523 S 2nd St · Winterset, IA 50273

$125,000

3 bd · 1.0 ba · 1,556 sqft · SingleFamily public records · 247 Days on market

Built 1870 0.32 ac lot ↓ 22% since listing

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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 +18.6/30.0
• ARV discount +7.5/15.0
• Schools +6.0/10.0
• DSCR +5.8/10.0
• 1% rule +5.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This conversion duplex offers the perfect opportunity to add value and generate strong returns. Located just blocks from downtown Winterset, this property is ideal for house hackers, investors, or anyone looking to expand their portfolio in a growing community. Each unit offers spacious layouts with room for updates and personalization. With separate entrances, utilities, and off-street parking the bones are here, just bring your vision and finishing touches. Live in one unit while renting out the other, or lease both for solid long-term cash flow. Whether you're looking to renovate and hold or flip for profit, this is a rare chance to capitalize on affordable multifamily in a desirable small-town setting. Don't miss this one!

Key facts

• Spacious layouts
• Separate entrances
• Off-street parking

Tags

• SEPARATE ENTRANCES
• OFF-STREET PARKING
• SPACIOUS LAYOUTS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.2% in Winterset — 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 78/100 on livability (#139 in IA, #2,547 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Winterset Community School District (town): math 73% / reading 69% proficiency, ranked #123 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 121 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 125 units permitted in Madison County in 2024 (51 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Madison County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $30k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 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 1870 — 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. 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: 1.07% ✓
• Cap rate: 7.45%
• Cash-on-cash: 4.12%
• DSCR: 1.18
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $255,184
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 E Washington St	0.24mi	3/2.0	1,498 (-4%)	0mo	$245,000	$164	78
66 E High St	0.14mi	3/2.0	1,452 (-7%)	4mo	$199,000	$137	75
317 W Jefferson St	0.47mi	2/1.5 (-1)	1,620 (+4%)	1mo	$160,000	$99	64
114 N 8th Ave	0.67mi	3/2.0	1,545 (-1%)	0mo	$240,000	$155	63
120 S 8th Ave	0.63mi	3/2.5	1,560 (+0%)	6mo	$242,000	$155	59
410 N 6th St	0.54mi	3/2.0	1,400 (-10%)	1mo	$285,000	$204	53
513 E Jefferson St	0.41mi	3/2.5	1,776 (+14%)	4mo	$272,500	$153	48
623 W Green St	0.66mi	4/3.0 (+1)	1,464 (-6%)	1mo	$298,000	$204	46
620 W Filmore St	0.73mi	3/2.0	1,741 (+12%)	7mo	$265,000	$152	36
215 W Buchanan St	0.66mi	4/2.5 (+1)	1,333 (-14%)	2mo	$350,000	$263	32
901 E Buchanan St	0.74mi	4/2.0 (+1)	1,323 (-15%)	2mo	$260,000	$197	30
715 N John Wayne Dr	0.72mi	4/3.0 (+1)	1,728 (+11%)	7mo	$485,000	$281	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: -9.8%
• Equity multiple: 0.64×
• Total profit: $-12,541
• Equity at exit: $18,638

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-814
• Equity at exit: $10,808

Cash invested: $35,000 (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 50273

• Home prices YoY: -14.1%
• Active inventory: 121
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,333 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$225 /mo · $2,700/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $120

Break-even live

Break-even rent $1,181

Max offer price $125,000

Occupancy floor 86%

Sensitivity live

Price	-10% $191	-5% $156	+0% $120	+5% $85	+10% $49
Rent	-10% $15	-5% $68	+0% $120	+5% $173	+10% $225
Rate	-1.0pp $183	-0.5pp $152	base $120	+0.5pp $88	+1.0pp $55

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 W Summit St Winterset, IA	3.0	1.0	1200	$1,400	$1.17	3d	1	0.43mi
1407 W Mills St Winterset, IA	3.0	1.0	1092	$1,108	$1.01	3d	3	1.30mi

Listing history 26 events

1. 2026-06-18
   days on market $125,000 Active 247 DOM
2. 2026-06-17
   days on market $125,000 Active 246 DOM
3. 2026-06-16
   days on market $125,000 Active 245 DOM
4. 2026-06-15
   days on market $125,000 Active 244 DOM
5. 2026-06-14
   days on market $125,000 Active 242 DOM
6. 2026-06-13
   days on market $125,000 Active 241 DOM
7. 2026-06-10
   days on market $125,000 Active 239 DOM
8. 2026-06-09
   days on market $125,000 Active 238 DOM
9. 2026-06-08
   days on market $125,000 Active 237 DOM
10. 2026-06-07
    days on market $125,000 Active 236 DOM
11. 2026-06-05
    days on market $125,000 Active 233 DOM
12. 2026-06-03
    days on market $125,000 Active 232 DOM
13. 2026-06-02
    days on market $125,000 Active 231 DOM
14. 2026-06-01
    days on market $125,000 Active 230 DOM
15. 2026-05-31
    days on market $125,000 Active 229 DOM
16. 2026-05-31
    days on market $125,000 Active 228 DOM
17. 2026-05-04
    status Active 736-char remark

    Show marketing remark (736 chars)

    This conversion duplex offers the perfect opportunity to add value and generate strong returns. Located just blocks from downtown Winterset, this property is ideal for house hackers, investors, or anyone looking to expand their portfolio in a growing community. Each unit offers spacious layouts with room for updates and personalization. With separate entrances, utilities, and off-street parking the bones are here, just bring your vision and finishing touches. Live in one unit while renting out the other, or lease both for solid long-term cash flow. Whether you're looking to renovate and hold or flip for profit, this is a rare chance to capitalize on affordable multifamily in a desirable small-town setting. Don't miss this one!

18. 2026-05-04
    price $125,000 736-char remark

    Show marketing remark (736 chars)

    This conversion duplex offers the perfect opportunity to add value and generate strong returns. Located just blocks from downtown Winterset, this property is ideal for house hackers, investors, or anyone looking to expand their portfolio in a growing community. Each unit offers spacious layouts with room for updates and personalization. With separate entrances, utilities, and off-street parking the bones are here, just bring your vision and finishing touches. Live in one unit while renting out the other, or lease both for solid long-term cash flow. Whether you're looking to renovate and hold or flip for profit, this is a rare chance to capitalize on affordable multifamily in a desirable small-town setting. Don't miss this one!

19. 2025-12-31
    historical 736-char remark

    Show marketing remark (736 chars)

    This conversion duplex offers the perfect opportunity to add value and generate strong returns. Located just blocks from downtown Winterset, this property is ideal for house hackers, investors, or anyone looking to expand their portfolio in a growing community. Each unit offers spacious layouts with room for updates and personalization. With separate entrances, utilities, and off-street parking the bones are here, just bring your vision and finishing touches. Live in one unit while renting out the other, or lease both for solid long-term cash flow. Whether you're looking to renovate and hold or flip for profit, this is a rare chance to capitalize on affordable multifamily in a desirable small-town setting. Don't miss this one!

20. 2025-12-22
    listed $155,000 Active 935-char remark

    Show marketing remark (935 chars)

    INVESTOR SPECIAL NEEDS WORK 4 bedroom, 2 bathroom up-down duplex located in Winterset, IA. Property needs repairs and updates and is being sold AS-IS. Perfect opportunity for a fix & flip, rental, or buy-and-hold investor. - Strong rental area - Value-add potential - Solid footprint - Quick closing available This is not a move-in ready home!!! Bring your contractor and your vision. Price: $155,000 Cash, hard money, FHA/203K or private money preferred Fast, clean close ________________________________________ Terms: Sold AS-IS No repairs will be made Buyer pays closing costs Proof of funds required ________________________________________ Interested? Reply to this post with your name, phone number, and buying timeframe to schedule a walkthrough or get more details. Call me [phone] or schedule some time with me at. .. www. calendly.com/jamesmooresr Serious buyers only. First come, first served.

21. 2025-11-14
    price $140,000 736-char remark

    Show marketing remark (736 chars)

    This conversion duplex offers the perfect opportunity to add value and generate strong returns. Located just blocks from downtown Winterset, this property is ideal for house hackers, investors, or anyone looking to expand their portfolio in a growing community. Each unit offers spacious layouts with room for updates and personalization. With separate entrances, utilities, and off-street parking the bones are here, just bring your vision and finishing touches. Live in one unit while renting out the other, or lease both for solid long-term cash flow. Whether you're looking to renovate and hold or flip for profit, this is a rare chance to capitalize on affordable multifamily in a desirable small-town setting. Don't miss this one!

22. 2025-06-12
    listed $159,900 Active 736-char remark

    Show marketing remark (736 chars)

    This conversion duplex offers the perfect opportunity to add value and generate strong returns. Located just blocks from downtown Winterset, this property is ideal for house hackers, investors, or anyone looking to expand their portfolio in a growing community. Each unit offers spacious layouts with room for updates and personalization. With separate entrances, utilities, and off-street parking the bones are here, just bring your vision and finishing touches. Live in one unit while renting out the other, or lease both for solid long-term cash flow. Whether you're looking to renovate and hold or flip for profit, this is a rare chance to capitalize on affordable multifamily in a desirable small-town setting. Don't miss this one!

23. 2023-08-30
    soldstatus $125,000
24. 2023-08-25
    soldstatus $125,000 Closed
25. 2023-06-28
    status Pending
26. 2022-10-25
    listed $160,000 Active

ⓘ 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: $2,700 · $225/mo
• Projected year-2 tax: $2,700 · $225/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 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: $15,991
• − Mortgage interest: −$7,002
• − Property taxes: −$2,700
• − Insurance: −$625
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − Depreciation: −$3,636
• Taxable loss: −$531
• Est. tax savings @ 24.0%: +$127
• After-tax cash flow: $1,569/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: Winterset Community School District
• NCES district ID: 1931860
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $52,350
• Composite: 60.45/100
• National rank: #848
• State rank: #123 of 289 in IA

Livability — Winterset

• Score: 78/100
• State rank: #139
• US rank: #2547

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Winterset, IA
• Population (ZIP): 9,123

Population outlook (Madison County) Hauer SSP2

• Today (2025): 15,715 people
• By 2030: 15,565 · -1.0%
• By 2040: 15,203 · -3.3%
• By 2050: 14,640 · -6.8%
• By 2075: 13,384 · -14.8%
• By 2100: 11,967 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Iranian 4% Portuguese 4% Polish 3%
• Foreign-born: 0%
• Languages at home: 97% English-only · German/W. Germanic 3%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+38.6) · D 30.1% · R 68.7% · Other 1.2%
• 2008→2024 swing: -28.6pp toward R · 2008: -10.0pp · 2024: -38.6pp
• All cycles: 2024: R+38.6 2020: R+34.3 2016: R+31.3 2012: R+12.1 2008: R+10.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.44%
• Current HPI: 276.4611
• 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

-21.9% since first listed

10 events — show timeline

• 2026-05-04 Relisted — DMMLS
• 2026-05-04 Price Changed $125,000 DMMLS
• 2025-12-31 Listing Removed — DMMLS
• 2025-12-22 Listed $155,000 ForSaleByOwner.com
• 2025-11-14 Price Changed $140,000 DMMLS
• 2025-06-12 Listed $159,900 DMMLS
• 2023-08-30 Sold (Public Records) $125,000 Public Records
• 2023-08-25 Sold (MLS) $125,000 DMMLS
• 2023-06-28 Pending — DMMLS
• 2022-10-25 Listed $160,000 DMMLS

Property tax history

+2.5%/yr

Latest (2025): $2,700 · +4.7% YoY. Source: county tax records.