427 West St · Grinnell, IA 50112

$108,500

3 bd · 1.0 ba · 944 sqft · SingleFamily public records · 118 Days on market

Built 1900 0.26 ac lot $115/sqft · 27% below area Est $148k · 27% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• Schools +6.6/10.0
• DSCR +4.4/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this inviting 3-bedroom, 1-bath home featuring a bright and spacious living room, perfect for everyday living and entertaining. Enjoy the convenience of main-level laundry and appreciate recent updates including a new roof in 2023 and fresh exterior paint in 2024, adding both style and peace of mind. Outside, enjoy your nice backyard, ideal for relaxing, gardening, or play, and complete with two storage sheds for all your tools, toys, and outdoor gear. Move-in ready and full of potential, this home is a fantastic opportunity for homeowners or investors alike!

Key facts

• Nice backyard
• Main-level laundry
• Two storage sheds

Tags

• MAIN-LEVEL LAUNDRY
• NEW ROOF
• FRESH EXTERIOR PAINT
• NICE BACKYARD
• TWO STORAGE SHEDS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $108k.

Deal economics

• At list price, monthly cash flow is $24 ($286/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 $95k (12.6% below list).
• Recommended offer: $95k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.9% in Grinnell — 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 79/100 on livability (#123 in IA, #2,270 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Grinnell-Newburg Community School District (town): math 76% / reading 79% proficiency, ranked #47 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 98 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $750 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $94,791 (12.6% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 A-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: 0.87% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 9.5

CMA / ARV

• ARV (median comp): $148,116
• List price: $108,500
• Delta: -26.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 West St	0.08mi	3/1.0	995 (+5%)	12mo	$149,000	$150	77
128 Main St	0.32mi	3/1.0	984 (+4%)	6mo	$145,000	$147	73
206 Main St	0.27mi	3/2.0	964 (+2%)	11mo	$188,500	$196	71
718 Reed St	0.40mi	2/1.0 (-1)	959 (+2%)	7mo	$117,900	$123	68
335 Broad St	0.19mi	2/1.0 (-1)	903 (-4%)	14mo	$205,000	$227	67
516 Harrison Ave	0.21mi	3/1.0	867 (-8%)	12mo	$65,000	$75	67
626 Prairie St	0.41mi	3/1.0	990 (+5%)	12mo	$55,000	$56	63
416 Broad St	0.20mi	3/1.5	1,058 (+12%)	10mo	$146,000	$138	60
521 Harrison Ave	0.18mi	4/1.5 (+1)	1,040 (+10%)	14mo	$229,900	$221	56
720 Harrison Ave	0.20mi	2/2.0 (-1)	1,064 (+13%)	17mo	$120,000	$113	47
201 2nd Ave	0.44mi	3/1.5	856 (-9%)	18mo	$139,900	$163	47
915 Elm St	0.75mi	3/2.0	1,061 (+12%)	2mo	$190,000	$179	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: -14.8%
• Equity multiple: 0.47×
• Total profit: $-16,065
• Equity at exit: $16,178

10-year hold

• IRR: -6.2%
• Equity multiple: 0.60×
• Total profit: $-12,040
• Equity at exit: $9,381

Cash invested: $30,380 (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 50112

• Home prices YoY: -14.4%
• Active inventory: 98
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $948 medium
• Mortgage (P&I): −$569
• Tax from tax record: −$111 /mo · $1,330/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $24

Break-even live

Break-even rent $918

Max offer price $108,500

Occupancy floor 92%

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: $27,125
• Closing costs: $3,255
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 Washington Ave Grinnell, IA	3.0	1.0	1008	$1,025	$1.02	14d	1	0.15mi
401 Washington Ave Grinnell, IA	2.0	1.0	1000	$825	$0.82	14d	1	0.21mi
232 8th Ave W Grinnell, IA	3.0	1.0	1008	$1,010	$1.00	44d	1	0.85mi

Listing history 30 events

1. 2026-06-18
   days on market $108,500 Active 118 DOM
2. 2026-06-17
   price $108,500 Active 117 DOM
3. 2026-06-17
   days on market $109,900 Active 117 DOM
4. 2026-06-16
   days on market $109,900 Active 116 DOM
5. 2026-06-15
   days on market $109,900 Active 115 DOM
6. 2026-06-13
   days on market $109,900 Active 113 DOM
7. 2026-06-12
   days on market $109,900 Active 112 DOM
8. 2026-06-09
   days on market $109,900 Active 109 DOM
9. 2026-06-08
   days on market $109,900 Active 108 DOM
10. 2026-06-07
    days on market $109,900 Active 107 DOM
11. 2026-06-07
    days on market $109,900 Active 106 DOM
12. 2026-06-04
    days on market $109,900 Active 103 DOM
13. 2026-06-02
    days on market $109,900 Active 102 DOM
14. 2026-06-01
    days on market $109,900 Active 101 DOM
15. 2026-05-31
    days on market $109,900 Active 100 DOM
16. 2026-05-31
    days on market $109,900 Active 99 DOM
17. 2026-04-27
    price $109,900 574-char remark

    Show marketing remark (574 chars)

    Discover this inviting 3-bedroom, 1-bath home featuring a bright and spacious living room, perfect for everyday living and entertaining. Enjoy the convenience of main-level laundry and appreciate recent updates including a new roof in 2023 and fresh exterior paint in 2024, adding both style and peace of mind. Outside, enjoy your nice backyard, ideal for relaxing, gardening, or play, and complete with two storage sheds for all your tools, toys, and outdoor gear. Move-in ready and full of potential, this home is a fantastic opportunity for homeowners or investors alike!

18. 2026-04-03
    price $112,000 574-char remark

    Show marketing remark (574 chars)

    Discover this inviting 3-bedroom, 1-bath home featuring a bright and spacious living room, perfect for everyday living and entertaining. Enjoy the convenience of main-level laundry and appreciate recent updates including a new roof in 2023 and fresh exterior paint in 2024, adding both style and peace of mind. Outside, enjoy your nice backyard, ideal for relaxing, gardening, or play, and complete with two storage sheds for all your tools, toys, and outdoor gear. Move-in ready and full of potential, this home is a fantastic opportunity for homeowners or investors alike!

19. 2026-02-20
    listed $115,000 Active 574-char remark

    Show marketing remark (574 chars)

    Discover this inviting 3-bedroom, 1-bath home featuring a bright and spacious living room, perfect for everyday living and entertaining. Enjoy the convenience of main-level laundry and appreciate recent updates including a new roof in 2023 and fresh exterior paint in 2024, adding both style and peace of mind. Outside, enjoy your nice backyard, ideal for relaxing, gardening, or play, and complete with two storage sheds for all your tools, toys, and outdoor gear. Move-in ready and full of potential, this home is a fantastic opportunity for homeowners or investors alike!

20. 2025-04-08
    soldstatus $102,000
21. 2025-03-28
    soldstatus $102,000 Closed 694-char remark

    Show marketing remark (694 chars)

    Very cute story and a half home in Grinnell, Iowa with convenient access to parks, schools, shopping, and a vibrant downtown area. Recent updates include a new roof in 2023, painted exterior 2024, and an updated main level bathroom. Step inside to an entry foyer before entering the living room which adjoins the kitchen that includes all appliances. Just down the hall is the main floor bedroom and full bathroom. Also on the main floor is the laundry room (washer and dryer included) with storage and a rear entry/mud room. Upstairs are two additional bedrooms with full closets. Outside is a quiet backyard with plenty of parking and two storage sheds. Call today to schedule a private tour.

22. 2025-02-25
    status Pending 694-char remark

    Show marketing remark (694 chars)

    Very cute story and a half home in Grinnell, Iowa with convenient access to parks, schools, shopping, and a vibrant downtown area. Recent updates include a new roof in 2023, painted exterior 2024, and an updated main level bathroom. Step inside to an entry foyer before entering the living room which adjoins the kitchen that includes all appliances. Just down the hall is the main floor bedroom and full bathroom. Also on the main floor is the laundry room (washer and dryer included) with storage and a rear entry/mud room. Upstairs are two additional bedrooms with full closets. Outside is a quiet backyard with plenty of parking and two storage sheds. Call today to schedule a private tour.

23. 2025-01-15
    price $104,000 694-char remark

    Show marketing remark (694 chars)

    Very cute story and a half home in Grinnell, Iowa with convenient access to parks, schools, shopping, and a vibrant downtown area. Recent updates include a new roof in 2023, painted exterior 2024, and an updated main level bathroom. Step inside to an entry foyer before entering the living room which adjoins the kitchen that includes all appliances. Just down the hall is the main floor bedroom and full bathroom. Also on the main floor is the laundry room (washer and dryer included) with storage and a rear entry/mud room. Upstairs are two additional bedrooms with full closets. Outside is a quiet backyard with plenty of parking and two storage sheds. Call today to schedule a private tour.

24. 2024-12-03
    listed $109,000 Active 694-char remark

    Show marketing remark (694 chars)

    Very cute story and a half home in Grinnell, Iowa with convenient access to parks, schools, shopping, and a vibrant downtown area. Recent updates include a new roof in 2023, painted exterior 2024, and an updated main level bathroom. Step inside to an entry foyer before entering the living room which adjoins the kitchen that includes all appliances. Just down the hall is the main floor bedroom and full bathroom. Also on the main floor is the laundry room (washer and dryer included) with storage and a rear entry/mud room. Upstairs are two additional bedrooms with full closets. Outside is a quiet backyard with plenty of parking and two storage sheds. Call today to schedule a private tour.

25. 2021-06-14
    soldstatus $85,000
26. 2021-06-11
    soldstatus $85,000
27. 2021-06-11
    soldstatus $85,000
28. 2021-06-11
    soldstatus $85,000
29. 2021-05-21
    listed
30. 2021-04-28
    listed $85,000

ⓘ 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: $1,330 · $111/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$187/yr (+$16/mo · 14.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,375
• − Mortgage interest: −$6,078
• − Property taxes: −$1,330
• − Insurance: −$542
• − Repairs & maintenance: −$910
• − Management: −$910
• − Depreciation: −$3,156
• Taxable loss: −$1,552
• Est. tax savings @ 24.0%: +$372
• After-tax cash flow: $658/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: Grinnell-Newburg Community School District
• NCES district ID: 1913200
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $49,893
• Composite: 65.57/100
• National rank: #466
• State rank: #47 of 289 in IA

Livability — Grinnell

• Score: 79/100
• State rank: #123
• US rank: #2270

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: Grinnell, IA
• City population: 11,776
• Population (ZIP): 11,776

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Iranian 7% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.63%
• Current HPI: 241.5557
• 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

+29.3% since first listed

14 events — show timeline

• 2026-04-27 Price Changed $109,900 DMMLS
• 2026-04-03 Price Changed $112,000 DMMLS
• 2026-02-20 Listed $115,000 DMMLS
• 2025-04-08 Sold (Public Records) $102,000 Public Records
• 2025-03-28 Sold (MLS) $102,000 IAR
• 2025-02-25 Pending — IAR
• 2025-01-15 Price Changed $104,000 IAR
• 2024-12-03 Listed $109,000 IAR
• 2021-06-14 Sold (Public Records) $85,000 Public Records
• 2021-06-11 Sold (MLS) $85,000 DMMLS
• 2021-06-11 Sold (MLS) $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-06-11 Sold (MLS) $85,000 NORTHSTARMLS as Distributed by MLS Grid
• 2021-05-21 Listed — NORTHSTARMLS as Distributed by MLS Grid
• 2021-04-28 Listed $85,000 DMMLS

Property tax history

+3.4%/yr

Latest (2025): $1,330 · +1.2% YoY. Source: county tax records.