820 1st St NE #109 · Hartley, IA 51346

$89,900

1 bd · 1.0 ba · 820 sqft · SingleFamily · 68 Days on market

Built 1998 Good condition 3.17 ac lot $110/sqft · 13% above area Est $79k · 13% over

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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).

• Cash flow +15.4/30.0
• Schools +6.1/10.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy, carefree living at Morningside Estates in Hartley! This nice, clean, and spacious unit is a wonderful option for anyone ready to downsize while enjoying comfort, convenience, and community. The open-concept layout creates a bright, welcoming feel, and you’ll love the huge walk-in closet with attached laundry for everyday ease. Recent updates-including new flooring, fresh paint, and Hunter Douglas window coverings, make this home truly move-in ready. Morningside Estates offers more than just a place to live-it’s a lifestyle. Enjoy the inviting community room with full kitchen, a guest “hotel-style” suite available for visiting family and friends, and a game room filled with puzzles and activities. There’s always something happening here to keep you connected, active, and entertained. If you’re looking for low-maintenance living with built-in friendship and convenience right here in Hartley, this is a fantastic place to call home.

Key facts

• Huge walk-in closet
• Recent updates
• Attached laundry

Tags

• OPEN-CONCEPT LAYOUT
• HUGE WALK-IN CLOSET
• ATTACHED LAUNDRY
• RECENT UPDATES
• GUEST HOTEL-STYLE SUITE
• GAME ROOM

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $35 ($421/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $83k (7.6% below list).
• Recommended offer: $83k (7.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 77/100 on livability (#177 in IA, #3,188 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Hartley-Melvin-Sanborn Community School District (rural): math 72% / reading 73% proficiency, ranked #111 of 289 in IA (top 38%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Hartley-Melvin-Sanborn Elementary School (math 74% / reading 74%, grade A, #131 of 616 statewide, top 27%, 270 students, 52% FRL); Hartley-Melvin-Sanborn Middle School (math 72% / reading 72%, grade A, #95 of 246 statewide, top 42%, 174 students, 51% FRL); Hartley-Melvin-Sanborn High School (math 72% / reading 77%, grade B+, #89 of 336 statewide, top 30%, 203 students, 47% FRL).
• Market conditions: 13 active listings in the ZIP; 13 units permitted in O'Brien County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• O'Brien County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Recommended offer $83,088 (7.6% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.92% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.67%
• DSCR: 1.07
• GRM: 9.0

CMA / ARV

• ARV (median comp): $79,402
• List price: $89,900
• Delta: 13.22%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.6%
• Equity multiple: 0.51×
• Total profit: $-12,319
• Equity at exit: $13,404

10-year hold

• IRR: -4.7%
• Equity multiple: 0.69×
• Total profit: $-7,796
• Equity at exit: $7,773

Cash invested: $25,172 (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 51346

• Home prices YoY: -20.4%
• Active inventory: 13
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $831 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$174
• Net cashflow: $35

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 91%

Sensitivity live

Price	-10% $97	-5% $66	+0% $35	+5% $4	+10% $-27
Rent	-10% $-31	-5% $2	+0% $35	+5% $68	+10% $101
Rate	-1.0pp $80	-0.5pp $58	base $35	+0.5pp $12	+1.0pp $-12

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $89,900 Active 68 DOM
2. 2026-06-21
   days on market $89,900 Active 67 DOM
3. 2026-06-18
   days on market $89,900 Active 65 DOM
4. 2026-06-17
   days on market $89,900 Active 64 DOM
5. 2026-06-16
   days on market $89,900 Active 63 DOM
6. 2026-06-15
   days on market $89,900 Active 62 DOM
7. 2026-06-13
   days on market $89,900 Active 60 DOM
8. 2026-06-12
   days on market $89,900 Active 59 DOM
9. 2026-06-09
   days on market $89,900 Active 56 DOM
10. 2026-06-08
    days on market $89,900 Active 55 DOM
11. 2026-06-07
    days on market $89,900 Active 54 DOM
12. 2026-06-07
    days on market $89,900 Active 53 DOM
13. 2026-06-04
    days on market $89,900 Active 50 DOM
14. 2026-06-02
    days on market $89,900 Active 49 DOM
15. 2026-06-01
    days on market $89,900 Active 48 DOM
16. 2026-05-31
    days on market $89,900 Active 47 DOM
17. 2026-05-31
    days on market $89,900 Active 46 DOM
18. 2026-04-14
    listed $89,900 Active 995-char remark

    Show marketing remark (995 chars)

    Welcome to easy, carefree living at Morningside Estates in Hartley! This nice, clean, and spacious unit is a wonderful option for anyone ready to downsize while enjoying comfort, convenience, and community. The open-concept layout creates a bright, welcoming feel, and you’ll love the huge walk-in closet with attached laundry for everyday ease. Recent updates-including new flooring, fresh paint, and Hunter Douglas window coverings, make this home truly move-in ready. Morningside Estates offers more than just a place to live-it’s a lifestyle. Enjoy the inviting community room with full kitchen, a guest “hotel-style” suite available for visiting family and friends, and a game room filled with puzzles and activities. There’s always something happening here to keep you connected, active, and entertained. If you’re looking for low-maintenance living with built-in friendship and convenience right here in Hartley, this is a fantastic place to call home.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $9,971
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$798
• − Management: −$798
• − Depreciation: −$2,615
• Taxable loss: −$1,074
• Est. tax savings @ 24.0%: +$258
• After-tax cash flow: $679/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.

Condition & rehab AI · 9 photos

Good 75/100 Cosmetic rehab

This single-family home is in good condition with cosmetic updates needed. It offers a spacious layout and is move-in ready.

Repairs flagged

• Minor Kitchen cabinets — Worn wood
• Minor Bathroom fixtures — Standard fixtures

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace carpet with hardwood or tile — Improves durability and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn wood	Minor	$500–3,000
Bathroom fixtures · Standard fixtures	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood or tile — Improves durability and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hartley-Melvin-Sanborn Community School District
• NCES district ID: 1913660
• Math proficiency: 72% ▲ 1.00%
• Reading proficiency: 73% ▲ 4.00%
• Median HH income: $46,177
• Composite: 61.08/100
• National rank: #790
• State rank: #111 of 289 in IA

Livability — Hartley

• Score: 77/100
• State rank: #177
• US rank: #3188

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: Hartley, IA
• Population (ZIP): 2,211

Population outlook (O'Brien County) Hauer SSP2

• Today (2025): 13,353 people
• By 2030: 13,040 · -2.3%
• By 2040: 12,422 · -7.0%
• By 2050: 11,887 · -11.0%
• By 2075: 11,132 · -16.6%
• By 2100: 10,176 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 16% Portuguese 7% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 2%

Political lean MEDSL · O'Brien

• 2024 margin: Solid R (+60.9) · D 19.0% · R 80.0% · Other 1.0%
• 2008→2024 swing: -26.1pp toward R · 2008: -34.9pp · 2024: -60.9pp
• All cycles: 2024: R+60.9 2020: R+56.8 2016: R+60.2 2012: R+45.2 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.28%
• Current HPI: 160.6681
• 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

1 event — show timeline

• 2026-04-14 Listed $89,900 Iowa Great Lakes BOR