402 Fulton Street St SE · Hopkinton, IA 52237

$75,000

3 bd · 1.0 ba · 1,513 sqft · SingleFamily public records · 1 Days on market

Built 1900 0.40 ac lot

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• Schools +6.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Super cute home located in a great small town! Spacious kitchen, 3 large bedrooms & a nice sized bath. Large garage, great location close to pool and major roads. Priced aggressive for immediate sale!

Key facts

• 0.4 acre lot
• 3 garage spots
• Built 1900

Property features AI

Finance

• Other: Listed by Teri Graf Real Estate Team

Exterior

• Parking: Attached garage and carport; 3-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one half levels; 1 total story
• Exterior features: Approximately 0.403-acre lot; Directions: cascade to Fulton street

Interior

• Bathrooms: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).

Location & tenants

• Location reads 71/100 on livability (#334 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Maquoketa Valley Community School District (rural): math 79% / reading 83% proficiency, ranked #27 of 289 in IA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Delhi Elementary School (math 82% / reading 77%, grade A, #71 of 616 statewide, top 15%, 148 students, 29% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: 8 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($519 loan paydown + $3k appreciation (4.7% local appreciation)).
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.7% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1900 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.50% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.10%
• DSCR: 1.85
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $151,300
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 NW 3rd St	0.43mi	3/2.0	1,568 (+4%)	12mo	$34,000	$22	60
108 S Walnut St SE	0.19mi	3/2.0	1,734 (+15%)	12mo	$165,000	$95	52
307 SE 2nd St	0.58mi	3/1.5	1,325 (-12%)	4mo	$167,000	$126	47
511 NE Andrew St St	0.61mi	3/2.0	1,692 (+12%)	22mo	$170,000	$100	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.66% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 2.77×
• Total profit: $37,158
• Equity at exit: $40,958

10-year hold

• IRR: 27.9%
• Equity multiple: 5.51×
• Total profit: $94,729
• Equity at exit: $69,444

Cash invested: $21,000 (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 52237

• Home prices YoY: 2.8%
• Active inventory: 8
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,124 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$129 /mo · $1,546/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $334

Break-even live

Break-even rent $700

Max offer price $75,000

Occupancy floor 65%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-21
   status Pending
2. 2026-05-20
   listed $75,000 Active

ⓘ 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: $1,546 · $129/mo
• Projected year-2 tax: $1,546 · $129/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 3/10 Moderate
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,482
• − Mortgage interest: −$4,201
• − Property taxes: −$1,546
• − Insurance: −$375
• − Repairs & maintenance: −$1,079
• − Management: −$1,079
• − Depreciation: −$2,182
• Taxable income: $3,021
• Est. tax owed @ 24.0%: −$725
• After-tax cash flow: $3,285/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: Maquoketa Valley Community School District
• NCES district ID: 1918540
• Math proficiency: 79% ▼ -8.00%
• Reading proficiency: 83% ▼ -8.00%
• Median HH income: $53,569
• Composite: 68.82/100
• National rank: #332
• State rank: #27 of 289 in IA

Livability — Hopkinton

• Score: 71/100
• State rank: #334
• US rank: #6838

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hopkinton, IA
• City population: 1,526
• Population (ZIP): 1,526

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 16,718 people
• By 2030: 16,267 · -2.7%
• By 2040: 15,277 · -8.6%
• By 2050: 14,198 · -15.1%
• By 2075: 12,804 · -23.4%
• By 2100: 11,678 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Polish 15% Lithuanian 6%
• Languages at home: 87% English-only · German/W. Germanic 10% Spanish 3%

Political lean MEDSL · Delaware

• 2024 margin: Solid R (+39.6) · D 29.4% · R 69.1% · Other 1.5%
• 2008→2024 swing: -45.6pp toward R · 2008: 6.0pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+35.1 2016: R+29.8 2012: R+0.2 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.66%
• Current HPI: 169.4116
• 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

2 events — show timeline

• 2026-05-21 Pending — CRAAR, CDRMLS
• 2026-05-20 Listed $75,000 CRAAR, CDRMLS

Property tax history

+1.3%/yr

Latest (2025): $1,546 · +2.1% YoY. Source: county tax records.