10551 160th St · Melrose, IA 52571

$275,000

2 bd · 2.0 ba · 2,064 sqft · Other public records · 31 Days on market

Built 1978 2.00 ac lot $133/sqft · 23% below area Est $357k · 23% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Appreciation +9.0/10.0
• Schools +4.6/10.0
• Cash flow +3.3/30.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Acreage Near Rathbun Lake – Minutes from Honey Creek State Park! If you’re looking for an acreage outside of a subdivision, on paved roads, and close to Rathbun Lake, this is the one! This 2,064 SF ranch home features a spacious open floor plan with two large bedrooms—both big enough to fit multiple beds—and two full bathrooms, making it perfect for hosting family and friends. Enjoy the peaceful setting overlooking a pond and plenty of room to add a garage or shop to store all your lake toys, boats, and equipment. Comfort and efficiency are already in place with central A/C and a newer furnace installed just three years ago. The owned propane tank provides additional value, and for peace of mind, the property includes a concrete storm shelter. Seller may consider selling fully furnished. Don’t miss this rare opportunity to own an acreage so close to Honey Creek State Park and Rathbun Lake!

Key facts

• Overlooking a pond
• 2 acre lot
• Garage

Tags

• ACREAGE NEAR RATHBUN LAKE
• OVERLOOKING A POND
• CONCRETE STORM SHELTER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $275k.

Deal economics

• At list price, monthly cash flow is $-850 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (54.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (61.2% below list).
• Recommended offer: $107k (61.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#919 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, schools F, amenities F.
• Moravia Community School District (rural): math 49% / reading 59% proficiency, ranked #269 of 289 in IA (top 93%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; 6 units permitted in Appanoose County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (8.0% local appreciation)).
• Appanoose County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($267k) 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.
• Current owner paid $70k; list at $275k implies a 296% gain — meaningful room to come down on a strong offer.

Recommended offer $106,771 (61.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 61% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.39% ✗
• Cap rate: 2.58%
• Cash-on-cash: -13.25%
• DSCR: 0.41
• GRM: 21.5

CMA / ARV

• ARV (median comp): $357,072
• List price: $275,000
• Delta: -22.98%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

7.95% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.0%
• Equity multiple: 1.75×
• Total profit: $58,080
• Equity at exit: $207,923

10-year hold

• IRR: 11.1%
• Equity multiple: 3.71×
• Total profit: $208,482
• Equity at exit: $411,772

Cash invested: $77,000 (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 52571

• Home prices YoY: 3.4%
• Active inventory: 33
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $1,068 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$137 /mo · $1,644/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $-850

Break-even live

Break-even rent $2,144

Max offer price $124,805

Occupancy floor —

Sensitivity live

Price	-10% $-695	-5% $-772	+0% $-850	+5% $-928	+10% $-1,006
Rent	-10% $-935	-5% $-892	+0% $-850	+5% $-808	+10% $-766
Rate	-1.0pp $-712	-0.5pp $-780	base $-850	+0.5pp $-921	+1.0pp $-994

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $275,000 Active 31 DOM
2. 2026-06-18
   days on market $275,000 Active 29 DOM
3. 2026-06-17
   days on market $275,000 Active 28 DOM
4. 2026-06-16
   days on market $275,000 Active 27 DOM
5. 2026-06-15
   days on market $275,000 Active 26 DOM
6. 2026-06-13
   days on market $275,000 Active 24 DOM
7. 2026-06-12
   days on market $275,000 Active 23 DOM
8. 2026-06-09
   days on market $275,000 Active 20 DOM
9. 2026-06-08
   days on market $275,000 Active 19 DOM
10. 2026-06-07
    days on market $275,000 Active 18 DOM
11. 2026-06-07
    days on market $275,000 Active 17 DOM
12. 2026-06-04
    days on market $275,000 Active 14 DOM
13. 2026-06-02
    days on market $275,000 Active 13 DOM
14. 2026-06-01
    days on market $275,000 Active 12 DOM
15. 2026-05-31
    days on market $275,000 Active 11 DOM
16. 2026-05-31
    days on market $275,000 Active 10 DOM
17. 2025-10-01
    listed $275,000 Active 933-char remark

    Show marketing remark (935 chars)

    Acreage Near Rathbun Lake – Minutes from Honey Creek State Park! If you’re looking for an acreage outside of a subdivision, on paved roads, and close to Rathbun Lake, this is the one! This 2,064 SF ranch home features a spacious open floor plan with two large bedrooms—both big enough to fit multiple beds—and two full bathrooms, making it perfect for hosting family and friends. Enjoy the peaceful setting overlooking a pond and plenty of room to add a garage or shop to store all your lake toys, boats, and equipment. Comfort and efficiency are already in place with central A/C and a newer furnace installed just three years ago. The owned propane tank provides additional value, and for peace of mind, the property includes a concrete storm shelter. Seller may consider selling fully furnished. Don’t miss this rare opportunity to own an acreage so close to Honey Creek State Park and Rathbun Lake!

18. 2025-10-01
    listed $275,000 Active 935-char remark

    Show marketing remark (935 chars)

    Acreage Near Rathbun Lake – Minutes from Honey Creek State Park! If you’re looking for an acreage outside of a subdivision, on paved roads, and close to Rathbun Lake, this is the one! This 2,064 SF ranch home features a spacious open floor plan with two large bedrooms—both big enough to fit multiple beds—and two full bathrooms, making it perfect for hosting family and friends. Enjoy the peaceful setting overlooking a pond and plenty of room to add a garage or shop to store all your lake toys, boats, and equipment. Comfort and efficiency are already in place with central A/C and a newer furnace installed just three years ago. The owned propane tank provides additional value, and for peace of mind, the property includes a concrete storm shelter. Seller may consider selling fully furnished. Don’t miss this rare opportunity to own an acreage so close to Honey Creek State Park and Rathbun Lake!

19. 2011-07-13
    soldstatus $69,500

ⓘ 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: $1,644 · $137/mo
• Projected year-2 tax: $2,981 · $248/mo
• Expected delta: +$1,337/yr (+$111/mo · 81.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥103°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,813
• − Mortgage interest: −$15,404
• − Property taxes: −$1,644
• − Insurance: −$1,375
• − Repairs & maintenance: −$1,025
• − Management: −$1,025
• − Depreciation: −$8,000
• Taxable loss: −$15,661
• Est. tax savings @ 24.0%: +$3,759
• After-tax cash flow: $-6,444/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: Moravia Community School District
• NCES district ID: 1919710
• Math proficiency: 49% ▼ -11.00%
• Reading proficiency: 59% ▬ 0.00%
• Median HH income: $46,306
• Composite: 45.71/100
• National rank: #2575
• State rank: #269 of 289 in IA

Livability — Melrose

• Score: 57/100
• State rank: #919
• US rank: #22357

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 541
• Population (ZIP): 1,516

Population outlook (Appanoose County) Hauer SSP2

• Today (2025): 11,726 people
• By 2030: 11,194 · -4.5%
• By 2040: 10,063 · -14.2%
• By 2050: 8,976 · -23.5%
• By 2075: 6,785 · -42.1%
• By 2100: 4,819 · -58.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Asian 3% Black 2% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Iranian 6% Italian 4% Portuguese 2%
• Foreign-born: 3% · South Korea

Political lean MEDSL · Appanoose

• 2024 margin: Solid R (+46.7) · D 26.1% · R 72.8% · Other 1.2%
• 2008→2024 swing: -44.8pp toward R · 2008: -1.9pp · 2024: -46.7pp
• All cycles: 2024: R+46.7 2020: R+40.2 2016: R+36.4 2012: R+3.5 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.95%
• Current HPI: 243.7764
• 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

+295.7% since first listed

3 events — show timeline

• 2025-10-01 Listed $275,000 IAR
• 2025-10-01 Listed $275,000 DMMLS
• 2011-07-13 Sold (Public Records) $69,500 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,644 · -0.6% YoY. Source: county tax records.