509 S Mill St · Decorah, IA 52101

$195,000

3 bd · 1.0 ba · 1,012 sqft · SingleFamily public records · 43 Days on market

Built 1920 6,519 sqft lot $193/sqft · 8% below area Est $212k · 8% under

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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 +16.2/30.0
• ARV discount +11.1/15.0
• Schools +7.0/10.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright and cheery 3-bedroom home in a prime location close to the park and downtown! This extra-clean property features a freshly painted interior, a full bathroom, and an enclosed front porch with brand-new windows—perfect for relaxing year-round. Enjoy ample storage space in the lower level, plus peace of mind with a roof reshingled in 2017 and maintenance-free siding. Situated on a desirable corner lot, the home offers a fenced yard ideal for kids or pets, a cozy fire ring for campfires, and a concrete patio for outdoor entertaining. A 2-car attached garage adds convenience and functionality. Move-in ready and full of charm—don’t miss this one!

Key facts

• Ample storage space
• Roof reshingled
• Fenced yard

Tags

• ENCLOSED FRONT PORCH
• FRESHLY PAINTED INTERIOR
• AMPLE STORAGE SPACE
• ROOF RESHINGLED
• MAINTENANCE-FREE SIDING
• FENCED YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/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 $183k (6.0% below list).
• Recommended offer: $183k (6.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.4% in Decorah — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#16 in IA, #499 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Decorah Community School District (town): math 80% / reading 84% proficiency, ranked #21 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 49 units permitted in Winneshiek County in 2024 (0 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.
• Winneshiek County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $183,345 (6.0% below list)

Questions for the listing agent

1. It's been on market 43 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 1920 — 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. 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.
6. 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.
7. 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: 0.94% ✗
• Cap rate: 6.92%
• Cash-on-cash: 2.25%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

• ARV (median comp): $211,777
• List price: $195,000
• Delta: -7.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1002 River St	0.41mi	3/1.0	1,013 (+0%)	14mo	$239,000	$236	69
614 Mechanic St	0.12mi	3/1.5	1,110 (+10%)	11mo	$85,000	$77	68
309 Day St	0.45mi	3/1.0	968 (-4%)	8mo	$75,000	$77	66
1017 Division St St	0.46mi	2/1.5 (-1)	1,014 (+0%)	19mo	$135,000	$133	55
112 Monroe St	0.51mi	2/1.5 (-1)	1,051 (+4%)	12mo	$130,000	$124	53
204 Day St	0.51mi	2/1.0 (-1)	938 (-7%)	9mo	$135,000	$144	52
508 South Ave	0.73mi	3/1.0	1,037 (+2%)	15mo	$335,000	$323	49
602 Oak St	0.70mi	2/1.0 (-1)	968 (-4%)	14mo	$134,900	$139	43
328 N Mill St	0.54mi	2/1.0 (-1)	864 (-15%)	12mo	$210,500	$244	36
811 River St	0.27mi	2/2.5 (-1)	1,144 (+13%)	23mo	$242,500	$212	36
103 Monroe St	0.46mi	2/1.5 (-1)	1,158 (+14%)	14mo	$244,000	$211	36

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: -12.7%
• Equity multiple: 0.54×
• Total profit: $-25,039
• Equity at exit: $29,075

10-year hold

• IRR: -3.7%
• Equity multiple: 0.76×
• Total profit: $-13,283
• Equity at exit: $16,860

Cash invested: $54,600 (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 52101

• Home prices YoY: -26.7%
• Active inventory: 75
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,833 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$242 /mo · $2,904/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $103

Break-even live

Break-even rent $1,704

Max offer price $195,000

Occupancy floor 89%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 W Main St Decorah, IA	3.0	2.0	1482	$2,200	$1.48	23d	1	0.24mi
405 Washington St Decorah, IA	4.0	1.5	1279	$1,800	$1.41	2d	1	0.30mi

Listing history 14 events

1. 2026-06-07
   status $195,000 Pending 43 DOM
2. 2026-06-03
   days on market $195,000 Active 43 DOM
3. 2026-06-02
   days on market $195,000 Active 42 DOM
4. 2026-06-01
   days on market $195,000 Active 41 DOM
5. 2026-05-31
   days on market $195,000 Active 40 DOM
6. 2026-05-31
   remarks 693-char remark
7. 2026-05-31
   days on market $195,000 Active 39 DOM
8. 2026-05-15
   price $195,000 673-char remark

   Show marketing remark (673 chars)

   Bright and cheery 3-bedroom home in a prime location close to the park and downtown! This extra-clean property features a freshly painted interior, a full bathroom, and an enclosed front porch with brand-new windows—perfect for relaxing year-round. Enjoy ample storage space in the lower level, plus peace of mind with a roof reshingled in 2017 and maintenance-free siding. Situated on a desirable corner lot, the home offers a fenced yard ideal for kids or pets, a cozy fire ring for campfires, and a concrete patio for outdoor entertaining. A 2-car attached garage adds convenience and functionality. Move-in ready and full of charm—don’t miss this one!

9. 2026-04-21
   listed $205,000 Active 673-char remark

   Show marketing remark (673 chars)

   Bright and cheery 3-bedroom home in a prime location close to the park and downtown! This extra-clean property features a freshly painted interior, a full bathroom, and an enclosed front porch with brand-new windows—perfect for relaxing year-round. Enjoy ample storage space in the lower level, plus peace of mind with a roof reshingled in 2017 and maintenance-free siding. Situated on a desirable corner lot, the home offers a fenced yard ideal for kids or pets, a cozy fire ring for campfires, and a concrete patio for outdoor entertaining. A 2-car attached garage adds convenience and functionality. Move-in ready and full of charm—don’t miss this one!

10. 2020-10-30
    soldstatus $172,500 867-char remark

    Show marketing remark (867 chars)

    Neat, Clean & Adorable 3 plus bedrooms, 1 full bath home with attached double car garage on large lot; walking distance to downtown Decorah! Great location & setting of the house gives a very private feeling and still close to parks, churches, library, and grocery stores to name a few! You will be energized by how light & bright this house is and ready to move right in as has been updated from top to bottom, inside and out! Welcoming enclosed front porch, large living room, 3 bedrooms, full remodeled bathroom & sunny kitchen all on the main level! Bonus room downstairs as family room, craft or hobby room with walk-in closet and lots of storage! Washer, Dryer & Kitchen Appliances included! Private concrete patio off garage and side, bonus of large fenced in lot for gardening or play space! New furnace & water softener.

11. 2020-10-07
    listed $174,900 867-char remark

    Show marketing remark (867 chars)

    Neat, Clean & Adorable 3 plus bedrooms, 1 full bath home with attached double car garage on large lot; walking distance to downtown Decorah! Great location & setting of the house gives a very private feeling and still close to parks, churches, library, and grocery stores to name a few! You will be energized by how light & bright this house is and ready to move right in as has been updated from top to bottom, inside and out! Welcoming enclosed front porch, large living room, 3 bedrooms, full remodeled bathroom & sunny kitchen all on the main level! Bonus room downstairs as family room, craft or hobby room with walk-in closet and lots of storage! Washer, Dryer & Kitchen Appliances included! Private concrete patio off garage and side, bonus of large fenced in lot for gardening or play space! New furnace & water softener.

12. 2017-11-06
    soldstatus $142,000
13. 2017-11-03
    soldstatus $142,500
14. 2017-09-04
    listed $149,900

ⓘ 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: $2,904 · $242/mo
• Projected year-2 tax: $2,983 · $249/mo
• Expected delta: +$79/yr (+$7/mo · 2.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 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: $22,001
• − Mortgage interest: −$10,923
• − Property taxes: −$2,904
• − Insurance: −$975
• − Repairs & maintenance: −$1,760
• − Management: −$1,760
• − Depreciation: −$5,673
• Taxable loss: −$1,994
• Est. tax savings @ 24.0%: +$478
• After-tax cash flow: $1,709/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: Decorah Community School District
• NCES district ID: 1908730
• Math proficiency: 80% ▼ -4.00%
• Reading proficiency: 84% ▬ 0.00%
• Median HH income: $54,304
• Composite: 69.72/100
• National rank: #294
• State rank: #21 of 289 in IA

Livability — Decorah

• Score: 85/100
• State rank: #16
• US rank: #499

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: Decorah, IA
• County: Winneshiek County · 12,706 people
• City population: 12,706
• Metro: nan
• Population (ZIP): 12,706
• Household income: $73,484
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 207.0

Population outlook (Winneshiek County) Hauer SSP2

• Today (2025): 20,379 people
• By 2030: 19,937 · -2.2%
• By 2040: 18,697 · -8.3%
• By 2050: 17,392 · -14.7%
• By 2075: 14,921 · -26.8%
• By 2100: 12,836 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Winneshiek

• 2024 margin: Lean R (+9.3) · D 44.6% · R 53.9% · Other 1.5%
• 2008→2024 swing: -31.9pp toward R · 2008: 22.7pp · 2024: -9.3pp
• All cycles: 2024: R+9.3 2020: R+5.1 2016: R+0.8 2012: D+14.8 2008: D+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.20%
• Current HPI: 189.63
• Rent YoY: —
• Metro: nan
• 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

+30.1% since first listed

7 events — show timeline

• 2026-05-15 Price Changed $195,000 NEIRBR as distributed by MLS GRID
• 2026-04-21 Listed $205,000 NEIRBR as distributed by MLS GRID
• 2020-10-30 Sold (MLS) $172,500 NEIRBR as distributed by MLS GRID
• 2020-10-07 Listed $174,900 NEIRBR as distributed by MLS GRID
• 2017-11-06 Sold (Public Records) $142,000 Public Records
• 2017-11-03 Sold (MLS) $142,500 NEIRBR as distributed by MLS GRID
• 2017-09-04 Listed $149,900 NEIRBR as distributed by MLS GRID

Property tax history

+6.0%/yr

Latest (2025): $2,904 · +4.2% YoY. Source: county tax records.