319 NW 2nd Ave · Oelwein, IA 50662

$41,900

1 bd · 1.0 ba · 736 sqft · SingleFamily public records · 43 Days on market

Built 1927 7,000 sqft lot $57/sqft · 18% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Adorable cream puff house. 1 bedroom, 3/4 bath, main floor laundry. Perfect for a couple starter home or senior living. Nice small backyard with converted garage for private gatherings. Quiet neighborhood. See how cute this is! Great investment opportunity too. Call for your personal showing.

Key facts

• 7,000 sq ft lot
• Parking
• Built 1927

Property features AI

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Zoned R-1
• Construction: Vinyl siding construction; Metal roof
• Exterior features: Metal roof; Vinyl siding; Road surface: Other

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement; No fireplace

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($878 rent vs $42k).
• Recommended offer: $41k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.7% vs local median 4.5% in Oelwein — 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 76/100 on livability (#186 in IA, #3,329 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Oelwein Community School District (town): math 47% / reading 55% proficiency, ranked #281 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oelwein Middle School (math 44% / reading 54%, grade C-, #219 of 246 statewide, top 90%, 359 students, 60% FRL); Oelwein High School (math 46% / reading 62%, grade C-, #293 of 336 statewide, top 87%, 314 students, 46% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 8 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $290 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Fayette County population projected at -15% 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 $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,643 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.10% ✓
• Cap rate: 18.72%
• Cash-on-cash: 44.39%
• DSCR: 2.97
• GRM: 4.0

CMA / ARV

• ARV (median comp): $120,448
• List price: $41,900
• Delta: -65.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 NE 2nd St	0.01mi	2/1.0 (+1)	776 (+5%)	13mo	$42,240	$54	75
223 5th St St NW	0.55mi	2/1.0 (+1)	735 (-0%)	11mo	$90,000	$122	60
29 2nd St. St NW	0.35mi	2/2.0 (+1)	776 (+5%)	18mo	$61,100	$79	51
221 Lincoln Dr Dr NE	0.28mi	2/1.0 (+1)	832 (+13%)	17mo	$112,000	$135	46
29 6th Ave Ave SE	0.31mi	2/1.0 (+1)	830 (+13%)	17mo	$56,000	$67	45
113 6th Ave Ave SE	0.38mi	2/1.0 (+1)	816 (+11%)	22mo	$49,000	$60	41
40 5th St NW - St	0.41mi	2/1.0 (+1)	812 (+10%)	22mo	$89,500	$110	40
205 5th St NW	0.52mi	2/1.0 (+1)	800 (+9%)	23mo	$74,000	$93	37

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: 41.4%
• Equity multiple: 2.78×
• Total profit: $20,843
• Equity at exit: $6,247

10-year hold

• IRR: 47.6%
• Equity multiple: 5.58×
• Total profit: $53,718
• Equity at exit: $3,623

Cash invested: $11,732 (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 50662

• Home prices YoY: -21.7%
• Active inventory: 60
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $878 medium
• Mortgage (P&I): −$220
• Tax from tax record: −$23 /mo · $272/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $434

Break-even live

Break-even rent $329

Max offer price $41,900

Occupancy floor 46%

Sensitivity live

Price	-10% $458	-5% $446	+0% $434	+5% $422	+10% $410
Rent	-10% $365	-5% $399	+0% $434	+5% $469	+10% $503
Rate	-1.0pp $455	-0.5pp $445	base $434	+0.5pp $423	+1.0pp $412

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: $10,475
• Closing costs: $1,257
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $41,900 Active 43 DOM
2. 2026-06-18
   days on market $41,900 Active 41 DOM
3. 2026-06-17
   days on market $41,900 Active 40 DOM
4. 2026-06-16
   days on market $41,900 Active 39 DOM
5. 2026-06-15
   days on market $41,900 Active 38 DOM
6. 2026-06-13
   days on market $41,900 Active 36 DOM
7. 2026-06-12
   days on market $41,900 Active 35 DOM
8. 2026-06-09
   days on market $41,900 Active 32 DOM
9. 2026-06-08
   days on market $41,900 Active 31 DOM
10. 2026-06-07
    days on market $41,900 Active 30 DOM
11. 2026-06-07
    days on market $41,900 Active 29 DOM
12. 2026-06-04
    days on market $41,900 Active 26 DOM
13. 2026-06-02
    days on market $41,900 Active 25 DOM
14. 2026-06-01
    days on market $41,900 Active 24 DOM
15. 2026-05-31
    days on market $41,900 Active 23 DOM
16. 2026-05-31
    days on market $41,900 Active 22 DOM
17. 2026-05-08
    listed $41,900 Active 188-char remark
18. 2026-01-31
    price $41,900
19. 2025-12-25
    price $45,900
20. 2024-12-13
    soldstatus $52,500 Closed

    Show marketing remark (293 chars)

    Adorable cream puff house. 1 bedroom, 3/4 bath, main floor laundry. Perfect for a couple starter home or senior living. Nice small backyard with converted garage for private gatherings. Quiet neighborhood. See how cute this is! Great investment opportunity too. Call for your personal showing.

21. 2024-11-29
    status Pending

    Show marketing remark (293 chars)

    Adorable cream puff house. 1 bedroom, 3/4 bath, main floor laundry. Perfect for a couple starter home or senior living. Nice small backyard with converted garage for private gatherings. Quiet neighborhood. See how cute this is! Great investment opportunity too. Call for your personal showing.

22. 2024-10-07
    price $69,900

    Show marketing remark (293 chars)

    Adorable cream puff house. 1 bedroom, 3/4 bath, main floor laundry. Perfect for a couple starter home or senior living. Nice small backyard with converted garage for private gatherings. Quiet neighborhood. See how cute this is! Great investment opportunity too. Call for your personal showing.

23. 2024-10-03
    listed $54,900 Active

    Show marketing remark (293 chars)

    Adorable cream puff house. 1 bedroom, 3/4 bath, main floor laundry. Perfect for a couple starter home or senior living. Nice small backyard with converted garage for private gatherings. Quiet neighborhood. See how cute this is! Great investment opportunity too. Call for your personal showing.

24. 2024-03-15
    price $53,000
25. 2020-05-05
    soldstatus $10,000
26. 2020-04-30
    soldstatus $10,000
27. 2019-09-27
    listed $10,000

ⓘ 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: $272 · $23/mo
• Projected year-2 tax: $465 · $39/mo
• Expected delta: +$193/yr (+$16/mo · 70.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $10,539
• − Mortgage interest: −$2,347
• − Property taxes: −$272
• − Insurance: −$210
• − Repairs & maintenance: −$843
• − Management: −$843
• − Depreciation: −$1,219
• Taxable income: $4,805
• Est. tax owed @ 24.0%: −$1,153
• After-tax cash flow: $4,054/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: Oelwein Community School District
• NCES district ID: 1921630
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $39,812
• Composite: 42.61/100
• National rank: #3189
• State rank: #281 of 289 in IA

Livability — Oelwein

• Score: 76/100
• State rank: #186
• US rank: #3329

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: Oelwein, IA
• Population (ZIP): 6,497

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 19,299 people
• By 2030: 18,701 · -3.1%
• By 2040: 17,469 · -9.5%
• By 2050: 16,389 · -15.1%
• By 2075: 15,156 · -21.5%
• By 2100: 14,214 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+30.5) · D 34.0% · R 64.4% · Other 1.6%
• 2008→2024 swing: -47.1pp toward R · 2008: 16.6pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+22.7 2016: R+19.6 2012: D+11.9 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.26%
• Current HPI: 177.9399
• 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

+319.0% since first listed

11 events — show timeline

• 2026-05-08 Listed $41,900 NEIRBR as distributed by MLS GRID
• 2026-01-31 Price Changed $41,900 NEIRBR as distributed by MLS GRID
• 2025-12-25 Price Changed $45,900 NEIRBR as distributed by MLS GRID
• 2024-12-13 Sold (MLS) $52,500 NEIRBR as distributed by MLS GRID
• 2024-11-29 Pending — NEIRBR as distributed by MLS GRID
• 2024-10-07 Price Changed $69,900 NEIRBR as distributed by MLS GRID
• 2024-10-03 Listed $54,900 NEIRBR as distributed by MLS GRID
• 2024-03-15 Price Changed $53,000 NEIRBR as distributed by MLS GRID
• 2020-05-05 Sold (Public Records) $10,000 Public Records
• 2020-04-30 Sold (MLS) $10,000 NEIRBR as distributed by MLS GRID
• 2019-09-27 Listed $10,000 NEIRBR as distributed by MLS GRID

Property tax history

+5.8%/yr

Latest (2025): $272 · -45.6% YoY. Source: county tax records.