605 Pine St · Reinbeck, IA 50669

$99,900

2 bd · 1.0 ba · 984 sqft · SingleFamily public records · 23 Days on market

Built 1890 0.26 ac lot $102/sqft · 10% below area Est $112k · 10% under

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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 +19.6/30.0
• ARV discount +12.2/15.0
• Appreciation +10.0/10.0
• Schools +6.4/10.0
• DSCR +6.2/10.0
• 1% rule +4.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

The perfect starter or investment home is waiting for you! This quaint 2-bed, 1-bath home is full of charm. updated throughout with new flooring, paint, electrical, and central air this home is move in ready with very little needed to make it your own. If your wanting to become a first time home buyer, or looking at add a great cash flow opportunity to your investment portfolio look no further!

Key facts

• 0.26 acre lot
• Garage
• Built 1890

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/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 $98k (2.4% below list).
• Recommended offer: $98k (2.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#382 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Gladbrook-Reinbeck Community School District (rural): math 76% / reading 74% proficiency, ranked #71 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Gladbrook-Reinbeck Elementary School (math 77% / reading 67%, grade A-, #181 of 616 statewide, top 34%, 253 students, 33% FRL); Gladbrook-Reinbeck Jr. High & High School (math 77% / reading 77%, grade A-, #60 of 336 statewide, top 21%, 212 students, 35% FRL).
• Market conditions: 16 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 14 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, 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 23 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $65k; list at $100k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $97,500 (2.4% below list)

Questions for the listing agent

1. Built in 1890 — 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: 0.98% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• GRM: 8.5

CMA / ARV

• ARV (median comp): $111,610
• List price: $99,900
• Delta: -10.49%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 Commercial St	0.32mi	2/2.0	1,008 (+2%)	9mo	$144,000	$143	70
113 Clark St	0.27mi	3/1.5 (+1)	1,124 (+14%)	3mo	$150,000	$133	54
113 Randall St	0.21mi	3/2.0 (+1)	1,058 (+8%)	20mo	$115,000	$109	52
402 Pine St	0.17mi	1/1.0 (-1)	1,129 (+15%)	20mo	$82,500	$73	46

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.9%
• Equity multiple: 3.21×
• Total profit: $61,762
• Equity at exit: $89,998

10-year hold

• IRR: 24.3%
• Equity multiple: 7.29×
• Total profit: $176,075
• Equity at exit: $194,084

Cash invested: $27,972 (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 50669

• Home prices YoY: 4.9%
• Active inventory: 16
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$89 /mo · $1,070/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $116

Break-even live

Break-even rent $829

Max offer price $99,900

Occupancy floor 83%

Sensitivity live

Price	-10% $172	-5% $144	+0% $116	+5% $87	+10% $59
Rent	-10% $39	-5% $77	+0% $116	+5% $154	+10% $193
Rate	-1.0pp $166	-0.5pp $141	base $116	+0.5pp $90	+1.0pp $63

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 Main St Reinbeck, IA	1.0	1.0	564	$975	$1.73	22d	4	0.34mi

Listing history 6 events

1. 2026-05-08
   status Pending 397-char remark

   Show marketing remark (397 chars)

   The perfect starter or investment home is waiting for you! This quaint 2-bed, 1-bath home is full of charm. updated throughout with new flooring, paint, electrical, and central air this home is move in ready with very little needed to make it your own. If your wanting to become a first time home buyer, or looking at add a great cash flow opportunity to your investment portfolio look no further!

2. 2026-05-06
   price $99,900 397-char remark

   Show marketing remark (397 chars)

   The perfect starter or investment home is waiting for you! This quaint 2-bed, 1-bath home is full of charm. updated throughout with new flooring, paint, electrical, and central air this home is move in ready with very little needed to make it your own. If your wanting to become a first time home buyer, or looking at add a great cash flow opportunity to your investment portfolio look no further!

3. 2026-04-15
   listed $105,000 Active 397-char remark

   Show marketing remark (397 chars)

   The perfect starter or investment home is waiting for you! This quaint 2-bed, 1-bath home is full of charm. updated throughout with new flooring, paint, electrical, and central air this home is move in ready with very little needed to make it your own. If your wanting to become a first time home buyer, or looking at add a great cash flow opportunity to your investment portfolio look no further!

4. 2022-02-15
   soldstatus $65,000
5. 2022-02-11
   soldstatus $65,000 321-char remark

   Show marketing remark (321 chars)

   NEW LISTING ALERT! 2 bedroom one story home perfect for the first-time homebuyer or the investor. This home offers an eat-in kitchen, living room plus family room, main floor full bath and shower and sink in the basement. Breezeway from house to attached garage with access to the front of the house and to the back yard.

6. 2021-12-01
   listed $69,500 321-char remark

   Show marketing remark (321 chars)

   NEW LISTING ALERT! 2 bedroom one story home perfect for the first-time homebuyer or the investor. This home offers an eat-in kitchen, living room plus family room, main floor full bath and shower and sink in the basement. Breezeway from house to attached garage with access to the front of the house and to the back yard.

ⓘ 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: $1,070 · $89/mo
• Projected year-2 tax: $1,319 · $110/mo
• Expected delta: +$249/yr (+$21/mo · 23.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $11,700
• − Mortgage interest: −$5,596
• − Property taxes: −$1,070
• − Insurance: −$500
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$2,906
• Taxable loss: −$244
• Est. tax savings @ 24.0%: +$58
• After-tax cash flow: $1,445/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: Gladbrook-Reinbeck Community School District
• NCES district ID: 1912660
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 74% ▲ 9.00%
• Median HH income: $55,866
• Composite: 64.09/100
• National rank: #576
• State rank: #71 of 289 in IA

Livability — Reinbeck

• Score: 70/100
• State rank: #382
• US rank: #8130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reinbeck, IA
• Population (ZIP): 2,447

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 12,452 · +0.0%
• By 2040: 12,437 · -0.1%
• By 2050: 12,370 · -0.7%
• By 2075: 12,495 · +0.3%
• By 2100: 11,823 · -5.1%

Race, ethnicity, and origin ACS 2023

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

Political lean MEDSL · Grundy

• 2024 margin: Solid R (+41.8) · D 28.3% · R 70.1% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: -16.9pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+37.4 2016: R+39.5 2012: R+23.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.93%
• Current HPI: 257.04
• 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

+43.7% since first listed

6 events — show timeline

• 2026-05-08 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-06 Price Changed $99,900 NEIRBR as distributed by MLS GRID
• 2026-04-15 Listed $105,000 NEIRBR as distributed by MLS GRID
• 2022-02-15 Sold (Public Records) $65,000 Public Records
• 2022-02-11 Sold (MLS) $65,000 NEIRBR as distributed by MLS GRID
• 2021-12-01 Listed $69,500 NEIRBR as distributed by MLS GRID

Property tax history

+5.7%/yr

Latest (2025): $1,070 · +5.3% YoY. Source: county tax records.