604 Willis Ave · Perry, IA 50220

$80,000

3 bd · 1.0 ba · 1,400 sqft · SingleFamily public records · 31 Days on market

Built 1900 7,200 sqft lot Est $146k · 45% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Schools +4.6/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Classic character, original woodwork, and endless potential! This turn-of-the-century Perry home is ready for its next chapter. Situated on a spacious corner lot with mature shade trees, this 2-story home offers the kind of craftsmanship and charm that’s hard to find today — from the beautiful original wood trim and hardwood floors to the oversized enclosed front porch perfect for morning coffee or evening relaxation. Inside, you’ll find large living and dining spaces filled with natural light, wide woodwork, French doors, vintage details, and tall ceilings that showcase the home’s historic character. The spacious kitchen offers room to reimagine and customize to you

Key facts

• Tall ceilings
• Spacious kitchen
• Large yard

Tags

• ORIGINAL WOODWORK
• OVERSIZED ENCLOSED FRONT PORCH
• LARGE LIVING AND DINING SPACES
• TALL CEILINGS
• SPACIOUS KITCHEN
• LARGE YARD

Property features AI

Exterior

• Parking: Detached two-car garage
• Utilities: Public water; Public sewer
• Home design: Zoned R
• Construction: Brick/mortar foundation; Asphalt shingle roof
• Exterior features: Rectangular lot; Asphalt road frontage

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: One main-level bedroom
• Flooring: Hardwood
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Unfinished basement
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $328 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 3.8% in Perry — 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 73/100 on livability (#273 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Perry Community School District (town): math 51% / reading 59% proficiency, ranked #266 of 289 in IA (top 92%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 50 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,503 units permitted in Dallas County in 2024 (630 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dallas County population projected at +74% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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. 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.
5. 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.
6. 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: 1.34% ✓
• Cap rate: 11.22%
• Cash-on-cash: 17.59%
• DSCR: 1.78
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $145,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 W 5th St	0.16mi	3/1.0	1,560 (+11%)	2mo	$160,000	$103	72
323 Warford St	0.23mi	3/2.0	1,404 (+0%)	16mo	$139,000	$99	71
1306 Evelyn St	0.54mi	2/2.0 (-1)	1,436 (+3%)	2mo	$150,000	$104	60
1924 1st Ave	0.70mi	3/1.0	1,314 (-6%)	2mo	$150,000	$114	56
1323 5th St	0.65mi	3/1.0	1,324 (-5%)	10mo	$55,000	$42	52
406 3rd St	0.71mi	2/1.0 (-1)	1,400 (0%)	13mo	$127,720	$91	51
921 1 St Ave	0.35mi	3/1.0	1,251 (-11%)	19mo	$40,000	$32	50
817 Park St	0.74mi	2/1.5 (-1)	1,308 (-7%)	10mo	$190,000	$145	39
1323 6th St	0.72mi	4/2.0 (+1)	1,360 (-3%)	19mo	$150,000	$110	37
1920 1st Ave	0.69mi	3/1.5	1,224 (-13%)	9mo	$145,000	$118	37
1901 3rd St	0.73mi	3/2.0	1,208 (-14%)	13mo	$157,000	$130	28
1206 5th St	0.65mi	4/2.5 (+1)	1,528 (+9%)	19mo	$149,000	$98	27

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: 9.0%
• Equity multiple: 1.35×
• Total profit: $7,941
• Equity at exit: $11,928

10-year hold

• IRR: 18.2%
• Equity multiple: 2.51×
• Total profit: $33,817
• Equity at exit: $6,917

Cash invested: $22,400 (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 50220

• Home prices YoY: -30.2%
• Active inventory: 50
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,070 high
• Mortgage (P&I): −$420
• Tax from tax record: −$64 /mo · $772/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $328

Break-even live

Break-even rent $655

Max offer price $80,000

Occupancy floor 64%

Sensitivity live

Price	-10% $374	-5% $351	+0% $328	+5% $306	+10% $283
Rent	-10% $244	-5% $286	+0% $328	+5% $371	+10% $413
Rate	-1.0pp $369	-0.5pp $349	base $328	+0.5pp $308	+1.0pp $286

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
913 Willis Ave Perry, IA	1.0–2.0	1.0–2.0	882	$1,000	$1.13	15d	1	0.23mi
1011 Evelyn St Unit 1 Perry, IA	2.0	2.0	1000	$895	$0.90	15d	1	0.35mi
2105 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	45d	1	1.04mi
2103 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	24d	1	1.06mi
2709 1st Ave Perry, IA	2.0	1.5	992	$950	$0.96	45d	1	1.31mi
2516 Perry Park Ave Unit A Perry, IA	3.0	1.0	966	$850	$0.88	45d	1	1.33mi

Listing history 17 events

1. 2026-06-19
   status $80,000 Pending 31 DOM
2. 2026-06-18
   days on market $80,000 Active 31 DOM
3. 2026-06-17
   days on market $80,000 Active 30 DOM
4. 2026-06-16
   days on market $80,000 Active 29 DOM
5. 2026-06-15
   days on market $80,000 Active 28 DOM
6. 2026-06-14
   days on market $80,000 Active 26 DOM
7. 2026-06-10
   days on market $80,000 Active 23 DOM
8. 2026-06-09
   days on market $80,000 Active 22 DOM
9. 2026-06-08
   days on market $80,000 Active 21 DOM
10. 2026-06-07
    days on market $80,000 Active 20 DOM
11. 2026-06-05
    days on market $80,000 Active 17 DOM
12. 2026-06-03
    days on market $80,000 Active 16 DOM
13. 2026-06-02
    days on market $80,000 Active 15 DOM
14. 2026-06-01
    days on market $80,000 Active 14 DOM
15. 2026-05-31
    days on market $80,000 Active 13 DOM
16. 2026-05-31
    days on market $80,000 Active 12 DOM
17. 2026-05-18
    listed $80,000 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: $772 · $64/mo
• Projected year-2 tax: $1,014 · $84/mo
• Expected delta: +$242/yr (+$20/mo · 31.3%)

ⓘ 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 ≥103°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: $12,843
• − Mortgage interest: −$4,481
• − Property taxes: −$772
• − Insurance: −$400
• − Repairs & maintenance: −$1,027
• − Management: −$1,027
• − Depreciation: −$2,327
• Taxable income: $2,808
• Est. tax owed @ 24.0%: −$674
• After-tax cash flow: $3,266/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: Perry Community School District
• NCES district ID: 1922530
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 59% ▲ 3.00%
• Median HH income: $44,382
• Composite: 46.37/100
• National rank: #2460
• State rank: #266 of 289 in IA

Livability — Perry

• Score: 73/100
• State rank: #273
• US rank: #5276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry, IA
• City population: 9,251
• Population (ZIP): 9,251

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 111,904 people
• By 2030: 127,807 · +14.2%
• By 2040: 160,576 · +43.5%
• By 2050: 194,154 · +73.5%
• By 2075: 271,895 · +143.0%
• By 2100: 326,525 · +191.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 27% Two or more races 8% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Iranian 2% Slovak 2% Portuguese 2%
• Foreign-born: 16% · Canada
• Languages at home: 75% English-only · Spanish 22% German/W. Germanic 1% Arabic 0%

Political lean MEDSL · Dallas

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: +0.8pp no change · 2008: -5.5pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+2.0 2016: R+9.6 2012: R+11.8 2008: R+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.94%
• Current HPI: 212.8459
• 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

1 event — show timeline

• 2026-05-18 Listed $80,000 DMMLS

Property tax history

+1.4%/yr

Latest (2025): $772 · -21.9% YoY. Source: county tax records.