5016 Highway 92 · Martensdale, IA 50229

$183,000

5 bd · 1.5 ba · 1,901 sqft · SingleFamily public records · 13 Days on market

Built 1900 1.53 ac lot ↓ 4% since listing

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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).

• Appreciation +10.0/10.0
• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Livability +3.4/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0

Listing remarks MLS

Acreage on paving minutes to Martensdale, Indianola, Des Moines & 1-35. This farm house has had many updates including newer kitchen cabinets, vinyl siding, gutters & mechanicals. 2 full baths plus 1st floor and lower level laundry. Fantastic 3 car garage plus 24x40 shop building with concrete floor. Septic has been inspected making this one ready for the new owner. Zoned A-1 and includes HSA Warranty.

Key facts

• 1.53 acre lot
• 3 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $183k.

Deal economics

• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (24.5% below list).
• Recommended offer: $138k (24.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#456 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, amenities F, commute F.
• Martensdale-St Marys Community School District (rural): math 68% / reading 72% proficiency, ranked #105 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Martensdale Elementary School (math 82% / reading 77%, grade A, #71 of 616 statewide, top 15%, 305 students, 17% FRL); Martensdale-St Marys Jr-Sr High School (math 57% / reading 72%, grade B-, #211 of 336 statewide, top 70%, 275 students, 22% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 3 active listings in the ZIP; 439 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Warren County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $138,194 (24.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1900 — 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. 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?
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: 0.76% ✗
• Cap rate: 5.01%
• Cash-on-cash: -4.59%
• DSCR: 0.80
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.0%
• Equity multiple: 2.70×
• Total profit: $87,206
• Equity at exit: $164,861

10-year hold

• IRR: 19.1%
• Equity multiple: 6.21×
• Total profit: $266,705
• Equity at exit: $355,529

Cash invested: $51,240 (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 50229

• Home prices YoY: 21.1%
• Active inventory: 3
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,382 medium
• Mortgage (P&I): −$960
• Tax from tax record: −$252 /mo · $3,024/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $-196

Break-even live

Break-even rent $1,630

Max offer price $148,342

Occupancy floor —

Sensitivity live

Price	-10% $-93	-5% $-144	+0% $-196	+5% $-248	+10% $-300
Rent	-10% $-305	-5% $-251	+0% $-196	+5% $-142	+10% $-87
Rate	-1.0pp $-104	-0.5pp $-150	base $-196	+0.5pp $-244	+1.0pp $-292

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: $45,750
• Closing costs: $5,490
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-13
   status Pending
2. 2026-03-31
   listed $183,000 Active
3. 2016-10-06
   soldstatus $182,500
4. 2016-10-03
   soldstatus $182,500 418-char remark

   Show marketing remark (418 chars)

   Acreage on paving minutes to Martensdale, Indianola, Des Moines & 1-35. This farm house has had many updates including newer kitchen cabinets, vinyl siding, gutters & mechanicals. 2 full baths plus 1st floor and lower level laundry. Fantastic 3 car garage plus 24x40 shop building with concrete floor. Septic has been inspected making this one ready for the new owner. Zoned A-1 and includes HSA Warranty.

5. 2016-06-04
   listed $184,000 418-char remark

   Show marketing remark (418 chars)

   Acreage on paving minutes to Martensdale, Indianola, Des Moines & 1-35. This farm house has had many updates including newer kitchen cabinets, vinyl siding, gutters & mechanicals. 2 full baths plus 1st floor and lower level laundry. Fantastic 3 car garage plus 24x40 shop building with concrete floor. Septic has been inspected making this one ready for the new owner. Zoned A-1 and includes HSA Warranty.

6. 2016-06-01
   historical
7. 2016-03-23
   listed $189,900

ⓘ 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: $3,024 · $252/mo
• Projected year-2 tax: $3,024 · $252/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 16 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: $16,583
• − Mortgage interest: −$10,251
• − Property taxes: −$3,024
• − Insurance: −$915
• − Repairs & maintenance: −$1,327
• − Management: −$1,327
• − Depreciation: −$5,324
• Taxable loss: −$5,584
• Est. tax savings @ 24.0%: +$1,340
• After-tax cash flow: $-1,014/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: Martensdale-St Marys Community School District
• NCES district ID: 1918750
• Math proficiency: 68% ▼ -11.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $71,117
• Composite: 61.37/100
• National rank: #768
• State rank: #105 of 289 in IA

Livability — Martensdale

• Score: 68/100
• State rank: #456
• US rank: #9966

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 588
• Population (ZIP): 1,204

Population outlook (Warren County) Hauer SSP2

• Today (2025): 54,222 people
• By 2030: 56,863 · +4.9%
• By 2040: 61,691 · +13.8%
• By 2050: 65,939 · +21.6%
• By 2075: 75,626 · +39.5%
• By 2100: 80,425 · +48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Iranian 6% Portuguese 3% Serbian 1%
• Foreign-born: 2% · Canada, Dominican Republic
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Warren

• 2024 margin: Strong R (+20.7) · D 38.9% · R 59.7% · Other 1.4%
• 2008→2024 swing: -21.4pp toward R · 2008: 0.6pp · 2024: -20.7pp
• All cycles: 2024: R+20.7 2020: R+16.8 2016: R+16.4 2012: R+2.0 2008: D+0.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 46.55%
• Current HPI: 267.5623
• 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

-3.6% since first listed

7 events — show timeline

• 2026-04-13 Pending — DMMLS
• 2026-03-31 Listed $183,000 DMMLS
• 2016-10-06 Sold (Public Records) $182,500 Public Records
• 2016-10-03 Sold (MLS) $182,500 DMMLS
• 2016-06-04 Listed $184,000 DMMLS
• 2016-06-01 Listing Removed — DMMLS
• 2016-03-23 Listed $189,900 DMMLS

Property tax history

+3.2%/yr

Latest (2025): $3,024 · +2.9% YoY. Source: county tax records.