108 SW Second St · Elkader, IA 52043

$185,000

3 bd · 3.0 ba · 1,856 sqft · SingleFamily public records · 55 Days on market

Built 1889 Est $152k · 22% over

---

Why this score? — see what drove the F 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).

• Appreciation +8.3/10.0
• Cash flow +7.2/30.0
• Schools +5.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +1.4/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Enjoy small-town charm and modern updates in this 4-bedroom, 2-bath home on a corner lot in beautiful Elkader. Ideally located just blocks from downtown and the historic Keystone Bridge, the home offers a large living room, formal dining room, and a main-floor primary suite. The upper level includes three additional bedrooms and a full bath. Start your home-buying journey by securing pre-approval with your preferred lender, then connect with your trusted real estate agent.

Key facts

• Formal dining room
• Large living room
• Corner lot

Tags

• CORNER LOT
• LARGE LIVING ROOM
• FORMAL DINING ROOM
• MAIN-FLOOR PRIMARY SUITE
• HISTORIC KEYSTONE BRIDGE

Property features AI

Exterior

• Parking: Two parking spaces
• Home design: Single-family detached residence; One-and-a-half story
• Construction: Metal roof; Other type of foundation
• Exterior features: Porch; Residential zoning

Interior

• Bedrooms: One main-level bedroom
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Central air conditioning; Forced air heating using natural gas
• Interior features: Partial basement; Basement laundry on lower level; No fireplace listed; No appliances listed
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-256 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $140k (24.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (34.3% below list).
• Recommended offer: $122k (34.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#77 in IA, #1,634 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Central Community School District (rural): math 56% / reading 70% proficiency, ranked #214 of 289 in IA (top 74%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Central Elementary (math 72% / reading 67%, grade A-, #224 of 616 statewide, top 42%, 263 students, 47% FRL) — zoned schools average 47% FRL vs 23% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 14 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 $14k of equity ($1k loan paydown + $12k appreciation (6.6% local appreciation)).
• Clayton County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $62k; list at $185k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,529 (34.3% 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 55 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.66% ✗
• Cap rate: 4.63%
• Cash-on-cash: -5.93%
• DSCR: 0.74
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $152,192
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 NE 2nd St	0.34mi	3/1.5	1,812 (-2%)	13mo	$115,000	$63	63
311 NE Second St. St	0.36mi	3/1.0	1,602 (-14%)	0mo	$134,000	$84	52
714 Davidson St	0.56mi	2/1.5 (-1)	1,824 (-2%)	11mo	$115,000	$63	51
113 SW Reimer St	0.42mi	3/1.5	2,063 (+11%)	8mo	$170,000	$82	49
304 NW Spruce St	0.19mi	2/1.0 (-1)	1,980 (+7%)	22mo	$103,000	$52	49
804 N Main St	0.53mi	2/1.5 (-1)	2,029 (+9%)	20mo	$170,000	$84	32

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

Projected returns pro-forma

6.63% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.85×
• Total profit: $44,079
• Equity at exit: $123,735

10-year hold

• IRR: 12.8%
• Equity multiple: 3.72×
• Total profit: $140,807
• Equity at exit: $231,105

Cash invested: $51,800 (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 52043

• Home prices YoY: 4.8%
• Active inventory: 14
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,215 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$169 /mo · $2,026/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $-256

Break-even live

Break-even rent $1,539

Max offer price $139,777

Occupancy floor —

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $185,000 Active 55 DOM
2. 2026-06-17
   days on market $185,000 Active 54 DOM
3. 2026-06-16
   days on market $185,000 Active 53 DOM
4. 2026-06-15
   days on market $185,000 Active 52 DOM
5. 2026-06-13
   days on market $185,000 Active 50 DOM
6. 2026-06-12
   days on market $185,000 Active 49 DOM
7. 2026-06-09
   days on market $185,000 Active 46 DOM
8. 2026-06-08
   days on market $185,000 Active 45 DOM
9. 2026-06-07
   days on market $185,000 Active 44 DOM
10. 2026-06-05
    days on market $185,000 Active 42 DOM
11. 2026-06-04
    days on market $185,000 Active 40 DOM
12. 2026-06-02
    days on market $185,000 Active 39 DOM
13. 2026-06-01
    days on market $185,000 Active 38 DOM
14. 2026-05-31
    days on market $185,000 Active 37 DOM
15. 2026-05-31
    days on market $185,000 Active 36 DOM
16. 2026-05-22
    status Active

    Show marketing remark (477 chars)

    Enjoy small-town charm and modern updates in this 4-bedroom, 2-bath home on a corner lot in beautiful Elkader. Ideally located just blocks from downtown and the historic Keystone Bridge, the home offers a large living room, formal dining room, and a main-floor primary suite. The upper level includes three additional bedrooms and a full bath. Start your home-buying journey by securing pre-approval with your preferred lender, then connect with your trusted real estate agent.

17. 2026-05-22
    status Active 477-char remark

    Show marketing remark (477 chars)

    Enjoy small-town charm and modern updates in this 4-bedroom, 2-bath home on a corner lot in beautiful Elkader. Ideally located just blocks from downtown and the historic Keystone Bridge, the home offers a large living room, formal dining room, and a main-floor primary suite. The upper level includes three additional bedrooms and a full bath. Start your home-buying journey by securing pre-approval with your preferred lender, then connect with your trusted real estate agent.

18. 2026-04-24
    status Pending 477-char remark

    Show marketing remark (477 chars)

    Enjoy small-town charm and modern updates in this 4-bedroom, 2-bath home on a corner lot in beautiful Elkader. Ideally located just blocks from downtown and the historic Keystone Bridge, the home offers a large living room, formal dining room, and a main-floor primary suite. The upper level includes three additional bedrooms and a full bath. Start your home-buying journey by securing pre-approval with your preferred lender, then connect with your trusted real estate agent.

19. 2026-04-24
    historical Active Under Contract

    Show marketing remark (477 chars)

    Enjoy small-town charm and modern updates in this 4-bedroom, 2-bath home on a corner lot in beautiful Elkader. Ideally located just blocks from downtown and the historic Keystone Bridge, the home offers a large living room, formal dining room, and a main-floor primary suite. The upper level includes three additional bedrooms and a full bath. Start your home-buying journey by securing pre-approval with your preferred lender, then connect with your trusted real estate agent.

20. 2026-04-24
    listed $185,000 Active

    Show marketing remark (477 chars)

    Enjoy small-town charm and modern updates in this 4-bedroom, 2-bath home on a corner lot in beautiful Elkader. Ideally located just blocks from downtown and the historic Keystone Bridge, the home offers a large living room, formal dining room, and a main-floor primary suite. The upper level includes three additional bedrooms and a full bath. Start your home-buying journey by securing pre-approval with your preferred lender, then connect with your trusted real estate agent.

21. 2026-04-24
    listed $185,000 Active 477-char remark

    Show marketing remark (477 chars)

    Enjoy small-town charm and modern updates in this 4-bedroom, 2-bath home on a corner lot in beautiful Elkader. Ideally located just blocks from downtown and the historic Keystone Bridge, the home offers a large living room, formal dining room, and a main-floor primary suite. The upper level includes three additional bedrooms and a full bath. Start your home-buying journey by securing pre-approval with your preferred lender, then connect with your trusted real estate agent.

22. 2024-10-04
    soldstatus $62,000
23. 2017-02-24
    soldstatus $68,500 850-char remark

    Show marketing remark (850 chars)

    This 4 bedroom house is an excellent affordable place to make a "home" and raise a family. Located on a quiet back street in Elkader Iowa. It features 3 bedrooms in the upstairs with a full bath and a potential master bedroom in the main floor with a 1/2 bath. It also has a substantially large living room on the main level measuring in at OVER 20 ft x 20 ft, This house has vinyl siding, vinyl windows, updated electrical, reasonably newer furnace, newer hot water heater and a brand new roof for years of maintenance free living. The built in 2 stall garage on the lower level has stair access to the main level and allows you to never have to step foot outside when coming or going during bad weather. This property is a MOVE IN READY with no needed fixes or repairs. VERY reasonably priced at only $85,000. It's sure to not last long.

24. 2015-10-07
    listed $69,900 850-char remark

    Show marketing remark (850 chars)

    This 4 bedroom house is an excellent affordable place to make a "home" and raise a family. Located on a quiet back street in Elkader Iowa. It features 3 bedrooms in the upstairs with a full bath and a potential master bedroom in the main floor with a 1/2 bath. It also has a substantially large living room on the main level measuring in at OVER 20 ft x 20 ft, This house has vinyl siding, vinyl windows, updated electrical, reasonably newer furnace, newer hot water heater and a brand new roof for years of maintenance free living. The built in 2 stall garage on the lower level has stair access to the main level and allows you to never have to step foot outside when coming or going during bad weather. This property is a MOVE IN READY with no needed fixes or repairs. VERY reasonably priced at only $85,000. It's sure to not last long.

ⓘ 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: $2,026 · $169/mo
• Projected year-2 tax: $2,465 · $205/mo
• Expected delta: +$439/yr (+$37/mo · 21.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $14,583
• − Mortgage interest: −$10,363
• − Property taxes: −$2,026
• − Insurance: −$925
• − Repairs & maintenance: −$1,167
• − Management: −$1,167
• − Depreciation: −$5,382
• Taxable loss: −$6,446
• Est. tax savings @ 24.0%: +$1,547
• After-tax cash flow: $-1,525/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: Central Community School District
• NCES district ID: 1906840
• Math proficiency: 56% ▼ -4.00%
• Reading proficiency: 70% ▲ 7.00%
• Median HH income: $49,750
• Composite: 53.48/100
• National rank: #1456
• State rank: #214 of 289 in IA

Livability — Elkader

• Score: 80/100
• State rank: #77
• US rank: #1634

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: Elkader, IA
• Population (ZIP): 1,853

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 (96%)
• Race & ethnicity: White 96% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 11% Romanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

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: ▲ 6.63%
• Current HPI: 143.93
• 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

+164.7% since first listed

9 events — show timeline

• 2026-05-22 Relisted — ECIMLS
• 2026-05-22 Relisted — NEIRBR as distributed by MLS GRID
• 2026-04-24 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-24 Contingent — ECIMLS
• 2026-04-24 Listed $185,000 NEIRBR as distributed by MLS GRID
• 2026-04-24 Listed $185,000 ECIMLS
• 2024-10-04 Sold (Public Records) $62,000 Public Records
• 2017-02-24 Sold (MLS) $68,500 ECIMLS
• 2015-10-07 Listed $69,900 ECIMLS

Property tax history

+3.4%/yr

Latest (2025): $2,026 · +10.6% YoY. Source: county tax records.