406 1st Ave · Audubon, IA 50025

$97,500

2 bd · 1.0 ba · 844 sqft · SingleFamily public records · 83 Days on market

Built 1898 7,405 sqft lot $116/sqft · 19% above area Est $82k · 19% over

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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 +16.8/30.0
• Appreciation +10.0/10.0
• Schools +6.4/10.0
• DSCR +5.2/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Charming, fresh and move-in ready! This 1-bedroom home with a non-conforming 2nd bedroom offers a fantastic opportunity for first-time buyers or those looking to downsize! Recent updates provide peace of mind, including a new roof, fresh interior and exterior paint, some new flooring, electrical updates, and a remodeled bathroom. The kitchen has also been thoughtfully updated. Situated on a manageable lot with a 1-car detached garage, this home offers convenience and affordability without sacrificing comfort. Being sold as-is, this is a great chance to own a nicely updated home at an approachable price point—don’t miss it!!

Key facts

• Remodeled bathroom
• New flooring
• Updated kitchen

Tags

• NEW ROOF
• REMODELED BATHROOM
• UPDATED KITCHEN
• FRESH INTERIOR PAINT
• FRESH EXTERIOR PAINT
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $63 ($755/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 $86k (11.6% below list).
• Recommended offer: $86k (11.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#95 in IA, #1,992 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Audubon Community School District (rural): math 73% / reading 80% proficiency, ranked #64 of 289 in IA (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 24 active listings in the ZIP; 4 units permitted in Audubon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($674 loan paydown + $10k appreciation (10.0% local appreciation)).
• Audubon County population projected at -29% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $30k; list at $98k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,220 (11.6% below list)

Questions for the listing agent

1. It's been on market 83 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 1898 — 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: 0.88% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• GRM: 9.4

CMA / ARV

• ARV (median comp): $81,619
• List price: $97,500
• Delta: 19.46%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
606 Chicago St	0.14mi	2/1.0	872 (+3%)	8mo	$65,000	$75	81
209 Washington St	0.47mi	2/1.0	852 (+1%)	8mo	$10,000	$12	70
316 Mantz Ave	0.34mi	2/1.0	894 (+6%)	10mo	$79,000	$88	66
104 2nd Ave	0.33mi	3/1.0 (+1)	864 (+2%)	19mo	$65,000	$75	60
311 Mantz Ave	0.37mi	2/1.0	800 (-5%)	19mo	$105,000	$131	58
102 Nasby Ave	0.62mi	3/1.0 (+1)	864 (+2%)	5mo	$40,000	$46	58
102 2nd Ave	0.34mi	2/1.0	744 (-12%)	12mo	$85,000	$114	54
203 Oak St	0.74mi	2/1.0	864 (+2%)	10mo	$59,500	$69	54
108 Nasby Ave	0.65mi	3/2.0 (+1)	864 (+2%)	6mo	$95,000	$110	52
113 Nasby Ave	0.68mi	2/2.0	912 (+8%)	14mo	$117,000	$128	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 26.3%
• Equity multiple: 3.09×
• Total profit: $57,085
• Equity at exit: $87,836

10-year hold

• IRR: 23.0%
• Equity multiple: 7.04×
• Total profit: $164,914
• Equity at exit: $189,421

Cash invested: $27,300 (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 50025

• Home prices YoY: 5.4%
• Active inventory: 24
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $862 medium
• Mortgage (P&I): −$511
• Tax from tax record: −$66 /mo · $796/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $63

Break-even live

Break-even rent $783

Max offer price $97,500

Occupancy floor 88%

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $97,500 Active 83 DOM
2. 2026-06-17
   days on market $97,500 Active 82 DOM
3. 2026-06-16
   days on market $97,500 Active 81 DOM
4. 2026-06-15
   days on market $97,500 Active 80 DOM
5. 2026-06-13
   days on market $97,500 Active 78 DOM
6. 2026-06-12
   days on market $97,500 Active 77 DOM
7. 2026-06-09
   days on market $97,500 Active 74 DOM
8. 2026-06-08
   days on market $97,500 Active 73 DOM
9. 2026-06-07
   days on market $97,500 Active 72 DOM
10. 2026-06-05
    days on market $97,500 Active 70 DOM
11. 2026-06-04
    days on market $97,500 Active 68 DOM
12. 2026-06-02
    days on market $97,500 Active 67 DOM
13. 2026-06-01
    days on market $97,500 Active 66 DOM
14. 2026-05-31
    days on market $97,500 Active 65 DOM
15. 2026-05-31
    days on market $97,500 Active 64 DOM
16. 2026-03-27
    listed $97,500 Active 643-char remark

    Show marketing remark (643 chars)

    Charming, fresh and move-in ready! This 1-bedroom home with a non-conforming 2nd bedroom offers a fantastic opportunity for first-time buyers or those looking to downsize! Recent updates provide peace of mind, including a new roof, fresh interior and exterior paint, some new flooring, electrical updates, and a remodeled bathroom. The kitchen has also been thoughtfully updated. Situated on a manageable lot with a 1-car detached garage, this home offers convenience and affordability without sacrificing comfort. Being sold as-is, this is a great chance to own a nicely updated home at an approachable price point—don’t miss it!!

17. 2025-08-05
    soldstatus $30,000 Closed 343-char remark

    Show marketing remark (343 chars)

    Looking for an investment property or new project home to rehab? This small fixer-upper may be just what you’re looking for! New carpet and LVP flooring has already been installed. This home is located in a nice neighborhood with alley access to the detached garage. * Sellers have never lived in home and are selling in as-is condition.

18. 2025-07-25
    status Pending 343-char remark

    Show marketing remark (343 chars)

    Looking for an investment property or new project home to rehab? This small fixer-upper may be just what you’re looking for! New carpet and LVP flooring has already been installed. This home is located in a nice neighborhood with alley access to the detached garage. * Sellers have never lived in home and are selling in as-is condition.

19. 2025-07-22
    listed $40,000 Active 343-char remark

    Show marketing remark (343 chars)

    Looking for an investment property or new project home to rehab? This small fixer-upper may be just what you’re looking for! New carpet and LVP flooring has already been installed. This home is located in a nice neighborhood with alley access to the detached garage. * Sellers have never lived in home and are selling in as-is condition.

ⓘ 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: $796 · $66/mo
• Projected year-2 tax: $1,163 · $97/mo
• Expected delta: +$367/yr (+$31/mo · 46.2%)

ⓘ 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 ≥104°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: $10,346
• − Mortgage interest: −$5,462
• − Property taxes: −$796
• − Insurance: −$488
• − Repairs & maintenance: −$828
• − Management: −$828
• − Depreciation: −$2,836
• Taxable loss: −$890
• Est. tax savings @ 24.0%: +$214
• After-tax cash flow: $968/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: Audubon Community School District
• NCES district ID: 1903960
• Math proficiency: 73% ▲ 4.00%
• Reading proficiency: 80% ▲ 7.00%
• Median HH income: $45,632
• Composite: 64.32/100
• National rank: #552
• State rank: #64 of 289 in IA

Livability — Audubon

• Score: 79/100
• State rank: #95
• US rank: #1992

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Audubon, IA
• Population (ZIP): 2,893

Population outlook (Audubon County) Hauer SSP2

• Today (2025): 5,157 people
• By 2030: 4,837 · -6.2%
• By 2040: 4,241 · -17.8%
• By 2050: 3,679 · -28.7%
• By 2075: 2,917 · -43.4%
• By 2100: 2,408 · -53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 3% Portuguese 2% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Audubon

• 2024 margin: Solid R (+38.4) · D 29.9% · R 68.3% · Other 1.7%
• 2008→2024 swing: -41.5pp toward R · 2008: 3.1pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+35.8 2016: R+31.2 2012: R+5.6 2008: D+3.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.14%
• Current HPI: 217.58
• 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

+143.8% since first listed

4 events — show timeline

• 2026-03-27 Listed $97,500 IAR
• 2025-08-05 Sold (MLS) $30,000 IAR
• 2025-07-25 Pending — IAR
• 2025-07-22 Listed $40,000 IAR

Property tax history

+7.5%/yr

Latest (2025): $796 · -3.9% YoY. Source: county tax records.