1032 Pearl St · Grinnell, IA 50112

$110,000

2 bd · 1.0 ba · 1,036 sqft · SingleFamily public records · 249 Days on market

Built 1900 7,405 sqft lot $106/sqft · 17% below area Est $133k · 17% 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 +15.3/30.0
• ARV discount +15.0/15.0
• Schools +6.6/10.0
• DSCR +4.7/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT PRICE FOR THIS HOME!! PRICE REDUCED!!Large Corner lot for this 2 bedroom, 2 story home with cozy living room , Dining area plus small eat-in area in kitchen with refrigerator and stove, Huge main floor laundry with washer and dryer. Nice Basement storage with walkout. Covered front porch and small rear deck. Detached 2+ car garage with plenty of storage. SOLD AS-IS. Alley access. Close to down town.

Key facts

• Covered front porch
• Cozy living room
• Dining area

Tags

• CORNER LOT
• COZY LIVING ROOM
• DINING AREA
• HUGE MAIN FLOOR LAUNDRY
• BASEMENT STORAGE
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $41 ($488/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 $99k (10.0% below list).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 2.9% in Grinnell — 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 79/100 on livability (#123 in IA, #2,270 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Grinnell-Newburg Community School District (town): math 76% / reading 79% proficiency, ranked #47 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 98 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 249 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $9k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 249 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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?
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: 0.90% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.59%
• DSCR: 1.07
• GRM: 9.3

CMA / ARV

• ARV (median comp): $133,209
• List price: $110,000
• Delta: -17.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1209 Spencer St	0.16mi	2/1.0	1,046 (+1%)	4mo	$105,000	$100	88
718 Reed St	0.36mi	2/1.0	959 (-7%)	7mo	$117,900	$123	65
1220 Main St	0.29mi	3/1.5 (+1)	987 (-5%)	9mo	$149,000	$151	64
1429 Prince St	0.52mi	2/1.5	992 (-4%)	6mo	$105,000	$106	62
509 9th Ave	0.34mi	2/2.0	896 (-14%)	1mo	$170,000	$190	57
1705 Reed St	0.63mi	3/1.5 (+1)	1,040 (+0%)	7mo	$250,000	$240	57
433 Main St	0.64mi	1/1.0 (-1)	1,094 (+6%)	2mo	$80,000	$73	54
915 Elm St	0.72mi	3/2.0 (+1)	1,061 (+2%)	2mo	$190,000	$179	52
1710 Spring St	0.62mi	3/2.0 (+1)	1,064 (+3%)	7mo	$236,000	$222	52
539 10th Ave	0.44mi	3/1.5 (+1)	1,180 (+14%)	9mo	$229,000	$194	42
320 1st Ave	0.52mi	3/2.0 (+1)	1,166 (+12%)	10mo	$203,000	$174	38
1316 5th Ave	0.69mi	3/1.5 (+1)	1,180 (+14%)	10mo	$210,000	$178	30

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: -13.8%
• Equity multiple: 0.51×
• Total profit: $-15,229
• Equity at exit: $16,401

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-9,908
• Equity at exit: $9,511

Cash invested: $30,800 (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 50112

• Home prices YoY: -14.4%
• Active inventory: 98
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $990 high
• Mortgage (P&I): −$577
• Tax from tax record: −$119 /mo · $1,426/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $41

Break-even live

Break-even rent $939

Max offer price $110,000

Occupancy floor 91%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
931 West St Grinnell, IA	3.0	1.0	1300	$1,100	$0.85	23d	1	0.16mi
232 8th Ave W Grinnell, IA	3.0	1.0	1008	$1,010	$1.00	44d	1	0.26mi
916 Main St Unit 4 Grinnell, IA	2.0	1.0	1200	$850	$0.71	23d	1	0.28mi
401 Washington Ave Grinnell, IA	2.0	1.0	1000	$825	$0.82	14d	1	0.67mi
501 Washington Ave Grinnell, IA	3.0	1.0	1008	$1,025	$1.02	14d	1	0.67mi
1512 Summer St Grinnell, IA	2.0	1.0	1339	$1,000	$0.75	44d	1	0.93mi

Listing history 15 events

1. 2026-06-07
   days on market $110,000 Active 249 DOM
2. 2026-06-07
   days on market $110,000 Active 248 DOM
3. 2026-06-04
   days on market $110,000 Active 245 DOM
4. 2026-06-02
   days on market $110,000 Active 244 DOM
5. 2026-06-01
   days on market $110,000 Active 243 DOM
6. 2026-05-31
   days on market $110,000 Active 242 DOM
7. 2026-05-31
   days on market $110,000 Active 241 DOM
8. 2026-03-08
   price $110,000 409-char remark

   Show marketing remark (409 chars)

   GREAT PRICE FOR THIS HOME!! PRICE REDUCED!!Large Corner lot for this 2 bedroom, 2 story home with cozy living room , Dining area plus small eat-in area in kitchen with refrigerator and stove, Huge main floor laundry with washer and dryer. Nice Basement storage with walkout. Covered front porch and small rear deck. Detached 2+ car garage with plenty of storage. SOLD AS-IS. Alley access. Close to down town.

9. 2026-02-16
   price $115,000 409-char remark

   Show marketing remark (409 chars)

   GREAT PRICE FOR THIS HOME!! PRICE REDUCED!!Large Corner lot for this 2 bedroom, 2 story home with cozy living room , Dining area plus small eat-in area in kitchen with refrigerator and stove, Huge main floor laundry with washer and dryer. Nice Basement storage with walkout. Covered front porch and small rear deck. Detached 2+ car garage with plenty of storage. SOLD AS-IS. Alley access. Close to down town.

10. 2025-10-01
    listed $119,000 Active 409-char remark

    Show marketing remark (409 chars)

    GREAT PRICE FOR THIS HOME!! PRICE REDUCED!!Large Corner lot for this 2 bedroom, 2 story home with cozy living room , Dining area plus small eat-in area in kitchen with refrigerator and stove, Huge main floor laundry with washer and dryer. Nice Basement storage with walkout. Covered front porch and small rear deck. Detached 2+ car garage with plenty of storage. SOLD AS-IS. Alley access. Close to down town.

11. 2022-09-15
    soldstatus $95,000
12. 2022-09-12
    soldstatus $95,000 206-char remark

    Show marketing remark (206 chars)

    1032 Pearl is a nice 1.5 story home with new furnace, new central, new 200 AMP breaker box, will have a new metal roof be for closing. Detached 2+ car garage. Home is currently a rental. Great investment!!

13. 2022-09-12
    soldstatus $95,000

    Show marketing remark (206 chars)

    1032 Pearl is a nice 1.5 story home with new furnace, new central, new 200 AMP breaker box, will have a new metal roof be for closing. Detached 2+ car garage. Home is currently a rental. Great investment!!

14. 2022-05-24
    listed $98,900 206-char remark

    Show marketing remark (206 chars)

    1032 Pearl is a nice 1.5 story home with new furnace, new central, new 200 AMP breaker box, will have a new metal roof be for closing. Detached 2+ car garage. Home is currently a rental. Great investment!!

15. 2022-05-23
    listed $98,900

ⓘ 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: $1,426 · $119/mo
• Projected year-2 tax: $1,576 · $131/mo
• Expected delta: +$150/yr (+$13/mo · 10.6%)

ⓘ 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 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,882
• − Mortgage interest: −$6,162
• − Property taxes: −$1,426
• − Insurance: −$550
• − Repairs & maintenance: −$951
• − Management: −$951
• − Depreciation: −$3,200
• Taxable loss: −$1,357
• Est. tax savings @ 24.0%: +$326
• After-tax cash flow: $814/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: Grinnell-Newburg Community School District
• NCES district ID: 1913200
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $49,893
• Composite: 65.57/100
• National rank: #466
• State rank: #47 of 289 in IA

Livability — Grinnell

• Score: 79/100
• State rank: #123
• US rank: #2270

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grinnell, IA
• City population: 11,776
• Population (ZIP): 11,776

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Iranian 7% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.63%
• Current HPI: 241.5557
• 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

+11.2% since first listed

8 events — show timeline

• 2026-03-08 Price Changed $110,000 IAR
• 2026-02-16 Price Changed $115,000 IAR
• 2025-10-01 Listed $119,000 IAR
• 2022-09-15 Sold (Public Records) $95,000 Public Records
• 2022-09-12 Sold (MLS) $95,000 IAR
• 2022-09-12 Sold (MLS) $95,000 DMMLS
• 2022-05-24 Listed $98,900 DMMLS
• 2022-05-23 Listed $98,900 IAR

Property tax history

+3.6%/yr

Latest (2025): $1,426 · +1.3% YoY. Source: county tax records.