402 E 5th St · Atlantic, IA 50022

$119,900

3 bd · 1.0 ba · 1,389 sqft · SingleFamily public records · 176 Days on market

Built 1930 4,792 sqft lot $86/sqft · at area comps Est $125k · at est.

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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 +19.5/30.0
• ARV discount +9.4/15.0
• DSCR +6.2/10.0
• Schools +5.9/10.0
• 1% rule +4.4/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Timeless beauty and character is what you'll find in this 1 1/2 story home that features 3 bedrooms and one bath, completely renovated! Modern updates bring peace of mind while the stunning original woodwork and hardwood floors add warmth and classic charm you just can't replicate. The original built-in features showcase the craftsmanship of the era, blending perfectly with today's style and convenience. Truly move-in ready!

Key facts

• Original woodwork
• Hardwood floors
• 4,792 sq ft lot

Tags

• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• ORIGINAL BUILT-IN FEATURES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $135 ($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 $113k (5.6% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.0% in Atlantic — 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 74/100 on livability (#243 in IA, #4,704 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime D+, amenities F, commute F.
• Atlantic Community School District (town): math 68% / reading 72% proficiency, ranked #155 of 289 in IA (top 54%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 51 active listings in the ZIP; 14 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y 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.
• Current owner paid $102k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 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 1930 — 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. 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?
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: 0.94% ✗
• Cap rate: 7.65%
• Cash-on-cash: 4.84%
• DSCR: 1.22
• GRM: 8.8

CMA / ARV

• ARV (median comp): $125,169
• List price: $119,900
• Delta: -4.21%
• 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
603 Spruce St	0.27mi	4/1.0 (+1)	1,456 (+5%)	9mo	$150,000	$103	67
608 Hazel Street St	0.18mi	3/1.5	1,536 (+11%)	12mo	$170,000	$111	62
201 E 6th St	0.18mi	4/2.0 (+1)	1,452 (+4%)	17mo	$202,000	$139	61
901 Mulberry St	0.50mi	3/2.0	1,360 (-2%)	10mo	$157,500	$116	61
310 W 1st St	0.65mi	2/1.0 (-1)	1,395 (+0%)	8mo	$175,000	$125	57
505 Hickory St	0.68mi	3/1.0	1,316 (-5%)	9mo	$125,000	$95	52
810 Walnut St	0.36mi	3/1.0	1,236 (-11%)	17mo	$139,500	$113	51
1320 Poplar St	0.74mi	3/2.0	1,338 (-4%)	9mo	$115,000	$86	47
204 W 11th St	0.64mi	3/2.0	1,285 (-8%)	16mo	$100,000	$78	41
200 W 8th St	0.51mi	3/2.0	1,592 (+15%)	11mo	$115,000	$72	38
1205 Maple St	0.55mi	2/2.0 (-1)	1,558 (+12%)	10mo	$138,000	$89	37
7 E 13 St	0.63mi	3/2.0	1,263 (-9%)	18mo	$175,000	$139	37

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: $-10,831
• Equity at exit: $17,877

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $1,568
• Equity at exit: $10,367

Cash invested: $33,572 (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 50022

• Home prices YoY: -28.8%
• Active inventory: 51
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,132 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$80 /mo · $958/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $135

Break-even live

Break-even rent $960

Max offer price $119,900

Occupancy floor 83%

Sensitivity live

Price	-10% $203	-5% $169	+0% $135	+5% $101	+10% $68
Rent	-10% $46	-5% $91	+0% $135	+5% $180	+10% $225
Rate	-1.0pp $196	-0.5pp $166	base $135	+0.5pp $104	+1.0pp $73

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $119,900 Active 176 DOM
2. 2026-06-21
   days on market $119,900 Active 175 DOM
3. 2026-06-18
   days on market $119,900 Active 173 DOM
4. 2026-06-17
   days on market $119,900 Active 172 DOM
5. 2026-06-16
   days on market $119,900 Active 171 DOM
6. 2026-06-15
   days on market $119,900 Active 170 DOM
7. 2026-06-13
   days on market $119,900 Active 168 DOM
8. 2026-06-12
   days on market $119,900 Active 167 DOM
9. 2026-06-09
   days on market $119,900 Active 164 DOM
10. 2026-06-08
    days on market $119,900 Active 163 DOM
11. 2026-06-07
    days on market $119,900 Active 162 DOM
12. 2026-06-07
    days on market $119,900 Active 161 DOM
13. 2026-06-04
    days on market $119,900 Active 158 DOM
14. 2026-06-02
    days on market $119,900 Active 157 DOM
15. 2026-06-01
    days on market $119,900 Active 156 DOM
16. 2026-05-31
    days on market $119,900 Active 155 DOM
17. 2026-05-31
    days on market $119,900 Active 154 DOM
18. 2025-12-26
    listed $119,900 Active 429-char remark

    Show marketing remark (429 chars)

    Timeless beauty and character is what you'll find in this 1 1/2 story home that features 3 bedrooms and one bath, completely renovated! Modern updates bring peace of mind while the stunning original woodwork and hardwood floors add warmth and classic charm you just can't replicate. The original built-in features showcase the craftsmanship of the era, blending perfectly with today's style and convenience. Truly move-in ready!

19. 2025-12-22
    historical $1,200
20. 2025-11-21
    listed $1,200
21. 2025-11-14
    soldstatus $101,750
22. 2019-12-03
    soldstatus $70,000
23. 2019-12-02
    soldstatus $70,000 274-char remark

    Show marketing remark (274 chars)

    Nicely redone 3 Bedroom home. New interior & exterior paint. Completely refinished hardwood floors. Nice oak woodwork, New Roof, gutters and Windows. Remolded Kitchen and Bathroom. Nice sitting front porch. Walking distance to downtown. Must SEE Call a Realtor Today!!

24. 2019-12-02
    soldstatus $70,000 274-char remark

    Show marketing remark (274 chars)

    Nicely redone 3 Bedroom home. New interior & exterior paint. Completely refinished hardwood floors. Nice oak woodwork, New Roof, gutters and Windows. Remolded Kitchen and Bathroom. Nice sitting front porch. Walking distance to downtown. Must SEE Call a Realtor Today!!

25. 2019-08-22
    listed $75,491 274-char remark

    Show marketing remark (274 chars)

    Nicely redone 3 Bedroom home. New interior & exterior paint. Completely refinished hardwood floors. Nice oak woodwork, New Roof, gutters and Windows. Remolded Kitchen and Bathroom. Nice sitting front porch. Walking distance to downtown. Must SEE Call a Realtor Today!!

26. 2019-08-22
    listed $75,491 274-char remark

    Show marketing remark (274 chars)

    Nicely redone 3 Bedroom home. New interior & exterior paint. Completely refinished hardwood floors. Nice oak woodwork, New Roof, gutters and Windows. Remolded Kitchen and Bathroom. Nice sitting front porch. Walking distance to downtown. Must SEE Call a Realtor Today!!

27. 2019-06-26
    soldstatus $35,000
28. 2019-06-26
    soldstatus $35,000
29. 2017-06-28
    listed $35,000
30. 2017-06-28
    listed $35,000
31. 2011-10-18
    soldstatus $25,000
32. 2011-09-07
    listed $30,000

ⓘ 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: $958 · $80/mo
• Projected year-2 tax: $1,420 · $118/mo
• Expected delta: +$462/yr (+$39/mo · 48.2%)

ⓘ 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 ≥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: $13,579
• − Mortgage interest: −$6,716
• − Property taxes: −$958
• − Insurance: −$600
• − Repairs & maintenance: −$1,086
• − Management: −$1,086
• − Depreciation: −$3,488
• Taxable loss: −$355
• Est. tax savings @ 24.0%: +$85
• After-tax cash flow: $1,710/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: Atlantic Community School District
• NCES district ID: 1903930
• Math proficiency: 68% ▬ 0.00%
• Reading proficiency: 72% ▲ 6.00%
• Median HH income: $41,877
• Composite: 58.58/100
• National rank: #987
• State rank: #155 of 289 in IA

Livability — Atlantic

• Score: 74/100
• State rank: #243
• US rank: #4704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlantic, IA
• City population: 8,472
• Population (ZIP): 8,472

Population outlook (Cass County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 11,911 · -4.3%
• By 2040: 10,904 · -12.4%
• By 2050: 10,005 · -19.7%
• By 2075: 8,030 · -35.5%
• By 2100: 5,865 · -52.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 1% Black 1%
• Common ancestry: Iranian 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+40.7) · D 28.9% · R 69.6% · Other 1.5%
• 2008→2024 swing: -29.9pp toward R · 2008: -10.8pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+38.0 2016: R+39.8 2012: R+18.9 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -65.62%
• Current HPI: 162.2127
• 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

+299.7% since first listed

15 events — show timeline

• 2025-12-26 Listed $119,900 IAR
• 2025-12-22 Rental Removed $1,200 TURBOTENANT
• 2025-11-21 Listed for Rent $1,200 TURBOTENANT
• 2025-11-14 Sold (Public Records) $101,750 Public Records
• 2019-12-03 Sold (Public Records) $70,000 Public Records
• 2019-12-02 Sold (MLS) $70,000 NORTHSTARMLS as Distributed by MLS Grid
• 2019-12-02 Sold (MLS) $70,000 IAR
• 2019-08-22 Listed $75,491 NORTHSTARMLS as Distributed by MLS Grid
• 2019-08-22 Listed $75,491 IAR
• 2019-06-26 Sold (MLS) $35,000 IAR
• 2019-06-26 Sold (MLS) $35,000 NORTHSTARMLS as Distributed by MLS Grid
• 2017-06-28 Listed $35,000 IAR
• 2017-06-28 Listed $35,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-10-18 Sold (MLS) $25,000 NORTHSTARMLS as Distributed by MLS Grid
• 2011-09-07 Listed $30,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $958 · -1.8% YoY. Source: county tax records.