204 N Main St · Wheatland, IA 52777

$179,900

3 bd · 1.0 ba · 1,784 sqft · SingleFamily public records · 19 Days on market

Built 1950 7,840 sqft lot Est $194k · 7% 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 +10.9/15.0
• Appreciation +9.6/10.0
• Cash flow +7.2/30.0
• Schools +5.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• 1% rule +1.3/10.0

Listing remarks MLS

Well maintained 1 owner home centrally located. Includes fireplace in the living room and master bedroom with his and her closets plus an additional cedar lined closet. Enjoy your morning coffee in the 3 seasons porch will while enjoying the park-like setting in the backyard. Sold As-In.

Key facts

• Modern updates
• Finished basement
• Prime location

Tags

• MODERN UPDATES
• PRIME LOCATION
• BRIGHT OPEN LIVING SPACES
• UPDATED KITCHEN AND BATHS
• ATTACHED 3-SEASONS ROOM
• FINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-248 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (24.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (37.1% below list).
• Recommended offer: $113k (37.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#826 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime C-, amenities F, commute F.
• Calamus-Wheatland Community School District (rural): math 71% / reading 67% proficiency, ranked #150 of 289 in IA (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Calamus-Wheatland Elem Attendance Center (math 72% / reading 62%, grade B+, #273 of 616 statewide, top 51%, 218 students, 38% FRL); Calamus-Wheatland Sec Attendance Center (math 72% / reading 72%, grade B+, #117 of 336 statewide, top 39%, 196 students, 32% FRL).
• Market conditions: 6 active listings in the ZIP; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $18k of equity ($1k loan paydown + $16k appreciation (9.2% local appreciation)).
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask is 126% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,170 (37.1% 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. Built in 1950 — 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. 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: 0.63% ✗
• Cap rate: 4.64%
• Cash-on-cash: -5.92%
• DSCR: 0.74
• GRM: 13.2

CMA / ARV

• ARV (on-the-fly): $194,456
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 Main St N	0.08mi	3/2.0	1,782 (-0%)	21mo	$165,000	$93	74
303 N Main St	0.08mi	4/2.5 (+1)	1,945 (+9%)	2mo	$200,000	$103	69
208 E Vine St	0.09mi	3/2.0	1,523 (-15%)	1mo	$195,000	$128	66
308 N Wright St	0.35mi	3/2.0	1,676 (-6%)	5mo	$180,000	$107	65
114 S Wright St	0.34mi	3/2.0	1,649 (-8%)	11mo	$180,000	$109	58
303 E Vine St	0.18mi	3/2.0	1,522 (-15%)	11mo	$245,000	$161	54

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

Projected returns pro-forma

9.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 2.43×
• Total profit: $71,986
• Equity at exit: $151,301

10-year hold

• IRR: 17.0%
• Equity multiple: 5.41×
• Total profit: $222,153
• Equity at exit: $315,470

Cash invested: $50,372 (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 52777

• Home prices YoY: 4.2%
• Active inventory: 6
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $1,132 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$124 /mo · $1,490/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $-248

Break-even live

Break-even rent $1,446

Max offer price $136,002

Occupancy floor —

Sensitivity live

Price	-10% $-147	-5% $-198	+0% $-248	+5% $-299	+10% $-350
Rent	-10% $-338	-5% $-293	+0% $-248	+5% $-204	+10% $-159
Rate	-1.0pp $-158	-0.5pp $-203	base $-248	+0.5pp $-295	+1.0pp $-343

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-05-24
   status Pending
2. 2026-05-24
   status Pending
3. 2026-05-22
   status Pending
4. 2026-02-09
   soldstatus $174,000
5. 2026-01-30
   soldstatus $174,000 Closed
6. 2026-01-30
   soldstatus $174,000 Closed
7. 2026-01-30
   soldstatus $174,000 Closed
8. 2026-01-30
   soldstatus $174,000 Closed
9. 2026-01-16
   status Pending
10. 2026-01-14
    historical
11. 2026-01-06
    historical
12. 2026-01-05
    status Pending
13. 2025-11-28
    listed Active
14. 2023-01-26
    soldstatus $200,000
15. 2017-08-09
    soldstatus $85,000
16. 2017-08-07
    soldstatus $85,000 288-char remark

    Show marketing remark (288 chars)

    Well maintained 1 owner home centrally located. Includes fireplace in the living room and master bedroom with his and her closets plus an additional cedar lined closet. Enjoy your morning coffee in the 3 seasons porch will while enjoying the park-like setting in the backyard. Sold As-In.

17. 2017-08-07
    soldstatus $85,000 288-char remark

    Show marketing remark (288 chars)

    Well maintained 1 owner home centrally located. Includes fireplace in the living room and master bedroom with his and her closets plus an additional cedar lined closet. Enjoy your morning coffee in the 3 seasons porch will while enjoying the park-like setting in the backyard. Sold As-In.

18. 2017-06-20
    listed $79,500 288-char remark

    Show marketing remark (288 chars)

    Well maintained 1 owner home centrally located. Includes fireplace in the living room and master bedroom with his and her closets plus an additional cedar lined closet. Enjoy your morning coffee in the 3 seasons porch will while enjoying the park-like setting in the backyard. Sold As-In.

19. 2017-06-20
    listed $79,500 288-char remark

    Show marketing remark (288 chars)

    Well maintained 1 owner home centrally located. Includes fireplace in the living room and master bedroom with his and her closets plus an additional cedar lined closet. Enjoy your morning coffee in the 3 seasons porch will while enjoying the park-like setting in the backyard. Sold As-In.

ⓘ 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: $1,490 · $124/mo
• Projected year-2 tax: $2,157 · $180/mo
• Expected delta: +$667/yr (+$56/mo · 44.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,580
• − Mortgage interest: −$10,077
• − Property taxes: −$1,490
• − Insurance: −$900
• − Repairs & maintenance: −$1,086
• − Management: −$1,086
• − Depreciation: −$5,233
• Taxable loss: −$6,293
• Est. tax savings @ 24.0%: +$1,510
• After-tax cash flow: $-1,472/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: Calamus-Wheatland Community School District
• NCES district ID: 1906000
• Math proficiency: 71% ▼ -6.00%
• Reading proficiency: 67% ▼ -3.00%
• Median HH income: $54,711
• Composite: 59.01/100
• National rank: #962
• State rank: #150 of 289 in IA

Livability — Wheatland

• Score: 60/100
• State rank: #826
• US rank: #19027

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wheatland, IA
• Population (ZIP): 1,335

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 44,817 people
• By 2030: 43,090 · -3.9%
• By 2040: 39,513 · -11.8%
• By 2050: 36,209 · -19.2%
• By 2075: 31,888 · -28.8%
• By 2100: 30,382 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Iranian 2% Serbian 1% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Clinton

• 2024 margin: R (+18.9) · D 39.8% · R 58.6% · Other 1.6%
• 2008→2024 swing: -41.9pp toward R · 2008: 23.0pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+10.3 2016: R+5.1 2012: D+22.9 2008: D+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.17%
• Current HPI: 226.74
• 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

+118.9% since first listed

19 events — show timeline

• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-22 Pending — MRED as Distributed by MLS Grid
• 2026-02-09 Sold (Public Records) $174,000 Public Records
• 2026-01-30 Sold (MLS) $174,000 MRED as Distributed by MLS Grid
• 2026-01-30 Sold (MLS) $174,000 MRED as Distributed by MLS Grid
• 2026-01-30 Sold (MLS) $174,000 MRED as Distributed by MLS Grid
• 2026-01-30 Sold (MLS) $174,000 MRED as Distributed by MLS Grid
• 2026-01-16 Pending — MRED as Distributed by MLS Grid
• 2026-01-14 Listing Removed — MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-05 Pending — MRED as Distributed by MLS Grid
• 2025-11-28 Listed — RMLSA as Distributed by MLS Grid
• 2023-01-26 Sold (Public Records) $200,000 Public Records
• 2017-08-09 Sold (Public Records) $85,000 Public Records
• 2017-08-07 Sold (MLS) $85,000 RMLSA as Distributed by MLS Grid
• 2017-08-07 Sold (MLS) $85,000 MRED as Distributed by MLS Grid
• 2017-06-20 Listed $79,500 RMLSA as Distributed by MLS Grid
• 2017-06-20 Listed $79,500 MRED as Distributed by MLS Grid

Property tax history

+1.0%/yr

Latest (2025): $1,490 · -5.6% YoY. Source: county tax records.