523 Main St · McGregor, IA 52157

$135,000

3 bd · 2.5 ba · 2,092 sqft · MultiFamily public records · 89 Days on market

Built 1900 5,227 sqft lot $65/sqft · 7% below area Est $145k · 7% under ↓ 7% 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 +13.4/30.0
• ARV discount +10.7/15.0
• Schools +5.5/10.0
• Appreciation +5.0/10.0
• DSCR +4.0/10.0
• Livability +3.7/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Price reduced!! Check out this opportunity to own this unique home in historic downtown McGregor with tons of potential! This home offers 4 bedrooms, 2 bathrooms, 2 kitchens, and over 2,000 sq. ft. and could be used for single family living or, with a little effort, be used as a duplex. There is also plenty of storage, with a 2 car garage, 2 car carport, and 18 X10 storage shed, as well as a spacious 32 x 14 workshop and front and back covered porches. It also has a newer metal roof on the house, garage, and carport and the furnace and water heater have been replaced in last few years. Come put your finishing touches on this great property! Call today!

Key facts

• Two kitchens
• Spacious workshop
• Newer metal roof

Tags

• HISTORIC DOWNTOWN MCGREGOR
• TWO KITCHENS
• SPACIOUS WORKSHOP
• FRONT AND BACK COVERED PORCHES
• NEWER METAL ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $-52 ($-627/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (13.7% below list).
• Recommended offer: $117k (13.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#279 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Mfl Marmac Community School District (rural): math 62% / reading 68% proficiency, ranked #198 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 31 active listings in the ZIP; 48 units permitted in Clayton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($933 loan paydown + $4k appreciation (3.0% local appreciation)).
• Clayton County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $116,558 (13.7% 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. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• GRM: 9.7

CMA / ARV

• ARV (median comp): $145,493
• List price: $135,000
• Delta: -7.21%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.0%
• Equity multiple: 1.34×
• Total profit: $12,976
• Equity at exit: $60,702

10-year hold

• IRR: 8.9%
• Equity multiple: 2.35×
• Total profit: $50,938
• Equity at exit: $93,549

Cash invested: $37,800 (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 52157

• Active inventory: 31
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,166 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$153 /mo · $1,840/yr
• Insurance: −$56
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $-52

Break-even live

Break-even rent $1,232

Max offer price $125,767

Occupancy floor 99%

Sensitivity live

Price	-10% $24	-5% $-14	+0% $-52	+5% $-90	+10% $-129
Rent	-10% $-144	-5% $-98	+0% $-52	+5% $-6	+10% $40
Rate	-1.0pp $16	-0.5pp $-18	base $-52	+0.5pp $-87	+1.0pp $-123

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $135,000 Active 89 DOM
2. 2026-06-18
   days on market $135,000 Active 87 DOM
3. 2026-06-17
   days on market $135,000 Active 86 DOM
4. 2026-06-16
   days on market $135,000 Active 85 DOM
5. 2026-06-15
   days on market $135,000 Active 84 DOM
6. 2026-06-13
   days on market $135,000 Active 82 DOM
7. 2026-06-12
   days on market $135,000 Active 81 DOM
8. 2026-06-09
   days on market $135,000 Active 78 DOM
9. 2026-06-08
   days on market $135,000 Active 77 DOM
10. 2026-06-07
    days on market $135,000 Active 76 DOM
11. 2026-06-07
    days on market $135,000 Active 75 DOM
12. 2026-06-04
    days on market $135,000 Active 72 DOM
13. 2026-06-02
    days on market $135,000 Active 71 DOM
14. 2026-06-01
    price $135,000 Active 70 DOM
15. 2026-06-01
    days on market $139,000 Active 70 DOM
16. 2026-05-31
    days on market $139,000 Active 69 DOM
17. 2026-05-31
    days on market $139,000 Active 68 DOM
18. 2026-04-03
    price $139,000 661-char remark

    Show marketing remark (661 chars)

    Price reduced!! Check out this opportunity to own this unique home in historic downtown McGregor with tons of potential! This home offers 4 bedrooms, 2 bathrooms, 2 kitchens, and over 2,000 sq. ft. and could be used for single family living or, with a little effort, be used as a duplex. There is also plenty of storage, with a 2 car garage, 2 car carport, and 18 X10 storage shed, as well as a spacious 32 x 14 workshop and front and back covered porches. It also has a newer metal roof on the house, garage, and carport and the furnace and water heater have been replaced in last few years. Come put your finishing touches on this great property! Call today!

19. 2026-03-23
    listed $149,000 Active 661-char remark

    Show marketing remark (661 chars)

    Price reduced!! Check out this opportunity to own this unique home in historic downtown McGregor with tons of potential! This home offers 4 bedrooms, 2 bathrooms, 2 kitchens, and over 2,000 sq. ft. and could be used for single family living or, with a little effort, be used as a duplex. There is also plenty of storage, with a 2 car garage, 2 car carport, and 18 X10 storage shed, as well as a spacious 32 x 14 workshop and front and back covered porches. It also has a newer metal roof on the house, garage, and carport and the furnace and water heater have been replaced in last few years. Come put your finishing touches on this great property! Call today!

ⓘ 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: $1,840 · $153/mo
• Projected year-2 tax: $1,980 · $165/mo
• Expected delta: +$140/yr (+$12/mo · 7.6%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥103°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: $13,987
• − Mortgage interest: −$7,562
• − Property taxes: −$1,840
• − Insurance: −$1,342
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$3,927
• Taxable loss: −$2,922
• Est. tax savings @ 24.0%: +$701
• After-tax cash flow: $74/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: Mfl Marmac Community School District
• NCES district ID: 1918120
• Math proficiency: 62% ▼ -2.00%
• Reading proficiency: 68% ▼ -3.00%
• Median HH income: $47,395
• Composite: 54.95/100
• National rank: #1305
• State rank: #198 of 289 in IA

Livability — McGregor

• Score: 73/100
• State rank: #279
• US rank: #5387

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McGregor, IA
• Population (ZIP): 1,379

Population outlook (Clayton County) Hauer SSP2

• Today (2025): 16,656 people
• By 2030: 15,986 · -4.0%
• By 2040: 14,554 · -12.6%
• By 2050: 13,187 · -20.8%
• By 2075: 11,131 · -33.2%
• By 2100: 9,733 · -41.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Portuguese 11% Lithuanian 1% Iranian 1%
• Foreign-born: 0%
• Languages at home: 95% English-only · Spanish 4% French/Haitian/Cajun 1%

Political lean MEDSL · Clayton

• 2024 margin: Solid R (+34.5) · D 32.2% · R 66.7% · Other 1.2%
• 2008→2024 swing: -51.7pp toward R · 2008: 17.2pp · 2024: -34.5pp
• All cycles: 2024: R+34.5 2020: R+28.8 2016: R+22.8 2012: D+6.9 2008: D+17.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

-6.7% since first listed

2 events — show timeline

• 2026-04-03 Price Changed $139,000 SCWMLS
• 2026-03-23 Listed $149,000 SCWMLS

Property tax history

+3.7%/yr

Latest (2025): $1,840 · +1.9% YoY. Source: county tax records.