a touch of country charm. Come see how 5.86 acres can feel like home.

Key facts

• Attached dog kennel
• Three-seasons room
• Brand-new kitchen

Tags

• BRAND-NEW KITCHEN
• THREE-SEASONS ROOM
• ATTACHED DOG KENNEL
• DETACHED GARAGE
• AUTOMATED PLANT WATERING
• OPEN ACREAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $475k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (71.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (72.2% below list).
• Recommended offer: $132k (72.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#299 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Mid-Prairie Community School District (rural): math 66% / reading 72% proficiency, ranked #149 of 289 in IA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Mid-Prairie West Elem. School (math 63% / reading 66%, grade B, #317 of 616 statewide, top 58%, 350 students, 21% FRL); Mid-Prairie Middle School (math 68% / reading 71%, grade A, #113 of 246 statewide, top 49%, 430 students, 27% FRL); Mid-Prairie High School (math 64% / reading 74%, grade B, #176 of 336 statewide, top 53%, 379 students, 21% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: 9 active listings in the ZIP; 12 units permitted in Iowa County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $51k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Iowa County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $144k; list at $475k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $131,901 (72.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 214 days. Have you received any prior offers? Is the seller open to a 72% concession, seller financing, or rate buy-down credit?
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. 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?
7. 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.
8. 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.
9. 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: 0.28% ✗
• Cap rate: 1.46%
• Cash-on-cash: -17.26%
• DSCR: 0.23
• GRM: 30.0

CMA / ARV

• ARV (median comp): $590,509
• List price: $475,000
• Delta: -19.56%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 2.03×
• Total profit: $136,665
• Equity at exit: $427,918

10-year hold

• IRR: 12.9%
• Equity multiple: 4.74×
• Total profit: $497,917
• Equity at exit: $922,821

Cash invested: $133,000 (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 52356

• Home prices YoY: 11.7%
• Active inventory: 9
• Price-to-rent: 30.0×

Monthly cashflow live

• Estimated rent: $1,319 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$266 /mo · $3,196/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $-1,913

Break-even live

Break-even rent $3,741

Max offer price $137,028

Occupancy floor —

Sensitivity live

Price	-10% $-1,644	-5% $-1,779	+0% $-1,913	+5% $-2,048	+10% $-2,182
Rent	-10% $-2,017	-5% $-1,965	+0% $-1,913	+5% $-1,861	+10% $-1,809
Rate	-1.0pp $-1,674	-0.5pp $-1,792	base $-1,913	+0.5pp $-2,036	+1.0pp $-2,161

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-16
   status Pending 908-char remark

   Show marketing remark (908 chars)

   Country Living with Endless Possibilities Escape to peaceful country living on 5.86 acres with a gentle stream winding through the property—your own slice of Iowa paradise. This charming 3-bedroom, 1.5-bath home blends comfort, character, and opportunity in every corner. Step into a brand-new kitchen, perfect for family meals or entertaining friends, then relax in the beautiful three-seasons room overlooking nature. The attached dog kennel offers potential to be transformed into a spacious master suite, adding even more living space and value. Outside, enjoy a 2-car detached garage/shop for your projects and toys, plus automated plant watering that keeps your gardens thriving with ease. With open acreage, mature trees, and the peaceful sound of running water, this property is ideal for anyone craving space, serenity, and a touch of country charm. Come see how 5.86 acres can feel like home.

2. 2026-02-20
   price $475,000 908-char remark

   Show marketing remark (908 chars)

   Country Living with Endless Possibilities Escape to peaceful country living on 5.86 acres with a gentle stream winding through the property—your own slice of Iowa paradise. This charming 3-bedroom, 1.5-bath home blends comfort, character, and opportunity in every corner. Step into a brand-new kitchen, perfect for family meals or entertaining friends, then relax in the beautiful three-seasons room overlooking nature. The attached dog kennel offers potential to be transformed into a spacious master suite, adding even more living space and value. Outside, enjoy a 2-car detached garage/shop for your projects and toys, plus automated plant watering that keeps your gardens thriving with ease. With open acreage, mature trees, and the peaceful sound of running water, this property is ideal for anyone craving space, serenity, and a touch of country charm. Come see how 5.86 acres can feel like home.

3. 2025-10-14
   listed $499,000 Active 908-char remark

   Show marketing remark (908 chars)

   Country Living with Endless Possibilities Escape to peaceful country living on 5.86 acres with a gentle stream winding through the property—your own slice of Iowa paradise. This charming 3-bedroom, 1.5-bath home blends comfort, character, and opportunity in every corner. Step into a brand-new kitchen, perfect for family meals or entertaining friends, then relax in the beautiful three-seasons room overlooking nature. The attached dog kennel offers potential to be transformed into a spacious master suite, adding even more living space and value. Outside, enjoy a 2-car detached garage/shop for your projects and toys, plus automated plant watering that keeps your gardens thriving with ease. With open acreage, mature trees, and the peaceful sound of running water, this property is ideal for anyone craving space, serenity, and a touch of country charm. Come see how 5.86 acres can feel like home.

4. 2011-08-22
   soldstatus $144,500

ⓘ 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: $3,196 · $266/mo
• Projected year-2 tax: $5,327 · $444/mo
• Expected delta: +$2,131/yr (+$178/mo · 66.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,828
• − Mortgage interest: −$26,607
• − Property taxes: −$3,196
• − Insurance: −$2,375
• − Repairs & maintenance: −$1,266
• − Management: −$1,266
• − Depreciation: −$13,818
• Taxable loss: −$32,701
• Est. tax savings @ 24.0%: +$7,848
• After-tax cash flow: $-15,110/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: Mid-Prairie Community School District
• NCES district ID: 1919140
• Math proficiency: 66% ▼ -5.00%
• Reading proficiency: 72% ▲ 2.00%
• Median HH income: $55,819
• Composite: 59.08/100
• National rank: #956
• State rank: #149 of 289 in IA

Livability — Wellman

• Score: 72/100
• State rank: #299
• US rank: #5800

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,754

Population outlook (Iowa County) Hauer SSP2

• Today (2025): 16,503 people
• By 2030: 16,422 · -0.5%
• By 2040: 16,081 · -2.6%
• By 2050: 15,428 · -6.5%
• By 2075: 14,067 · -14.8%
• By 2100: 11,638 · -29.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Portuguese 4% Lithuanian 3% Slovak 2%
• Foreign-born: 0%
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Iowa

• 2024 margin: Strong R (+27.8) · D 35.4% · R 63.1% · Other 1.6%
• 2008→2024 swing: -27.9pp toward R · 2008: 0.2pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+25.3 2016: R+24.2 2012: R+4.9 2008: D+0.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.04%
• Current HPI: 286.5216
• 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

+228.7% since first listed

4 events — show timeline

• 2026-05-16 Pending — ICAARMLS
• 2026-02-20 Price Changed $475,000 ICAARMLS
• 2025-10-14 Listed $499,000 ICAARMLS
• 2011-08-22 Sold (Public Records) $144,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $3,196 · +3.3% YoY. Source: county tax records.