2280 Windmill Way · West Point, IA 52656

$183,000

2 bd · 2.0 ba · 1,485 sqft · Condo public records · 309 Days on market

Built 2007 $175/mo HOA · 10% of rent ↓ 15% since listing

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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).

• Cash flow +13.1/30.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• 1% rule +4.4/10.0
• DSCR +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

Key facts

• Pond view
• Community pool
• Sunroom

Tags

• POND VIEW
• COMMUNITY POOL
• MAINTENANCE FREE LIVING
• SUNROOM
• SPACIOUS PATIO
• DOUBLE SINK VANITY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $183k.

Deal economics

• At list price, monthly cash flow is $-8 ($-94/yr) — negative.
• To cash-flow at today's rent, offer at most $182k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (5.6% below list).
• Recommended offer: $161k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#297 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Fort Madison Community School District (town): math 55% / reading 58% proficiency, ranked #260 of 289 in IA (top 90%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 15 units permitted in Lee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (6.1% local appreciation)).
• Lee County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.1% appreciation + 3.0% rent growth), your $51k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 309 days — a 12% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $32k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $161,040 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 309 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.18%
• DSCR: 0.99
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.08% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 2.04×
• Total profit: $53,301
• Equity at exit: $115,966

10-year hold

• IRR: 15.5%
• Equity multiple: 4.07×
• Total profit: $157,123
• Equity at exit: $211,103

Cash invested: $51,240 (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 52656

• Home prices YoY: 3.3%
• Active inventory: 6
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,727 medium
• Mortgage (P&I): −$960
• Tax from tax record: −$162 /mo · $1,938/yr
• Insurance: −$76
• HOA: −$175
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-8

Break-even live

Break-even rent $1,737

Max offer price $181,621

Occupancy floor 95%

Sensitivity live

Price	-10% $96	-5% $44	+0% $-8	+5% $-60	+10% $-111
Rent	-10% $-144	-5% $-76	+0% $-8	+5% $60	+10% $129
Rate	-1.0pp $84	-0.5pp $39	base $-8	+0.5pp $-55	+1.0pp $-103

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: $45,750
• Closing costs: $5,490
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $175 · $2,100/yr
• Likely covers: waterlandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $183,000 Active 309 DOM
2. 2026-06-18
   days on market $183,000 Active 308 DOM
3. 2026-06-17
   days on market $183,000 Active 307 DOM
4. 2026-06-16
   days on market $183,000 Active 306 DOM
5. 2026-06-15
   days on market $183,000 Active 305 DOM
6. 2026-06-14
   days on market $183,000 Active 303 DOM
7. 2026-06-12
   days on market $183,000 Active 302 DOM
8. 2026-06-09
   days on market $183,000 Active 299 DOM
9. 2026-06-08
   days on market $183,000 Active 298 DOM
10. 2026-06-07
    days on market $183,000 Active 297 DOM
11. 2026-06-07
    days on market $183,000 Active 296 DOM
12. 2026-06-03
    days on market $183,000 Active 293 DOM
13. 2026-06-02
    days on market $183,000 Active 292 DOM
14. 2026-06-01
    days on market $183,000 Active 291 DOM
15. 2026-05-31
    days on market $183,000 Active 290 DOM
16. 2026-05-30
    days on market $183,000 Active 289 DOM
17. 2026-05-18
    price $183,000 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

18. 2026-05-18
    price $183,000 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

19. 2025-09-25
    price $185,000 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

20. 2025-09-25
    price $185,000 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

21. 2025-09-05
    price $199,000 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

22. 2025-09-05
    price $199,000 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

23. 2025-08-13
    listed $215,000 Active 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

24. 2025-08-13
    listed $215,000 Active 994-char remark

    Show marketing remark (994 chars)

    Pondside Perfection Just Minutes from Town! Discover the perfect blend of small-town charm and modern comfort in this 2-bedroom, 2-bath duplex condo built in 2007. Tucked just outside a thriving community, this home offers a peaceful pond view, a sparkling community pool, and maintenance-free living so you can spend more time enjoying life. Step inside to a bright, airy living room with a stylish tray ceiling that adds to the open feel. The sunroom is the ultimate spot for morning coffee or evening unwinding, with sliding doors that lead to a spacious patio overlooking the water. The primary suite is a private oasis, featuring a double-sink vanity, walk-in shower, and generous walk-in closet. A roomy kitchen, separate laundry room, and attached 2-car garage add everyday convenience. With lawn care and snow removal included in the HOA, plus access to the pond and pool, this home is perfect for anyone looking for easy living in a beautiful setting. All that’s missing is you!

ⓘ 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: $1,938 · $162/mo
• Projected year-2 tax: $2,406 · $200/mo
• Expected delta: +$468/yr (+$39/mo · 24.1%)

ⓘ 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 ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,728
• − Mortgage interest: −$10,251
• − Property taxes: −$1,938
• − Insurance: −$915
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − HOA: −$2,100
• − Depreciation: −$5,324
• Taxable loss: −$3,116
• Est. tax savings @ 24.0%: +$748
• After-tax cash flow: $654/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: Fort Madison Community School District
• NCES district ID: 1911850
• Math proficiency: 55% ▼ -7.00%
• Reading proficiency: 58% ▼ -2.00%
• Median HH income: $46,801
• Composite: 47.87/100
• National rank: #2218
• State rank: #260 of 289 in IA

Livability — West Point

• Score: 72/100
• State rank: #297
• US rank: #5754

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,099

Population outlook (Lee County) Hauer SSP2

• Today (2025): 33,813 people
• By 2030: 32,835 · -2.9%
• By 2040: 30,690 · -9.2%
• By 2050: 28,777 · -14.9%
• By 2075: 25,568 · -24.4%
• By 2100: 21,983 · -35.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 0% · South Korea
• Languages at home: 99% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Lee

• 2024 margin: Strong R (+27.8) · D 35.0% · R 62.9% · Other 2.1%
• 2008→2024 swing: -43.8pp toward R · 2008: 16.0pp · 2024: -27.8pp
• All cycles: 2024: R+27.8 2020: R+19.3 2016: R+16.1 2012: D+16.0 2008: D+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.08%
• Current HPI: 190.2373
• 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

-14.9% since first listed

8 events — show timeline

• 2026-05-18 Price Changed $183,000 ICAARMLS
• 2026-05-18 Price Changed $183,000 IAR
• 2025-09-25 Price Changed $185,000 IAR
• 2025-09-25 Price Changed $185,000 ICAARMLS
• 2025-09-05 Price Changed $199,000 ICAARMLS
• 2025-09-05 Price Changed $199,000 IAR
• 2025-08-13 Listed $215,000 IAR
• 2025-08-13 Listed $215,000 ICAARMLS

Property tax history

+1.1%/yr

Latest (2025): $1,938 · +1.4% YoY. Source: county tax records.