109 Bramble Dr · Montezuma, IA 50171

$398,000

2 bd · 2.0 ba · 1,698 sqft · SingleFamily public records · 47 Days on market

Built 2002 0.83 ac lot $234/sqft · 32% below area Est $585k · 32% under

---

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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +6.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.7/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Enjoy lake living with a sense of privacy in this spacious Lake Ponderosa home. Set on nearly an acre, the property features two bedrooms, two bathrooms, and about 1,700 square feet of living space—offering flexibility for adding a third bedroom or creating a bunk room. You’ll have convenient 20-foot lake access with docks and lifts, with even a pontoon included all ideal for boating and water activities. A two-car, 28 x 30, garage and large storage shed provide plenty of space for all your equipment, with additional room to expand. This home has been updated and impeccably kept and can be utilized year-round and is a must-see retreat blending relaxation, recreation, and room to

Key facts

• 0.83 acre lot
• 2 garage spots
• Built 2002

Property features AI

Exterior

• Parking: Attached two-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Poured foundation; Asphalt shingle roof
• Exterior features: Fire pit; Gravel road access

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Propane heating; Central air conditioning
• Interior features: Eat-in kitchen
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $398k.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (67.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (73.2% below list).
• Recommended offer: $107k (73.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#228 in IA, #4,319 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Montezuma Community School District (rural): math 73% / reading 79% proficiency, ranked #55 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Montezuma Elementary School (math 92% / reading 77%, grade A+, #31 of 616 statewide, top 6%, 229 students, 34% FRL); Montezuma Junior High School (math 62% / reading 72%, grade A-, #140 of 246 statewide, top 60%, 112 students, 39% FRL); Montezuma High School (math 67% / reading 87%, grade A-, #60 of 336 statewide, top 21%, 148 students, 28% FRL).
• Market conditions: 67 active listings in the ZIP; 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 2, paydown + projected appreciation supports a ~$68k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($386k) is reasonable based on typical stale-listing flexibility.

Recommended offer $106,532 (73.2% 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 47 days. Have you received any prior offers? Is the seller open to a 73% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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?
6. 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.
7. 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.
8. 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: 0.27% ✗
• Cap rate: 1.71%
• Cash-on-cash: -16.38%
• DSCR: 0.27
• GRM: 31.1

CMA / ARV

• ARV (median comp): $585,302
• List price: $398,000
• Delta: -32.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
174 A Center Point Dr	0.25mi	3/2.0 (+1)	1,800 (+6%)	3mo	$594,000	$330	71
174 Center Point Dr Unit A	0.25mi	3/2.0 (+1)	1,800 (+6%)	3mo	$594,000	$330	71
174B Center Point Dr Dr	0.25mi	3/2.0 (+1)	1,800 (+6%)	4mo	$610,000	$339	70
107 Crabtree Rd	0.57mi	2/1.5	1,744 (+3%)	22mo	$639,000	$366	48
128 & 130 Crabtree	0.42mi	2/1.0	1,496 (-12%)	20mo	$355,000	$237	40
170 & 168 Whippoorwill Rd	0.56mi	2/3.0	1,536 (-10%)	20mo	$475,000	$309	38

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: 12.9%
• Equity multiple: 2.07×
• Total profit: $119,683
• Equity at exit: $358,550

10-year hold

• IRR: 13.2%
• Equity multiple: 4.84×
• Total profit: $428,172
• Equity at exit: $773,226

Cash invested: $111,440 (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 50171

• Home prices YoY: 9.3%
• Active inventory: 67
• Price-to-rent: 31.1×

Monthly cashflow live

• Estimated rent: $1,065 medium
• Mortgage (P&I): −$2,087
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $-1,521

Break-even live

Break-even rent $2,990

Max offer price $129,359

Occupancy floor —

Sensitivity live

Price	-10% $-1,295	-5% $-1,408	+0% $-1,521	+5% $-1,633	+10% $-1,746
Rent	-10% $-1,605	-5% $-1,563	+0% $-1,521	+5% $-1,479	+10% $-1,437
Rate	-1.0pp $-1,320	-0.5pp $-1,419	base $-1,521	+0.5pp $-1,624	+1.0pp $-1,729

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: $99,500
• Closing costs: $11,940
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $398,000 Active 47 DOM
2. 2026-06-21
   days on market $398,000 Active 46 DOM
3. 2026-06-18
   days on market $398,000 Active 44 DOM
4. 2026-06-17
   days on market $398,000 Active 43 DOM
5. 2026-06-16
   days on market $398,000 Active 42 DOM
6. 2026-06-15
   days on market $398,000 Active 41 DOM
7. 2026-06-13
   days on market $398,000 Active 39 DOM
8. 2026-06-12
   days on market $398,000 Active 38 DOM
9. 2026-06-09
   days on market $398,000 Active 35 DOM
10. 2026-06-08
    days on market $398,000 Active 34 DOM
11. 2026-06-07
    days on market $398,000 Active 33 DOM
12. 2026-06-05
    days on market $398,000 Active 31 DOM
13. 2026-06-04
    days on market $398,000 Active 29 DOM
14. 2026-06-02
    days on market $398,000 Active 28 DOM
15. 2026-06-01
    days on market $398,000 Active 27 DOM
16. 2026-05-31
    days on market $398,000 Active 26 DOM
17. 2026-05-31
    days on market $398,000 Active 25 DOM
18. 2026-05-05
    listed $398,000 Active 631-char remark

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $3,780 · $315/mo
• Expected delta: +$2,468/yr (+$206/mo · 188.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $12,784
• − Mortgage interest: −$22,294
• − Property taxes: −$1,312
• − Insurance: −$1,990
• − Repairs & maintenance: −$1,023
• − Management: −$1,023
• − Depreciation: −$11,578
• Taxable loss: −$26,436
• Est. tax savings @ 24.0%: +$6,345
• After-tax cash flow: $-11,904/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: Montezuma Community School District
• NCES district ID: 1919590
• Math proficiency: 73% ▼ -6.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $57,449
• Composite: 65.04/100
• National rank: #503
• State rank: #55 of 289 in IA

Livability — Montezuma

• Score: 75/100
• State rank: #228
• US rank: #4319

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 2,445
• Population (ZIP): 2,445

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 5% Portuguese 5% Lithuanian 3%
• Foreign-born: 1% · Canada, Jamaica
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.91%
• Current HPI: 364.6554
• 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

• 2026-05-05 Listed $398,000 DMMLS

Property tax history

+13.2%/yr

Latest (2020): $1,312 · +34.7% YoY. Source: county tax records.