405 2nd St · Griswold, IA 51535

$57,900

1 bd · 1.0 ba · 998 sqft · SingleFamily public records · 514 Days on market

Built 1885 4,800 sqft lot $58/sqft · 36% below area Est $76k · 24% under ↓ 8% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Schools +6.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Removed shingles and sheeting on roof. Installed new OSB board, and shingles 6/25. Replaced some siding on lower front and right side of house. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. All Measurements are Approximate.

Key facts

• New furnace
• Water heater
• Pex water lines

Tags

• NEW FURNACE
• NEW ELECTRICAL BOX
• WATER HEATER
• PEX WATER LINES

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($800 rent vs $58k).
• Recommended offer: $51k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#415 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Griswold Community School District (rural): math 74% / reading 80% proficiency, ranked #54 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Griswold Elementary (math 77% / reading 72%, grade A, #131 of 616 statewide, top 27%, 231 students, 46% FRL); Griswold Middle/High School (math 72% / reading 83%, grade A-, #56 of 336 statewide, top 17%, 200 students, 31% FRL).
• Market conditions: 12 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 14 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $400 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 514 days — a 12% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $7k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,952 (12.0% below list)

Questions for the listing agent

1. It's been on market 514 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 1885 — 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: 1.38% ✓
• Cap rate: 12.17%
• Cash-on-cash: 20.99%
• DSCR: 1.93
• GRM: 6.0

CMA / ARV

• ARV (median comp): $76,151
• List price: $57,900
• Delta: -23.97%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
410 4th St	0.16mi	2/1.0 (+1)	971 (-3%)	2mo	$22,500	$23	81
300 4th St	0.18mi	2/1.0 (+1)	1,052 (+5%)	6mo	$117,500	$112	72
208 2nd St	0.12mi	2/1.0 (+1)	958 (-4%)	14mo	$89,000	$93	70
311 5th St	0.20mi	2/2.0 (+1)	1,030 (+3%)	11mo	$118,000	$115	67
406 5th St	0.23mi	2/1.0 (+1)	935 (-6%)	21mo	$20,000	$21	57
705 Whitney St	0.25mi	2/2.0 (+1)	860 (-14%)	20mo	$112,000	$130	40

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: 13.4%
• Equity multiple: 1.53×
• Total profit: $8,659
• Equity at exit: $8,633

10-year hold

• IRR: 22.2%
• Equity multiple: 2.89×
• Total profit: $30,716
• Equity at exit: $5,006

Cash invested: $16,212 (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 51535

• Home prices YoY: -21.9%
• Active inventory: 12
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $800 medium
• Mortgage (P&I): −$304
• Tax from tax record: −$21 /mo · $248/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$168
• Net cashflow: $284

Break-even live

Break-even rent $441

Max offer price $57,900

Occupancy floor 60%

Sensitivity live

Price	-10% $316	-5% $300	+0% $284	+5% $267	+10% $251
Rent	-10% $220	-5% $252	+0% $284	+5% $315	+10% $347
Rate	-1.0pp $313	-0.5pp $298	base $284	+0.5pp $269	+1.0pp $253

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: $14,475
• Closing costs: $1,737
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Harrison St Griswold, IA	1.0	1.0	650	$800	$1.23	15d	1	0.52mi

Listing history 31 events

1. 2026-06-21
   days on market $57,900 Active 514 DOM
2. 2026-06-18
   days on market $57,900 Active 511 DOM
3. 2026-06-17
   days on market $57,900 Active 510 DOM
4. 2026-06-16
   days on market $57,900 Active 509 DOM
5. 2026-06-15
   days on market $57,900 Active 508 DOM
6. 2026-06-14
   days on market $57,900 Active 506 DOM
7. 2026-06-13
   days on market $57,900 Active 505 DOM
8. 2026-06-10
   days on market $57,900 Active 503 DOM
9. 2026-06-09
   days on market $57,900 Active 502 DOM
10. 2026-06-08
    days on market $57,900 Active 501 DOM
11. 2026-06-07
    days on market $57,900 Active 500 DOM
12. 2026-06-05
    days on market $57,900 Active 497 DOM
13. 2026-06-03
    days on market $57,900 Active 496 DOM
14. 2026-06-02
    days on market $57,900 Active 495 DOM
15. 2026-06-01
    days on market $57,900 Active 494 DOM
16. 2026-05-31
    days on market $57,900 Active 493 DOM
17. 2026-05-31
    days on market $57,900 Active 492 DOM
18. 2026-03-28
    status Active 379-char remark

    Show marketing remark (379 chars)

    Removed shingles and sheeting on roof. Installed new OSB board, and shingles 6/25. Replaced some siding on lower front and right side of house. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. All Measurements are Approximate.

19. 2026-03-13
    historical Active Under Contract 379-char remark

    Show marketing remark (379 chars)

    Removed shingles and sheeting on roof. Installed new OSB board, and shingles 6/25. Replaced some siding on lower front and right side of house. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. All Measurements are Approximate.

20. 2026-02-24
    price $59,900 379-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

21. 2026-02-24
    price $59,900 385-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

22. 2026-02-16
    status Active 385-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

23. 2025-12-23
    price $65,500 379-char remark

    Show marketing remark (379 chars)

    Removed shingles and sheeting on roof. Installed new OSB board, and shingles 6/25. Replaced some siding on lower front and right side of house. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. All Measurements are Approximate.

24. 2025-07-22
    price $66,500 379-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

25. 2025-07-22
    price $66,500 385-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

26. 2025-06-23
    price $67,500 385-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

27. 2025-06-20
    price $67,500 379-char remark

    Show marketing remark (379 chars)

    Removed shingles and sheeting on roof. Installed new OSB board, and shingles 6/25. Replaced some siding on lower front and right side of house. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. All Measurements are Approximate.

28. 2025-02-05
    price $59,900 379-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

29. 2025-02-05
    price $59,900 385-char remark

    Show marketing remark (385 chars)

    INVESTORS SPECIAL. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. Current renters have lease through April 24th 2025 and would like to keep living there. Please Give 24 Hour notice to show house . All Measurements are Approximate.

30. 2025-01-24
    listed $65,000 Active 385-char remark

    Show marketing remark (379 chars)

    Removed shingles and sheeting on roof. Installed new OSB board, and shingles 6/25. Replaced some siding on lower front and right side of house. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. All Measurements are Approximate.

31. 2025-01-24
    listed $65,000 Active 379-char remark

    Show marketing remark (379 chars)

    Removed shingles and sheeting on roof. Installed new OSB board, and shingles 6/25. Replaced some siding on lower front and right side of house. This is a 1 Bed 1 Bath 1.5 story house. Bedroom on main floor. The 2nd floor can be used as storage. Seller installed New Furnace in 2022. New Electrical Box, Water Heater, and Pex water lines in 2019. All Measurements are Approximate.

ⓘ 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: $248 · $21/mo
• Projected year-2 tax: $579 · $48/mo
• Expected delta: +$331/yr (+$28/mo · 133.3%)

ⓘ 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 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: $9,600
• − Mortgage interest: −$3,243
• − Property taxes: −$248
• − Insurance: −$290
• − Repairs & maintenance: −$768
• − Management: −$768
• − Depreciation: −$1,684
• Taxable income: $2,599
• Est. tax owed @ 24.0%: −$624
• After-tax cash flow: $2,779/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: Griswold Community School District
• NCES district ID: 1913230
• Math proficiency: 74% ▲ 1.00%
• Reading proficiency: 80% ▼ -1.00%
• Median HH income: $48,914
• Composite: 65.05/100
• National rank: #500
• State rank: #54 of 289 in IA

Livability — Griswold

• Score: 69/100
• State rank: #415
• US rank: #8893

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Griswold, IA
• Population (ZIP): 1,768

Population outlook (Cass County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 11,911 · -4.3%
• By 2040: 10,904 · -12.4%
• By 2050: 10,005 · -19.7%
• By 2075: 8,030 · -35.5%
• By 2100: 5,865 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Italian 6% Portuguese 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+40.7) · D 28.9% · R 69.6% · Other 1.5%
• 2008→2024 swing: -29.9pp toward R · 2008: -10.8pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+38.0 2016: R+39.8 2012: R+18.9 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.52%
• Current HPI: 191.0951
• 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

-7.8% since first listed

14 events — show timeline

• 2026-03-28 Relisted — SWIAR
• 2026-03-13 Contingent — SWIAR
• 2026-02-24 Price Changed $59,900 SWIAR
• 2026-02-24 Price Changed $59,900 IAR
• 2026-02-16 Relisted — IAR
• 2025-12-23 Price Changed $65,500 SWIAR
• 2025-07-22 Price Changed $66,500 SWIAR
• 2025-07-22 Price Changed $66,500 IAR
• 2025-06-23 Price Changed $67,500 IAR
• 2025-06-20 Price Changed $67,500 SWIAR
• 2025-02-05 Price Changed $59,900 SWIAR
• 2025-02-05 Price Changed $59,900 IAR
• 2025-01-24 Listed $65,000 IAR
• 2025-01-24 Listed $65,000 SWIAR

Property tax history

-3.0%/yr

Latest (2025): $248 · +0.0% YoY. Source: county tax records.