488 3rd Ave SW · Britt, IA 50423

$30,000

2 bd · 1.0 ba · 1,014 sqft · SingleFamily public records · 5 Days on market

Built 1920 5,227 sqft lot ↓ 14% since listing

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Why this score? — see what drove the A- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Seller is Selling Property in "AS IS" Condition. Deck new 2025, south side of roof just a couple of years old and newer central air.

Key facts

• Deck new 2025
• Newer central air
• 5,227 sq ft lot

Tags

• DECK NEW 2025
• NEWER CENTRAL AIR

Property features AI

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.12 acres (66 x 76)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Basement present
• Interior features: Fireplace (1)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $30k).

Location & tenants

• Location reads 79/100 on livability (#121 in IA, #2,262 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• West Hancock Community School District (rural): math 76% / reading 74% proficiency, ranked #77 of 289 in IA (top 27%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 22 active listings in the ZIP; 11 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($207 loan paydown + $3k appreciation (10.0% local appreciation)).
• Hancock County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 3.26% ✓
• Cap rate: 27.25%
• Cash-on-cash: 74.84%
• DSCR: 4.33
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $97,344
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
326 1st St NW	0.38mi	2/1.0	975 (-4%)	0mo	$60,000	$62	76
830 5th Ave SW	0.24mi	3/1.0 (+1)	1,092 (+8%)	5mo	$160,000	$147	67
660 2nd St SW	0.29mi	3/1.0 (+1)	1,008 (-1%)	17mo	$97,000	$96	67
364 4th St SW	0.07mi	3/1.0 (+1)	880 (-13%)	6mo	$50,000	$57	65
619 Main Ave S	0.23mi	2/1.0	1,116 (+10%)	9mo	$75,000	$67	65
114 5th St SE	0.27mi	2/1.0	1,088 (+7%)	17mo	$95,000	$87	61
416 6th St SW	0.08mi	2/2.0	1,120 (+10%)	17mo	$133,000	$119	60
566 2nd Ave SW	0.08mi	3/1.5 (+1)	1,127 (+11%)	13mo	$115,000	$102	60
160 6th St SW	0.12mi	2/2.0	1,155 (+14%)	11mo	$163,500	$142	58
255 Center St W	0.29mi	3/2.0 (+1)	1,144 (+13%)	1mo	$51,000	$45	55
585 6th Ave SE	0.59mi	2/1.0	911 (-10%)	16mo	$129,000	$142	43
545 1st St SE	0.58mi	3/1.5 (+1)	880 (-13%)	20mo	$42,000	$48	28

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: 85.3%
• Equity multiple: 6.92×
• Total profit: $49,744
• Equity at exit: $27,026

10-year hold

• IRR: 79.8%
• Equity multiple: 15.33×
• Total profit: $120,331
• Equity at exit: $58,283

Cash invested: $8,400 (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 50423

• Home prices YoY: 8.2%
• Active inventory: 22
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $978 medium
• Mortgage (P&I): −$157
• Tax from tax record: −$79 /mo · $946/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $524

Break-even live

Break-even rent $315

Max offer price $30,000

Occupancy floor 41%

Sensitivity live

Price	-10% $541	-5% $532	+0% $524	+5% $515	+10% $507
Rent	-10% $447	-5% $485	+0% $524	+5% $562	+10% $601
Rate	-1.0pp $539	-0.5pp $531	base $524	+0.5pp $516	+1.0pp $508

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-12
   statusdays on market $30,000 Pending 5 DOM
2. 2026-06-09
   days on market $30,000 Active Under Contract 4 DOM
3. 2026-06-08
   days on market $30,000 Active Under Contract 3 DOM
4. 2026-06-07
   days on market $30,000 Active Under Contract 2 DOM
5. 2026-06-07
   remarks 132-char remark
6. 2026-06-07
   listed $30,000 Active Under Contract 1 DOM

ⓘ 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: $946 · $79/mo
• Projected year-2 tax: $946 · $79/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 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: $11,735
• − Mortgage interest: −$1,680
• − Property taxes: −$946
• − Insurance: −$150
• − Repairs & maintenance: −$939
• − Management: −$939
• − Depreciation: −$873
• Taxable income: $6,208
• Est. tax owed @ 24.0%: −$1,490
• After-tax cash flow: $4,797/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: West Hancock Community School District
• NCES district ID: 1905430
• Math proficiency: 76% ▼ -5.00%
• Reading proficiency: 74% ▼ -1.00%
• Median HH income: $46,779
• Composite: 63.22/100
• National rank: #634
• State rank: #77 of 289 in IA

Livability — Britt

• Score: 79/100
• State rank: #121
• US rank: #2262

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Britt, IA
• Population (ZIP): 2,401

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 10,462 people
• By 2030: 10,154 · -2.9%
• By 2040: 9,552 · -8.7%
• By 2050: 9,034 · -13.6%
• By 2075: 8,233 · -21.3%
• By 2100: 7,050 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 2% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 11% Iranian 6% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Vietnamese 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+47.4) · D 25.7% · R 73.1% · Other 1.2%
• 2008→2024 swing: -43.8pp toward R · 2008: -3.6pp · 2024: -47.4pp
• All cycles: 2024: R+47.4 2020: R+43.9 2016: R+41.1 2012: R+13.6 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.61%
• Current HPI: 245.6369
• 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

-14.3% since first listed

5 events — show timeline

• 2026-06-06 Contingent — IAR
• 2026-06-04 Listed $30,000 IAR
• 2011-06-01 Sold (Public Records) $38,000 Public Records
• 2008-12-19 Sold (Public Records) $38,000 Public Records
• 2007-02-23 Sold (Public Records) $35,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $946 · +9.5% YoY. Source: county tax records.