229 SE 4th Ave · Oelwein, IA 50662

$41,900

3 bd · 1.5 ba · 1,344 sqft · SingleFamily public records · 41 Days on market

Built 1910 6,500 sqft lot $31/sqft · 52% below area ↓ 21% since listing

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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 +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom 1 1/2 bath, 1 stall garage. Great starter home or investment property. Selling AS IS. Square footages approximate. Call your favorite local agent for your personal showing today.

Key facts

• 6,500 sq ft lot
• Built 1910
• Listed 41 days

Property features AI

Finance

• Other: Annual tax amount listed ($748)

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Asphalt roof; Vinyl siding; Lot dimensions approximately 50 x 130; Lot about 0.15 acre; Road surface: Other; Zoned R-1

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced-air heating (natural gas); No cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($759 rent vs $42k).
• Recommended offer: $41k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.9% vs local median 4.5% in Oelwein — 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 76/100 on livability (#186 in IA, #3,329 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Oelwein Community School District (town): math 47% / reading 55% proficiency, ranked #281 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Oelwein Middle School (math 44% / reading 54%, grade C-, #219 of 246 statewide, top 90%, 359 students, 60% FRL); Oelwein High School (math 46% / reading 62%, grade C-, #293 of 336 statewide, top 87%, 314 students, 46% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 60 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $290 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Fayette County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($41k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $40,643 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1910 — 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: 1.81% ✓
• Cap rate: 14.89%
• Cash-on-cash: 30.70%
• DSCR: 2.37
• GRM: 4.6

CMA / ARV

• ARV (median comp): $86,660
• List price: $41,900
• Delta: -51.65%
• 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
309 3rd Ave Ave SE	0.08mi	3/2.0	1,399 (+4%)	2mo	$120,000	$86	86
309 SE 3rd Ave	0.08mi	3/2.5	1,400 (+4%)	2mo	$120,000	$86	83
513 SE 3rd Ave	0.24mi	2/1.0 (-1)	1,324 (-2%)	0mo	$68,000	$51	79
33 5th Ave Ave SE	0.23mi	3/1.5	1,409 (+5%)	7mo	$75,000	$53	76
300 SE 6th Ave	0.11mi	2/1.0 (-1)	1,286 (-4%)	7mo	$97,900	$76	75
413 4th Ave Ave NE	0.67mi	3/1.0	1,306 (-3%)	2mo	$175,000	$134	60
534 SE 4th Ave	0.29mi	3/1.5	1,152 (-14%)	6mo	$91,000	$79	57
205 NE 4th Ave	0.50mi	3/1.0	1,192 (-11%)	0mo	$59,900	$50	55
24 12th Ave Ave SE	0.55mi	3/2.0	1,220 (-9%)	2mo	$149,000	$122	55
1213 Elm Street St	0.63mi	3/2.0	1,220 (-9%)	2mo	$195,000	$160	51
23 4th St NW	0.72mi	4/1.5 (+1)	1,234 (-8%)	7mo	$98,000	$79	42
1204 1st St St NE	0.69mi	3/2.0	1,144 (-15%)	6mo	$165,000	$144	36

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: 25.4%
• Equity multiple: 2.05×
• Total profit: $12,346
• Equity at exit: $6,247

10-year hold

• IRR: 33.2%
• Equity multiple: 4.02×
• Total profit: $35,439
• Equity at exit: $3,623

Cash invested: $11,732 (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 50662

• Home prices YoY: -21.7%
• Active inventory: 60
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $759 medium
• Mortgage (P&I): −$220
• Tax from tax record: −$62 /mo · $748/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$159
• Net cashflow: $300

Break-even live

Break-even rent $379

Max offer price $41,900

Occupancy floor 55%

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: $10,475
• Closing costs: $1,257
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 N Frederick Ave Apt 1 Oelwein, IA	2.0	1.0	1125	$650	$0.58	43d	1	0.43mi
1297 S Frederick Ave Unit 3 Oelwein, IA	3.0	1.0	1500	$1,000	$0.67	20d	1	1.01mi

Listing history 19 events

1. 2026-06-18
   days on market $41,900 Active 41 DOM
2. 2026-06-17
   days on market $41,900 Active 40 DOM
3. 2026-06-16
   days on market $41,900 Active 39 DOM
4. 2026-06-15
   days on market $41,900 Active 38 DOM
5. 2026-06-13
   days on market $41,900 Active 36 DOM
6. 2026-06-12
   days on market $41,900 Active 35 DOM
7. 2026-06-09
   days on market $41,900 Active 32 DOM
8. 2026-06-08
   days on market $41,900 Active 31 DOM
9. 2026-06-07
   days on market $41,900 Active 30 DOM
10. 2026-06-07
    days on market $41,900 Active 29 DOM
11. 2026-06-04
    days on market $41,900 Active 26 DOM
12. 2026-06-02
    days on market $41,900 Active 25 DOM
13. 2026-06-01
    days on market $41,900 Active 24 DOM
14. 2026-05-31
    days on market $41,900 Active 23 DOM
15. 2026-05-31
    days on market $41,900 Active 22 DOM
16. 2026-05-08
    listed $41,900 Active 189-char remark
17. 2026-01-31
    price $41,900
18. 2025-12-25
    price $45,900
19. 2024-03-15
    price $53,000

ⓘ 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: $748 · $62/mo
• Projected year-2 tax: $748 · $62/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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $9,109
• − Mortgage interest: −$2,347
• − Property taxes: −$748
• − Insurance: −$210
• − Repairs & maintenance: −$729
• − Management: −$729
• − Depreciation: −$1,219
• Taxable income: $3,128
• Est. tax owed @ 24.0%: −$751
• After-tax cash flow: $2,851/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: Oelwein Community School District
• NCES district ID: 1921630
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $39,812
• Composite: 42.61/100
• National rank: #3189
• State rank: #281 of 289 in IA

Livability — Oelwein

• Score: 76/100
• State rank: #186
• US rank: #3329

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oelwein, IA
• Population (ZIP): 6,497

Population outlook (Fayette County) Hauer SSP2

• Today (2025): 19,299 people
• By 2030: 18,701 · -3.1%
• By 2040: 17,469 · -9.5%
• By 2050: 16,389 · -15.1%
• By 2075: 15,156 · -21.5%
• By 2100: 14,214 · -26.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Native American 1%
• Common ancestry: Italian 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Fayette

• 2024 margin: Solid R (+30.5) · D 34.0% · R 64.4% · Other 1.6%
• 2008→2024 swing: -47.1pp toward R · 2008: 16.6pp · 2024: -30.5pp
• All cycles: 2024: R+30.5 2020: R+22.7 2016: R+19.6 2012: D+11.9 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.26%
• Current HPI: 177.9399
• 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

-20.9% since first listed

4 events — show timeline

• 2026-05-08 Listed $41,900 NEIRBR as distributed by MLS GRID
• 2026-01-31 Price Changed $41,900 NEIRBR as distributed by MLS GRID
• 2025-12-25 Price Changed $45,900 NEIRBR as distributed by MLS GRID
• 2024-03-15 Price Changed $53,000 NEIRBR as distributed by MLS GRID

Property tax history

+7.8%/yr

Latest (2025): $748 · +2.2% YoY. Source: county tax records.