203 1st St NE · Rake, IA 50465

$39,900

2 bd · 1.5 ba · 760 sqft · SingleFamily public records · 73 Days on market

Built 1952 6,534 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
• Appreciation +5.0/10.0
• Schools +4.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Available with seller financing (contract for deed) with just $5,000 down, offering a flexible path to homeownership. Charming 2 bedroom, 1 bath home with a 1 stall garage, situated on a spacious lot in a welcoming small-town setting. This home features beautiful hardwood floors, a full basement offering plenty of storage or potential additional living space, and a large yard perfect for relaxing, gardening, or entertaining. Enjoy the peace and simplicity of small-town living.

Key facts

• Large yard
• Full basement
• Hardwood floors

Tags

• HARDWOOD FLOORS
• FULL BASEMENT
• LARGE YARD
• SMALL-TOWN SETTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($866 rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 61/100 on livability (#791 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D.
• North Iowa Community School District (rural): math 56% / reading 60% proficiency, ranked #252 of 289 in IA (top 87%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 1 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 $1k of equity ($276 loan paydown + $1k appreciation (3.0% 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 (3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($38k) 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 $20k; list at $40k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $37,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 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 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 2.17% ✓
• Cap rate: 18.85%
• Cash-on-cash: 44.84%
• DSCR: 3.00
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 50.2%
• Equity multiple: 3.81×
• Total profit: $31,405
• Equity at exit: $17,941

10-year hold

• IRR: 49.8%
• Equity multiple: 7.67×
• Total profit: $74,550
• Equity at exit: $27,649

Cash invested: $11,172 (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 50465

• Active inventory: 1
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $866 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$41 /mo · $494/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$182
• Net cashflow: $418

Break-even live

Break-even rent $338

Max offer price $39,900

Occupancy floor 47%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $39,900 Active 73 DOM
2. 2026-06-17
   days on market $39,900 Active 72 DOM
3. 2026-06-16
   days on market $39,900 Active 71 DOM
4. 2026-06-15
   days on market $39,900 Active 70 DOM
5. 2026-06-13
   days on market $39,900 Active 68 DOM
6. 2026-06-12
   days on market $39,900 Active 67 DOM
7. 2026-06-09
   days on market $39,900 Active 64 DOM
8. 2026-06-08
   days on market $39,900 Active 63 DOM
9. 2026-06-07
   days on market $39,900 Active 62 DOM
10. 2026-06-05
    days on market $39,900 Active 60 DOM
11. 2026-06-04
    days on market $39,900 Active 58 DOM
12. 2026-06-02
    days on market $39,900 Active 57 DOM
13. 2026-06-01
    days on market $39,900 Active 56 DOM
14. 2026-05-31
    days on market $39,900 Active 55 DOM
15. 2026-05-31
    days on market $39,900 Active 54 DOM
16. 2026-04-06
    listed $39,900 Active 481-char remark

    Show marketing remark (481 chars)

    Available with seller financing (contract for deed) with just $5,000 down, offering a flexible path to homeownership. Charming 2 bedroom, 1 bath home with a 1 stall garage, situated on a spacious lot in a welcoming small-town setting. This home features beautiful hardwood floors, a full basement offering plenty of storage or potential additional living space, and a large yard perfect for relaxing, gardening, or entertaining. Enjoy the peace and simplicity of small-town living.

17. 2026-03-24
    soldstatus $20,500
18. 2026-03-20
    soldstatus $20,500 Closed 162-char remark

    Show marketing remark (162 chars)

    A 2 bedroom bungalow ready for a make-over. Detached 1 car garage and full basement. A great house to build equity. Located in the quaint community of Rake, Iowa.

19. 2026-02-02
    status Pending 162-char remark

    Show marketing remark (162 chars)

    A 2 bedroom bungalow ready for a make-over. Detached 1 car garage and full basement. A great house to build equity. Located in the quaint community of Rake, Iowa.

20. 2026-01-25
    historical Active Under Contract 162-char remark

    Show marketing remark (162 chars)

    A 2 bedroom bungalow ready for a make-over. Detached 1 car garage and full basement. A great house to build equity. Located in the quaint community of Rake, Iowa.

21. 2025-12-21
    listed $23,900 Active 162-char remark

    Show marketing remark (162 chars)

    A 2 bedroom bungalow ready for a make-over. Detached 1 car garage and full basement. A great house to build equity. Located in the quaint community of Rake, Iowa.

22. 2010-12-03
    soldstatus $15,000

ⓘ 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: $494 · $41/mo
• Projected year-2 tax: $560 · $47/mo
• Expected delta: +$66/yr (+$6/mo · 13.4%)

ⓘ 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 1/10 Low
• 🌡 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: $10,398
• − Mortgage interest: −$2,235
• − Property taxes: −$494
• − Insurance: −$200
• − Repairs & maintenance: −$832
• − Management: −$832
• − Depreciation: −$1,161
• Taxable income: $4,645
• Est. tax owed @ 24.0%: −$1,115
• After-tax cash flow: $3,895/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: North Iowa Community School District
• NCES district ID: 1905750
• Math proficiency: 56% ▬ 0.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $48,123
• Composite: 49.23/100
• National rank: #2034
• State rank: #252 of 289 in IA

Livability — Rake

• Score: 61/100
• State rank: #791
• US rank: #17910

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rake, IA
• Population (ZIP): 199

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 (95%)
• Race & ethnicity: White 95% Hispanic / Latino 4% Black 1%
• Common ancestry: Portuguese 21% Russian 5% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 99% English-only · 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: —
• Current HPI: —
• 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

+166.0% since first listed

7 events — show timeline

• 2026-04-06 Listed $39,900 IAR
• 2026-03-24 Sold (Public Records) $20,500 Public Records
• 2026-03-20 Sold (MLS) $20,500 IAR
• 2026-02-02 Pending — IAR
• 2026-01-25 Contingent — IAR
• 2025-12-21 Listed $23,900 IAR
• 2010-12-03 Sold (Public Records) $15,000 Public Records

Property tax history

+7.5%/yr

Latest (2025): $494 · +65.8% YoY. Source: county tax records.