721 Center St E · Britt, IA 50423

$262,250

5 bd · 3.0 ba · 3,167 sqft · SingleFamily public records · 276 Days on market

Built 1900 0.91 ac lot Est $326k · 20% under ↓ 7% since listing

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +6.3/10.0
• Cash flow +5.9/30.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.0/10.0
• DSCR +0.3/10.0

Listing remarks MLS

Take a look at this grand 2 story home offering both space and room to grow! This unique property is beautifully located on the edge of town for convenience, on close to an acre of land for space AND offers privacy with many lovely mature trees on the property. This is a a unique opportunity that just doesn’t come along every day. The finished basement is newer than the house, has in floor heat and also 2 bedrooms with egress windows & in addition you will love the large living/family or hang out with friends space. The upper level offers 3 more bedrooms for a total of 5 bedrooms & the master bedroom is complete with a spacious walk in closet as well. There’s a lovely full bathroom on all 3 levels of the home. AND To sweeten the deal there’s also a 32 x 40 steel building for the toys or storage plus a darling little playhouse for the kids…complete with electricity. The house is very well cared for with many amenities such as the floor heat in the basement, a customized drainage system in the basement, spacious living areas, & a large deck. A second approx. 1 acre piece of land is located right next to this one. It is listed separately but could be purchased to complete the package! This is a rare find!

Key facts

• Large deck
• Large family room
• In floor heat

Tags

• FINISHED BASEMENT
• LARGE FAMILY ROOM
• WALK IN CLOSET
• IN FLOOR HEAT
• LARGE DECK

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $262k.

Deal economics

• At list price, monthly cash flow is $-512 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (34.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (39.8% below list).
• Recommended offer: $158k (39.8% 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.
• Zoned schools: West Hancock Elementary School (math 82% / reading 77%, grade A, #71 of 616 statewide, top 15%, 272 students, 37% FRL); West Hancock Middle School (math 72% / reading 72%, grade A, #95 of 246 statewide, top 42%, 165 students, 42% FRL); West Hancock High School (math 72% / reading 77%, grade B+, #89 of 336 statewide, top 30%, 162 students, 33% FRL) — zoned schools at 37% FRL track the district average.
• Market conditions: 22 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 $28k of equity ($2k loan paydown + $26k 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 ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($231k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,995 (39.8% 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 276 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.60% ✗
• Cap rate: 3.95%
• Cash-on-cash: -8.37%
• DSCR: 0.63
• GRM: 13.8

CMA / ARV

• ARV (on-the-fly): $326,201
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
452 1st Ave SW	0.59mi	5/2.5	3,024 (-4%)	1mo	$310,000	$103	62

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: 18.4%
• Equity multiple: 2.50×
• Total profit: $110,218
• Equity at exit: $236,256

10-year hold

• IRR: 17.1%
• Equity multiple: 5.77×
• Total profit: $350,196
• Equity at exit: $509,494

Cash invested: $73,430 (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: 22
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $1,580 medium
• Mortgage (P&I): −$1,375
• Tax from tax record: −$276 /mo · $3,306/yr
• Insurance: −$109
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $-512

Break-even live

Break-even rent $2,228

Max offer price $171,825

Occupancy floor —

Sensitivity live

Price	-10% $-363	-5% $-438	+0% $-512	+5% $-586	+10% $-660
Rent	-10% $-637	-5% $-574	+0% $-512	+5% $-449	+10% $-387
Rate	-1.0pp $-380	-0.5pp $-445	base $-512	+0.5pp $-580	+1.0pp $-649

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: $65,562
• Closing costs: $7,868
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $262,250 Active 276 DOM
2. 2026-06-21
   days on market $262,250 Active 275 DOM
3. 2026-06-18
   days on market $262,250 Active 273 DOM
4. 2026-06-17
   days on market $262,250 Active 272 DOM
5. 2026-06-16
   days on market $262,250 Active 271 DOM
6. 2026-06-15
   days on market $262,250 Active 270 DOM
7. 2026-06-13
   days on market $262,250 Active 268 DOM
8. 2026-06-12
   days on market $262,250 Active 267 DOM
9. 2026-06-09
   days on market $262,250 Active 264 DOM
10. 2026-06-08
    days on market $262,250 Active 263 DOM
11. 2026-06-07
    days on market $262,250 Active 262 DOM
12. 2026-06-07
    days on market $262,250 Active 261 DOM
13. 2026-06-04
    days on market $262,250 Active 258 DOM
14. 2026-06-02
    days on market $262,250 Active 257 DOM
15. 2026-06-01
    days on market $262,250 Active 256 DOM
16. 2026-05-31
    days on market $262,250 Active 255 DOM
17. 2026-05-31
    days on market $262,250 Active 254 DOM
18. 2025-10-24
    price $275,000 1263-char remark

    Show marketing remark (1263 chars)

    Take a look at this grand 2 story home offering both space and room to grow! This unique property is beautifully located on the edge of town for convenience, on close to an acre of land for space AND offers privacy with many lovely mature trees on the property. This is a a unique opportunity that just doesn’t come along every day. The finished basement is newer than the house, has in floor heat and also 2 bedrooms with egress windows & in addition you will love the large living/family or hang out with friends space. The upper level offers 3 more bedrooms for a total of 5 bedrooms & the master bedroom is complete with a spacious walk in closet as well. There’s a lovely full bathroom on all 3 levels of the home. AND To sweeten the deal there’s also a 32 x 40 steel building for the toys or storage plus a darling little playhouse for the kids…complete with electricity. The house is very well cared for with many amenities such as the floor heat in the basement, a customized drainage system in the basement, spacious living areas, & a large deck. A second approx. 1 acre piece of land is located right next to this one. It is listed separately but could be purchased to complete the package! This is a rare find!

19. 2025-09-17
    listed $295,000 Active 1263-char remark

    Show marketing remark (1263 chars)

    Take a look at this grand 2 story home offering both space and room to grow! This unique property is beautifully located on the edge of town for convenience, on close to an acre of land for space AND offers privacy with many lovely mature trees on the property. This is a a unique opportunity that just doesn’t come along every day. The finished basement is newer than the house, has in floor heat and also 2 bedrooms with egress windows & in addition you will love the large living/family or hang out with friends space. The upper level offers 3 more bedrooms for a total of 5 bedrooms & the master bedroom is complete with a spacious walk in closet as well. There’s a lovely full bathroom on all 3 levels of the home. AND To sweeten the deal there’s also a 32 x 40 steel building for the toys or storage plus a darling little playhouse for the kids…complete with electricity. The house is very well cared for with many amenities such as the floor heat in the basement, a customized drainage system in the basement, spacious living areas, & a large deck. A second approx. 1 acre piece of land is located right next to this one. It is listed separately but could be purchased to complete the package! This is a rare find!

ⓘ 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: $3,306 · $276/mo
• Projected year-2 tax: $3,712 · $309/mo
• Expected delta: +$406/yr (+$34/mo · 12.3%)

ⓘ 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: $18,959
• − Mortgage interest: −$14,690
• − Property taxes: −$3,306
• − Insurance: −$1,311
• − Repairs & maintenance: −$1,517
• − Management: −$1,517
• − Depreciation: −$7,629
• Taxable loss: −$11,011
• Est. tax savings @ 24.0%: +$2,643
• After-tax cash flow: $-3,500/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

-6.8% since first listed

2 events — show timeline

• 2025-10-24 Price Changed $275,000 IAR
• 2025-09-17 Listed $295,000 IAR

Property tax history

+11.3%/yr

Latest (2025): $3,306 · +6.6% YoY. Source: county tax records.