203 1st Ave Ave NE · Oelwein, IA 50662

$130,000

4 bd · 2.5 ba · 2,851 sqft · SingleFamily public records · 3 Days on market

Built 1914 10,500 sqft lot Est $228k · 43% under

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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 +15.0/15.0
• DSCR +4.6/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2 Story Historic 1914 Home. .. Rich in Character & Local History 4 Bedroom / 3 Bath Own a remarkable piece of Oelwein history with this stunning 1914 residence, once home to Oelwein's first Mayor. Rich in architectural character and craftsmanship, this stately property beautifully blends historic elegance with the modern updates today's buyers appreciate. From the moment you arrive, you'll be captivated by the home's distinctive turret, welcoming covered front porch, leaded glass windows, and impressive curb appeal on a spacious corner lot. Inside, exquisite quarter-sawn oak woodwork, original pocket doors, gleaming hardwood floors, and a beautiful wood-burning fireplace showcase the

Key facts

• Covered front porch
• Leaded glass windows
• Distinctive turret

Tags

• HISTORIC HOME
• DISTINCTIVE TURRET
• COVERED FRONT PORCH
• LEADED GLASS WINDOWS
• QUARTER-SAWN OAK WOODWORK
• ORIGINAL POCKET DOORS

Property features AI

Exterior

• Parking: Attached garage; Carport with 2 spaces
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single family residence; 2 stories
• Construction: Vinyl siding; Shingle (asphalt) roof
• Exterior features: Covered porch; Corner lot

Interior

• Kitchen: Eat-in kitchen
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom; 2 half bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Beamed ceilings; Wood-burning fireplace in the family room
• Laundry & utility: Laundry on upper level

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $39 ($474/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 $123k (5.5% below list).
• Recommended offer: $123k (5.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.5% in Oelwein — 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 76/100 on livability (#186 in IA, #3,329 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.
• Oelwein Community School District (town): math 47% / reading 55% proficiency, ranked #281 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wings Park Elementary School (math 52% / reading 47%, grade D, #514 of 616 statewide, top 85%, 345 students, 64% FRL); Oelwein Middle School (math 44% / reading 54%, grade C-, #219 of 246 statewide, top 90%, 359 students, 60% FRL); Oelwein High School (math 46% / reading 62%, grade C-, #293 of 336 statewide, top 87%, 314 students, 46% FRL).
• Market conditions: 60 active listings in the ZIP; 8 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Fayette County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,834 (5.5% below list)

Questions for the listing agent

1. Built in 1914 — 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. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.30%
• DSCR: 1.06
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $228,080
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 1st Ave Ave NE	0.04mi	4/1.5	2,451 (-14%)	23mo	$170,000	$69	52
27 Maplewood Dr	0.48mi	4/2.0	2,696 (-5%)	18mo	$233,000	$86	52
220 Lincoln Dr. Dr NE	0.26mi	4/2.0	2,490 (-13%)	18mo	$180,000	$72	49
120 12th Ave Ave NE	0.73mi	3/2.0 (-1)	2,657 (-7%)	2mo	$225,000	$85	46
916 1st St. St NE	0.61mi	4/3.0	2,748 (-4%)	22mo	$220,000	$80	46
36 7th Ave Ave SE	0.47mi	3/1.5 (-1)	2,750 (-4%)	22mo	$175,000	$64	44
100 Hillside Dr Dr E	0.72mi	4/3.5	3,050 (+7%)	14mo	$289,900	$95	39
8 Hillside Dr Dr E	0.68mi	3/3.0 (-1)	2,582 (-9%)	10mo	$256,500	$99	37
301 SE 6th Ave	0.62mi	4/3.5	2,600 (-9%)	23mo	$199,000	$77	34

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: -14.2%
• Equity multiple: 0.49×
• Total profit: $-18,512
• Equity at exit: $19,383

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-12,724
• Equity at exit: $11,240

Cash invested: $36,400 (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 50662

• Home prices YoY: -21.7%
• Active inventory: 60
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$195 /mo · $2,340/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $39

Break-even live

Break-even rent $1,178

Max offer price $130,000

Occupancy floor 92%

Sensitivity live

Price	-10% $113	-5% $76	+0% $39	+5% $3	+10% $-34
Rent	-10% $-58	-5% $-9	+0% $39	+5% $88	+10% $137
Rate	-1.0pp $105	-0.5pp $73	base $39	+0.5pp $6	+1.0pp $-28

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-12
   statusdays on market $130,000 Pending 3 DOM
2. 2026-06-09
   remarks 695-char remark
3. 2026-06-09
   listed $130,000 Active 1 DOM

ⓘ 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: $2,340 · $195/mo
• Projected year-2 tax: $2,340 · $195/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $14,740
• − Mortgage interest: −$7,282
• − Property taxes: −$2,340
• − Insurance: −$650
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$3,782
• Taxable loss: −$1,672
• Est. tax savings @ 24.0%: +$401
• After-tax cash flow: $875/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: Oelwein Community School District
• NCES district ID: 1921630
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $39,812
• Composite: 42.61/100
• National rank: #3189
• State rank: #281 of 289 in IA

Livability — Oelwein

• Score: 76/100
• State rank: #186
• US rank: #3329

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: Oelwein, IA
• Population (ZIP): 6,497

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 19,299 people
• By 2030: 18,701 · -3.1%
• By 2040: 17,469 · -9.5%
• By 2050: 16,389 · -15.1%
• By 2075: 15,156 · -21.5%
• By 2100: 14,214 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+30.5) · D 34.0% · R 64.4% · Other 1.6%
• 2008→2024 swing: -47.1pp toward R · 2008: 16.6pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+22.7 2016: R+19.6 2012: D+11.9 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.26%
• Current HPI: 177.9399
• 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

1 event — show timeline

• 2026-06-08 Listed $130,000 NEIRBR as distributed by MLS GRID

Property tax history

+7.0%/yr

Latest (2025): $2,340 · +2.3% YoY. Source: county tax records.