507 N Massachusetts Ave · Mason City, IA 50401

$24,900

3 bd · 1.0 ba · 905 sqft · SingleFamily public records · 37 Days on market

Built 1900 5,800 sqft lot $28/sqft · 83% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• 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

FLOOD INSURANCE NOT REQUIRED. Opportunity to make this into a cute 3 bedroom home. Windows have been upgraded. A little elbow grease and this would be a nice home. In the disclosures please find the attached flood zone determination. "On the certificate you will see that it is marked flood zone X. The definition of flood zone X is; the home is determined to be outside the 500-year flood and protected by levee from 100- year flood. The X determination means that for any lender flood insurance is not required but is available to an individual that wants to purchase it for peace of mind. " per insurance agent.

Key facts

• Completely gutted
• Major demo completed
• 5,800 sq ft lot

Tags

• COMPLETELY GUTTED
• MAJOR DEMO COMPLETED

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Exterior features: Asphalt roof

Interior

• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 50.9% vs local median 5.3% in Mason City — 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 (#67 in IA, #1,477 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Mason City Community School District (town): math 50% / reading 58% proficiency, ranked #271 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 158 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 54 units permitted in Cerro Gordo County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Cerro Gordo County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $18k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $24,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 5.60% ✓
• Cap rate: 50.85%
• Cash-on-cash: 159.14%
• DSCR: 8.08
• GRM: 1.5

CMA / ARV

• ARV (median comp): $249,073
• List price: $24,900
• Delta: -90.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
832 9th St NE	0.55mi	2/1.0 (-1)	962 (+6%)	1mo	$117,500	$122	58
311 10th St NE	0.31mi	2/1.0 (-1)	1,001 (+11%)	8mo	$110,000	$110	56
650 13th St NE	0.56mi	3/1.0	864 (-4%)	18mo	$86,400	$100	51
334 10th St NE	0.32mi	2/1.0 (-1)	1,035 (+14%)	10mo	$116,500	$113	48
1008 N Hampshire Ave	0.43mi	2/0.8 (-1)	784 (-13%)	7mo	$128,500	$164	46
808 9th St NE	0.50mi	2/1.0 (-1)	778 (-14%)	5mo	$94,000	$121	44
705 Birch Dr Dr	0.37mi	2/1.0 (-1)	1,006 (+11%)	23mo	$131,000	$130	40
1317 N Washington Ave	0.67mi	2/1.0 (-1)	1,008 (+11%)	9mo	$83,000	$82	37
902 1st St SE	0.67mi	2/1.0 (-1)	1,040 (+15%)	10mo	$100,250	$96	31
937 NE 10th St	0.67mi	3/2.0	1,008 (+11%)	21mo	$119,000	$118	28
927 10th St NE	0.66mi	2/1.0 (-1)	1,021 (+13%)	23mo	$92,000	$90	24

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: —
• Equity multiple: 8.87×
• Total profit: $54,878
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 18.74×
• Total profit: $123,713
• Equity at exit: $2,153

Cash invested: $6,972 (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 50401

• Active inventory: 158
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,395 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$36 /mo · $438/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $925

Break-even live

Break-even rent $225

Max offer price $24,900

Occupancy floor 29%

Sensitivity live

Price	-10% $939	-5% $932	+0% $925	+5% $918	+10% $911
Rent	-10% $814	-5% $869	+0% $925	+5% $980	+10% $1,035
Rate	-1.0pp $937	-0.5pp $931	base $925	+0.5pp $918	+1.0pp $912

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
110 N Delaware Ave Unit 211 Mason City, IA	2.0	1.0	919	$1,395	$1.52	44d	1	0.40mi

Listing history 21 events

1. 2026-06-21
   days on market $24,900 Active 37 DOM
2. 2026-06-18
   days on market $24,900 Active 35 DOM
3. 2026-06-17
   days on market $24,900 Active 34 DOM
4. 2026-06-16
   days on market $24,900 Active 33 DOM
5. 2026-06-15
   days on market $24,900 Active 32 DOM
6. 2026-06-13
   days on market $24,900 Active 30 DOM
7. 2026-06-12
   days on market $24,900 Active 29 DOM
8. 2026-06-09
   days on market $24,900 Active 26 DOM
9. 2026-06-08
   days on market $24,900 Active 25 DOM
10. 2026-06-07
    days on market $24,900 Active 24 DOM
11. 2026-06-07
    days on market $24,900 Active 23 DOM
12. 2026-06-04
    days on market $24,900 Active 20 DOM
13. 2026-06-02
    days on market $24,900 Active 19 DOM
14. 2026-06-01
    days on market $24,900 Active 18 DOM
15. 2026-05-31
    days on market $24,900 Active 17 DOM
16. 2026-05-31
    days on market $24,900 Active 16 DOM
17. 2026-05-14
    listed $24,900 Active 690-char remark
18. 2021-05-18
    soldstatus $18,500
19. 2021-05-10
    soldstatus $18,500 624-char remark

    Show marketing remark (624 chars)

    FLOOD INSURANCE NOT REQUIRED. Opportunity to make this into a cute 3 bedroom home. Windows have been upgraded. A little elbow grease and this would be a nice home. In the disclosures please find the attached flood zone determination. "On the certificate you will see that it is marked flood zone X. The definition of flood zone X is; the home is determined to be outside the 500-year flood and protected by levee from 100- year flood. The X determination means that for any lender flood insurance is not required but is available to an individual that wants to purchase it for peace of mind. " per insurance agent.

20. 2020-10-07
    listed $18,500 624-char remark

    Show marketing remark (624 chars)

    FLOOD INSURANCE NOT REQUIRED. Opportunity to make this into a cute 3 bedroom home. Windows have been upgraded. A little elbow grease and this would be a nice home. In the disclosures please find the attached flood zone determination. "On the certificate you will see that it is marked flood zone X. The definition of flood zone X is; the home is determined to be outside the 500-year flood and protected by levee from 100- year flood. The X determination means that for any lender flood insurance is not required but is available to an individual that wants to purchase it for peace of mind. " per insurance agent.

21. 2007-09-04
    soldstatus $302,500

ⓘ 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: $438 · $36/mo
• Projected year-2 tax: $438 · $36/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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 16 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: $16,740
• − Mortgage interest: −$1,395
• − Property taxes: −$438
• − Insurance: −$124
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − Depreciation: −$724
• Taxable income: $11,380
• Est. tax owed @ 24.0%: −$2,731
• After-tax cash flow: $8,364/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: Mason City Community School District
• NCES district ID: 1918780
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -7.00%
• Median HH income: $43,668
• Composite: 45.47/100
• National rank: #2614
• State rank: #271 of 289 in IA

Livability — Mason City

• Score: 81/100
• State rank: #67
• US rank: #1477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mason City, IA
• City population: 28,818
• Population (ZIP): 28,818

Population outlook (Cerro Gordo County) Hauer SSP2

• Today (2025): 41,080 people
• By 2030: 39,746 · -3.2%
• By 2040: 36,608 · -10.9%
• By 2050: 33,682 · -18.0%
• By 2075: 29,702 · -27.7%
• By 2100: 27,399 · -33.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 12% Iranian 2% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Cerro Gordo

• 2024 margin: R (+11.7) · D 43.4% · R 55.0% · Other 1.6%
• 2008→2024 swing: -32.5pp toward R · 2008: 20.8pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+6.3 2016: R+7.7 2012: D+13.2 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.01%
• Current HPI: 199.1966
• 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

-91.8% since first listed

5 events — show timeline

• 2026-05-14 Listed $24,900 Greater Mason BOR
• 2021-05-18 Sold (Public Records) $18,500 Public Records
• 2021-05-10 Sold (MLS) $18,500 Greater Mason BOR
• 2020-10-07 Listed $18,500 Greater Mason BOR
• 2007-09-04 Sold (Public Records) $302,500 Public Records

Property tax history

-0.9%/yr

Latest (2025): $438 · +2.8% YoY. Source: county tax records.