178 1st St NW · Britt, IA 50423

$205,000

3 bd · 2.0 ba · 1,874 sqft · SingleFamily public records · 34 Days on market

Built 1890 10,019 sqft lot $109/sqft · 28% above area Est $166k · 24% over

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Why this score? — see what drove the D- 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).

• Appreciation +10.0/10.0
• Cash flow +7.2/30.0
• Schools +6.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• 1% rule +1.3/10.0
• ARV discount +0.0/15.0

Listing remarks

A modern look stylishly blended in an older home! The clean and updated layout of this lovely home could be perfect for family or individual living needs and/or entertaining! The open concept kitchen/dining space has a large center island with seating area and a bonus walk-in pantry for your supplies, keeping food storage tucked out of sight! Convenience is the word in this home with a main level laundry room, which also has access to the back deck. The large 3 car garage should take care of your vehicles and mower etc. nicely. If you are looking for room to expand, there’s 4 bedrooms and a full bathroom on the second level with the Master Bedroom and walk in closet on the main floor

Key facts

• Open concept kitchen
• Large center island
• Back deck

Tags

• OPEN CONCEPT KITCHEN
• LARGE CENTER ISLAND
• WALK-IN PANTRY
• MAIN LEVEL LAUNDRY ROOM
• BACK DECK
• ELECTRIC FIREPLACE

Property features AI

Exterior

• Parking: Attached concrete garage with 3 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story
• Construction: Vinyl siding
• Exterior features: Shingle roof; Public-maintained road frontage on a city street; Lot approximately 0.23 acres (79 x 124); Residential-single family zoning

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Owned water softener
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Fireplace (1); Basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-282 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (24.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (37.2% below list).
• Recommended offer: $129k (37.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#121 in IA, #2,262 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• West Hancock Community School District (rural): math 76% / reading 74% proficiency, ranked #77 of 289 in IA (top 27%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 21 active listings in the ZIP; 11 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $22k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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.
• Current owner paid $156k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,670 (37.2% 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 34 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.63% ✗
• Cap rate: 4.64%
• Cash-on-cash: -5.90%
• DSCR: 0.74
• GRM: 13.3

CMA / ARV

• ARV (median comp): $165,638
• List price: $205,000
• Delta: 23.76%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 1st St SE	0.22mi	3/2.0	2,052 (+10%)	9mo	$160,000	$78	66
136 3rd St SE	0.32mi	4/1.5 (+1)	2,079 (+11%)	4mo	$35,000	$17	57
605 4th St SW	0.43mi	3/1.5	1,688 (-10%)	23mo	$158,000	$94	42

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 2.63×
• Total profit: $93,616
• Equity at exit: $184,680

10-year hold

• IRR: 18.4%
• Equity multiple: 6.05×
• Total profit: $289,716
• Equity at exit: $398,270

Cash invested: $57,400 (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 50423

• Home prices YoY: 8.2%
• Active inventory: 21
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $1,287 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$138 /mo · $1,660/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-282

Break-even live

Break-even rent $1,644

Max offer price $155,131

Occupancy floor —

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $205,000 Active 34 DOM
2. 2026-06-17
   days on market $205,000 Active 33 DOM
3. 2026-06-16
   days on market $205,000 Active 32 DOM
4. 2026-06-15
   days on market $205,000 Active 31 DOM
5. 2026-06-13
   days on market $205,000 Active 29 DOM
6. 2026-06-12
   days on market $205,000 Active 28 DOM
7. 2026-06-09
   days on market $205,000 Active 25 DOM
8. 2026-06-08
   days on market $205,000 Active 24 DOM
9. 2026-06-07
   days on market $205,000 Active 23 DOM
10. 2026-06-07
    days on market $205,000 Active 22 DOM
11. 2026-06-04
    days on market $205,000 Active 19 DOM
12. 2026-06-02
    days on market $205,000 Active 18 DOM
13. 2026-06-01
    days on market $205,000 Active 17 DOM
14. 2026-05-31
    days on market $205,000 Active 16 DOM
15. 2026-05-31
    days on market $205,000 Active 15 DOM
16. 2026-05-14
    listed $205,000 Active 770-char remark
17. 2023-08-15
    soldstatus $156,500 Closed
18. 2023-08-13
    historical
19. 2023-05-04
    historical
20. 2023-05-03
    listed $158,000
21. 2022-05-27
    soldstatus $35,000
22. 2013-02-20
    soldstatus $64,000

ⓘ 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: $1,660 · $138/mo
• Projected year-2 tax: $2,439 · $203/mo
• Expected delta: +$779/yr (+$65/mo · 46.9%)

ⓘ 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 ≥99°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: $15,440
• − Mortgage interest: −$11,483
• − Property taxes: −$1,660
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,235
• − Management: −$1,235
• − Depreciation: −$5,964
• Taxable loss: −$7,162
• Est. tax savings @ 24.0%: +$1,719
• After-tax cash flow: $-1,669/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: West Hancock Community School District
• NCES district ID: 1905430
• Math proficiency: 76% ▼ -5.00%
• Reading proficiency: 74% ▼ -1.00%
• Median HH income: $46,779
• Composite: 63.22/100
• National rank: #634
• State rank: #77 of 289 in IA

Livability — Britt

• Score: 79/100
• State rank: #121
• US rank: #2262

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: Britt, IA
• Population (ZIP): 2,401

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 10,462 people
• By 2030: 10,154 · -2.9%
• By 2040: 9,552 · -8.7%
• By 2050: 9,034 · -13.6%
• By 2075: 8,233 · -21.3%
• By 2100: 7,050 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 2% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 11% Iranian 6% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Vietnamese 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+47.4) · D 25.7% · R 73.1% · Other 1.2%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.6pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.9 2016: R+41.1 2012: R+13.6 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.61%
• Current HPI: 245.6369
• 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

+220.3% since first listed

7 events — show timeline

• 2026-05-14 Listed $205,000 IAR
• 2023-08-15 Sold (MLS) $156,500 IAR
• 2023-08-13 Delisted — IAR
• 2023-05-04 Delisted — IAR
• 2023-05-03 Listed $158,000 IAR
• 2022-05-27 Sold (Public Records) $35,000 Public Records
• 2013-02-20 Sold (Public Records) $64,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $1,660 · +136.5% YoY. Source: county tax records.