808 W Main St · Elma, IA 50628

$29,900

3 bd · 1.5 ba · 1,248 sqft · SingleFamily public records · 13 Days on market

Built 1898 0.32 ac lot $24/sqft · 61% below area

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great opportunity to turn this property into your own vision! On the main floor you will find the kitchen, living room, laundry, half bath & enclosed front porch. Upstairs there are three bedrooms and a full bathroom. The spacious yard offers plenty of room for outdoor activities, gardening and off street parking. Home is being sold As-Is.

Key facts

• Spacious yard
• Off street parking
• Enclosed front porch

Tags

• ENCLOSED FRONT PORCH
• SPACIOUS YARD
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).

Location & tenants

• Location reads 60/100 on livability (#810 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, schools F.
• Howard-Winneshiek Community School District (town): math 62% / reading 70% proficiency, ranked #189 of 289 in IA (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 2 active listings in the ZIP; 8 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($207 loan paydown + $2k appreciation (5.8% local appreciation)).
• Howard County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.8% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $19k; list at $30k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,900

Questions for the listing agent

1. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 3.72% ✓
• Cap rate: 31.76%
• Cash-on-cash: 90.97%
• DSCR: 5.05
• GRM: 2.2

CMA / ARV

• ARV (median comp): $84,628
• List price: $29,900
• Delta: -64.67%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
808 W Main St	0.00mi	3/1.5	1,392 (+12%)	0mo	$25,500	$18	80

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

Projected returns pro-forma

5.81% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 97.1%
• Equity multiple: 6.82×
• Total profit: $48,752
• Equity at exit: $18,432

10-year hold

• IRR: 95.0%
• Equity multiple: 14.37×
• Total profit: $111,925
• Equity at exit: $33,115

Cash invested: $8,372 (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 50628

• Home prices YoY: 5.0%
• Active inventory: 2
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,113 medium
• Mortgage (P&I): −$157
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $635

Break-even live

Break-even rent $310

Max offer price $29,900

Occupancy floor 38%

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-05
   status Pending 347-char remark

   Show marketing remark (347 chars)

   Great opportunity to turn this property into your own vision! On the main floor you will find the kitchen, living room, laundry, half bath & enclosed front porch. Upstairs there are three bedrooms and a full bathroom. The spacious yard offers plenty of room for outdoor activities, gardening and off street parking. Home is being sold As-Is.

2. 2026-04-22
   listed $29,900 Active 347-char remark

   Show marketing remark (347 chars)

   Great opportunity to turn this property into your own vision! On the main floor you will find the kitchen, living room, laundry, half bath & enclosed front porch. Upstairs there are three bedrooms and a full bathroom. The spacious yard offers plenty of room for outdoor activities, gardening and off street parking. Home is being sold As-Is.

3. 2022-10-07
   soldstatus $19,000
4. 2021-08-16
   soldstatus $19,000
5. 1994-12-30
   soldstatus $20,000

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $908 · $76/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $13,361
• − Mortgage interest: −$1,675
• − Property taxes: −$908
• − Insurance: −$150
• − Repairs & maintenance: −$1,069
• − Management: −$1,069
• − Depreciation: −$870
• Taxable income: $7,621
• Est. tax owed @ 24.0%: −$1,829
• After-tax cash flow: $5,787/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: Howard-Winneshiek Community School District
• NCES district ID: 1914280
• Math proficiency: 62% ▼ -11.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $46,388
• Composite: 55.68/100
• National rank: #1223
• State rank: #189 of 289 in IA

Livability — Elma

• Score: 60/100
• State rank: #810
• US rank: #18572

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elma, IA
• Population (ZIP): 1,309

Population outlook (Howard County) Hauer SSP2

• Today (2025): 8,964 people
• By 2030: 8,668 · -3.3%
• By 2040: 8,056 · -10.1%
• By 2050: 7,388 · -17.6%
• By 2075: 6,121 · -31.7%
• By 2100: 4,792 · -46.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Portuguese 12% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 90% English-only · German/W. Germanic 8% Spanish 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+31.8) · D 33.5% · R 65.3% · Other 1.3%
• 2008→2024 swing: -57.6pp toward R · 2008: 25.8pp · 2024: -31.8pp
• All cycles: 2024: R+31.8 2020: R+27.3 2016: R+20.8 2012: D+21.1 2008: D+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.81%
• Current HPI: 121.0882
• 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

+49.5% since first listed

5 events — show timeline

• 2026-05-05 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-22 Listed $29,900 NEIRBR as distributed by MLS GRID
• 2022-10-07 Sold (Public Records) $19,000 Public Records
• 2021-08-16 Sold (Public Records) $19,000 Public Records
• 1994-12-30 Sold (Public Records) $20,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $908 · +0.2% YoY. Source: county tax records.