1628 Otley Ave · Perry, IA 50220

$98,000

2 bd · 1.0 ba · 904 sqft · SingleFamily public records · 54 Days on market

Built 1920 7,500 sqft lot $108/sqft · 14% below area Est $113k · 14% under ↓ 7% 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 +18.7/30.0
• ARV discount +13.6/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• 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 MLS

This 2-bedroom Perry home offers a great starting point for buyers ready to add their own touch. The interior is move-in ready with the opportunity to refresh and update to your style. Outside, durable metal siding and a metal roof provide long-term peace of mind—just bring your vision to elevate the exterior. The oversized 2-car garage is a standout feature, offering excellent space and functionality, with minor exterior work needed to make it shine. Affordable price point, strong upside, and a chance to create value from day one.

Key facts

• 7,500 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (0.1% below list).
• Recommended offer: $95k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.9% 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: 49 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 $678 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($95k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 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 1920 — 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: 1.00% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $113,432
• List price: $98,000
• Delta: -13.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1801 Lucinda St	0.21mi	2/1.0	924 (+2%)	16mo	$175,000	$189	73
1507 Warford St	0.17mi	2/2.0	960 (+6%)	10mo	$80,000	$83	70
1606 Evelyn St	0.09mi	2/1.0	829 (-8%)	18mo	$50,000	$60	67
721 Grove St	0.24mi	2/1.0	836 (-8%)	12mo	$107,000	$128	66
1901 Estella St	0.24mi	2/2.0	816 (-10%)	5mo	$206,000	$252	64
1619 4th St	0.51mi	3/1.0 (+1)	936 (+4%)	3mo	$130,000	$139	63
518 5th St	0.37mi	2/1.0	784 (-13%)	1mo	$54,900	$70	60
2608 Taft St	0.68mi	3/1.5 (+1)	924 (+2%)	2mo	$83,000	$90	55
1715 W 2nd St	0.73mi	2/2.0	881 (-2%)	11mo	$126,000	$143	48
2510 Lucinda St	0.57mi	2/2.0	1,036 (+15%)	2mo	$188,000	$181	44
1700 6th St	0.50mi	3/2.0 (+1)	1,004 (+11%)	6mo	$200,000	$199	44
1823 2nd St	0.72mi	3/1.0 (+1)	972 (+8%)	19mo	$25,000	$26	33

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: -9.7%
• Equity multiple: 0.65×
• Total profit: $-9,721
• Equity at exit: $14,612

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-493
• Equity at exit: $8,473

Cash invested: $27,440 (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: 49
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $979 high
• Mortgage (P&I): −$514
• Tax from tax record: −$122 /mo · $1,468/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $96

Break-even live

Break-even rent $857

Max offer price $98,000

Occupancy floor 85%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1402 Willis Ave Unit 5 Perry, IA	2.0	1.0	675	$650	$0.96	14d	1	0.22mi
2105 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	43d	1	0.27mi
2103 Willis Ave Perry, IA	3.0	2.5	1029	$1,595	$1.55	23d	1	0.29mi
1214 2nd St Unit 6 Perry, IA	1.0	1.0	900	$995	$1.11	43d	1	0.39mi
1011 Evelyn St Unit 1 Perry, IA	2.0	2.0	1000	$895	$0.90	14d	1	0.51mi
1313 1st Ave Perry, IA	2.0	1.0	806	$700	$0.87	43d	1	0.51mi
913 Willis Ave Perry, IA	1.0–2.0	1.0–2.0	882	$1,000	$1.13	14d	1	0.56mi
303 8th St Unit 1 Perry, IA	2.0	1.0	750	$850	$1.13	43d	1	0.57mi
2516 Perry Park Ave Unit A Perry, IA	3.0	1.0	966	$850	$0.88	43d	1	0.59mi
2516 Perry Park Ave Unit 111 Perry, IA	2.0	1.0	660	$745	$1.13	14d	1	0.59mi
2523 Perry Park Ave Unit 2 Perry, IA	1.0	1.0	550	$545	$0.99	43d	1	0.64mi
2523 Perry Park Ave Unit 5 Perry, IA	1.0	1.0	550	$495	$0.90	43d	1	0.64mi
2902 Iowa St Unit 8 Perry, IA	1.0	1.0	760	$495	$0.65	43d	1	0.95mi
2908 Kading Rd Perry, IA	3.0	1.0	1008	$920	$0.91	14d	5	0.96mi
2902 Iowa St Unit 6 Perry, IA	2.0	1.0	960	$695	$0.72	14d	1	0.96mi
3307 Mc Kinley St Perry, IA	2.0	2.0	989	$1,150	$1.16	14d	1	1.28mi
2709 1st Ave Perry, IA	2.0	1.5	992	$950	$0.96	43d	1	1.41mi

Listing history 12 events

1. 2026-06-18
   days on market $98,000 Active 54 DOM
2. 2026-06-17
   days on market $98,000 Active 53 DOM
3. 2026-06-16
   days on market $98,000 Active 52 DOM
4. 2026-06-15
   days on market $98,000 Active 51 DOM
5. 2026-06-14
   days on market $98,000 Active 49 DOM
6. 2026-06-10
   days on market $98,000 Active 46 DOM
7. 2026-06-09
   days on market $98,000 Active 45 DOM
8. 2026-06-08
   days on market $98,000 Active 44 DOM
9. 2026-06-07
   statusdays on market $98,000 Active 43 DOM
10. 2026-05-14
    status Pending 543-char remark

    Show marketing remark (543 chars)

    This 2-bedroom Perry home offers a great starting point for buyers ready to add their own touch. The interior is move-in ready with the opportunity to refresh and update to your style. Outside, durable metal siding and a metal roof provide long-term peace of mind—just bring your vision to elevate the exterior. The oversized 2-car garage is a standout feature, offering excellent space and functionality, with minor exterior work needed to make it shine. Affordable price point, strong upside, and a chance to create value from day one.

11. 2026-05-05
    price $98,000 543-char remark

    Show marketing remark (543 chars)

    This 2-bedroom Perry home offers a great starting point for buyers ready to add their own touch. The interior is move-in ready with the opportunity to refresh and update to your style. Outside, durable metal siding and a metal roof provide long-term peace of mind—just bring your vision to elevate the exterior. The oversized 2-car garage is a standout feature, offering excellent space and functionality, with minor exterior work needed to make it shine. Affordable price point, strong upside, and a chance to create value from day one.

12. 2026-04-03
    listed $105,000 Active 543-char remark

    Show marketing remark (543 chars)

    This 2-bedroom Perry home offers a great starting point for buyers ready to add their own touch. The interior is move-in ready with the opportunity to refresh and update to your style. Outside, durable metal siding and a metal roof provide long-term peace of mind—just bring your vision to elevate the exterior. The oversized 2-car garage is a standout feature, offering excellent space and functionality, with minor exterior work needed to make it shine. Affordable price point, strong upside, and a chance to create value from day one.

ⓘ 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: $1,468 · $122/mo
• Projected year-2 tax: $1,503 · $125/mo
• Expected delta: +$35/yr (+$3/mo · 2.4%)

ⓘ 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 · 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: $11,750
• − Mortgage interest: −$5,490
• − Property taxes: −$1,468
• − Insurance: −$490
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$2,851
• Taxable loss: −$428
• Est. tax savings @ 24.0%: +$103
• After-tax cash flow: $1,260/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

-6.7% since first listed

3 events — show timeline

• 2026-05-14 Pending — DMMLS
• 2026-05-05 Price Changed $98,000 DMMLS
• 2026-04-03 Listed $105,000 DMMLS

Property tax history

+5.4%/yr

Latest (2025): $1,468 · +3.1% YoY. Source: county tax records.