360 Albright Ave · Primghar, IA 51245

$70,000

4 bd · 1.5 ba · 1,540 sqft · SingleFamily public records · 79 Days on market

Built 1904 8,184 sqft lot

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Why this score? — see what drove the B+ 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
• Appreciation +8.1/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Here is a solid investment opportunity for a rental property with key updates already completed- Or, it could also be a nice family home! This home offers high ceilings, a functional main floor with mudroom and main-level laundry, formal dining, and a spacious living room, a bedroom and bathroom on the main floor, with an additional 3 bedrooms upstairs. Major improvements include updated windows throughout, a new roof in 2024, and new furnace and central air in 2024.

Key facts

• Formal dining
• Updated windows
• Mudroom

Tags

• HIGH CEILINGS
• MUDROOM
• MAIN-LEVEL LAUNDRY
• FORMAL DINING
• SPACIOUS LIVING ROOM
• UPDATED WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#193 in IA, #3,535 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• South O'Brien Community School District (rural): math 64% / reading 66% proficiency, ranked #196 of 289 in IA (top 68%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 14 active listings in the ZIP; 13 units permitted in O'Brien County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($484 loan paydown + $4k appreciation (6.2% local appreciation)).
• O'Brien County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.2% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $52k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1904 — 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. 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?
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: 1.65% ✓
• Cap rate: 14.09%
• Cash-on-cash: 27.84%
• DSCR: 2.24
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $172,480
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 N Welch Ave Ave	0.21mi	4/3.0	1,441 (-6%)	12mo	$227,725	$158	63
475 N Rerick Ave	0.08mi	3/2.0 (-1)	1,322 (-14%)	10mo	$147,500	$112	57
340 4th St St SE	0.41mi	3/2.0 (-1)	1,631 (+6%)	12mo	$148,000	$91	54
280 Heritage Park Rd	0.21mi	3/2.0 (-1)	1,680 (+9%)	19mo	$292,000	$174	52
555 S Mccormack Ave	0.52mi	3/1.0 (-1)	1,427 (-7%)	12mo	$45,000	$32	47
475 3rd St NW	0.42mi	3/1.0 (-1)	1,622 (+5%)	24mo	$100,000	$62	44

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

Projected returns pro-forma

6.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.2%
• Equity multiple: 3.54×
• Total profit: $49,867
• Equity at exit: $44,747

10-year hold

• IRR: 36.3%
• Equity multiple: 7.32×
• Total profit: $123,828
• Equity at exit: $81,795

Cash invested: $19,600 (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 51245

• Home prices YoY: 4.3%
• Active inventory: 14
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,152 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$59 /mo · $712/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $455

Break-even live

Break-even rent $577

Max offer price $70,000

Occupancy floor 56%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-25
   status Pending
2. 2026-02-04
   listed $70,000 Active
3. 2026-01-23
   soldstatus $52,000
4. 2026-01-23
   soldstatus $52,000

ⓘ 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: $712 · $59/mo
• Projected year-2 tax: $906 · $75/mo
• Expected delta: +$194/yr (+$16/mo · 27.2%)

ⓘ 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 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: $13,827
• − Mortgage interest: −$3,921
• − Property taxes: −$712
• − Insurance: −$350
• − Repairs & maintenance: −$1,106
• − Management: −$1,106
• − Depreciation: −$2,036
• Taxable income: $4,595
• Est. tax owed @ 24.0%: −$1,103
• After-tax cash flow: $4,353/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: South O'Brien Community School District
• NCES district ID: 1900026
• Math proficiency: 64% ▼ -6.00%
• Reading proficiency: 66% ▼ -7.00%
• Median HH income: $50,412
• Composite: 55.26/100
• National rank: #1267
• State rank: #196 of 289 in IA

Livability — Primghar

• Score: 76/100
• State rank: #193
• US rank: #3535

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Primghar, IA
• Population (ZIP): 1,264

Population outlook (O'Brien County) Hauer SSP2

• Today (2025): 13,353 people
• By 2030: 13,040 · -2.3%
• By 2040: 12,422 · -7.0%
• By 2050: 11,887 · -11.0%
• By 2075: 11,132 · -16.6%
• By 2100: 10,176 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Black 3% Two or more races 1%
• Common ancestry: Iranian 13% Portuguese 4% Slovak 2%
• Foreign-born: 1% · Canada

Political lean MEDSL · O'Brien

• 2024 margin: Solid R (+60.9) · D 19.0% · R 80.0% · Other 1.0%
• 2008→2024 swing: -26.1pp toward R · 2008: -34.9pp · 2024: -60.9pp
• All cycles: 2024: R+60.9 2020: R+56.8 2016: R+60.2 2012: R+45.2 2008: R+34.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.17%
• Current HPI: 148.8467
• 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

+34.6% since first listed

4 events — show timeline

• 2026-04-25 Pending — Iowa Great Lakes BOR
• 2026-02-04 Listed $70,000 Iowa Great Lakes BOR
• 2026-01-23 Sold (Public Records) $52,000 Public Records
• 2026-01-23 Sold (Public Records) $52,000 Public Records

Property tax history

+8.9%/yr

Latest (2025): $712 · +1.4% YoY. Source: county tax records.