608 S Carolina Ave Ave · Mason City, IA 50401

$189,000

5 bd · 2.0 ba · 2,262 sqft · SingleFamily public records · 14 Days on market

Built 1916 7,105 sqft lot Est $247k · 23% under

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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
• Cash flow +14.0/30.0
• Schools +4.5/10.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 4plus bedroom home with all of the original character/charm and has all of the updates needed. Beautiful open staircase, leaded glass windows, hardwood trim, pocket doors, huge kitchen, main floor laundry, walk in pantry, formal entry, 4 season porches on both main and second level, finished attic, over sized 2 stall garage and storage shed with alley access and spacious patio! Call today

Key facts

• Open staircase
• Pocket doors
• Grand foyer

Tags

• GRAND FOYER
• OPEN STAIRCASE
• HARDWOOD TRIM
• POCKET DOORS
• STAINED GLASS WINDOWS
• OVERSIZED KITCHEN

Property features AI

Exterior

• Parking: Detached concrete garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; 2 stories; Residential property
• Construction: Frame construction; Asphalt roof; Below-grade finished area (part of basement): 450
• Exterior features: Patio; Shed(s)

Interior

• Kitchen: Dishwasher; Gas range; Microwave; Refrigerator
• Flooring: Carpet; Laminate; Wood
• Heating & cooling: Forced air heating (Natural Gas); Central air conditioning
• Interior features: Eat-in kitchen; Full, partially finished basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $23 ($274/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 $155k (17.9% below list).
• Recommended offer: $155k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 5.2% in Mason City — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 81/100 on livability (#67 in IA, #1,477 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Mason City Community School District (town): math 50% / reading 58% proficiency, ranked #271 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 153 active listings in the ZIP; 54 units permitted in Cerro Gordo County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Cerro Gordo County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $150k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,111 (17.9% below list)

Questions for the listing agent

1. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.82% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.52%
• DSCR: 1.02
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $246,558
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 6th St SE	0.24mi	4/2.0 (-1)	2,184 (-3%)	0mo	$238,000	$109	78
834 4th St SE	0.38mi	5/2.5	2,322 (+3%)	6mo	$159,900	$69	70
215 S Vermont Ave	0.53mi	4/2.2 (-1)	2,267 (+0%)	4mo	$245,000	$108	66
419 1st St SE	0.35mi	4/2.5 (-1)	2,288 (+1%)	14mo	$257,500	$113	63
104 River Heights Dr Dr	0.26mi	4/2.2 (-1)	2,451 (+8%)	11mo	$288,775	$118	59
35 S Tennessee Ave	0.67mi	5/1.8	2,368 (+5%)	3mo	$189,000	$80	58
950 7th St SE	0.50mi	4/2.0 (-1)	2,163 (-4%)	13mo	$199,500	$92	53
201 S Vermont Ave	0.54mi	4/1.8 (-1)	2,093 (-8%)	7mo	$180,000	$86	51
30 Kentucky Ct Ct	0.57mi	4/1.8 (-1)	2,112 (-7%)	9mo	$265,000	$125	49
612 S Pennsylvania Ave	0.38mi	4/2.2 (-1)	2,055 (-9%)	15mo	$91,000	$44	49
647 E State St	0.41mi	4/3.0 (-1)	2,004 (-11%)	12mo	$235,000	$117	43
330 E State St	0.46mi	4/2.5 (-1)	1,929 (-15%)	8mo	$268,000	$139	40

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: -15.5%
• Equity multiple: 0.45×
• Total profit: $-29,213
• Equity at exit: $28,181

10-year hold

• IRR: -7.1%
• Equity multiple: 0.55×
• Total profit: $-23,730
• Equity at exit: $16,341

Cash invested: $52,920 (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 50401

• Active inventory: 153
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,551 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$133 /mo · $1,592/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $23

Break-even live

Break-even rent $1,522

Max offer price $189,000

Occupancy floor 94%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $189,000 Active 14 DOM
2. 2026-06-17
   days on market $189,000 Active 13 DOM
3. 2026-06-16
   days on market $189,000 Active 12 DOM
4. 2026-06-15
   days on market $189,000 Active 11 DOM
5. 2026-06-13
   days on market $189,000 Active 9 DOM
6. 2026-06-12
   days on market $189,000 Active 8 DOM
7. 2026-06-09
   days on market $189,000 Active 5 DOM
8. 2026-06-08
   days on market $189,000 Active 4 DOM
9. 2026-06-07
   days on market $189,000 Active 3 DOM
10. 2026-06-07
    remarks 687-char remark
11. 2026-06-07
    listed $189,000 Active 2 DOM

ⓘ 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: $1,592 · $133/mo
• Projected year-2 tax: $2,280 · $190/mo
• Expected delta: +$688/yr (+$57/mo · 43.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $18,613
• − Mortgage interest: −$10,587
• − Property taxes: −$1,592
• − Insurance: −$945
• − Repairs & maintenance: −$1,489
• − Management: −$1,489
• − Depreciation: −$5,498
• Taxable loss: −$2,987
• Est. tax savings @ 24.0%: +$717
• After-tax cash flow: $991/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: Mason City Community School District
• NCES district ID: 1918780
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -7.00%
• Median HH income: $43,668
• Composite: 45.47/100
• National rank: #2614
• State rank: #271 of 289 in IA

Livability — Mason City

• Score: 81/100
• State rank: #67
• US rank: #1477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mason City, IA
• City population: 28,818
• Population (ZIP): 28,818

Population outlook (Cerro Gordo County) Hauer SSP2

• Today (2025): 41,080 people
• By 2030: 39,746 · -3.2%
• By 2040: 36,608 · -10.9%
• By 2050: 33,682 · -18.0%
• By 2075: 29,702 · -27.7%
• By 2100: 27,399 · -33.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 12% Iranian 2% Lithuanian 2%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Cerro Gordo

• 2024 margin: R (+11.7) · D 43.4% · R 55.0% · Other 1.6%
• 2008→2024 swing: -32.5pp toward R · 2008: 20.8pp · 2024: -11.7pp
• All cycles: 2024: R+11.7 2020: R+6.3 2016: R+7.7 2012: D+13.2 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.01%
• Current HPI: 199.1966
• 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

+18.2% since first listed

5 events — show timeline

• 2026-06-04 Listed $189,000 Greater Mason BOR
• 2025-02-19 Sold (Public Records) $150,000 Public Records
• 2025-02-06 Sold (MLS) $152,000 Greater Mason BOR
• 2024-12-19 Contingent — Greater Mason BOR
• 2024-11-21 Listed $159,900 Greater Mason BOR

Property tax history

+0.5%/yr

Latest (2025): $1,592 · -3.4% YoY. Source: county tax records.