115 4th Ave W · Leland, IA 50453

$86,500

3 bd · 1.0 ba · 842 sqft · SingleFamily public records · 18 Days on market

Built 1945 6,098 sqft lot

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Why this score? — see what drove the B 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 +27.9/30.0
• DSCR +9.9/10.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +6.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This 3 bedroom/1 bath home offers good living space for a young family and/or a single individual. Some updated windows and mechanics. Full basement, permanent siding, shingles are in good condition. Well kept and clean with all appliances included. Very nice yard, storage shed and spacious, heated double garage. Located in Leland~just 4 miles from Forest City.

Key facts

• Updated windows
• Full basement
• Storage shed

Tags

• UPDATED WINDOWS
• FULL BASEMENT
• PERMANENT SIDING
• STORAGE SHED
• HEATED DOUBLE GARAGE
• NICE YARD

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Residential zoning (single-family)
• Construction: Vinyl siding; Foundation area listed (624)
• Exterior features: Storage structure on property; Lot approximately 50 x 120 (0.14 acres)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $86k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $86k).
• Recommended offer: $85k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#669 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: employment C-, health & safety C-, schools F.
• Forest City Community School District (town): math 67% / reading 78% proficiency, ranked #111 of 289 in IA (top 38%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 2 active listings in the ZIP; 6 units permitted in Winnebago County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($598 loan paydown + $5k appreciation (5.6% local appreciation)).
• Winnebago County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,202 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.21% ✓
• Cap rate: 10.00%
• Cash-on-cash: 13.26%
• DSCR: 1.59
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 2.65×
• Total profit: $39,937
• Equity at exit: $52,174

10-year hold

• IRR: 24.3%
• Equity multiple: 5.32×
• Total profit: $104,714
• Equity at exit: $92,769

Cash invested: $24,220 (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 50453

• Home prices YoY: 5.5%
• Active inventory: 2
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,047 medium
• Mortgage (P&I): −$454
• Tax from tax record: −$70 /mo · $842/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $268

Break-even live

Break-even rent $709

Max offer price $86,500

Occupancy floor 69%

Sensitivity live

Price	-10% $317	-5% $292	+0% $268	+5% $243	+10% $219
Rent	-10% $185	-5% $226	+0% $268	+5% $309	+10% $350
Rate	-1.0pp $311	-0.5pp $290	base $268	+0.5pp $245	+1.0pp $222

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: $21,625
• Closing costs: $2,595
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $86,500 Active 18 DOM
2. 2026-06-21
   days on market $86,500 Active 17 DOM
3. 2026-06-18
   days on market $86,500 Active 15 DOM
4. 2026-06-17
   days on market $86,500 Active 14 DOM
5. 2026-06-16
   days on market $86,500 Active 13 DOM
6. 2026-06-15
   days on market $86,500 Active 12 DOM
7. 2026-06-13
   days on market $86,500 Active 10 DOM
8. 2026-06-12
   days on market $86,500 Active 9 DOM
9. 2026-06-09
   days on market $86,500 Active 6 DOM
10. 2026-06-08
    days on market $86,500 Active 5 DOM
11. 2026-06-07
    days on market $86,500 Active 4 DOM
12. 2026-06-07
    days on market $86,500 Active 3 DOM
13. 2026-06-04
    remarks 364-char remark
14. 2026-06-04
    listed $86,500 Active 1 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: $842 · $70/mo
• Projected year-2 tax: $1,100 · $92/mo
• Expected delta: +$258/yr (+$22/mo · 30.6%)

ⓘ 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 3/10 Moderate
• 🌡 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: $12,568
• − Mortgage interest: −$4,845
• − Property taxes: −$842
• − Insurance: −$432
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$2,516
• Taxable income: $1,921
• Est. tax owed @ 24.0%: −$461
• After-tax cash flow: $2,750/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: Forest City Community School District
• NCES district ID: 1911790
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 78% ▲ 1.00%
• Median HH income: $46,674
• Composite: 61.08/100
• National rank: #789
• State rank: #111 of 289 in IA

Livability — Leland

• Score: 63/100
• State rank: #669
• US rank: #15560

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leland, IA
• Population (ZIP): 520

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 10,099 people
• By 2030: 9,831 · -2.7%
• By 2040: 9,326 · -7.7%
• By 2050: 9,073 · -10.2%
• By 2075: 9,448 · -6.4%
• By 2100: 10,279 · +1.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 54% Iranian 1% Lithuanian 1%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Solid R (+30.7) · D 33.9% · R 64.6% · Other 1.5%
• 2008→2024 swing: -39.3pp toward R · 2008: 8.6pp · 2024: -30.7pp
• All cycles: 2024: R+30.7 2020: R+26.3 2016: R+26.5 2012: R+0.0 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.59%
• Current HPI: 106.5045
• 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

• 2026-06-02 Listed $86,500 IAR

Property tax history

+3.9%/yr

Latest (2025): $842 · +13.2% YoY. Source: county tax records.