1103 W Summit Ave · Shenandoah, IA 51601

$69,900

3 bd · 1.0 ba · 1,150 sqft · SingleFamily public records · 22 Days on market

Built 1955 $61/sqft · 22% below area Est $121k · 42% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to build equity in this 3 bedroom home with partially finished basement in a great location. Huge backyard, oversized 1 car garage, and over 1/4 acre lot. Home is being sold as-is. This property may also be marketed via an auction event. The Seller will review offers submitted through the auction site as well as through the listing agent.

Key facts

• Huge backyard
• Over 1/4 acre lot
• Garage

Tags

• PARTIALLY FINISHED BASEMENT
• HUGE BACKYARD
• OVERSIZED 1 CAR GARAGE
• OVER 1/4 ACRE LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#206 in IA, #3,757 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Shenandoah Community School District (town): math 64% / reading 69% proficiency, ranked #190 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 24 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Page County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.90% ✓
• Cap rate: 15.36%
• Cash-on-cash: 32.39%
• DSCR: 2.44
• GRM: 4.4

CMA / ARV

• ARV (median comp): $121,010
• List price: $69,900
• Delta: -42.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
908 W Nishna Rd	0.22mi	3/2.0	1,112 (-3%)	6mo	$145,000	$130	75
806 5th Ave	0.40mi	2/2.0 (-1)	1,290 (+12%)	2mo	$95,000	$74	50
907 8th Ave	0.22mi	2/1.0 (-1)	1,003 (-13%)	20mo	$67,900	$68	47
204 W Nishna Rd	0.71mi	2/2.0 (-1)	1,064 (-8%)	15mo	$90,000	$85	33
405 Park Ave	0.62mi	2/1.0 (-1)	1,308 (+14%)	21mo	$160,000	$122	26

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: 27.5%
• Equity multiple: 2.14×
• Total profit: $22,366
• Equity at exit: $10,422

10-year hold

• IRR: 35.0%
• Equity multiple: 4.22×
• Total profit: $62,984
• Equity at exit: $6,044

Cash invested: $19,572 (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 51601

• Home prices YoY: -14.9%
• Active inventory: 24
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,330 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$127 /mo · $1,522/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $528

Break-even live

Break-even rent $661

Max offer price $69,900

Occupancy floor 55%

Sensitivity live

Price	-10% $568	-5% $548	+0% $528	+5% $509	+10% $489
Rent	-10% $423	-5% $476	+0% $528	+5% $581	+10% $633
Rate	-1.0pp $564	-0.5pp $546	base $528	+0.5pp $510	+1.0pp $492

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-14
   status Pending 358-char remark

   Show marketing remark (358 chars)

   Great opportunity to build equity in this 3 bedroom home with partially finished basement in a great location. Huge backyard, oversized 1 car garage, and over 1/4 acre lot. Home is being sold as-is. This property may also be marketed via an auction event. The Seller will review offers submitted through the auction site as well as through the listing agent.

2. 2026-04-22
   listed $69,900 Active 358-char remark

   Show marketing remark (358 chars)

   Great opportunity to build equity in this 3 bedroom home with partially finished basement in a great location. Huge backyard, oversized 1 car garage, and over 1/4 acre lot. Home is being sold as-is. This property may also be marketed via an auction event. The Seller will review offers submitted through the auction site as well as through the listing agent.

3. 2017-05-17
   soldstatus $64,875
4. 2017-05-11
   soldstatus $68,000 485-char remark

   Show marketing remark (485 chars)

   This is an exceptional property with a really clean, well maintained home. There are 3 nice sized bedrooms on the main level, living room, kitchen and bathroom. The lower level has a 3/4 bath, storage room, work area, and 2 finished rooms. The back yard is large and is surrounded by a chain link fence. There is storage in back and in the carport and wide concrete driveway. This would be an excellent rental property or a family home. Call McIntyre Real Estate to view this property.

5. 2017-01-24
   listed $68,000 485-char remark

   Show marketing remark (485 chars)

   This is an exceptional property with a really clean, well maintained home. There are 3 nice sized bedrooms on the main level, living room, kitchen and bathroom. The lower level has a 3/4 bath, storage room, work area, and 2 finished rooms. The back yard is large and is surrounded by a chain link fence. There is storage in back and in the carport and wide concrete driveway. This would be an excellent rental property or a family home. Call McIntyre Real Estate to view this property.

ⓘ 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: $1,522 · $127/mo
• Projected year-2 tax: $1,522 · $127/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥106°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: $15,962
• − Mortgage interest: −$3,915
• − Property taxes: −$1,522
• − Insurance: −$350
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$2,033
• Taxable income: $5,588
• Est. tax owed @ 24.0%: −$1,341
• After-tax cash flow: $4,999/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: Shenandoah Community School District
• NCES district ID: 1926070
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 69% ▼ -5.00%
• Median HH income: $41,835
• Composite: 55.67/100
• National rank: #1225
• State rank: #190 of 289 in IA

Livability — Shenandoah

• Score: 76/100
• State rank: #206
• US rank: #3757

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shenandoah, IA
• Population (ZIP): 5,562

Population outlook (Page County) Hauer SSP2

• Today (2025): 15,052 people
• By 2030: 14,709 · -2.3%
• By 2040: 13,981 · -7.1%
• By 2050: 13,302 · -11.6%
• By 2075: 11,678 · -22.4%
• By 2100: 9,213 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Greek 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Page

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -19.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+43.0 2016: R+44.1 2012: R+24.9 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.90%
• Current HPI: 181.7259
• 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

+2.8% since first listed

5 events — show timeline

• 2026-05-14 Pending — SWIAR
• 2026-04-22 Listed $69,900 SWIAR
• 2017-05-17 Sold (Public Records) $64,875 Public Records
• 2017-05-11 Sold (MLS) $68,000 IAR
• 2017-01-24 Listed $68,000 IAR

Property tax history

+3.7%/yr

Latest (2025): $1,522 · -1.0% YoY. Source: county tax records.