704 2nd Ave · Malvern, IA 51551

$170,000

3 bd · 2.0 ba · 1,176 sqft · Manufactured public records · 76 Days on market

Built 1977

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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 +19.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• DSCR +6.0/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Totally remodeled 3 Bedroom 2 bath manufactured home features all new plumbing , electric , wood floors , carpet , kitchen appliances . 3 car detached garage.

Key facts

• 3 garage spots
• Built 1977
• Listed 76 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/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 $163k (4.4% below list).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 81/100 on livability (#62 in IA, #1,413 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• East Mills Community School District (rural): math 71% / reading 73% proficiency, ranked #100 of 289 in IA (top 35%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 16 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 39 units permitted in Mills County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Mills County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $159,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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: 0.96% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.58%
• DSCR: 1.20
• GRM: 8.7

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: 27.6%
• Equity multiple: 3.19×
• Total profit: $104,126
• Equity at exit: $153,149

10-year hold

• IRR: 24.1%
• Equity multiple: 7.25×
• Total profit: $297,503
• Equity at exit: $330,273

Cash invested: $47,600 (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 51551

• Home prices YoY: 7.7%
• Active inventory: 16
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,625 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$140 /mo · $1,682/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $181

Break-even live

Break-even rent $1,396

Max offer price $170,000

Occupancy floor 84%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
108 W 4th St Unit 3 Malvern, IA	2.0	2.0	1059	$1,600	$1.51	1d	1	0.24mi
108 W 4th St Unit 4 Malvern, IA	2.0	2.0	1275	$1,650	$1.29	1d	1	0.24mi

Listing history 11 events

1. 2026-06-08
   days on market $170,000 Active 76 DOM
2. 2026-06-07
   days on market $170,000 Active 75 DOM
3. 2026-06-04
   days on market $170,000 Active 71 DOM
4. 2026-06-02
   days on market $170,000 Active 70 DOM
5. 2026-06-01
   days on market $170,000 Active 69 DOM
6. 2026-05-31
   days on market $170,000 Active 68 DOM
7. 2026-05-31
   days on market $170,000 Active 67 DOM
8. 2026-03-30
   status Active 159-char remark

   Show marketing remark (159 chars)

   Totally remodeled 3 Bedroom 2 bath manufactured home features all new plumbing , electric , wood floors , carpet , kitchen appliances . 3 car detached garage.

9. 2026-03-30
   price $170,000 159-char remark

   Show marketing remark (159 chars)

   Totally remodeled 3 Bedroom 2 bath manufactured home features all new plumbing , electric , wood floors , carpet , kitchen appliances . 3 car detached garage.

10. 2026-03-22
    status Pending 159-char remark

    Show marketing remark (159 chars)

    Totally remodeled 3 Bedroom 2 bath manufactured home features all new plumbing , electric , wood floors , carpet , kitchen appliances . 3 car detached garage.

11. 2026-03-14
    listed $160,000 Active 159-char remark

    Show marketing remark (159 chars)

    Totally remodeled 3 Bedroom 2 bath manufactured home features all new plumbing , electric , wood floors , carpet , kitchen appliances . 3 car detached garage.

ⓘ 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: $1,682 · $140/mo
• Projected year-2 tax: $2,176 · $181/mo
• Expected delta: +$494/yr (+$41/mo · 29.3%)

ⓘ 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 ≥105°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: $19,504
• − Mortgage interest: −$9,523
• − Property taxes: −$1,682
• − Insurance: −$850
• − Repairs & maintenance: −$1,560
• − Management: −$1,560
• − Depreciation: −$4,945
• Taxable loss: −$617
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $2,326/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: East Mills Community School District
• NCES district ID: 1918240
• Math proficiency: 71% ▼ -3.00%
• Reading proficiency: 73% ▼ -3.00%
• Median HH income: $58,070
• Composite: 61.8/100
• National rank: #732
• State rank: #100 of 289 in IA

Livability — Malvern

• Score: 81/100
• State rank: #62
• US rank: #1413

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Malvern, IA
• Population (ZIP): 1,877

Population outlook (Mills County) Hauer SSP2

• Today (2025): 14,342 people
• By 2030: 13,928 · -2.9%
• By 2040: 12,997 · -9.4%
• By 2050: 12,123 · -15.5%
• By 2075: 10,462 · -27.1%
• By 2100: 9,025 · -37.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 1% Two or more races 1%
• Common ancestry: Slovak 5% Portuguese 3% Iranian 3%
• Foreign-born: 0% · South Korea

Political lean MEDSL · Mills

• 2024 margin: Solid R (+39.1) · D 29.9% · R 69.0% · Other 1.2%
• 2008→2024 swing: -22.5pp toward R · 2008: -16.6pp · 2024: -39.1pp
• All cycles: 2024: R+39.1 2020: R+37.2 2016: R+39.0 2012: R+19.1 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 17.46%
• Current HPI: 245.0422
• 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

+6.2% since first listed

4 events — show timeline

• 2026-03-30 Relisted — SWIAR
• 2026-03-30 Price Changed $170,000 SWIAR
• 2026-03-22 Pending — SWIAR
• 2026-03-14 Listed $160,000 SWIAR

Property tax history

+7.7%/yr

Latest (2025): $1,682 · +62.7% YoY. Source: county tax records.