2002 5th St · Perry, IA 50220

$80,000

2 bd · 1.0 ba · 1,168 sqft · SingleFamily public records · 100 Days on market

Built 1925 7,500 sqft lot $68/sqft · 45% below area Est $147k · 45% under

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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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming and located in a safe neighborhood, this well-maintained home sits on a desirable corner lot and offers comfortable main-floor living. Inside you'll find 2 bedrooms, 1 bathroom, a welcoming living room, dining room, and kitchen, along with the added convenience of a main-floor laundry room. The basement provides additional storage and serves as a great storm shelter for peace of mind. Step outside to enjoy the spacious yard featuring a cozy gazebo perfect for relaxing or entertaining. A 2 car carport offers covered parking and an additional shed provides plenty of room for tools, lawn equipment, and hobby space. This property combines functionality, comfort, and outdoor charm and is ready for its next owner to make it their own!

Key facts

• Spacious yard
• Storm shelter
• Corner lot

Tags

• CORNER LOT
• MAIN-FLOOR LIVING
• MAIN-FLOOR LAUNDRY ROOM
• STORM SHELTER
• SPACIOUS YARD
• COZY GAZEBO

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 3.9% in Perry — 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 73/100 on livability (#273 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Perry Community School District (town): math 51% / reading 59% proficiency, ranked #266 of 289 in IA (top 92%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 49 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $80k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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. 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: 1.27% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.39%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (median comp): $146,556
• List price: $80,000
• Delta: -45.41%
• 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
1904 6th St	0.10mi	2/3.0	1,141 (-2%)	10mo	$160,000	$140	76
1305 Park St	0.17mi	3/1.5 (+1)	1,240 (+6%)	11mo	$215,000	$173	65
2115 1st Ave	0.32mi	3/1.5 (+1)	1,117 (-4%)	7mo	$219,000	$196	65
1920 1st Ave	0.28mi	3/1.5 (+1)	1,224 (+5%)	9mo	$145,000	$118	64
2123 W 4th St	0.53mi	3/1.0 (+1)	1,157 (-1%)	8mo	$80,000	$69	62
2509 1st Ave	0.53mi	2/2.0	1,244 (+6%)	1mo	$192,000	$154	60
1924 1st Ave	0.28mi	3/1.0 (+1)	1,314 (+12%)	2mo	$150,000	$114	60
2013 Lucinda St	0.64mi	2/1.0	1,068 (-9%)	4mo	$160,000	$150	52
1700 6th St	0.21mi	3/2.0 (+1)	1,004 (-14%)	6mo	$200,000	$199	52
817 Park St	0.49mi	2/1.5	1,308 (+12%)	10mo	$190,000	$145	46
1323 5th St	0.44mi	3/1.0 (+1)	1,324 (+13%)	10mo	$55,000	$42	44
2214 Warford St	0.72mi	3/2.0 (+1)	1,044 (-11%)	12mo	$189,000	$181	30

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: 3.4%
• Equity multiple: 1.13×
• Total profit: $2,974
• Equity at exit: $11,928

10-year hold

• IRR: 13.0%
• Equity multiple: 2.03×
• Total profit: $23,159
• Equity at exit: $6,917

Cash invested: $22,400 (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 50220

• Home prices YoY: -30.2%
• Active inventory: 49
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,019 high
• Mortgage (P&I): −$420
• Tax from tax record: −$102 /mo · $1,230/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $250

Break-even live

Break-even rent $703

Max offer price $80,000

Occupancy floor 70%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1313 1st Ave Perry, IA	2.0	1.0	806	$700	$0.87	43d	1	0.57mi
1214 2nd St Unit 6 Perry, IA	1.0	1.0	900	$995	$1.11	43d	1	0.58mi
2709 1st Ave Perry, IA	2.0	1.5	992	$950	$0.96	43d	1	0.72mi
2105 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	43d	1	0.78mi
913 Willis Ave Perry, IA	1.0–2.0	1.0–2.0	882	$1,000	$1.13	14d	1	0.80mi
2103 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	23d	1	0.81mi
1011 Evelyn St Unit 1 Perry, IA	2.0	2.0	1000	$895	$0.90	14d	1	0.88mi
2516 Perry Park Ave Unit A Perry, IA	3.0	1.0	966	$850	$0.88	43d	1	1.19mi
303 8th St Unit 1 Perry, IA	2.0	1.0	750	$850	$1.13	43d	1	1.27mi
2908 Kading Rd Perry, IA	3.0	1.0	1008	$920	$0.91	14d	5	1.35mi
2902 Iowa St Unit 8 Perry, IA	1.0	1.0	760	$495	$0.65	43d	1	1.38mi
2902 Iowa St Unit 6 Perry, IA	2.0	1.0	960	$695	$0.72	14d	1	1.39mi
3307 Mc Kinley St Perry, IA	2.0	2.0	989	$1,150	$1.16	14d	1	1.47mi

Listing history 20 events

1. 2026-06-17
   status $80,000 Pending 100 DOM
2. 2026-06-17
   days on market $80,000 Active 100 DOM
3. 2026-06-16
   days on market $80,000 Active 99 DOM
4. 2026-06-15
   days on market $80,000 Active 98 DOM
5. 2026-06-14
   pricedays on market $80,000 Active 96 DOM
6. 2026-06-10
   days on market $100,000 Active 93 DOM
7. 2026-06-09
   days on market $100,000 Active 92 DOM
8. 2026-06-08
   days on market $100,000 Active 91 DOM
9. 2026-06-07
   days on market $100,000 Active 90 DOM
10. 2026-06-05
    days on market $100,000 Active 87 DOM
11. 2026-06-03
    days on market $100,000 Active 86 DOM
12. 2026-06-02
    days on market $100,000 Active 85 DOM
13. 2026-06-01
    days on market $100,000 Active 84 DOM
14. 2026-05-31
    days on market $100,000 Active 83 DOM
15. 2026-05-31
    days on market $100,000 Active 82 DOM
16. 2026-04-10
    price $100,000 747-char remark

    Show marketing remark (747 chars)

    Charming and located in a safe neighborhood, this well-maintained home sits on a desirable corner lot and offers comfortable main-floor living. Inside you'll find 2 bedrooms, 1 bathroom, a welcoming living room, dining room, and kitchen, along with the added convenience of a main-floor laundry room. The basement provides additional storage and serves as a great storm shelter for peace of mind. Step outside to enjoy the spacious yard featuring a cozy gazebo perfect for relaxing or entertaining. A 2 car carport offers covered parking and an additional shed provides plenty of room for tools, lawn equipment, and hobby space. This property combines functionality, comfort, and outdoor charm and is ready for its next owner to make it their own!

17. 2026-04-10
    price $100,000 747-char remark

    Show marketing remark (747 chars)

    Charming and located in a safe neighborhood, this well-maintained home sits on a desirable corner lot and offers comfortable main-floor living. Inside you'll find 2 bedrooms, 1 bathroom, a welcoming living room, dining room, and kitchen, along with the added convenience of a main-floor laundry room. The basement provides additional storage and serves as a great storm shelter for peace of mind. Step outside to enjoy the spacious yard featuring a cozy gazebo perfect for relaxing or entertaining. A 2 car carport offers covered parking and an additional shed provides plenty of room for tools, lawn equipment, and hobby space. This property combines functionality, comfort, and outdoor charm and is ready for its next owner to make it their own!

18. 2026-03-09
    listed $110,000 Active 747-char remark

    Show marketing remark (747 chars)

    Charming and located in a safe neighborhood, this well-maintained home sits on a desirable corner lot and offers comfortable main-floor living. Inside you'll find 2 bedrooms, 1 bathroom, a welcoming living room, dining room, and kitchen, along with the added convenience of a main-floor laundry room. The basement provides additional storage and serves as a great storm shelter for peace of mind. Step outside to enjoy the spacious yard featuring a cozy gazebo perfect for relaxing or entertaining. A 2 car carport offers covered parking and an additional shed provides plenty of room for tools, lawn equipment, and hobby space. This property combines functionality, comfort, and outdoor charm and is ready for its next owner to make it their own!

19. 2026-03-09
    listed $110,000 Active 747-char remark

    Show marketing remark (747 chars)

    Charming and located in a safe neighborhood, this well-maintained home sits on a desirable corner lot and offers comfortable main-floor living. Inside you'll find 2 bedrooms, 1 bathroom, a welcoming living room, dining room, and kitchen, along with the added convenience of a main-floor laundry room. The basement provides additional storage and serves as a great storm shelter for peace of mind. Step outside to enjoy the spacious yard featuring a cozy gazebo perfect for relaxing or entertaining. A 2 car carport offers covered parking and an additional shed provides plenty of room for tools, lawn equipment, and hobby space. This property combines functionality, comfort, and outdoor charm and is ready for its next owner to make it their own!

20. 2001-11-29
    soldstatus $37,900

ⓘ 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: $1,230 · $102/mo
• Projected year-2 tax: $1,243 · $104/mo
• Expected delta: +$13/yr (+$1/mo · 1.1%)

ⓘ 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 3/10 Moderate
• 🌡 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: $12,233
• − Mortgage interest: −$4,481
• − Property taxes: −$1,230
• − Insurance: −$400
• − Repairs & maintenance: −$979
• − Management: −$979
• − Depreciation: −$2,327
• Taxable income: $1,837
• Est. tax owed @ 24.0%: −$441
• After-tax cash flow: $2,559/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: Perry Community School District
• NCES district ID: 1922530
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 59% ▲ 3.00%
• Median HH income: $44,382
• Composite: 46.37/100
• National rank: #2460
• State rank: #266 of 289 in IA

Livability — Perry

• Score: 73/100
• State rank: #273
• US rank: #5276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry, IA
• City population: 9,251
• Population (ZIP): 9,251

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 27% Two or more races 8% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Iranian 2% Slovak 2% Portuguese 2%
• Foreign-born: 16% · Canada
• Languages at home: 75% English-only · Spanish 22% German/W. Germanic 1% Arabic 0%

Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.94%
• Current HPI: 212.8459
• 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

+163.9% since first listed

5 events — show timeline

• 2026-04-10 Price Changed $100,000 IAR
• 2026-04-10 Price Changed $100,000 DMMLS
• 2026-03-09 Listed $110,000 IAR
• 2026-03-09 Listed $110,000 DMMLS
• 2001-11-29 Sold (Public Records) $37,900 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,230 · -6.7% YoY. Source: county tax records.