315 N Butler St · Corydon, IA 50060

$13,500

2 bd · 1.0 ba · 827 sqft · SingleFamily public records · 65 Days on market

Built 1900 6,534 sqft lot $16/sqft · 84% below area ↓ 46% since listing

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Why this score? — see what drove the C 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

this property is an excellent opportunity for fix and flip, rental, or make it your own. Repairs are needed, but you walk in to instant equity, with tons of potential here. The detached garage on level corner lot in an a nice spot make this a great project. Call or text today!

Key facts

• Tons of potential
• Instant equity
• Level corner lot

Tags

• DETACHED GARAGE
• LEVEL CORNER LOT
• INSTANT EQUITY
• TONS OF POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $14k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($795 rent vs $14k).
• Recommended offer: $13k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 83/100 on livability (#33 in IA, #995 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wayne Community School District (rural): math 69% / reading 74% proficiency, ranked #139 of 289 in IA (top 48%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 6 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($93 loan paydown + $1k appreciation (10.0% local appreciation)).
• Wayne County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

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

Recommended offer $12,690 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 5.89% ✓
• Cap rate: 53.83%
• Cash-on-cash: 169.76%
• DSCR: 8.55
• GRM: 1.4

CMA / ARV

• ARV (median comp): $87,000
• List price: $13,500
• Delta: -84.48%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E Jackson St	0.16mi	2/1.0	838 (+1%)	5mo	$87,000	$104	86
101 N Greeley St	0.50mi	2/1.0	804 (-3%)	13mo	$62,500	$78	61
408 N Butler St	0.06mi	3/1.5 (+1)	944 (+14%)	24mo	$100,000	$106	47

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: —
• Equity multiple: 11.96×
• Total profit: $41,423
• Equity at exit: $12,162

10-year hold

• IRR: —
• Equity multiple: 26.19×
• Total profit: $95,225
• Equity at exit: $26,228

Cash invested: $3,780 (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 50060

• Home prices YoY: 5.1%
• Active inventory: 13
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $795 medium
• Mortgage (P&I): −$71
• Tax est. 1.5%: −$17 /mo · $202/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$167
• Net cashflow: $535

Break-even live

Break-even rent $118

Max offer price $13,500

Occupancy floor 28%

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: $3,375
• Closing costs: $405
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2218 Newton Rd Corydon, IA	2.0–3.0	1.0–2.0	1042	$795	$0.76	43d	5	0.72mi

Listing history 19 events

1. 2026-06-18
   days on market $13,500 Active 65 DOM
2. 2026-06-17
   days on market $13,500 Active 64 DOM
3. 2026-06-16
   days on market $13,500 Active 63 DOM
4. 2026-06-15
   days on market $13,500 Active 62 DOM
5. 2026-06-13
   days on market $13,500 Active 60 DOM
6. 2026-06-12
   days on market $13,500 Active 59 DOM
7. 2026-06-09
   days on market $13,500 Active 56 DOM
8. 2026-06-08
   days on market $13,500 Active 55 DOM
9. 2026-06-07
   days on market $13,500 Active 54 DOM
10. 2026-06-04
    days on market $13,500 Active 50 DOM
11. 2026-06-02
    days on market $13,500 Active 49 DOM
12. 2026-06-01
    days on market $13,500 Active 48 DOM
13. 2026-05-31
    days on market $13,500 Active 47 DOM
14. 2026-05-31
    days on market $13,500 Active 46 DOM
15. 2026-04-14
    listed $13,500 Active 277-char remark

    Show marketing remark (277 chars)

    this property is an excellent opportunity for fix and flip, rental, or make it your own. Repairs are needed, but you walk in to instant equity, with tons of potential here. The detached garage on level corner lot in an a nice spot make this a great project. Call or text today!

16. 2026-02-10
    price $13,000
17. 2026-01-08
    price $15,000
18. 2025-09-11
    price $19,500
19. 2025-08-12
    listed $25,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,540
• − Mortgage interest: −$756
• − Property taxes: −$202
• − Insurance: −$68
• − Repairs & maintenance: −$763
• − Management: −$763
• − Depreciation: −$393
• Taxable income: $6,595
• Est. tax owed @ 24.0%: −$1,583
• After-tax cash flow: $4,834/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: Wayne Community School District
• NCES district ID: 1930560
• Math proficiency: 69% ▼ -7.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $40,872
• Composite: 59.73/100
• National rank: #902
• State rank: #139 of 289 in IA

Livability — Corydon

• Score: 83/100
• State rank: #33
• US rank: #995

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: Corydon, IA
• City population: 2,385
• Population (ZIP): 2,385

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 6,213 people
• By 2030: 6,109 · -1.7%
• By 2040: 5,926 · -4.6%
• By 2050: 5,716 · -8.0%
• By 2075: 5,502 · -11.4%
• By 2100: 4,890 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 2% Hispanic / Latino 1% Asian 1% Black 1%
• Common ancestry: Iranian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 98% English-only · Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+57.2) · D 20.6% · R 77.8% · Other 1.6%
• 2008→2024 swing: -50.2pp toward R · 2008: -7.0pp · 2024: -57.2pp
• All cycles: 2024: R+57.2 2020: R+51.8 2016: R+46.2 2012: R+11.5 2008: R+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.57%
• Current HPI: 259.5272
• 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

-46.0% since first listed

5 events — show timeline

• 2026-04-14 Listed $13,500 IAR
• 2026-02-10 Price Changed $13,000 IAR
• 2026-01-08 Price Changed $15,000 IAR
• 2025-09-11 Price Changed $19,500 IAR
• 2025-08-12 Listed $25,000 IAR

Property tax history

+7.4%/yr

Latest (2025): $1,159 · -2.8% YoY. Source: county tax records.