206 S Locust St · Glenwood, IA 51534

$120,000

2 bd · 1.0 ba · 814 sqft · SingleFamily public records · 23 Days on market

Built 1926 $147/sqft · 15% below area Est $142k · 15% under ↓ 9% 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 +21.3/30.0
• ARV discount +14.4/15.0
• DSCR +6.8/10.0
• Schools +6.7/10.0
• 1% rule +5.0/10.0
• 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

Zoned mixed use and located along one of Glenwood's primary corridors, this affordable property offers strong potential as a commercial opportunity, rental, or personal residence. The 2-bedroom, 1-bath home features a functional main-floor layout with both bedrooms on the same level and great natural light throughout. Recent updates include newer carpet and a new heating system installed in March 2025. A three-season room opens to the patio, and recent tree trimming improves the outdoor space. The unfinished basement provides additional storage or future potential. Sidewalk access, off-street parking, and a walkable location near downtown, schools, and local amenities round out this versatile property.

Key facts

• Tall ceilings
• Arched openings
• Brick patio area

Tags

• TALL CEILINGS
• ARCHED OPENINGS
• UPDATED FLOORING
• ABUNDANT NATURAL LIGHT
• UNIQUE TERRACED BACKYARD
• BRICK PATIO AREA

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Natural gas available; Electricity available; Cable available; Public sewer
• Home design: Single-family residence; One story; Frame construction
• Construction: Composition roof
• Exterior features: Patio; Waterfront lot; Concrete road access; Sidewalks in the community

Interior

• Heating & cooling: Natural gas forced-air heating; Ceiling fans; Window air conditioning units
• Interior features: Ceiling fans
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/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 $120k (0.1% below list).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 1.9% in Glenwood — 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 81/100 on livability (#56 in IA, #1,306 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Glenwood Community School District (town): math 79% / reading 76% proficiency, ranked #38 of 289 in IA (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Glenwood Middle School (math 81% / reading 74%, grade A+, #50 of 246 statewide, top 20%, 451 students, 38% FRL); Glenwood Senior High School (math 73% / reading 76%, grade B+, #89 of 336 statewide, top 30%, 600 students, 35% FRL).
• Market conditions: 31 active listings in the ZIP; 39 units permitted in Mills County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Mills County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — 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 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?
4. 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.
5. 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.
6. 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: 1.00% ✗
• Cap rate: 8.04%
• Cash-on-cash: 6.26%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (median comp): $141,732
• List price: $120,000
• Delta: -10.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 S Locust St	0.00mi	2/1.0	814 (0%)	3mo	$123,500	$152	98
202 Townsend St	0.40mi	2/1.0	804 (-1%)	8mo	$38,300	$48	73
906 Townsend St	0.32mi	2/1.0	812 (-0%)	18mo	$175,900	$217	69
304 N Walnut St	0.37mi	2/1.0	835 (+3%)	15mo	$47,000	$56	66
1011 Sharp St	0.37mi	2/2.0	928 (+14%)	14mo	$167,450	$180	44
407 N Locust St	0.46mi	2/1.0	926 (+14%)	24mo	$89,000	$96	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: -6.7%
• Equity multiple: 0.75×
• Total profit: $-8,307
• Equity at exit: $17,892

10-year hold

• IRR: 2.9%
• Equity multiple: 1.21×
• Total profit: $7,061
• Equity at exit: $10,375

Cash invested: $33,600 (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 51534

• Home prices YoY: -13.0%
• Active inventory: 31
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,198 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$92 /mo · $1,108/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $175

Break-even live

Break-even rent $977

Max offer price $120,000

Occupancy floor 80%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $120,000 Active 23 DOM
2. 2026-06-17
   days on market $120,000 Active 22 DOM
3. 2026-06-16
   days on market $120,000 Active 21 DOM
4. 2026-06-16
   price $120,000 Active 20 DOM
5. 2026-06-15
   days on market $127,500 Active 20 DOM
6. 2026-06-13
   days on market $127,500 Active 18 DOM
7. 2026-06-10
   days on market $127,500 Active 15 DOM
8. 2026-06-09
   days on market $127,500 Active 14 DOM
9. 2026-06-08
   days on market $127,500 Active 13 DOM
10. 2026-06-07
    days on market $127,500 Active 12 DOM
11. 2026-06-03
    days on market $127,500 Active 8 DOM
12. 2026-06-03
    days on market $127,500 Active 7 DOM
13. 2026-06-01
    days on market $127,500 Active 6 DOM
14. 2026-05-31
    days on market $127,500 Active 5 DOM
15. 2026-04-11
    price $127,500
16. 2026-04-07
    listed $132,500 Active
17. 2026-03-30
    soldstatus $123,500
18. 2026-03-27
    soldstatus $123,500 Closed 711-char remark

    Show marketing remark (711 chars)

    Zoned mixed use and located along one of Glenwood's primary corridors, this affordable property offers strong potential as a commercial opportunity, rental, or personal residence. The 2-bedroom, 1-bath home features a functional main-floor layout with both bedrooms on the same level and great natural light throughout. Recent updates include newer carpet and a new heating system installed in March 2025. A three-season room opens to the patio, and recent tree trimming improves the outdoor space. The unfinished basement provides additional storage or future potential. Sidewalk access, off-street parking, and a walkable location near downtown, schools, and local amenities round out this versatile property.

19. 2026-03-03
    status Pending 711-char remark

    Show marketing remark (711 chars)

    Zoned mixed use and located along one of Glenwood's primary corridors, this affordable property offers strong potential as a commercial opportunity, rental, or personal residence. The 2-bedroom, 1-bath home features a functional main-floor layout with both bedrooms on the same level and great natural light throughout. Recent updates include newer carpet and a new heating system installed in March 2025. A three-season room opens to the patio, and recent tree trimming improves the outdoor space. The unfinished basement provides additional storage or future potential. Sidewalk access, off-street parking, and a walkable location near downtown, schools, and local amenities round out this versatile property.

20. 2026-02-27
    price $128,500 711-char remark

    Show marketing remark (711 chars)

    Zoned mixed use and located along one of Glenwood's primary corridors, this affordable property offers strong potential as a commercial opportunity, rental, or personal residence. The 2-bedroom, 1-bath home features a functional main-floor layout with both bedrooms on the same level and great natural light throughout. Recent updates include newer carpet and a new heating system installed in March 2025. A three-season room opens to the patio, and recent tree trimming improves the outdoor space. The unfinished basement provides additional storage or future potential. Sidewalk access, off-street parking, and a walkable location near downtown, schools, and local amenities round out this versatile property.

21. 2026-02-18
    price $129,000 711-char remark

    Show marketing remark (711 chars)

    Zoned mixed use and located along one of Glenwood's primary corridors, this affordable property offers strong potential as a commercial opportunity, rental, or personal residence. The 2-bedroom, 1-bath home features a functional main-floor layout with both bedrooms on the same level and great natural light throughout. Recent updates include newer carpet and a new heating system installed in March 2025. A three-season room opens to the patio, and recent tree trimming improves the outdoor space. The unfinished basement provides additional storage or future potential. Sidewalk access, off-street parking, and a walkable location near downtown, schools, and local amenities round out this versatile property.

22. 2026-01-05
    listed $132,500 Active 711-char remark

    Show marketing remark (711 chars)

    Zoned mixed use and located along one of Glenwood's primary corridors, this affordable property offers strong potential as a commercial opportunity, rental, or personal residence. The 2-bedroom, 1-bath home features a functional main-floor layout with both bedrooms on the same level and great natural light throughout. Recent updates include newer carpet and a new heating system installed in March 2025. A three-season room opens to the patio, and recent tree trimming improves the outdoor space. The unfinished basement provides additional storage or future potential. Sidewalk access, off-street parking, and a walkable location near downtown, schools, and local amenities round out this versatile 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: $1,108 · $92/mo
• Projected year-2 tax: $1,496 · $125/mo
• Expected delta: +$388/yr (+$32/mo · 35.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $14,382
• − Mortgage interest: −$6,722
• − Property taxes: −$1,108
• − Insurance: −$600
• − Repairs & maintenance: −$1,151
• − Management: −$1,151
• − Depreciation: −$3,491
• Taxable income: $160
• Est. tax owed @ 24.0%: −$38
• After-tax cash flow: $2,064/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: Glenwood Community School District
• NCES district ID: 1912690
• Math proficiency: 79% ▬ 0.00%
• Reading proficiency: 76% ▼ -2.00%
• Median HH income: $64,166
• Composite: 66.96/100
• National rank: #396
• State rank: #38 of 289 in IA

Livability — Glenwood

• Score: 81/100
• State rank: #56
• US rank: #1306

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Glenwood, IA
• Population (ZIP): 9,238

Population outlook (Mills County) Hauer SSP2

• Today (2025): 14,342 people
• By 2030: 13,928 · -2.9%
• By 2040: 12,997 · -9.4%
• By 2050: 12,123 · -15.5%
• By 2075: 10,462 · -27.1%
• By 2100: 9,025 · -37.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Iranian 4% Italian 4% Portuguese 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Mills

• 2024 margin: Solid R (+39.1) · D 29.9% · R 69.0% · Other 1.2%
• 2008→2024 swing: -22.5pp toward R · 2008: -16.6pp · 2024: -39.1pp
• All cycles: 2024: R+39.1 2020: R+37.2 2016: R+39.0 2012: R+19.1 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.30%
• Current HPI: 250.2742
• 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

-9.4% since first listed

10 events — show timeline

• 2026-06-16 Price Changed $120,000 SWIAR
• 2026-05-26 Listed $127,500 SWIAR
• 2026-04-11 Price Changed $127,500 SWIAR
• 2026-04-07 Listed $132,500 SWIAR
• 2026-03-30 Sold (Public Records) $123,500 Public Records
• 2026-03-27 Sold (MLS) $123,500 SWIAR
• 2026-03-03 Pending — SWIAR
• 2026-02-27 Price Changed $128,500 SWIAR
• 2026-02-18 Price Changed $129,000 SWIAR
• 2026-01-05 Listed $132,500 SWIAR

Property tax history

+1.2%/yr

Latest (2025): $1,108 · -19.6% YoY. Source: county tax records.