411 Benton St · Slater, IA 50244

$40,000

4 bd · 2.0 ba · 997 sqft · SingleFamily public records

Built 1912

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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
• ARV discount +7.5/15.0
• Schools +6.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

24 hour sale

Key facts

• Built 1912

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).

Location & tenants

• Location reads 74/100 on livability (#235 in IA, #4,526 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety D-.
• Ballard Community School District (rural): math 80% / reading 78% proficiency, ranked #28 of 289 in IA (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 14 active listings in the ZIP; 196 units permitted in Story County in 2024 (34 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Story County population projected at +54% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.72% ✓
• Cap rate: 22.77%
• Cash-on-cash: 58.85%
• DSCR: 3.62
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $267,196
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 2nd Ave	0.35mi	4/1.5	1,056 (+6%)	3mo	$282,500	$268	70
104 3rd Ave	0.12mi	3/2.0 (-1)	1,142 (+14%)	9mo	$299,900	$263	58
604 3rd Ave	0.34mi	4/2.0	1,048 (+5%)	23mo	$298,000	$284	57

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: 57.5%
• Equity multiple: 3.55×
• Total profit: $28,537
• Equity at exit: $5,964

10-year hold

• IRR: 62.4%
• Equity multiple: 7.25×
• Total profit: $70,047
• Equity at exit: $3,458

Cash invested: $11,200 (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 50244

• Home prices YoY: -29.6%
• Active inventory: 14
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,088 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$84 /mo · $1,010/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $549

Break-even live

Break-even rent $393

Max offer price $40,000

Occupancy floor 45%

Sensitivity live

Price	-10% $572	-5% $561	+0% $549	+5% $538	+10% $527
Rent	-10% $463	-5% $506	+0% $549	+5% $592	+10% $635
Rate	-1.0pp $569	-0.5pp $559	base $549	+0.5pp $539	+1.0pp $528

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-15
   historical
2. 2026-03-08
   listed $40,000

ⓘ 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: $1,010 · $84/mo
• Projected year-2 tax: $1,010 · $84/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $13,061
• − Mortgage interest: −$2,241
• − Property taxes: −$1,010
• − Insurance: −$200
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − Depreciation: −$1,164
• Taxable income: $6,357
• Est. tax owed @ 24.0%: −$1,526
• After-tax cash flow: $5,065/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: Ballard Community School District
• NCES district ID: 1904200
• Math proficiency: 80% ▼ -1.00%
• Reading proficiency: 78% ▼ -8.00%
• Median HH income: $67,471
• Composite: 68.52/100
• National rank: #343
• State rank: #28 of 289 in IA

Livability — Slater

• Score: 74/100
• State rank: #235
• US rank: #4526

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Slater, IA
• Population (ZIP): 1,866

Population outlook (Story County) Hauer SSP2

• Today (2025): 115,493 people
• By 2030: 126,820 · +9.8%
• By 2040: 150,771 · +30.5%
• By 2050: 177,915 · +54.0%
• By 2075: 255,370 · +121.1%
• By 2100: 316,429 · +174.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 18% Slovak 5% Iranian 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Story

• 2024 margin: D (+10.4) · D 54.4% · R 44.0% · Other 1.6%
• 2008→2024 swing: -5.8pp toward R · 2008: 16.2pp · 2024: 10.4pp
• All cycles: 2024: D+10.4 2020: D+17.3 2016: D+12.2 2012: D+13.7 2008: D+16.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.24%
• Current HPI: 185.8574
• 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

• 2026-04-15 Listing Removed — DMMLS
• 2026-03-08 Listed $40,000 DMMLS

Property tax history

+0.6%/yr

Latest (2025): $1,010 · -9.5% YoY. Source: county tax records.