723 East St · Grinnell, IA 50112

$115,000

4 bd · 1.0 ba · 1,844 sqft · SingleFamily public records · 128 Days on market

Built 1900 0.28 ac lot $62/sqft · 35% below area Est $176k · 35% under ↓ 12% 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 +19.4/30.0
• ARV discount +15.0/15.0
• Schools +6.6/10.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor opportunity in Grinnell with strong potential and classic character. This two story home features a large footprint, detached garage, and spacious lot. Original woodwork, tall ceilings, and layout offer excellent upside for renovation, rental, or resale. Property needs significant updating and is priced accordingly. Property is being sold as is.

Key facts

• Tall ceilings
• Spacious lot
• Original woodwork

Tags

• DETACHED GARAGE
• SPACIOUS LOT
• ORIGINAL WOODWORK
• TALL CEILINGS
• CLASSIC CHARACTER

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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; 2 comparable units currently listed for rent nearby; 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 $795 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 128 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (12%) 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 $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.02% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $176,104
• List price: $115,000
• Delta: -34.70%
• 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
721 Elm St	0.08mi	3/1.5 (-1)	1,907 (+3%)	13mo	$102,000	$53	73
1323 5th Ave	0.27mi	3/1.0 (-1)	1,892 (+3%)	7mo	$187,500	$99	73
1012 Summer St	0.34mi	4/2.0	1,920 (+4%)	4mo	$223,000	$116	70
526 East St	0.19mi	3/2.0 (-1)	1,800 (-2%)	13mo	$163,000	$91	67
1027 Summer St	0.35mi	3/2.5 (-1)	1,733 (-6%)	0mo	$249,000	$144	62
1220 6th Ave	0.32mi	5/2.0 (+1)	1,776 (-4%)	20mo	$110,000	$62	53
1233 Main St	0.68mi	4/1.5	1,693 (-8%)	1mo	$275,000	$162	52
1136 Summer St	0.49mi	3/1.0 (-1)	1,989 (+8%)	12mo	$168,500	$85	50
1414 Elm St	0.69mi	4/2.5	1,972 (+7%)	6mo	$230,000	$117	45
522 Broad St	0.36mi	4/2.5	2,064 (+12%)	16mo	$280,000	$136	44
2 Garden Cottage Ln	0.56mi	3/2.0 (-1)	1,673 (-9%)	10mo	$249,000	$149	41
1827 6th Ave	0.58mi	3/2.0 (-1)	2,016 (+9%)	16mo	$226,000	$112	35

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-10,381
• Equity at exit: $17,147

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $1,642
• Equity at exit: $9,943

Cash invested: $32,200 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,173 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$146 /mo · $1,756/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $129

Break-even live

Break-even rent $1,009

Max offer price $115,000

Occupancy floor 84%

Sensitivity live

Price	-10% $194	-5% $162	+0% $129	+5% $97	+10% $64
Rent	-10% $37	-5% $83	+0% $129	+5% $176	+10% $222
Rate	-1.0pp $187	-0.5pp $159	base $129	+0.5pp $99	+1.0pp $69

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
931 High St Grinnell, IA	4.0	2.0	1600	$1,200	$0.75	45d	1	0.25mi
931 West St Grinnell, IA	3.0	1.0	1300	$1,100	$0.85	24d	1	0.55mi

Listing history 21 events

1. 2026-06-21
   days on market $115,000 Active 128 DOM
2. 2026-06-21
   days on market $115,000 Active 127 DOM
3. 2026-06-18
   days on market $115,000 Active 125 DOM
4. 2026-06-17
   days on market $115,000 Active 124 DOM
5. 2026-06-16
   days on market $115,000 Active 123 DOM
6. 2026-06-15
   days on market $115,000 Active 122 DOM
7. 2026-06-13
   days on market $115,000 Active 120 DOM
8. 2026-06-12
   days on market $115,000 Active 119 DOM
9. 2026-06-09
   days on market $115,000 Active 116 DOM
10. 2026-06-08
    days on market $115,000 Active 115 DOM
11. 2026-06-07
    days on market $115,000 Active 114 DOM
12. 2026-06-07
    days on market $115,000 Active 113 DOM
13. 2026-06-04
    days on market $115,000 Active 110 DOM
14. 2026-06-02
    days on market $115,000 Active 109 DOM
15. 2026-06-01
    days on market $115,000 Active 108 DOM
16. 2026-05-31
    days on market $115,000 Active 107 DOM
17. 2026-05-31
    days on market $115,000 Active 106 DOM
18. 2026-05-16
    status Active 356-char remark

    Show marketing remark (356 chars)

    Investor opportunity in Grinnell with strong potential and classic character. This two story home features a large footprint, detached garage, and spacious lot. Original woodwork, tall ceilings, and layout offer excellent upside for renovation, rental, or resale. Property needs significant updating and is priced accordingly. Property is being sold as is.

19. 2026-05-09
    historical 356-char remark

    Show marketing remark (356 chars)

    Investor opportunity in Grinnell with strong potential and classic character. This two story home features a large footprint, detached garage, and spacious lot. Original woodwork, tall ceilings, and layout offer excellent upside for renovation, rental, or resale. Property needs significant updating and is priced accordingly. Property is being sold as is.

20. 2026-03-11
    price $115,000 356-char remark

    Show marketing remark (356 chars)

    Investor opportunity in Grinnell with strong potential and classic character. This two story home features a large footprint, detached garage, and spacious lot. Original woodwork, tall ceilings, and layout offer excellent upside for renovation, rental, or resale. Property needs significant updating and is priced accordingly. Property is being sold as is.

21. 2026-02-07
    listed $129,999 Active 356-char remark

    Show marketing remark (356 chars)

    Investor opportunity in Grinnell with strong potential and classic character. This two story home features a large footprint, detached garage, and spacious lot. Original woodwork, tall ceilings, and layout offer excellent upside for renovation, rental, or resale. Property needs significant updating and is priced accordingly. Property is being sold as is.

ⓘ 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: $1,756 · $146/mo
• Projected year-2 tax: $1,781 · $148/mo
• Expected delta: +$25/yr (+$2/mo · 1.4%)

ⓘ 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 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: $14,075
• − Mortgage interest: −$6,442
• − Property taxes: −$1,756
• − Insurance: −$575
• − Repairs & maintenance: −$1,126
• − Management: −$1,126
• − Depreciation: −$3,345
• Taxable loss: −$295
• Est. tax savings @ 24.0%: +$71
• After-tax cash flow: $1,622/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

-11.5% since first listed

4 events — show timeline

• 2026-05-16 Relisted — CRAAR, CDRMLS
• 2026-05-09 Delisted — CRAAR, CDRMLS
• 2026-03-11 Price Changed $115,000 CRAAR, CDRMLS
• 2026-02-07 Listed $129,999 CRAAR, CDRMLS

Property tax history

-0.2%/yr

Latest (2025): $1,756 · +1.0% YoY. Source: county tax records.