1806 Custer St · Iowa Falls, IA 50126

$139,900

2 bd · 1.5 ba · 1,512 sqft · SingleFamily public records · 47 Days on market

Built 1950 7,405 sqft lot $93/sqft · 18% below area Est $170k · 18% under ↓ 7% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• Schools +5.6/10.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully remodeled 4-bedroom, 2-bathroom home in Iowa Falls! Thoughtfully updated from top to bottom, this property offers modern finishes while maintaining a warm, inviting feel. The main level features over 1,500 square feet of living space, including a comfortable bedroom on the main level, while two additional bedrooms are located upstairs and a fourth bedroom downstairs—providing flexible space for family, guests, or a home office. Recent upgrades include new windows, siding, roof, and gutters, giving you peace of mind for years to come. Enjoy outdoor living with brand-new front and back decks, perfect for relaxing or entertaining. Inside, you’ll find all-new flooring and fresh paint throughout. The fully remodeled kitchen shines with new cabinets, countertops, and appliances, creating a stylish and functional space for cooking and gathering. Both bathrooms have been refreshed, including one with a beautiful tile surround and the other featuring a new shower insert. Rounding out the property is a large detached 2-car garage with a solid cement floor—ideal for parking, storage, or a workshop. This move-in-ready home combines modern updates with practical space in a great location—don’t miss your chance to make it yours!

Key facts

• New siding
• New gutters
• Modern finishes

Tags

• REMODELED HOME
• MODERN FINISHES
• NEW WINDOWS
• NEW SIDING
• NEW ROOF
• NEW GUTTERS

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $23 ($281/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 $111k (20.3% below list).
• Recommended offer: $111k (20.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.8% in Iowa Falls — 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 77/100 on livability (#172 in IA, #3,097 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.
• Iowa Falls Community School District (town): math 62% / reading 71% proficiency, ranked #184 of 289 in IA (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 6 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hardin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,442 (20.3% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. Schools are B-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?
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: 0.80% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 10.5

CMA / ARV

• ARV (median comp): $170,318
• List price: $139,900
• Delta: -17.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1620 River St	0.18mi	3/1.0 (+1)	1,528 (+1%)	1mo	$78,000	$51	82
1103 Siloam Ave	0.26mi	3/2.0 (+1)	1,528 (+1%)	3mo	$105,500	$69	76
1115 Woodland Ave	0.20mi	3/2.5 (+1)	1,634 (+8%)	2mo	$149,900	$92	67
804 Siloam Ave	0.27mi	3/2.0 (+1)	1,394 (-8%)	11mo	$182,500	$131	58
1102 Willow Ln	0.12mi	3/2.0 (+1)	1,312 (-13%)	10mo	$135,000	$103	56
1315 College Ave	0.35mi	3/1.0 (+1)	1,352 (-11%)	13mo	$85,000	$63	48
227 E Elm St	0.64mi	3/3.0 (+1)	1,600 (+6%)	21mo	$186,500	$117	32
1606 Crescent Dr	0.46mi	3/2.0 (+1)	1,288 (-15%)	24mo	$141,000	$109	27
208 E Elm St	0.70mi	3/2.0 (+1)	1,352 (-11%)	24mo	$155,000	$115	23

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: -15.2%
• Equity multiple: 0.46×
• Total profit: $-21,227
• Equity at exit: $20,860

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-16,767
• Equity at exit: $12,096

Cash invested: $39,172 (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 50126

• Active inventory: 92
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,114 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$65 /mo · $780/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $23

Break-even live

Break-even rent $1,085

Max offer price $139,900

Occupancy floor 93%

Sensitivity live

Price	-10% $103	-5% $63	+0% $23	+5% $-16	+10% $-56
Rent	-10% $-65	-5% $-21	+0% $23	+5% $67	+10% $111
Rate	-1.0pp $94	-0.5pp $59	base $23	+0.5pp $-13	+1.0pp $-50

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-09
   status $139,900 Pending 47 DOM
2. 2026-06-08
   days on market $139,900 Active Under Contract 47 DOM
3. 2026-06-07
   days on market $139,900 Active Under Contract 46 DOM
4. 2026-06-07
   days on market $139,900 Active Under Contract 45 DOM
5. 2026-06-04
   days on market $139,900 Active Under Contract 42 DOM
6. 2026-06-02
   days on market $139,900 Active Under Contract 41 DOM
7. 2026-06-01
   days on market $139,900 Active Under Contract 40 DOM
8. 2026-05-31
   days on market $139,900 Active Under Contract 39 DOM
9. 2026-05-31
   days on market $139,900 Active Under Contract 38 DOM
10. 2026-05-14
    historical Active Under Contract 1292-char remark

    Show marketing remark (1292 chars)

    Welcome to this beautifully remodeled 4-bedroom, 2-bathroom home in Iowa Falls! Thoughtfully updated from top to bottom, this property offers modern finishes while maintaining a warm, inviting feel. The main level features over 1,500 square feet of living space, including a comfortable bedroom on the main level, while two additional bedrooms are located upstairs and a fourth bedroom downstairs—providing flexible space for family, guests, or a home office. Recent upgrades include new windows, siding, roof, and gutters, giving you peace of mind for years to come. Enjoy outdoor living with brand-new front and back decks, perfect for relaxing or entertaining. Inside, you’ll find all-new flooring and fresh paint throughout. The fully remodeled kitchen shines with new cabinets, countertops, and appliances, creating a stylish and functional space for cooking and gathering. Both bathrooms have been refreshed, including one with a beautiful tile surround and the other featuring a new shower insert. Rounding out the property is a large detached 2-car garage with a solid cement floor—ideal for parking, storage, or a workshop. This move-in-ready home combines modern updates with practical space in a great location—don’t miss your chance to make it yours!

11. 2026-04-22
    listed $139,900 Active 1292-char remark

    Show marketing remark (1292 chars)

    Welcome to this beautifully remodeled 4-bedroom, 2-bathroom home in Iowa Falls! Thoughtfully updated from top to bottom, this property offers modern finishes while maintaining a warm, inviting feel. The main level features over 1,500 square feet of living space, including a comfortable bedroom on the main level, while two additional bedrooms are located upstairs and a fourth bedroom downstairs—providing flexible space for family, guests, or a home office. Recent upgrades include new windows, siding, roof, and gutters, giving you peace of mind for years to come. Enjoy outdoor living with brand-new front and back decks, perfect for relaxing or entertaining. Inside, you’ll find all-new flooring and fresh paint throughout. The fully remodeled kitchen shines with new cabinets, countertops, and appliances, creating a stylish and functional space for cooking and gathering. Both bathrooms have been refreshed, including one with a beautiful tile surround and the other featuring a new shower insert. Rounding out the property is a large detached 2-car garage with a solid cement floor—ideal for parking, storage, or a workshop. This move-in-ready home combines modern updates with practical space in a great location—don’t miss your chance to make it yours!

12. 2026-03-19
    price $135,000
13. 2025-12-15
    price $145,000
14. 2025-10-08
    listed $150,000 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: $780 · $65/mo
• Projected year-2 tax: $1,488 · $124/mo
• Expected delta: +$708/yr (+$59/mo · 90.8%)

ⓘ 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 2/10 Low 7 d/yr ≥101°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: $13,373
• − Mortgage interest: −$7,837
• − Property taxes: −$780
• − Insurance: −$700
• − Repairs & maintenance: −$1,070
• − Management: −$1,070
• − Depreciation: −$4,070
• Taxable loss: −$2,153
• Est. tax savings @ 24.0%: +$517
• After-tax cash flow: $798/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: Iowa Falls Community School District
• NCES district ID: 1914730
• Math proficiency: 62% ▼ -9.00%
• Reading proficiency: 71% ▼ -5.00%
• Median HH income: $46,696
• Composite: 56.12/100
• National rank: #1182
• State rank: #184 of 289 in IA

Livability — Iowa Falls

• Score: 77/100
• State rank: #172
• US rank: #3097

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa Falls, IA
• City population: 6,362
• Population (ZIP): 6,362

Population outlook (Hardin County) Hauer SSP2

• Today (2025): 17,474 people
• By 2030: 17,369 · -0.6%
• By 2040: 17,018 · -2.6%
• By 2050: 16,454 · -5.8%
• By 2075: 14,665 · -16.1%
• By 2100: 12,404 · -29.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 2% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Iranian 3% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Hardin

• 2024 margin: Solid R (+38.4) · D 30.3% · R 68.7% · Other 1.1%
• 2008→2024 swing: -39.3pp toward R · 2008: 0.9pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+32.0 2016: R+29.2 2012: R+7.1 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.54%
• Current HPI: 146.3741
• 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

-6.7% since first listed

5 events — show timeline

• 2026-05-14 Contingent — IAR
• 2026-04-22 Listed $139,900 IAR
• 2026-03-19 Price Changed $135,000 IAR
• 2025-12-15 Price Changed $145,000 IAR
• 2025-10-08 Listed $150,000 IAR

Property tax history

+7.3%/yr

Latest (2025): $780 · -57.8% YoY. Source: county tax records.