406 S Main St · Greene, IA 50636

$139,900

3 bd · 1.5 ba · 1,592 sqft · Other public records · 103 Days on market

Built 1910 7,540 sqft lot $88/sqft · 64% above area

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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 +14.1/30.0
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +5.9/10.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover small-town charm with riverfront serenity in this beautifully positioned two-story home in the welcoming community of Greene. Step inside and you’ll find the kind of space that truly lets a home breathe. The main floor features an exceptionally large living room, perfect for relaxing evenings, entertaining guests, or gathering the whole family together. A spacious, separate dining room provides the ideal setting for holiday meals, celebrations, and everyday dinners that feel just a little more special. A convenient half bath on the main floor adds comfort and practicality for guests. Upstairs, the home offers three comfortable bedrooms, giving everyone their own retreat, along with a full bathroom that serves the second level. One of the home’s most inviting features is the enclosed front porch—a wonderful spot for morning coffee, reading, or watching the quiet rhythm of the neighborhood. Out back, the home truly shines: a rear deck overlooking the scenic Shell Rock River offers peaceful views and the perfect backdrop for grilling, relaxing, or watching the seasons change across the water. The property also includes a durable steel roof, a double garage, and a basement workshop, providing excellent space for hobbies, storage, and projects. Living in Greene means more than owning a home—it means becoming part of a community. The town offers a vibrant business district, strong manufacturing presence, implement dealers, local healthcare through MercyOne, and a beautiful golf course. Outdoor enthusiasts will especially appreciate the Shell Rock River, one of Iowa’s longest navigable rivers, offering seven miles of fishing, water sports, recreational boating, and the legendary “Sand Bar” gathering spot. If you’ve been imagining a home where comfort, community, and riverfront living come together, this could be the one. Call today to schedule your private showing and experience the lifestyle waiting for you and your family.

Key facts

• Double garage
• Basement workshop
• Rear deck

Tags

• RIVERFRONT SERENITY
• ENCLOSED FRONT PORCH
• REAR DECK
• DOUBLE GARAGE
• BASEMENT WORKSHOP
• BEAUTIFUL GOLF COURSE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $140k.

Deal economics

• At list price, monthly cash flow is $21 ($252/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 $119k (14.6% below list).
• Recommended offer: $119k (14.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#150 in IA, #2,761 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• North Butler Community School District (rural): math 68% / reading 71% proficiency, ranked #152 of 289 in IA (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: North Butler Elementary (math 77% / reading 72%, grade A, #131 of 616 statewide, top 27%, 296 students, 30% FRL); North Butler Jr/Sr High School (math 64% / reading 72%, grade B, #184 of 336 statewide, top 55%, 271 students, 25% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 19 active listings in the ZIP; 32 units permitted in Butler County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($967 loan paydown + $9k appreciation (6.2% local appreciation)).
• Butler County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,461 (14.6% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.85% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• GRM: 9.8

CMA / ARV

• ARV (median comp): $85,057
• List price: $139,900
• Delta: 64.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

6.2% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 2.11×
• Total profit: $43,371
• Equity at exit: $89,704

10-year hold

• IRR: 16.2%
• Equity multiple: 4.22×
• Total profit: $126,089
• Equity at exit: $164,213

Cash invested: $39,172 (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 50636

• Home prices YoY: 2.5%
• Active inventory: 19
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,195 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$131 /mo · $1,570/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $21

Break-even live

Break-even rent $1,168

Max offer price $139,900

Occupancy floor 93%

Sensitivity live

Price	-10% $100	-5% $61	+0% $21	+5% $-19	+10% $-58
Rent	-10% $-73	-5% $-26	+0% $21	+5% $68	+10% $115
Rate	-1.0pp $91	-0.5pp $57	base $21	+0.5pp $-15	+1.0pp $-52

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $139,900 Active 103 DOM
2. 2026-06-21
   days on market $139,900 Active 102 DOM
3. 2026-06-18
   days on market $139,900 Active 100 DOM
4. 2026-06-17
   days on market $139,900 Active 99 DOM
5. 2026-06-16
   days on market $139,900 Active 98 DOM
6. 2026-06-15
   days on market $139,900 Active 97 DOM
7. 2026-06-13
   days on market $139,900 Active 95 DOM
8. 2026-06-12
   days on market $139,900 Active 94 DOM
9. 2026-06-09
   days on market $139,900 Active 91 DOM
10. 2026-06-08
    days on market $139,900 Active 90 DOM
11. 2026-06-07
    days on market $139,900 Active 89 DOM
12. 2026-06-07
    days on market $139,900 Active 88 DOM
13. 2026-06-04
    days on market $139,900 Active 85 DOM
14. 2026-06-02
    days on market $139,900 Active 84 DOM
15. 2026-06-01
    days on market $139,900 Active 83 DOM
16. 2026-05-31
    days on market $139,900 Active 82 DOM
17. 2026-05-31
    days on market $139,900 Active 81 DOM
18. 2026-03-10
    listed $139,900 Active 2008-char remark

    Show marketing remark (2008 chars)

    Discover small-town charm with riverfront serenity in this beautifully positioned two-story home in the welcoming community of Greene. Step inside and you’ll find the kind of space that truly lets a home breathe. The main floor features an exceptionally large living room, perfect for relaxing evenings, entertaining guests, or gathering the whole family together. A spacious, separate dining room provides the ideal setting for holiday meals, celebrations, and everyday dinners that feel just a little more special. A convenient half bath on the main floor adds comfort and practicality for guests. Upstairs, the home offers three comfortable bedrooms, giving everyone their own retreat, along with a full bathroom that serves the second level. One of the home’s most inviting features is the enclosed front porch—a wonderful spot for morning coffee, reading, or watching the quiet rhythm of the neighborhood. Out back, the home truly shines: a rear deck overlooking the scenic Shell Rock River offers peaceful views and the perfect backdrop for grilling, relaxing, or watching the seasons change across the water. The property also includes a durable steel roof, a double garage, and a basement workshop, providing excellent space for hobbies, storage, and projects. Living in Greene means more than owning a home—it means becoming part of a community. The town offers a vibrant business district, strong manufacturing presence, implement dealers, local healthcare through MercyOne, and a beautiful golf course. Outdoor enthusiasts will especially appreciate the Shell Rock River, one of Iowa’s longest navigable rivers, offering seven miles of fishing, water sports, recreational boating, and the legendary “Sand Bar” gathering spot. If you’ve been imagining a home where comfort, community, and riverfront living come together, this could be the one. Call today to schedule your private showing and experience the lifestyle waiting for you and your family.

ⓘ 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: $1,570 · $131/mo
• Projected year-2 tax: $1,883 · $157/mo
• Expected delta: +$313/yr (+$26/mo · 19.9%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°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: $14,335
• − Mortgage interest: −$7,837
• − Property taxes: −$1,570
• − Insurance: −$700
• − Repairs & maintenance: −$1,147
• − Management: −$1,147
• − Depreciation: −$4,070
• Taxable loss: −$2,134
• Est. tax savings @ 24.0%: +$512
• After-tax cash flow: $764/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: North Butler Community School District
• NCES district ID: 1903450
• Math proficiency: 68% ▼ -6.00%
• Reading proficiency: 71% ▲ 4.00%
• Median HH income: $50,162
• Composite: 58.96/100
• National rank: #966
• State rank: #152 of 289 in IA

Livability — Greene

• Score: 78/100
• State rank: #150
• US rank: #2761

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greene, IA
• City population: 2,141
• Population (ZIP): 2,141

Population outlook (Butler County) Hauer SSP2

• Today (2025): 14,831 people
• By 2030: 14,748 · -0.6%
• By 2040: 14,456 · -2.5%
• By 2050: 14,079 · -5.1%
• By 2075: 13,041 · -12.1%
• By 2100: 10,935 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Asian 4% Two or more races 1%
• Common ancestry: Slovak 3% Iranian 3% Portuguese 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Other Asian/Pacific 2% Tagalog/Filipino 2%

Political lean MEDSL · Butler

• 2024 margin: Solid R (+45.4) · D 26.7% · R 72.1% · Other 1.2%
• 2008→2024 swing: -40.7pp toward R · 2008: -4.7pp · 2024: -45.4pp
• All cycles: 2024: R+45.4 2020: R+38.5 2016: R+36.9 2012: R+10.4 2008: R+4.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.20%
• Current HPI: 249.8713
• 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

1 event — show timeline

• 2026-03-10 Listed $139,900 NEIRBR as distributed by MLS GRID

Property tax history

+4.4%/yr

Latest (2025): $1,570 · -3.6% YoY. Source: county tax records.