803 Center St · Grinnell, IA 50112

$80,000

2 bd · 1.0 ba · 1,133 sqft · SingleFamily public records · 1 Days on market

Built 1900 0.39 ac lot Est $156k · 49% under

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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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +7.1/10.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2 bedroom, 1 bath 1 1/2 story home on quiet cul-du-sac. The first floor features a living room, dining room, kitchen and full bath with 2 bedrooms upstairs. All hail damage has been done. Newer windows. Big Backyard

Key facts

• 0.39 acre lot
• Built 1900

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half story
• Construction: Built with HardiPlank type exterior
• Exterior features: HardiPlank type siding; Lot approximately 0.39 acres (95 x 130)

Interior

• Bathrooms: 1 full bathroom
• Interior features: Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($969 rent vs $80k).
• Cap rate 9.0% vs local median 2.9% in Grinnell — 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 79/100 on livability (#123 in IA, #2,270 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Grinnell-Newburg Community School District (town): math 76% / reading 79% proficiency, ranked #47 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 98 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $80,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.21% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.65%
• DSCR: 1.43
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $156,354
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 1st Ave	0.23mi	3/2.0 (+1)	1,166 (+3%)	10mo	$203,000	$174	67
433 Main St	0.46mi	1/1.0 (-1)	1,094 (-3%)	2mo	$80,000	$73	66
1209 Spencer St	0.42mi	2/1.0	1,046 (-8%)	4mo	$105,000	$100	64
616 Harrison Ave	0.58mi	2/1.5	1,184 (+4%)	2mo	$235,000	$198	62
411 1st Ave	0.21mi	3/1.0 (+1)	1,266 (+12%)	6mo	$142,000	$112	61
510 Spring St	0.34mi	2/1.0	1,275 (+12%)	9mo	$149,000	$117	56
416 Broad St	0.57mi	3/1.5 (+1)	1,058 (-7%)	10mo	$146,000	$138	47
539 10th Ave	0.73mi	3/1.5 (+1)	1,180 (+4%)	9mo	$229,000	$194	45
1429 Prince St	0.71mi	2/1.5	992 (-12%)	6mo	$105,000	$106	39
1220 Main St	0.56mi	3/1.5 (+1)	987 (-13%)	9mo	$149,000	$151	38
128 Main St	0.73mi	3/1.0 (+1)	984 (-13%)	6mo	$145,000	$147	34
720 High St	0.68mi	3/3.0 (+1)	1,264 (+12%)	10mo	$139,000	$110	28

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: -1.7%
• Equity multiple: 0.94×
• Total profit: $-1,455
• Equity at exit: $11,928

10-year hold

• IRR: 8.0%
• Equity multiple: 1.61×
• Total profit: $13,647
• Equity at exit: $6,917

Cash invested: $22,400 (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 50112

• Home prices YoY: -14.4%
• Active inventory: 98
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $969 high
• Mortgage (P&I): −$420
• Tax from tax record: −$132 /mo · $1,588/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $180

Break-even live

Break-even rent $741

Max offer price $80,000

Occupancy floor 76%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
931 West St Grinnell, IA	3.0	1.0	1300	$1,100	$0.85	23d	1	0.28mi
916 Main St Unit 4 Grinnell, IA	2.0	1.0	1200	$850	$0.71	23d	1	0.36mi
401 Washington Ave Grinnell, IA	2.0	1.0	1000	$825	$0.82	14d	1	0.38mi
501 Washington Ave Grinnell, IA	3.0	1.0	1008	$1,025	$1.02	14d	1	0.40mi
232 8th Ave W Grinnell, IA	3.0	1.0	1008	$1,010	$1.00	43d	1	0.46mi
1512 Summer St Grinnell, IA	2.0	1.0	1339	$1,000	$0.75	43d	1	1.17mi

Listing history 2 events

1. 2026-05-27
   status Pending
2. 2026-05-27
   listed $80,000 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: $1,588 · $132/mo
• Projected year-2 tax: $1,588 · $132/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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,625
• − Mortgage interest: −$4,481
• − Property taxes: −$1,588
• − Insurance: −$400
• − Repairs & maintenance: −$930
• − Management: −$930
• − Depreciation: −$2,327
• Taxable income: $969
• Est. tax owed @ 24.0%: −$233
• After-tax cash flow: $1,929/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: Grinnell-Newburg Community School District
• NCES district ID: 1913200
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $49,893
• Composite: 65.57/100
• National rank: #466
• State rank: #47 of 289 in IA

Livability — Grinnell

• Score: 79/100
• State rank: #123
• US rank: #2270

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: Grinnell, IA
• City population: 11,776
• Population (ZIP): 11,776

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Iranian 7% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.63%
• Current HPI: 241.5557
• 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

2 events — show timeline

• 2026-05-27 Pending — IAR
• 2026-05-27 Listed $80,000 IAR

Property tax history

+2.2%/yr

Latest (2025): $1,588 · +1.3% YoY. Source: county tax records.