408 5th Ave · Grinnell, IA 50112

$124,000

3 bd · 2.0 ba · 1,338 sqft · SingleFamily public records · 149 Days on market

Built 1900 7,405 sqft lot $93/sqft · at area comps Est $127k · at est.

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Why this score? — see what drove the D 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 +10.2/30.0
• ARV discount +8.7/15.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• 1% rule +3.2/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

As you walk up to this home in Grinnell, Iowa you are sure to notice the large, covered porch with shaker wood siding. Inside the gorgeous wood banister will catch your eye along with most of the original woodwork. On the main level is a living room, formal dining room, primary bedroom suite, kitchen with eat-in nook along with included appliances and a pantry for additional storage. Upstairs are two spacious bedrooms and a full bathroom. This affordable home has a newer roof and hot water heater, a semi level back yard, and a detached garage with access off the alley. Call today to schedule a private tour.

Key facts

• Covered porch
• Pantry
• Eat-in nook

Tags

• COVERED PORCH
• WOOD BANISTER
• ORIGINAL WOODWORK
• EAT-IN NOOK
• INCLUDED APPLIANCES
• PANTRY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $-71 ($-855/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (18.4% below list).
• Recommended offer: $101k (18.4% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: cost of living A+, housing A+, health & safety 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.
• Zoned schools: Fairview Elementary School (243 students, 32% FRL); Grinnell Community Middle School (math 74% / reading 77%, grade A, #65 of 246 statewide, top 29%, 457 students, 33% FRL); Grinnell Community Senior High School (math 77% / reading 83%, grade A, #32 of 336 statewide, top 10%, 471 students, 30% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 98 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $857 of loan paydown is wiped out by about $4k 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 149 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 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 $101,165 (18.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 5.60%
• Cash-on-cash: -2.46%
• DSCR: 0.89
• GRM: 10.2

CMA / ARV

• ARV (median comp): $127,419
• List price: $124,000
• Delta: -2.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
411 1st Ave	0.37mi	3/1.0	1,266 (-5%)	6mo	$142,000	$112	64
1013 Spring St	0.12mi	3/1.5	1,198 (-10%)	13mo	$144,900	$121	64
524 Main St	0.51mi	3/2.0	1,460 (+9%)	3mo	$150,000	$103	58
510 Spring St	0.48mi	2/1.0 (-1)	1,275 (-5%)	9mo	$149,000	$117	53
320 1st Ave	0.40mi	3/2.0	1,166 (-13%)	10mo	$203,000	$174	52
1622 Prairie St	0.69mi	3/1.5	1,440 (+8%)	2mo	$219,000	$152	51
1533 Reed St	0.61mi	3/1.0	1,243 (-7%)	5mo	$130,000	$105	51
720 High St	0.67mi	3/3.0	1,264 (-6%)	10mo	$139,000	$110	47
518 11th Ave	0.61mi	2/1.5 (-1)	1,266 (-5%)	12mo	$253,000	$200	46
539 10th Ave	0.55mi	3/1.5	1,180 (-12%)	9mo	$229,000	$194	45
616 Harrison Ave	0.73mi	2/1.5 (-1)	1,184 (-12%)	2mo	$235,000	$198	38
1316 5th Ave	0.74mi	3/1.5	1,180 (-12%)	10mo	$210,000	$178	36

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: -20.4%
• Equity multiple: 0.29×
• Total profit: $-24,607
• Equity at exit: $18,489

10-year hold

• IRR: -13.4%
• Equity multiple: 0.22×
• Total profit: $-27,173
• Equity at exit: $10,721

Cash invested: $34,720 (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: 10.2×

Monthly cashflow live

• Estimated rent: $1,012 high
• Mortgage (P&I): −$650
• Tax from tax record: −$168 /mo · $2,022/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $-71

Break-even live

Break-even rent $1,102

Max offer price $111,416

Occupancy floor —

Sensitivity live

Price	-10% $-1	-5% $-36	+0% $-71	+5% $-106	+10% $-141
Rent	-10% $-151	-5% $-111	+0% $-71	+5% $-31	+10% $9
Rate	-1.0pp $-9	-0.5pp $-40	base $-71	+0.5pp $-103	+1.0pp $-136

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
931 West St Grinnell, IA	3.0	1.0	1300	$1,100	$0.85	25d	1	0.17mi
916 Main St Unit 4 Grinnell, IA	2.0	1.0	1200	$850	$0.71	25d	1	0.29mi
232 8th Ave W Grinnell, IA	3.0	1.0	1008	$1,010	$1.00	45d	1	0.35mi
401 Washington Ave Grinnell, IA	2.0	1.0	1000	$825	$0.82	16d	1	0.52mi
501 Washington Ave Grinnell, IA	3.0	1.0	1008	$1,025	$1.02	16d	1	0.53mi
931 High St Grinnell, IA	4.0	2.0	1600	$1,200	$0.75	46d	1	0.59mi
1512 Summer St Grinnell, IA	2.0	1.0	1339	$1,000	$0.75	45d	1	1.04mi

Listing history 26 events

1. 2026-06-21
   days on market $124,000 Active 149 DOM
2. 2026-06-21
   days on market $124,000 Active 148 DOM
3. 2026-06-18
   days on market $124,000 Active 146 DOM
4. 2026-06-17
   days on market $124,000 Active 145 DOM
5. 2026-06-16
   days on market $124,000 Active 144 DOM
6. 2026-06-16
   price $124,000 Active 143 DOM
7. 2026-06-15
   days on market $126,000 Active 143 DOM
8. 2026-06-13
   days on market $126,000 Active 141 DOM
9. 2026-06-12
   days on market $126,000 Active 140 DOM
10. 2026-06-09
    days on market $126,000 Active 137 DOM
11. 2026-06-08
    days on market $126,000 Active 136 DOM
12. 2026-06-07
    days on market $126,000 Active 135 DOM
13. 2026-06-07
    days on market $126,000 Active 134 DOM
14. 2026-06-04
    days on market $126,000 Active 131 DOM
15. 2026-06-02
    days on market $126,000 Active 130 DOM
16. 2026-06-01
    days on market $126,000 Active 129 DOM
17. 2026-05-31
    days on market $126,000 Active 128 DOM
18. 2026-05-31
    days on market $126,000 Active 127 DOM
19. 2026-05-14
    price $126,000 614-char remark

    Show marketing remark (614 chars)

    As you walk up to this home in Grinnell, Iowa you are sure to notice the large, covered porch with shaker wood siding. Inside the gorgeous wood banister will catch your eye along with most of the original woodwork. On the main level is a living room, formal dining room, primary bedroom suite, kitchen with eat-in nook along with included appliances and a pantry for additional storage. Upstairs are two spacious bedrooms and a full bathroom. This affordable home has a newer roof and hot water heater, a semi level back yard, and a detached garage with access off the alley. Call today to schedule a private tour.

20. 2026-01-22
    listed $129,000 Active 614-char remark

    Show marketing remark (614 chars)

    As you walk up to this home in Grinnell, Iowa you are sure to notice the large, covered porch with shaker wood siding. Inside the gorgeous wood banister will catch your eye along with most of the original woodwork. On the main level is a living room, formal dining room, primary bedroom suite, kitchen with eat-in nook along with included appliances and a pantry for additional storage. Upstairs are two spacious bedrooms and a full bathroom. This affordable home has a newer roof and hot water heater, a semi level back yard, and a detached garage with access off the alley. Call today to schedule a private tour.

21. 2022-08-31
    soldstatus $115,000
22. 2022-08-25
    soldstatus $115,000 400-char remark

    Show marketing remark (400 chars)

    Call Today!!! Walking distance to downtown Grinnell. 2 story home on large lot with alley access. Home has an open staircase. Kitchen with breakfast area. There is a Dining area and living room. Main floor master bedroom and full bath. Second floor features 2 bedrooms and a full bath that is updated. Patio for grilling with access to the kitchen. There is also a detached 2 car garage off the alley

23. 2022-05-21
    listed $124,900 400-char remark

    Show marketing remark (400 chars)

    Call Today!!! Walking distance to downtown Grinnell. 2 story home on large lot with alley access. Home has an open staircase. Kitchen with breakfast area. There is a Dining area and living room. Main floor master bedroom and full bath. Second floor features 2 bedrooms and a full bath that is updated. Patio for grilling with access to the kitchen. There is also a detached 2 car garage off the alley

24. 2016-05-27
    soldstatus $85,000
25. 2016-05-27
    soldstatus $85,000
26. 2015-08-12
    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: $2,022 · $168/mo
• Projected year-2 tax: $2,022 · $168/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 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: $12,140
• − Mortgage interest: −$6,946
• − Property taxes: −$2,022
• − Insurance: −$620
• − Repairs & maintenance: −$971
• − Management: −$971
• − Depreciation: −$3,607
• Taxable loss: −$2,998
• Est. tax savings @ 24.0%: +$719
• After-tax cash flow: $-135/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

+48.2% since first listed

8 events — show timeline

• 2026-05-14 Price Changed $126,000 IAR
• 2026-01-22 Listed $129,000 IAR
• 2022-08-31 Sold (Public Records) $115,000 Public Records
• 2022-08-25 Sold (MLS) $115,000 IAR
• 2022-05-21 Listed $124,900 IAR
• 2016-05-27 Sold (Public Records) $85,000 Public Records
• 2016-05-27 Sold (MLS) $85,000 IAR
• 2015-08-12 Listed $85,000 IAR

Property tax history

+3.2%/yr

Latest (2025): $2,022 · +1.1% YoY. Source: county tax records.