106 N 2nd St · Montezuma, IA 50171

$149,000

3 bd · 1.0 ba · 1,286 sqft · SingleFamily public records · 17 Days on market

Built 1900 8,712 sqft lot $116/sqft · 12% below area Est $169k · 12% 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).

• ARV discount +12.7/15.0
• Cash flow +12.3/30.0
• Appreciation +10.0/10.0
• Schools +6.5/10.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Charming 3 BR home close to downtown and school. Great starter home on a corner lot. Give this home your personal touch and make it your own. Call an agent today for a personal tour!

Key facts

• Covered front porch
• Remodeled bathroom
• Sunny back deck

Tags

• CORNER LOT
• UPDATED KITCHEN
• MODERN COUNTERTOPS
• REMODELED BATHROOM
• COVERED FRONT PORCH
• SUNNY BACK DECK

Property features AI

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Single-family residence; One and one-half story
• Construction: Frame construction with vinyl siding; Shingle roof
• Exterior features: Corner lot; Lot dimensions approximately 66 x 132 (0.2 acre)

Interior

• Kitchen: Range; Microwave; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Insulated windows; Basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $-29 ($-343/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (21.6% below list).
• Recommended offer: $117k (21.6% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 1.5% in Montezuma — 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 75/100 on livability (#228 in IA, #4,319 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F, employment F.
• Montezuma Community School District (rural): math 73% / reading 79% proficiency, ranked #55 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 66 active listings in the ZIP; 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $116,863 (21.6% 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. 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.
6. 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.
7. 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: 0.78% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• GRM: 10.6

CMA / ARV

• ARV (median comp): $168,573
• List price: $149,000
• Delta: -11.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 N 2nd St	0.00mi	3/1.0	1,286 (0%)	0mo	$144,000	$112	100
208 N 4th St	0.14mi	3/1.0	1,162 (-10%)	1mo	$142,000	$122	76
406 N 4th St	0.24mi	2/1.0 (-1)	1,248 (-3%)	14mo	$85,000	$68	68
406 S 4th St	0.33mi	3/3.0	1,216 (-5%)	1mo	$195,000	$160	67
205 S 3rd St	0.18mi	3/2.0	1,428 (+11%)	4mo	$176,500	$124	65
107 N 9th St	0.48mi	3/2.0	1,320 (+3%)	5mo	$212,500	$161	65
403 S 3rd St	0.29mi	3/1.0	1,128 (-12%)	6mo	$131,000	$116	61
400 S 6th St	0.36mi	4/2.5 (+1)	1,214 (-6%)	3mo	$193,000	$159	60
401 E Madison St	0.22mi	2/1.0 (-1)	1,134 (-12%)	14mo	$97,000	$86	54
506 S 8th St	0.54mi	3/1.5	1,147 (-11%)	5mo	$127,000	$111	51
506 E Dallas St	0.32mi	2/1.0 (-1)	1,140 (-11%)	13mo	$148,500	$130	50
110 Sunnyside Dr	0.57mi	2/1.5 (-1)	1,104 (-14%)	12mo	$173,000	$157	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 23.7%
• Equity multiple: 2.90×
• Total profit: $79,299
• Equity at exit: $134,231

10-year hold

• IRR: 21.0%
• Equity multiple: 6.63×
• Total profit: $234,894
• Equity at exit: $289,474

Cash invested: $41,720 (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 50171

• Home prices YoY: 9.3%
• Active inventory: 66
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,169 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$108 /mo · $1,300/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $-29

Break-even live

Break-even rent $1,205

Max offer price $143,953

Occupancy floor 97%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   status Pending 908-char remark
2. 2026-04-23
   listed $149,000 Active 908-char remark
3. 2015-09-02
   soldstatus $59,000
4. 2015-08-31
   soldstatus $58,750 182-char remark

   Show marketing remark (182 chars)

   Charming 3 BR home close to downtown and school. Great starter home on a corner lot. Give this home your personal touch and make it your own. Call an agent today for a personal tour!

5. 2015-05-22
   listed $62,500 182-char remark

   Show marketing remark (182 chars)

   Charming 3 BR home close to downtown and school. Great starter home on a corner lot. Give this home your personal touch and make it your own. Call an agent today for a personal tour!

ⓘ 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: $1,300 · $108/mo
• Projected year-2 tax: $1,820 · $152/mo
• Expected delta: +$520/yr (+$43/mo · 40.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $14,024
• − Mortgage interest: −$8,346
• − Property taxes: −$1,300
• − Insurance: −$745
• − Repairs & maintenance: −$1,122
• − Management: −$1,122
• − Depreciation: −$4,335
• Taxable loss: −$2,946
• Est. tax savings @ 24.0%: +$707
• After-tax cash flow: $364/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: Montezuma Community School District
• NCES district ID: 1919590
• Math proficiency: 73% ▼ -6.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $57,449
• Composite: 65.04/100
• National rank: #503
• State rank: #55 of 289 in IA

Livability — Montezuma

• Score: 75/100
• State rank: #228
• US rank: #4319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Montezuma, IA
• City population: 2,445
• Population (ZIP): 2,445

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 (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 5% Portuguese 5% Lithuanian 3%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 2%

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: ▲ 30.91%
• Current HPI: 364.6554
• 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

+130.4% since first listed

6 events — show timeline

• 2026-06-12 Sold (MLS) $144,000 IAR
• 2026-05-11 Pending — IAR
• 2026-04-23 Listed $149,000 IAR
• 2015-09-02 Sold (Public Records) $59,000 Public Records
• 2015-08-31 Sold (MLS) $58,750 IAR
• 2015-05-22 Listed $62,500 IAR

Property tax history

+2.9%/yr

Latest (2025): $1,300 · -5.1% YoY. Source: county tax records.