708 N Franklin St · Manchester, IA 52057

$144,900

5 bd · 2.0 ba · 1,999 sqft · SingleFamily public records · 127 Days on market

Built 1900 $72/sqft · 14% below area Est $166k · 13% under

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Why this score? — see what drove the C 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 +18.3/30.0
• ARV discount +13.1/15.0
• Schools +6.5/10.0
• DSCR +5.7/10.0
• 1% rule +4.6/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED – Incredible Income Potential! This versatile 2-story property is a rare "turn-key" opportunity for homeowners or investors. While currently enjoyed as a spacious single-family home with modern updates (newer roof, windows, and deck), it features a functional upstairs kitchenette for an easy duplex conversion. Highlights include a massive 2-car detached garage, a pet-ready yard with an invisible fence, and classic character throughout. Great location close to the pool and school.

Key facts

• Replaced windows
• Storage throughout
• Replaced roof

Tags

• ORIGINAL HARDWOOD FLOORS
• BUILT-IN BOOKCASE
• ENCLOSED FRONT PORCH
• STORAGE THROUGHOUT
• REPLACED WINDOWS
• REPLACED ROOF

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $132 ($2k/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 $139k (4.1% below list).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.0% in Manchester — 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 82/100 on livability (#51 in IA, #1,250 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• West Delaware County Community School District (town): math 73% / reading 81% proficiency, ranked #49 of 289 in IA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 58 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.
• Current owner paid $28k; list at $145k implies a 418% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 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 1900 — 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 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?
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: 0.96% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.91%
• DSCR: 1.17
• GRM: 8.7

CMA / ARV

• ARV (median comp): $165,608
• List price: $144,900
• Delta: -12.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 Circle Dr	0.16mi	5/2.0	2,129 (+6%)	11mo	$190,000	$89	72
116 Liberty St	0.11mi	4/2.0 (-1)	2,235 (+12%)	1mo	$193,500	$87	69
720 E Howard St	0.49mi	5/2.5	2,026 (+1%)	8mo	$225,000	$111	66
416 E Prospect St	0.44mi	4/2.5 (-1)	1,928 (-4%)	2mo	$210,000	$109	65
1031 New St	0.46mi	4/2.0 (-1)	1,985 (-1%)	11mo	$200,000	$101	63
1001 Gales Ave	0.42mi	4/2.5 (-1)	2,090 (+5%)	9mo	$255,000	$122	58
1018 New St	0.40mi	4/1.5 (-1)	1,838 (-8%)	4mo	$255,000	$139	58
109 N Madison Street St	0.36mi	4/2.0 (-1)	2,242 (+12%)	2mo	$115,000	$51	57
109 Circle Dr	0.10mi	4/1.5 (-1)	1,724 (-14%)	15mo	$175,000	$102	53
824 Union St	0.59mi	4/2.0 (-1)	1,756 (-12%)	7mo	$203,000	$116	42
905 New St	0.31mi	4/2.0 (-1)	1,728 (-14%)	24mo	$180,000	$104	38

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: -10.2%
• Equity multiple: 0.63×
• Total profit: $-15,068
• Equity at exit: $21,605

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-2,293
• Equity at exit: $12,528

Cash invested: $40,572 (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 52057

• Home prices YoY: -19.7%
• Active inventory: 58
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,389 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$145 /mo · $1,744/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $132

Break-even live

Break-even rent $1,222

Max offer price $144,900

Occupancy floor 85%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $144,900 Active 127 DOM
2. 2026-06-17
   days on market $144,900 Active 126 DOM
3. 2026-06-16
   days on market $144,900 Active 125 DOM
4. 2026-06-15
   days on market $144,900 Active 124 DOM
5. 2026-06-13
   days on market $144,900 Active 122 DOM
6. 2026-06-12
   days on market $144,900 Active 121 DOM
7. 2026-06-09
   days on market $144,900 Active 118 DOM
8. 2026-06-08
   days on market $144,900 Active 117 DOM
9. 2026-06-07
   days on market $144,900 Active 116 DOM
10. 2026-06-07
    days on market $144,900 Active 115 DOM
11. 2026-06-04
    days on market $144,900 Active 112 DOM
12. 2026-06-02
    days on market $144,900 Active 111 DOM
13. 2026-06-01
    days on market $144,900 Active 110 DOM
14. 2026-05-31
    days on market $144,900 Active 109 DOM
15. 2026-05-31
    days on market $144,900 Active 108 DOM
16. 2026-04-08
    price $144,900 514-char remark

    Show marketing remark (514 chars)

    PRICE REDUCED – Incredible Income Potential! This versatile 2-story property is a rare "turn-key" opportunity for homeowners or investors. While currently enjoyed as a spacious single-family home with modern updates (newer roof, windows, and deck), it features a functional upstairs kitchenette for an easy duplex conversion. Highlights include a massive 2-car detached garage, a pet-ready yard with an invisible fence, and classic character throughout. Great location close to the pool and school.

17. 2026-03-21
    status Active 514-char remark

    Show marketing remark (514 chars)

    PRICE REDUCED – Incredible Income Potential! This versatile 2-story property is a rare "turn-key" opportunity for homeowners or investors. While currently enjoyed as a spacious single-family home with modern updates (newer roof, windows, and deck), it features a functional upstairs kitchenette for an easy duplex conversion. Highlights include a massive 2-car detached garage, a pet-ready yard with an invisible fence, and classic character throughout. Great location close to the pool and school.

18. 2026-03-21
    price $154,900 514-char remark

    Show marketing remark (514 chars)

    PRICE REDUCED – Incredible Income Potential! This versatile 2-story property is a rare "turn-key" opportunity for homeowners or investors. While currently enjoyed as a spacious single-family home with modern updates (newer roof, windows, and deck), it features a functional upstairs kitchenette for an easy duplex conversion. Highlights include a massive 2-car detached garage, a pet-ready yard with an invisible fence, and classic character throughout. Great location close to the pool and school.

19. 2025-11-10
    status Pending 514-char remark

    Show marketing remark (514 chars)

    PRICE REDUCED – Incredible Income Potential! This versatile 2-story property is a rare "turn-key" opportunity for homeowners or investors. While currently enjoyed as a spacious single-family home with modern updates (newer roof, windows, and deck), it features a functional upstairs kitchenette for an easy duplex conversion. Highlights include a massive 2-car detached garage, a pet-ready yard with an invisible fence, and classic character throughout. Great location close to the pool and school.

20. 2025-10-12
    historical Active Under Contract 514-char remark

    Show marketing remark (514 chars)

    PRICE REDUCED – Incredible Income Potential! This versatile 2-story property is a rare "turn-key" opportunity for homeowners or investors. While currently enjoyed as a spacious single-family home with modern updates (newer roof, windows, and deck), it features a functional upstairs kitchenette for an easy duplex conversion. Highlights include a massive 2-car detached garage, a pet-ready yard with an invisible fence, and classic character throughout. Great location close to the pool and school.

21. 2025-10-03
    listed $148,500 Active 514-char remark

    Show marketing remark (514 chars)

    PRICE REDUCED – Incredible Income Potential! This versatile 2-story property is a rare "turn-key" opportunity for homeowners or investors. While currently enjoyed as a spacious single-family home with modern updates (newer roof, windows, and deck), it features a functional upstairs kitchenette for an easy duplex conversion. Highlights include a massive 2-car detached garage, a pet-ready yard with an invisible fence, and classic character throughout. Great location close to the pool and school.

22. 2025-07-24
    listed $159,900 Active
23. 1993-07-21
    soldstatus $28,000

ⓘ 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: $1,744 · $145/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$265/yr (+$22/mo · 15.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $16,673
• − Mortgage interest: −$8,117
• − Property taxes: −$1,744
• − Insurance: −$724
• − Repairs & maintenance: −$1,334
• − Management: −$1,334
• − Depreciation: −$4,215
• Taxable loss: −$795
• Est. tax savings @ 24.0%: +$191
• After-tax cash flow: $1,776/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: West Delaware County Community School District
• NCES district ID: 1930900
• Math proficiency: 73% ▼ -2.00%
• Reading proficiency: 81% ▲ 5.00%
• Median HH income: $52,373
• Composite: 65.37/100
• National rank: #484
• State rank: #49 of 289 in IA

Livability — Manchester

• Score: 82/100
• State rank: #51
• US rank: #1250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, IA
• City population: 7,883
• Population (ZIP): 7,883

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 16,718 people
• By 2030: 16,267 · -2.7%
• By 2040: 15,277 · -8.6%
• By 2050: 14,198 · -15.1%
• By 2075: 12,804 · -23.4%
• By 2100: 11,678 · -30.1%

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: Portuguese 3% Italian 2% Iranian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Delaware

• 2024 margin: Solid R (+39.6) · D 29.4% · R 69.1% · Other 1.5%
• 2008→2024 swing: -45.6pp toward R · 2008: 6.0pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+35.1 2016: R+29.8 2012: R+0.2 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.71%
• Current HPI: 222.5625
• 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

+417.5% since first listed

8 events — show timeline

• 2026-04-08 Price Changed $144,900 ECIMLS
• 2026-03-21 Relisted — ECIMLS
• 2026-03-21 Price Changed $154,900 ECIMLS
• 2025-11-10 Pending — ECIMLS
• 2025-10-12 Contingent — ECIMLS
• 2025-10-03 Listed $148,500 ECIMLS
• 2025-07-24 Listed $159,900 ECIMLS
• 1993-07-21 Sold (Public Records) $28,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,744 · +2.2% YoY. Source: county tax records.