720 2nd St · Lorimor, IA 50149

$110,000

2 bd · 2.0 ba · 1,087 sqft · SingleFamily public records · 69 Days on market

Built 1997 0.49 ac lot $101/sqft · at area comps Est $114k · at est. ↓ 10% since listing

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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 +13.9/30.0
• ARV discount +9.1/15.0
• Appreciation +6.0/10.0
• Schools +5.6/10.0
• DSCR +4.2/10.0
• 1% rule +3.9/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

WELCOME HOME! Take a look at this well-maintained manufactured home on 2.5 lots. This beautiful home has a LARGE eat-in kitchen, with plenty of natural light and an abundance of counter space. The living room is also very spacious, with a large window and NEW CARPET. There is plenty of room for ENTERTAINING. Wait until you see the MASTER SUITE! The large master bedroom has a double closet, SOAKING TUB, and separate shower/toilet area. There are also two nice sized bedrooms and another FULL BATH. You will appreciate the enclosed areas at both the front and back doors, great DROP ZONES. There is plenty of space with a two-car GARAGE and another large garage/shop building, plenty of room for ALL YOUR TOYS. There is a house on the property that the previous owner used as a "shop" which is being sold AS IS and is not livable. This would make a great craft area, MAN CAVE, storage or whatever you need extra space for. Roof on the home and the AS IS house were replaced in 2021. ALL APPLIANCES STAY. There is also a root cellar on the property that has not been used in years.

Key facts

• Soaking tub
• Natural light
• Drop zones

Tags

• EAT-IN KITCHEN
• NATURAL LIGHT
• ABUNDANCE OF COUNTER SPACE
• SOAKING TUB
• SEPARATE SHOWER TOILET AREA
• DROP ZONES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $12 ($144/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 $97k (11.5% below list).
• Recommended offer: $97k (11.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 55/100 on livability (#932 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime D+, schools F, amenities F.
• East Union Community School District (rural): math 65% / reading 67% proficiency, ranked #187 of 289 in IA (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 7 active listings in the ZIP; 5 units permitted in Union County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($761 loan paydown + $2k appreciation (2.1% local appreciation)).
• At projected returns (2.1% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $97,390 (11.5% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 11% 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.89% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.47%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

• ARV (median comp): $113,979
• List price: $110,000
• Delta: -3.49%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Projected returns pro-forma

2.09% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.29×
• Total profit: $8,845
• Equity at exit: $43,945

10-year hold

• IRR: 8.8%
• Equity multiple: 2.21×
• Total profit: $37,146
• Equity at exit: $63,712

Cash invested: $30,800 (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 50149

• Home prices YoY: 1.7%
• Active inventory: 7
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $974 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$135 /mo · $1,616/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $12

Break-even live

Break-even rent $959

Max offer price $110,000

Occupancy floor 94%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $110,000 Active 69 DOM
2. 2026-06-17
   days on market $110,000 Active 68 DOM
3. 2026-06-16
   days on market $110,000 Active 67 DOM
4. 2026-06-15
   days on market $110,000 Active 66 DOM
5. 2026-06-13
   days on market $110,000 Active 64 DOM
6. 2026-06-12
   pricedays on market $110,000 Active 63 DOM
7. 2026-06-09
   days on market $124,900 Active 60 DOM
8. 2026-06-08
   days on market $124,900 Active 59 DOM
9. 2026-06-07
   days on market $124,900 Active 58 DOM
10. 2026-06-05
    days on market $124,900 Active 56 DOM
11. 2026-06-04
    days on market $124,900 Active 54 DOM
12. 2026-06-02
    days on market $124,900 Active 53 DOM
13. 2026-06-01
    days on market $124,900 Active 52 DOM
14. 2026-05-31
    days on market $124,900 Active 51 DOM
15. 2026-05-31
    days on market $124,900 Active 50 DOM
16. 2026-04-11
    listed $124,900 Active 1092-char remark

    Show marketing remark (1092 chars)

    WELCOME HOME! Take a look at this well-maintained manufactured home on 2.5 lots. This beautiful home has a LARGE eat-in kitchen, with plenty of natural light and an abundance of counter space. The living room is also very spacious, with a large window and NEW CARPET. There is plenty of room for ENTERTAINING. Wait until you see the MASTER SUITE! The large master bedroom has a double closet, SOAKING TUB, and separate shower/toilet area. There are also two nice sized bedrooms and another FULL BATH. You will appreciate the enclosed areas at both the front and back doors, great DROP ZONES. There is plenty of space with a two-car GARAGE and another large garage/shop building, plenty of room for ALL YOUR TOYS. There is a house on the property that the previous owner used as a "shop" which is being sold AS IS and is not livable. This would make a great craft area, MAN CAVE, storage or whatever you need extra space for. Roof on the home and the AS IS house were replaced in 2021. ALL APPLIANCES STAY. There is also a root cellar on the property that has not been used in years.

17. 2026-04-10
    listed $124,900 Active 1092-char remark

    Show marketing remark (1092 chars)

    WELCOME HOME! Take a look at this well-maintained manufactured home on 2.5 lots. This beautiful home has a LARGE eat-in kitchen, with plenty of natural light and an abundance of counter space. The living room is also very spacious, with a large window and NEW CARPET. There is plenty of room for ENTERTAINING. Wait until you see the MASTER SUITE! The large master bedroom has a double closet, SOAKING TUB, and separate shower/toilet area. There are also two nice sized bedrooms and another FULL BATH. You will appreciate the enclosed areas at both the front and back doors, great DROP ZONES. There is plenty of space with a two-car GARAGE and another large garage/shop building, plenty of room for ALL YOUR TOYS. There is a house on the property that the previous owner used as a "shop" which is being sold AS IS and is not livable. This would make a great craft area, MAN CAVE, storage or whatever you need extra space for. Roof on the home and the AS IS house were replaced in 2021. ALL APPLIANCES STAY. There is also a root cellar on the property that has not been used in years.

18. 2024-11-11
    price $127,500
19. 2024-08-13
    price $134,500
20. 2024-06-10
    listed $139,000 Active

ⓘ 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: $1,616 · $135/mo
• Projected year-2 tax: $1,672 · $139/mo
• Expected delta: +$56/yr (+$5/mo · 3.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,687
• − Mortgage interest: −$6,162
• − Property taxes: −$1,616
• − Insurance: −$550
• − Repairs & maintenance: −$935
• − Management: −$935
• − Depreciation: −$3,200
• Taxable loss: −$1,711
• Est. tax savings @ 24.0%: +$411
• After-tax cash flow: $555/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: East Union Community School District
• NCES district ID: 1910350
• Math proficiency: 65% ▼ -4.00%
• Reading proficiency: 67% ▼ -2.00%
• Median HH income: $48,781
• Composite: 55.94/100
• National rank: #1199
• State rank: #187 of 289 in IA

Livability — Lorimor

• Score: 55/100
• State rank: #932
• US rank: #23394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lorimor, IA
• Population (ZIP): 900

Population outlook (Union County) Hauer SSP2

• Today (2025): 12,536 people
• By 2030: 12,561 · +0.2%
• By 2040: 12,583 · +0.4%
• By 2050: 12,543 · +0.1%
• By 2075: 12,816 · +2.2%
• By 2100: 12,754 · +1.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2% Pacific Islander 1%
• Common ancestry: Polish 5% Iranian 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 88% English-only · German/W. Germanic 12%

Political lean MEDSL · Union

• 2024 margin: Solid R (+36.2) · D 31.2% · R 67.4% · Other 1.3%
• 2008→2024 swing: -39.9pp toward R · 2008: 3.7pp · 2024: -36.2pp
• All cycles: 2024: R+36.2 2020: R+31.5 2016: R+27.8 2012: D+3.9 2008: D+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.09%
• Current HPI: 126.3102
• 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

-10.1% since first listed

5 events — show timeline

• 2026-04-11 Listed $124,900 IAR
• 2026-04-10 Listed $124,900 DMMLS
• 2024-11-11 Price Changed $127,500 IAR
• 2024-08-13 Price Changed $134,500 IAR
• 2024-06-10 Listed $139,000 IAR

Property tax history

+6.5%/yr

Latest (2025): $1,616 · +15.4% YoY. Source: county tax records.