202 Coover Ave · Baxter, IA 50028

$439,900

3 bd · 3.0 ba · 4,270 sqft · SingleFamily public records · 52 Days on market

Built 1997 0.27 ac lot $103/sqft · 73% below area ↓ 2% since listing

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.1/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

JUMP ON THIS PRICE REDUCTION! Discover this large 3070 sf custom-built home, located in Baxter, where traditional finishes bring one-of-a-kind character to every room. The main level showcases 1600 sf of quality living space including the distinguished wood-paneled study with custom built-ins & elegant fireplace. Classic French doors open from the great room to the spacious primary suite with walk-in closet and the bright, inviting kitchen with glass-front white cabinets both contribute to the overall charm. The 1400 sf upper level offers additional generously-sized bedroom/living spaces with huge walk-in closets, bath and more. The lower level offers even more living area & opt

Key facts

• 0.27 acre lot
• 2 garage spots
• Built 1997

Property features AI

Finance

• Other: Lot dimensions approximately 31 x 120; Lot size about 0.266 acres; Concrete road access; Below-grade finished area noted (approx. 1,200)
• Financial info: Annual tax: $6,855

Exterior

• Parking: Attached two-car garage
• Utilities: Public water; Public sewer
• Home design: Residential zoning (R)
• Construction: Brick and metal siding exterior; Asphalt shingle roof; Block foundation; Home warranty included
• Exterior features: Covered deck/patio; Deck; Partial wood fencing; Storage structure

Interior

• Kitchen: Dishwasher; Freezer; Microwave; Refrigerator; Stove
• Bedrooms: One main-level bedroom
• Bathrooms: Two full bathrooms; One three-quarter bathroom
• Heating & cooling: Natural gas heating; Radiant heating; Central air conditioning
• Interior features: Partially finished basement; Gas vented fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $440k.

Deal economics

• At list price, monthly cash flow is $-2k ($-24k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (69.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (69.6% below list).
• Recommended offer: $133k (69.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 78/100 on livability (#136 in IA, #2,488 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Baxter Community School District (rural): math 71% / reading 73% proficiency, ranked #99 of 289 in IA (top 34%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Baxter Elementary School (math 82% / reading 67%, grade A, #131 of 616 statewide, top 27%, 230 students, 27% FRL); Baxter High School (math 67% / reading 77%, grade B+, #117 of 336 statewide, top 39%, 256 students, 30% FRL).
• Market conditions: 21 active listings in the ZIP; 16 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $47k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• Jasper County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($427k) is reasonable based on typical stale-listing flexibility.

Recommended offer $133,240 (69.7% 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 52 days. Have you received any prior offers? Is the seller open to a 70% concession, seller financing, or rate buy-down credit?
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. 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?
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: 0.30% ✗
• Cap rate: 0.86%
• Cash-on-cash: -19.39%
• DSCR: 0.14
• GRM: 27.4

CMA / ARV

• ARV (median comp): $1,163,395
• List price: $439,900
• Delta: -62.19%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.9%
• Equity multiple: 1.92×
• Total profit: $112,865
• Equity at exit: $396,297

10-year hold

• IRR: 11.9%
• Equity multiple: 4.51×
• Total profit: $432,083
• Equity at exit: $854,629

Cash invested: $123,172 (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 50028

• Home prices YoY: 6.0%
• Active inventory: 21
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $1,336 medium
• Mortgage (P&I): −$2,307
• Tax from tax record: −$555 /mo · $6,662/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $-1,990

Break-even live

Break-even rent $3,855

Max offer price $133,240

Occupancy floor —

Sensitivity live

Price	-10% $-1,741	-5% $-1,865	+0% $-1,990	+5% $-2,114	+10% $-2,239
Rent	-10% $-2,095	-5% $-2,043	+0% $-1,990	+5% $-1,937	+10% $-1,884
Rate	-1.0pp $-1,768	-0.5pp $-1,878	base $-1,990	+0.5pp $-2,104	+1.0pp $-2,220

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $439,900 Active 52 DOM
2. 2026-06-18
   days on market $439,900 Active 49 DOM
3. 2026-06-17
   days on market $439,900 Active 48 DOM
4. 2026-06-16
   days on market $439,900 Active 47 DOM
5. 2026-06-15
   days on market $439,900 Active 46 DOM
6. 2026-06-14
   days on market $439,900 Active 44 DOM
7. 2026-06-13
   days on market $439,900 Active 43 DOM
8. 2026-06-10
   days on market $439,900 Active 41 DOM
9. 2026-06-09
   days on market $439,900 Active 40 DOM
10. 2026-06-08
    days on market $439,900 Active 39 DOM
11. 2026-06-07
    days on market $439,900 Active 38 DOM
12. 2026-06-05
    days on market $439,900 Active 35 DOM
13. 2026-06-03
    days on market $439,900 Active 34 DOM
14. 2026-06-02
    days on market $439,900 Active 33 DOM
15. 2026-06-01
    days on market $439,900 Active 32 DOM
16. 2026-05-31
    days on market $439,900 Active 31 DOM
17. 2026-05-31
    days on market $439,900 Active 30 DOM
18. 2026-04-30
    listed $449,900 Active 1474-char remark

ⓘ 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: $6,662 · $555/mo
• Projected year-2 tax: $6,784 · $565/mo
• Expected delta: +$122/yr (+$10/mo · 1.8%)

ⓘ 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 ≥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: $16,032
• − Mortgage interest: −$24,641
• − Property taxes: −$6,662
• − Insurance: −$2,200
• − Repairs & maintenance: −$1,283
• − Management: −$1,283
• − Depreciation: −$12,797
• Taxable loss: −$32,833
• Est. tax savings @ 24.0%: +$7,880
• After-tax cash flow: $-15,999/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: Baxter Community School District
• NCES district ID: 1904380
• Math proficiency: 71% ▼ -3.00%
• Reading proficiency: 73% ▼ -7.00%
• Median HH income: $58,803
• Composite: 61.87/100
• National rank: #727
• State rank: #99 of 289 in IA

Livability — Baxter

• Score: 78/100
• State rank: #136
• US rank: #2488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baxter, IA
• Population (ZIP): 1,930

Population outlook (Jasper County) Hauer SSP2

• Today (2025): 36,216 people
• By 2030: 35,730 · -1.3%
• By 2040: 34,727 · -4.1%
• By 2050: 33,802 · -6.7%
• By 2075: 33,382 · -7.8%
• By 2100: 32,761 · -9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98%
• Common ancestry: Iranian 8% Slovak 4% Romanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Jasper

• 2024 margin: Strong R (+27.6) · D 35.4% · R 63.0% · Other 1.5%
• 2008→2024 swing: -35.1pp toward R · 2008: 7.5pp · 2024: -27.6pp
• All cycles: 2024: R+27.6 2020: R+21.5 2016: R+18.4 2012: D+7.1 2008: D+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.18%
• Current HPI: 287.6136
• 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

-2.2% since first listed

2 events — show timeline

• 2026-05-27 Price Changed $439,900 DMMLS
• 2026-04-30 Listed $449,900 DMMLS

Property tax history

+4.7%/yr

Latest (2025): $6,662 · +0.2% YoY. Source: county tax records.