407 S Main St · Albion, IA 50005

$68,000

3 bd · 2.0 ba · 1,144 sqft · SingleFamily public records · 2 Days on market

Built 2002 $59/sqft · 46% below area Est $125k · 46% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.5/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Affordable Living. take a look at this 3 bedroom, 2 bath built in 2002! Open floor plan with vaulted ceilings, master bedroom with bath featuring garden tub, sky light & walk in closet PLUS 2 stall garage and SO MUCH MORE!! Call today.

Key facts

• Main floor laundry
• Full bath
• Walk in closet

Tags

• CORNER LOT
• MAIN FLOOR LAUNDRY
• WALK IN CLOSET
• FULL BATH
• WHEELCHAIR ACCESSIBLE RAMP

Property features AI

Finance

• Other: Lot size: 0.24 acres

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Shingle roof

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Interior features: Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).

Location & tenants

• Location reads 65/100 on livability (#582 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Marshalltown Community School District (town): math 50% / reading 52% proficiency, ranked #278 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 8 active listings in the ZIP; 35 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($470 loan paydown + $624 appreciation (0.9% local appreciation)).
• Marshall County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (0.9% appreciation + 3.0% rent growth), your $19k 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.
• 2 sale attempts since 12y 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.

Recommended offer $68,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.55% ✓
• Cap rate: 13.14%
• Cash-on-cash: 24.46%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

• ARV (median comp): $125,457
• List price: $68,000
• Delta: -45.80%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 S Main St	0.00mi	3/2.0	1,144 (0%)	0mo	$70,000	$61	100
105 S Dubuque St	0.23mi	3/1.5	1,288 (+13%)	3mo	$159,000	$123	64

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.92% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.5%
• Equity multiple: 2.35×
• Total profit: $25,720
• Equity at exit: $22,923

10-year hold

• IRR: 29.3%
• Equity multiple: 4.50×
• Total profit: $66,662
• Equity at exit: $30,238

Cash invested: $19,040 (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 50005

• Home prices YoY: 0.9%
• Active inventory: 8
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,053 medium
• Mortgage (P&I): −$357
• Tax from tax record: −$58 /mo · $702/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $388

Break-even live

Break-even rent $561

Max offer price $68,000

Occupancy floor 58%

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-04
   status Pending 387-char remark
2. 2026-05-01
   listed $68,000 Active 387-char remark
3. 2014-09-23
   soldstatus $55,000 241-char remark

   Show marketing remark (241 chars)

   Affordable Living. take a look at this 3 bedroom, 2 bath built in 2002! Open floor plan with vaulted ceilings, master bedroom with bath featuring garden tub, sky light & walk in closet PLUS 2 stall garage and SO MUCH MORE!! Call today.

4. 2014-06-24
   listed $59,900 241-char remark

   Show marketing remark (241 chars)

   Affordable Living. take a look at this 3 bedroom, 2 bath built in 2002! Open floor plan with vaulted ceilings, master bedroom with bath featuring garden tub, sky light & walk in closet PLUS 2 stall garage and SO MUCH MORE!! Call today.

ⓘ 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: $702 · $58/mo
• Projected year-2 tax: $885 · $74/mo
• Expected delta: +$183/yr (+$15/mo · 26.0%)

ⓘ 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 ≥103°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: $12,632
• − Mortgage interest: −$3,809
• − Property taxes: −$702
• − Insurance: −$340
• − Repairs & maintenance: −$1,011
• − Management: −$1,011
• − Depreciation: −$1,978
• Taxable income: $3,781
• Est. tax owed @ 24.0%: −$908
• After-tax cash flow: $3,750/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: Marshalltown Community School District
• NCES district ID: 1918720
• Math proficiency: 50% ▼ -8.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $47,877
• Composite: 43.41/100
• National rank: #3015
• State rank: #278 of 289 in IA

Livability — Albion

• Score: 65/100
• State rank: #582
• US rank: #13234

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albion, IA
• Population (ZIP): 830

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 41,166 people
• By 2030: 41,477 · +0.8%
• By 2040: 42,548 · +3.4%
• By 2050: 44,472 · +8.0%
• By 2075: 52,719 · +28.1%
• By 2100: 60,912 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 26% Hispanic / Latino 3% Native American 2% Two or more races 2%
• Common ancestry: Portuguese 6% Lithuanian 2% Iranian 1%
• Foreign-born: 23% · Vietnam, Canada
• Languages at home: 75% English-only · Vietnamese 24% Spanish 2%

Political lean MEDSL · Marshall

• 2024 margin: R (+15.6) · D 41.4% · R 57.0% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: 9.3pp · 2024: -15.6pp
• All cycles: 2024: R+15.6 2020: R+7.7 2016: R+8.5 2012: D+8.9 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.92%
• Current HPI: 106.3038
• 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

+16.9% since first listed

6 events — show timeline

• 2026-06-04 Sold (Public Records) $70,000 Public Records
• 2026-06-04 Sold (MLS) $70,000 IAR
• 2026-05-04 Pending — IAR
• 2026-05-01 Listed $68,000 IAR
• 2014-09-23 Sold (MLS) $55,000 IAR
• 2014-06-24 Listed $59,900 IAR

Property tax history

-5.2%/yr

Latest (2025): $702 · +11.8% YoY. Source: county tax records.