5 Indian Ln · Melrose, IA 52569

$95,000

3 bd · 2.0 ba · 1,784 sqft · Manufactured public records · 35 Days on market

Built 1975 0.52 ac lot $53/sqft · 43% below area Est $166k · 43% under ↓ 32% since listing

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.6/10.0
• Schools +6.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Lake Retreat with Privacy, Views & Prime Hunting Access Surrounded by thousands of acres of public hunting land, this property is a true outdoorsman’s getaway. Located in the Indian Ridge Subdivision near Rathbun Lake, this unique offering spans five lots totaling approximately ½ an acre, providing both space and privacy. The 3-bedroom, 2-bath home features a spacious layout with multiple living areas, including a comfortable living/family room, a dedicated dining space, a mud room, and a bright four-season room perfect for year-round enjoyment. Step outside to a large wraparound deck and take in peaceful views of both the pond and Rathbun Lake—ideal for relaxing or

Key facts

• Four-season room
• Wraparound deck
• Detached garage

Tags

• WRAPAROUND DECK
• FOUR-SEASON ROOM
• DETACHED GARAGE
• PLUMBED FOR FUTURE BATHROOM

Property features AI

Finance

• Other: Located at lots 3, 4, 5, 6, and 7 in Indian Ridge
• HOA & community: Association covers sewer

Exterior

• Parking: Detached 1-car garage
• Utilities: Shared septic sewer
• Home design: Manufactured home; Residential property
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Lot is approximately 0.52 acres; Zoned Residential - Single Family

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $397 ($5k/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: $92k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#919 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, schools F, amenities F.
• Wayne Community School District (rural): math 69% / reading 74% proficiency, ranked #139 of 289 in IA (top 48%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 26 active listings in the ZIP; 6 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Wayne County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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.

Recommended offer $92,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.36% ✓
• Cap rate: 11.30%
• Cash-on-cash: 17.90%
• DSCR: 1.80
• GRM: 6.1

CMA / ARV

• ARV (median comp): $166,245
• List price: $95,000
• Delta: -42.86%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 Arrowhead Rd	0.24mi	3/2.0	1,820 (+2%)	8mo	$175,500	$96	79

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.6%
• Equity multiple: 3.89×
• Total profit: $77,003
• Equity at exit: $85,584

10-year hold

• IRR: 32.4%
• Equity multiple: 8.78×
• Total profit: $206,888
• Equity at exit: $184,564

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 52569

• Home prices YoY: 5.3%
• Active inventory: 26
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,289 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$84 /mo · $1,002/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $397

Break-even live

Break-even rent $786

Max offer price $95,000

Occupancy floor 64%

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: —

Listing history 19 events

1. 2026-06-09
   status $95,000 Pending 35 DOM
2. 2026-06-08
   days on market $95,000 Active 35 DOM
3. 2026-06-07
   days on market $95,000 Active 34 DOM
4. 2026-06-04
   days on market $95,000 Active 30 DOM
5. 2026-06-02
   days on market $95,000 Active 29 DOM
6. 2026-06-01
   days on market $95,000 Active 28 DOM
7. 2026-05-31
   days on market $95,000 Active 27 DOM
8. 2026-05-31
   days on market $95,000 Active 26 DOM
9. 2026-05-04
   listed $95,000 Active 1031-char remark
10. 2024-08-07
    price $105,000
11. 2024-06-23
    listed $119,000 Active
12. 2024-06-15
    historical
13. 2024-04-10
    price $119,000
14. 2023-12-15
    listed $130,000 Active
15. 2022-08-24
    soldstatus $150,000
16. 2022-05-17
    soldstatus $120,000
17. 2022-05-17
    soldstatus $120,000
18. 2022-04-04
    listed $139,900
19. 2021-08-14
    listed $139,000

ⓘ 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: $1,002 · $84/mo
• Projected year-2 tax: $1,247 · $104/mo
• Expected delta: +$245/yr (+$20/mo · 24.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,463
• − Mortgage interest: −$5,321
• − Property taxes: −$1,002
• − Insurance: −$475
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − Depreciation: −$2,764
• Taxable income: $3,427
• Est. tax owed @ 24.0%: −$822
• After-tax cash flow: $3,938/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: Wayne Community School District
• NCES district ID: 1930560
• Math proficiency: 69% ▼ -7.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $40,872
• Composite: 59.73/100
• National rank: #902
• State rank: #139 of 289 in IA

Livability — Melrose

• Score: 57/100
• State rank: #919
• US rank: #22357

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 541
• Population (ZIP): 541

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 6,213 people
• By 2030: 6,109 · -1.7%
• By 2040: 5,926 · -4.6%
• By 2050: 5,716 · -8.0%
• By 2075: 5,502 · -11.4%
• By 2100: 4,890 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 10%
• Common ancestry: Slovak 3% Romanian 3% Iranian 2%
• Foreign-born: 0%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+57.2) · D 20.6% · R 77.8% · Other 1.6%
• 2008→2024 swing: -50.2pp toward R · 2008: -7.0pp · 2024: -57.2pp
• All cycles: 2024: R+57.2 2020: R+51.8 2016: R+46.2 2012: R+11.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.12%
• Current HPI: 199.977
• 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

-31.7% since first listed

12 events — show timeline

• 2026-06-08 Pending — IAR
• 2026-05-04 Listed $95,000 IAR
• 2024-08-07 Price Changed $105,000 IAR
• 2024-06-23 Listed $119,000 IAR
• 2024-06-15 Listing Removed — DMMLS
• 2024-04-10 Price Changed $119,000 DMMLS
• 2023-12-15 Listed $130,000 DMMLS
• 2022-08-24 Sold (Public Records) $150,000 Public Records
• 2022-05-17 Sold (Public Records) $120,000 Public Records
• 2022-05-17 Sold (MLS) $120,000 IAR
• 2022-04-04 Listed $139,900 IAR
• 2021-08-14 Listed $139,000 IAR

Property tax history

+12.4%/yr

Latest (2025): $1,002 · +2.7% YoY. Source: county tax records.