503 6th St · Correctionville, IA 51016

$14,900

4 bd · 3.0 ba · 3,857 sqft · SingleFamily public records · 84 Days on market

Built 1940 0.39 ac lot ↓ 11% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• Schools +5.2/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This unique property is an excellent investment opportunity for fix and flip, rental, or make it your own. This former church was converted to a house many years ago. Repairs and updates are needed, put the potential and the instant equity are worth the work!

Key facts

• 0.39 acre lot
• Built 1940
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $969 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Recommended offer: $14k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#528 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, health & safety D, amenities F.
• River Valley Community School District (rural): math 60% / reading 63% proficiency, ranked #238 of 289 in IA (top 82%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 15 active listings in the ZIP; 170 units permitted in Woodbury County in 2024 (90 in 5+ unit buildings).

Forward outlook

• In year one you build about $640 of equity ($103 loan paydown + $537 appreciation (3.6% local appreciation)).
• At projected returns (3.6% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($14k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $14,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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 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. 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: 9.11% ✓
• Cap rate: 84.35%
• Cash-on-cash: 278.77%
• DSCR: 13.40
• GRM: 0.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 16.35×
• Total profit: $64,026
• Equity at exit: $7,214

10-year hold

• IRR: —
• Equity multiple: 34.76×
• Total profit: $140,866
• Equity at exit: $11,534

Cash invested: $4,172 (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 51016

• Home prices YoY: 1.7%
• Active inventory: 15
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $1,357 medium
• Mortgage (P&I): −$78
• Tax est. 1.5%: −$19 /mo · $224/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $969

Break-even live

Break-even rent $130

Max offer price $14,900

Occupancy floor 24%

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: $3,725
• Closing costs: $447
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $14,900 Active 84 DOM
2. 2026-06-17
   days on market $14,900 Active 83 DOM
3. 2026-06-16
   days on market $14,900 Active 82 DOM
4. 2026-06-15
   days on market $14,900 Active 81 DOM
5. 2026-06-13
   days on market $14,900 Active 79 DOM
6. 2026-06-12
   days on market $14,900 Active 78 DOM
7. 2026-06-09
   days on market $14,900 Active 75 DOM
8. 2026-06-08
   days on market $14,900 Active 74 DOM
9. 2026-06-07
   days on market $14,900 Active 73 DOM
10. 2026-06-05
    days on market $14,900 Active 71 DOM
11. 2026-06-04
    days on market $14,900 Active 69 DOM
12. 2026-06-02
    pricedays on market $14,900 Active 68 DOM
13. 2026-06-01
    days on market $19,500 Active 67 DOM
14. 2026-05-31
    days on market $19,500 Active 66 DOM
15. 2026-05-31
    days on market $19,500 Active 65 DOM
16. 2026-05-07
    price $19,500 259-char remark

    Show marketing remark (259 chars)

    This unique property is an excellent investment opportunity for fix and flip, rental, or make it your own. This former church was converted to a house many years ago. Repairs and updates are needed, put the potential and the instant equity are worth the work!

17. 2026-03-26
    listed $22,000 Active 259-char remark

    Show marketing remark (259 chars)

    This unique property is an excellent investment opportunity for fix and flip, rental, or make it your own. This former church was converted to a house many years ago. Repairs and updates are needed, put the potential and the instant equity are worth the work!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $16,286
• − Mortgage interest: −$835
• − Property taxes: −$224
• − Insurance: −$74
• − Repairs & maintenance: −$1,303
• − Management: −$1,303
• − Depreciation: −$433
• Taxable income: $12,114
• Est. tax owed @ 24.0%: −$2,907
• After-tax cash flow: $8,723/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: River Valley Community School District
• NCES district ID: 1910340
• Math proficiency: 60% ▼ -5.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $43,677
• Composite: 51.71/100
• National rank: #1686
• State rank: #238 of 289 in IA

Livability — Correctionville

• Score: 66/100
• State rank: #528
• US rank: #11786

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Correctionville, IA
• Population (ZIP): 1,095

Population outlook (Woodbury County) Hauer SSP2

• Today (2025): 103,226 people
• By 2030: 103,060 · -0.2%
• By 2040: 102,533 · -0.7%
• By 2050: 102,788 · -0.4%
• By 2075: 107,227 · +3.9%
• By 2100: 113,980 · +10.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 16% Hispanic / Latino 15%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 1%
• Foreign-born: 3% · Canada
• Languages at home: 84% English-only · Spanish 14% German/W. Germanic 1%

Political lean MEDSL · Woodbury

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.9% · Other 1.3%
• 2008→2024 swing: -22.5pp toward R · 2008: -0.5pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+15.5 2016: R+19.9 2012: R+0.2 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.61%
• Current HPI: 215.7251
• 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

-11.4% since first listed

2 events — show timeline

• 2026-05-07 Price Changed $19,500 IAR
• 2026-03-26 Listed $22,000 IAR

Property tax history

+8.9%/yr

Latest (2025): $1,323 · -16.2% YoY. Source: county tax records.