111 5th Ave Ave NE · Independence, IA 50644

$54,900

2 bd · 1.0 ba · 1,203 sqft · SingleFamily public records · 2 Days on market

Built 1916 4,550 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

One person's rubbish is another person's treasure. This unique 2 bedroom, 1 bath property has so much potential for home ownership or an investment. if you want character and style, this is the one. House does need TLC and some mechanic updates. The hardwood floor is throughout and wood beam ceilings are appealing. Off the kitchen is a main floor laundry room-mud room that leads to a wood deck surrounded by mature trees. A nice private, small backyard. Additional features is a full, part-finished attic, which can be easily finished off. Basement is abundant with a couple canning rooms. Seller is motivated, call for your personal showing.

Key facts

• Hardwood floor
• Wood deck
• Wood beam ceilings

Tags

• HARDWOOD FLOOR
• WOOD BEAM CEILINGS
• MAIN FLOOR LAUNDRY ROOM
• WOOD DECK
• PRIVATE SMALL BACKYARD
• FULL PART-FINISHED ATTIC

Property features AI

Exterior

• Parking: No dedicated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Single-story
• Construction: Aluminum siding; Unfinished basement with block and concrete foundation
• Exterior features: Deck; Shingle (asphalt) roof

Interior

• Kitchen: Dishwasher; Gas water heater
• Flooring: Hardwood
• Heating & cooling: Radiant heating; Natural gas heating; No cooling
• Interior features: Hardwood flooring throughout; Masonry fireplace in the living room
• Laundry & utility: Laundry on the main level; Unfinished basement (block and concrete)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Cap rate 16.7% vs local median 3.6% in Independence — 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 76/100 on livability (#198 in IA, #3,628 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Independence Community School District (rural): math 73% / reading 74% proficiency, ranked #86 of 289 in IA (top 30%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Independence Junior Senior High School (math 74% / reading 77%, grade A-, #79 of 336 statewide, top 25%, 701 students, 32% FRL).
• Market conditions: 63 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 19 units permitted in Buchanan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Buchanan County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $54,900

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. 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?
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: 2.03% ✓
• Cap rate: 16.73%
• Cash-on-cash: 37.27%
• DSCR: 2.66
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $139,548
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
708 3rd St SE	0.27mi	2/1.0	1,200 (-0%)	1mo	$148,000	$123	86
707 1st St. East St	0.20mi	3/1.0 (+1)	1,125 (-6%)	6mo	$72,000	$64	70
214 2nd St. S.w. St	0.35mi	2/2.0	1,104 (-8%)	6mo	$65,000	$59	60
501 2nd ST St NW	0.49mi	3/2.0 (+1)	1,204 (+0%)	9mo	$127,500	$106	60
808 W 1st St	0.69mi	3/1.0 (+1)	1,199 (-0%)	2mo	$42,000	$35	60
206 SW 7th Ave	0.59mi	2/2.0	1,236 (+3%)	4mo	$285,000	$231	60
1200 NE 6th Ave	0.74mi	2/1.5	1,232 (+2%)	2mo	$175,000	$142	58
903 NE Park Ave	0.56mi	2/2.0	1,118 (-7%)	0mo	$130,000	$116	58
715 NE 2nd Ave	0.47mi	3/1.0 (+1)	1,291 (+7%)	6mo	$135,000	$105	55
615 NW 3rd Street St	0.59mi	3/1.0 (+1)	1,232 (+2%)	11mo	$162,500	$132	55
812 NE 5th Ave. Ave	0.49mi	3/1.5 (+1)	1,092 (-9%)	2mo	$90,000	$82	54
808 5th St St NW	0.73mi	3/1.0 (+1)	1,260 (+5%)	8mo	$240,000	$190	46

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: 33.2%
• Equity multiple: 2.40×
• Total profit: $21,540
• Equity at exit: $8,186

10-year hold

• IRR: 40.2%
• Equity multiple: 4.78×
• Total profit: $58,036
• Equity at exit: $4,747

Cash invested: $15,372 (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 50644

• Home prices YoY: -24.3%
• Active inventory: 63
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,114 high
• Mortgage (P&I): −$288
• Tax from tax record: −$92 /mo · $1,104/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $477

Break-even live

Break-even rent $510

Max offer price $54,900

Occupancy floor 52%

Sensitivity live

Price	-10% $508	-5% $493	+0% $477	+5% $462	+10% $446
Rent	-10% $389	-5% $433	+0% $477	+5% $521	+10% $565
Rate	-1.0pp $505	-0.5pp $491	base $477	+0.5pp $463	+1.0pp $449

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
309 9th Ave NE Independence, IA	2.0	1.0	700	$1,025	$1.46	17d	1	0.38mi
609 1st St W Apt D Independence, IA	2.0	1.0	768	$875	$1.14	16d	1	0.58mi
609 1st St W Apt E Independence, IA	2.0	1.0	768	$875	$1.14	21d	1	0.58mi
608 6th St NW Independence, IA	3.0	1.0	840	$1,350	$1.61	44d	1	0.64mi
608 8th Ave SW Independence, IA	3.0	1.5	1421	$1,250	$0.88	44d	1	0.72mi
403 9th Ave SW Independence, IA	2.0	1.0	750	$875	$1.17	44d	1	0.75mi
503 Enterprise Ct Apt 5 Independence, IA	2.0	2.0	1054	$1,350	$1.28	45d	1	1.37mi
507 Enterprise Ct Apt 4 Independence, IA	2.0	2.0	1050	$1,350	$1.29	2d	1	1.39mi
505 Enterprise Ct Independence, IA	2.0	2.0	1054	$1,350	$1.28	2d	2	1.40mi

Listing history 1 events

1. 2026-05-20
   listed $54,900 Active

ⓘ 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: $1,104 · $92/mo
• Projected year-2 tax: $1,104 · $92/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $13,370
• − Mortgage interest: −$3,075
• − Property taxes: −$1,104
• − Insurance: −$274
• − Repairs & maintenance: −$1,070
• − Management: −$1,070
• − Depreciation: −$1,597
• Taxable income: $5,180
• Est. tax owed @ 24.0%: −$1,243
• After-tax cash flow: $4,486/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: Independence Community School District
• NCES district ID: 1914580
• Math proficiency: 73% ▼ -3.00%
• Reading proficiency: 74% ▲ 4.00%
• Median HH income: $54,269
• Composite: 62.68/100
• National rank: #674
• State rank: #86 of 289 in IA

Livability — Independence

• Score: 76/100
• State rank: #198
• US rank: #3628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, IA
• City population: 8,475
• Population (ZIP): 8,475

Population outlook (Buchanan County) Hauer SSP2

• Today (2025): 20,892 people
• By 2030: 20,578 · -1.5%
• By 2040: 19,906 · -4.7%
• By 2050: 19,024 · -8.9%
• By 2075: 16,289 · -22.0%
• By 2100: 12,561 · -39.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2% Black 1%
• Common ancestry: Portuguese 5% Iranian 4% Slovak 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Buchanan

• 2024 margin: Strong R (+28.2) · D 35.1% · R 63.4% · Other 1.5%
• 2008→2024 swing: -46.7pp toward R · 2008: 18.5pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.9 2016: R+15.2 2012: D+13.9 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.31%
• Current HPI: 190.6265
• 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

• 2026-05-20 Listed $54,900 NEIRBR as distributed by MLS GRID

Property tax history

+0.3%/yr

Latest (2025): $1,104 · +43.0% YoY. Source: county tax records.