324 S 10th St · Cherokee, IA 51012

$95,000

3 bd · 1.5 ba · 1,206 sqft · SingleFamily public records · 16 Days on market

Built 1918 7,000 sqft lot Est $90k · 5% over

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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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +6.6/10.0
• Schools +5.6/10.0
• ARV discount +5.2/15.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This conventional older 3 bedroom home is in good shape, 2 bedrooms up, 1 bedroom down, smaller efficient updated kitchen, large living room, large 2 car garage. Efficient furnace and central air, steel siding and replacement vinyl windows,

Key facts

• Steel siding
• Large living room
• Efficient furnace

Tags

• UPDATED KITCHEN
• LARGE LIVING ROOM
• EFFICIENT FURNACE
• CENTRAL AIR
• STEEL SIDING
• REPLACEMENT VINYL WINDOWS

Property features AI

Exterior

• Parking: Detached concrete garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residential property; Residential property
• Exterior features: Shingle roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Natural gas forced air heating
• Interior features: Water softener; Full, partially finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.8% in Cherokee — 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 80/100 on livability (#83 in IA, #1,698 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Cherokee Community School District (town): math 65% / reading 67% proficiency, ranked #191 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cherokee Elementary School (math 57% / reading 52%, grade C, #462 of 616 statewide, top 79%, 492 students, 43% FRL); Cherokee Middle School (math 65% / reading 64%, grade A-, #157 of 246 statewide, top 67%, 355 students, 42% FRL); Washington High School (math 69% / reading 81%, grade A-, #86 of 336 statewide, top 26%, 353 students, 33% FRL).
• Market conditions: 43 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Cherokee County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,575 (1.5% below list)

Questions for the listing agent

1. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.52%
• DSCR: 1.47
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $90,450
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 N 11th St	0.55mi	3/2.0	1,202 (-0%)	1mo	$140,000	$116	71
110 S 8th St	0.23mi	3/1.0	1,325 (+10%)	3mo	$100,000	$75	68
526 W Maple St	0.40mi	2/1.0 (-1)	1,262 (+5%)	10mo	$90,000	$71	58
306 S 9th St	0.10mi	3/2.0	1,061 (-12%)	21mo	$50,000	$47	56
806 W Willow St	0.31mi	3/2.2	1,330 (+10%)	18mo	$132,500	$100	50
514 N 5th St	0.67mi	2/1.0 (-1)	1,112 (-8%)	0mo	$47,000	$42	49
526 W Maple St Unit St	0.40mi	2/1.0 (-1)	1,262 (+5%)	24mo	$32,000	$25	47
714 N 11th St	0.70mi	3/1.0	1,056 (-12%)	7mo	$155,000	$147	39

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

Projected returns pro-forma

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

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-545
• Equity at exit: $14,165

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $18,654
• Equity at exit: $8,214

Cash invested: $26,600 (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 51012

• Home prices YoY: -21.1%
• Active inventory: 43
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,097 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$96 /mo · $1,152/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $233

Break-even live

Break-even rent $802

Max offer price $95,000

Occupancy floor 74%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
729 W Cedar St Unit 405 Cherokee, IA	3.0	1.5	1100	$1,050	$0.95	21d	1	0.34mi
900 Rock Island Ave Cherokee, IA	2.0–3.0	1.0–2.0	1058	$1,245	$1.18	21d	12	1.02mi

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-04-14
   listed $95,000 Active

ⓘ 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: $1,152 · $96/mo
• Projected year-2 tax: $1,322 · $110/mo
• Expected delta: +$170/yr (+$14/mo · 14.7%)

ⓘ 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 6/10 Major
• 🌡 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: $13,168
• − Mortgage interest: −$5,321
• − Property taxes: −$1,152
• − Insurance: −$475
• − Repairs & maintenance: −$1,053
• − Management: −$1,053
• − Depreciation: −$2,764
• Taxable income: $1,349
• Est. tax owed @ 24.0%: −$324
• After-tax cash flow: $2,474/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: Cherokee Community School District
• NCES district ID: 1907170
• Math proficiency: 65% ▼ -5.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $45,935
• Composite: 55.66/100
• National rank: #1226
• State rank: #191 of 289 in IA

Livability — Cherokee

• Score: 80/100
• State rank: #83
• US rank: #1698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cherokee, IA
• City population: 6,313
• Population (ZIP): 6,313

Population outlook (Cherokee County) Hauer SSP2

• Today (2025): 10,631 people
• By 2030: 10,077 · -5.2%
• By 2040: 9,015 · -15.2%
• By 2050: 8,175 · -23.1%
• By 2075: 7,192 · -32.3%
• By 2100: 6,738 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Iranian 3% Slovak 1% Portuguese 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7% Other Asian/Pacific 1%

Political lean MEDSL · Cherokee

• 2024 margin: Solid R (+45.8) · D 26.5% · R 72.2% · Other 1.3%
• 2008→2024 swing: -38.2pp toward R · 2008: -7.6pp · 2024: -45.8pp
• All cycles: 2024: R+45.8 2020: R+39.3 2016: R+40.6 2012: R+16.2 2008: R+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.34%
• Current HPI: 221.5831
• 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

2 events — show timeline

• 2026-05-01 Pending — NWIA
• 2026-04-14 Listed $95,000 NWIA

Property tax history

+1.0%/yr

Latest (2025): $1,152 · -1.2% YoY. Source: county tax records.