326 23rd Pl · Clinton, IA 52732

$22,500

2 bd · 1.0 ba · 935 sqft · SingleFamily public records · 474 Days on market

Built 1894 7,405 sqft lot $24/sqft · 68% below area ↓ 55% since listing

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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
• Schools +4.5/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is an excellent investment opportunity for fix and flip, rental, or make it your own. There are some needed repairs, but this is a solid house with tons of potential, priced to sell.

Key facts

• 7,405 sq ft lot
• 2 garage spots
• Built 1894

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $22k.

Deal economics

• At list price, monthly cash flow is $495 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($823 rent vs $22k).
• Recommended offer: $20k (12.0% below list) — sets the bar for market timing.
• Cap rate 32.7% vs local median 6.7% in Clinton — 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 75/100 on livability (#222 in IA, #4,192 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime D, employment D.
• Clinton Community School District (town): math 52% / reading 56% proficiency, ranked #273 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 246 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).
• This rent is only 16% of the median local income ($61k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $156 of loan paydown is wiped out by about $675 of value loss. Plan a longer hold.
• Clinton County population projected at -19% 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 $6k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 474 days — a 12% lower offer ($20k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $19,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 474 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 1894 — 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 B-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 3.66% ✓
• Cap rate: 32.68%
• Cash-on-cash: 94.22%
• DSCR: 5.19
• GRM: 2.3

CMA / ARV

• ARV (median comp): $69,463
• List price: $22,500
• Delta: -67.61%
• 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
374 23rd Pl	0.11mi	2/2.0	918 (-2%)	4mo	$118,550	$129	85
2213 S 14th St	0.21mi	3/1.5 (+1)	969 (+4%)	8mo	$143,500	$148	70
1239 14th Ave S	0.33mi	3/1.0 (+1)	912 (-2%)	8mo	$100,000	$110	69
2413 S 14th St	0.33mi	2/1.0	872 (-7%)	8mo	$72,500	$83	67
261 21st Pl	0.22mi	2/1.5	827 (-12%)	8mo	$146,900	$178	62
1319 14th Ave S	0.34mi	3/1.0 (+1)	864 (-8%)	7mo	$108,750	$126	60
2401 Prospect Ave	0.27mi	3/2.0 (+1)	1,044 (+12%)	3mo	$110,000	$105	56
239 17th Pl	0.44mi	2/1.0	831 (-11%)	7mo	$65,900	$79	55
907 11th Ave S	0.66mi	2/1.0	882 (-6%)	6mo	$94,900	$108	55
1304 S 10th St	0.47mi	2/1.0	816 (-13%)	6mo	$92,500	$113	51
1030 Grandview Dr	0.52mi	3/2.0 (+1)	1,024 (+10%)	6mo	$125,000	$122	46
1216 9th Ave S	0.72mi	2/1.0	804 (-14%)	4mo	$50,000	$62	40

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: 95.1%
• Equity multiple: 5.42×
• Total profit: $27,873
• Equity at exit: $3,355

10-year hold

• IRR: 97.8%
• Equity multiple: 11.30×
• Total profit: $64,891
• Equity at exit: $1,945

Cash invested: $6,300 (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 52732

• Home prices YoY: -34.9%
• Active inventory: 246
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $823 medium
• Mortgage (P&I): −$118
• Tax est. 1.5%: −$28 /mo · $338/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $495

Break-even live

Break-even rent $197

Max offer price $22,500

Occupancy floor 35%

Sensitivity live

Price	-10% $510	-5% $502	+0% $495	+5% $487	+10% $479
Rent	-10% $430	-5% $462	+0% $495	+5% $527	+10% $560
Rate	-1.0pp $506	-0.5pp $500	base $495	+0.5pp $489	+1.0pp $483

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: $5,625
• Closing costs: $675
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1216 9th Ave S Clinton, IA	2.0	1.0	804	$1,000	$1.24	45d	1	0.73mi
416 7th Ave S Unit C Clinton, IA	1.0	1.0	773	$700	$0.91	45d	1	1.41mi

Listing history 22 events

1. 2026-06-19
   days on market $22,500 Active 474 DOM
2. 2026-06-18
   days on market $22,500 Active 473 DOM
3. 2026-06-17
   days on market $22,500 Active 472 DOM
4. 2026-06-16
   days on market $22,500 Active 471 DOM
5. 2026-06-15
   days on market $22,500 Active 470 DOM
6. 2026-06-14
   days on market $22,500 Active 468 DOM
7. 2026-06-12
   days on market $22,500 Active 467 DOM
8. 2026-06-09
   days on market $22,500 Active 464 DOM
9. 2026-06-08
   days on market $22,500 Active 463 DOM
10. 2026-06-07
    days on market $22,500 Active 462 DOM
11. 2026-06-07
    days on market $22,500 Active 461 DOM
12. 2026-06-03
    days on market $22,500 Active 458 DOM
13. 2026-06-02
    days on market $22,500 Active 457 DOM
14. 2026-06-01
    days on market $22,500 Active 456 DOM
15. 2026-05-31
    days on market $22,500 Active 455 DOM
16. 2026-05-30
    days on market $22,500 Active 454 DOM
17. 2026-02-24
    price $22,500 196-char remark

    Show marketing remark (196 chars)

    This property is an excellent investment opportunity for fix and flip, rental, or make it your own. There are some needed repairs, but this is a solid house with tons of potential, priced to sell.

18. 2025-03-03
    listed $23,500 Active 196-char remark

    Show marketing remark (196 chars)

    This property is an excellent investment opportunity for fix and flip, rental, or make it your own. There are some needed repairs, but this is a solid house with tons of potential, priced to sell.

19. 2022-10-05
    historical
20. 2021-08-06
    historical
21. 2014-06-24
    soldstatus $50,000
22. 2005-02-11
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,876
• − Mortgage interest: −$1,260
• − Property taxes: −$338
• − Insurance: −$112
• − Repairs & maintenance: −$790
• − Management: −$790
• − Depreciation: −$655
• Taxable income: $5,931
• Est. tax owed @ 24.0%: −$1,423
• After-tax cash flow: $4,513/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: Clinton Community School District
• NCES district ID: 1907710
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $40,900
• Composite: 45.22/100
• National rank: #2666
• State rank: #273 of 289 in IA

Livability — Clinton

• Score: 75/100
• State rank: #222
• US rank: #4192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clinton, IA
• County: Clinton County · 25,880 people
• City population: 25,880
• Metro: Clinton, IA
• Population (ZIP): 25,880
• Household income: $61,105
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 889.0

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 44,817 people
• By 2030: 43,090 · -3.9%
• By 2040: 39,513 · -11.8%
• By 2050: 36,209 · -19.2%
• By 2075: 31,888 · -28.8%
• By 2100: 30,382 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 5% Black 4%
• Common ancestry: Iranian 4% Portuguese 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Clinton

• 2024 margin: R (+18.9) · D 39.8% · R 58.6% · Other 1.6%
• 2008→2024 swing: -41.9pp toward R · 2008: 23.0pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+10.3 2016: R+5.1 2012: D+22.9 2008: D+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.23%
• Current HPI: 155.3426
• Rent YoY: —
• Metro: Clinton, IA
• 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

-55.0% since first listed

6 events — show timeline

• 2026-02-24 Price Changed $22,500 IAR
• 2025-03-03 Listed $23,500 IAR
• 2022-10-05 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2014-06-24 Sold (Public Records) $50,000 Public Records
• 2005-02-11 Listing Removed — MRED as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2025): $2,311 · +21.7% YoY. Source: county tax records.