208 N 4th St · Montezuma, IA 50171

$145,000

2 bd · 1.5 ba · 1,162 sqft · SingleFamily public records · 100 Days on market

Built 1900 8,712 sqft lot Est $151k · at est.

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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).

• Appreciation +10.0/10.0
• Cash flow +9.4/30.0
• ARV discount +9.3/15.0
• Schools +6.5/10.0
• Livability +3.8/5.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0

Listing remarks

This beautiful home from the early 1990s is just two blocks from Montezuma square and a short walk to the school. It has retained much of its original character, including hardwood floors, impressive woodwork, colonnades dividing the living and dining rooms, large windows, a decorative front entry door with beveled glass, a covered porch, and a sunroom. Recent improvements include a new roof, siding, driveway, and sidewalks in 2024, as well as new carpet and freshly painted interior in 2025. The detached two-car garage provides protection for your vehicles and more. Call today to arrange a private tour.

Key facts

• Large windows
• Covered porch
• Woodwork

Tags

• HARDWOOD FLOORS
• WOODWORK
• LARGE WINDOWS
• DECORATIVE FRONT ENTRY DOOR
• COVERED PORCH
• SUNROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (30.5% below list).
• Recommended offer: $101k (30.5% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 1.5% in Montezuma — 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 75/100 on livability (#228 in IA, #4,319 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Montezuma Community School District (rural): math 73% / reading 79% proficiency, ranked #55 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Montezuma Elementary School (math 92% / reading 77%, grade A+, #31 of 616 statewide, top 6%, 229 students, 34% FRL); Montezuma Junior High School (math 62% / reading 72%, grade A-, #140 of 246 statewide, top 60%, 112 students, 39% FRL); Montezuma High School (math 67% / reading 87%, grade A-, #60 of 336 statewide, top 21%, 148 students, 28% FRL).
• Market conditions: 67 active listings in the ZIP; 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $14k appreciation (10.0% local appreciation)).
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $53k; list at $145k implies a 174% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,763 (30.5% 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 100 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.04%
• DSCR: 0.86
• GRM: 12.0

CMA / ARV

• ARV (on-the-fly): $151,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 N 4th St	0.00mi	3/1.0 (+1)	1,162 (0%)	1mo	$142,000	$122	92
506 E Dallas St	0.30mi	2/1.0	1,140 (-2%)	13mo	$148,500	$130	70
106 N 2nd St	0.14mi	3/1.0 (+1)	1,286 (+11%)	0mo	$144,000	$112	69
406 N 4th St	0.13mi	2/1.0	1,248 (+7%)	14mo	$85,000	$68	68
403 S 3rd St	0.35mi	3/1.0 (+1)	1,128 (-3%)	6mo	$131,000	$116	67
204 W Washington St	0.29mi	3/1.0 (+1)	1,092 (-6%)	4mo	$187,500	$172	66
506 S 8th St	0.52mi	3/1.5 (+1)	1,147 (-1%)	5mo	$127,000	$111	65
406 S 4th St	0.37mi	3/3.0 (+1)	1,216 (+5%)	1mo	$195,000	$160	63
110 Sunnyside Dr	0.49mi	2/1.5	1,104 (-5%)	12mo	$173,000	$157	59
201 N 8th St	0.28mi	2/1.0	1,014 (-13%)	10mo	$142,000	$140	55
107 N 9th St	0.37mi	3/2.0 (+1)	1,320 (+14%)	5mo	$212,500	$161	49
106 E Harrison St	0.61mi	3/1.0 (+1)	1,056 (-9%)	13mo	$96,000	$91	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: 22.1%
• Equity multiple: 2.78×
• Total profit: $72,366
• Equity at exit: $130,627

10-year hold

• IRR: 19.8%
• Equity multiple: 6.37×
• Total profit: $218,166
• Equity at exit: $281,703

Cash invested: $40,600 (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 50171

• Home prices YoY: 9.3%
• Active inventory: 67
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,008 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$78 /mo · $938/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $-103

Break-even live

Break-even rent $1,138

Max offer price $126,813

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-62	+0% $-103	+5% $-144	+10% $-185
Rent	-10% $-183	-5% $-143	+0% $-103	+5% $-63	+10% $-23
Rate	-1.0pp $-30	-0.5pp $-66	base $-103	+0.5pp $-141	+1.0pp $-179

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-23
   status Pending
2. 2026-01-13
   listed $145,000 Active
3. 2005-12-13
   soldstatus $53,000

ⓘ 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: $938 · $78/mo
• Projected year-2 tax: $1,607 · $134/mo
• Expected delta: +$669/yr (+$56/mo · 71.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,092
• − Mortgage interest: −$8,122
• − Property taxes: −$938
• − Insurance: −$725
• − Repairs & maintenance: −$967
• − Management: −$967
• − Depreciation: −$4,218
• Taxable loss: −$3,847
• Est. tax savings @ 24.0%: +$923
• After-tax cash flow: $-312/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: Montezuma Community School District
• NCES district ID: 1919590
• Math proficiency: 73% ▼ -6.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $57,449
• Composite: 65.04/100
• National rank: #503
• State rank: #55 of 289 in IA

Livability — Montezuma

• Score: 75/100
• State rank: #228
• US rank: #4319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montezuma, IA
• City population: 2,445
• Population (ZIP): 2,445

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 5% Portuguese 5% Lithuanian 3%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.91%
• Current HPI: 364.6554
• 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

+173.6% since first listed

3 events — show timeline

• 2026-04-23 Pending — IAR
• 2026-01-13 Listed $145,000 IAR
• 2005-12-13 Sold (Public Records) $53,000 Public Records

Property tax history

+2.2%/yr

Latest (2025): $938 · +13.3% YoY. Source: county tax records.