508 Commercial St Unit B · La Porte City, IA 50651

$62,900

2 bd · 1.0 ba · 891 sqft · Condo public records · 10 Days on market

Built 1980 $200/mo HOA · 23% of rent

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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 +22.3/30.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• Schools +6.5/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Live a carefree life in this easy access lovely condo! Featuring updated eat-in kitchen with pantry & includes all appliances, remodeled bathroom complete with stackable washer & dryer, plenty of extra closets & storage area, handicapped accessible with a ramp & 2nd entrance. All this for a affordable price & in a peaceful community!

Key facts

• 2nd entrance
• Extra closets
• Remodeled bathroom

Tags

• UPDATED EAT-IN KITCHEN
• REMODELED BATHROOM
• STACKABLE WASHER DRYER
• EXTRA CLOSETS
• STORAGE AREA
• 2ND ENTRANCE

Property features AI

Finance

• HOA & community: Homeowners association with a $200 monthly fee

Exterior

• Parking: No designated parking
• Security: Smoke detector(s); Accessible entrance
• Utilities: Public water; Public sewer
• Home design: Condominium (residential)
• Construction: Brick construction; Asphalt roof
• Exterior features: Patio; Landscaped lot; Sidewalks

Interior

• Kitchen: Dishwasher; Free-standing range; Refrigerator; Microwave; Disposal
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Wall-mounted cooling unit(s)
• Interior features: Eat-in kitchen; No fireplace
• Laundry & utility: Washer and dryer (main level); Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $63k.

Deal economics

• At list price, monthly cash flow is $104 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $63k).

Location & tenants

• Location reads 84/100 on livability (#26 in IA, #774 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Union Community School District (rural): math 77% / reading 75% proficiency, ranked #53 of 289 in IA (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: La Porte City Elementary School (math 92% / reading 82%, grade A+, #16 of 616 statewide, top 3%, 273 students, 23% FRL); Union High School (math 69% / reading 75%, grade B+, #117 of 336 statewide, top 39%, 316 students, 28% FRL).
• Market conditions: 26 active listings in the ZIP; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $435 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Black Hawk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $40k; list at $63k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $62,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.08%
• DSCR: 1.32
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.3%
• Equity multiple: 0.80×
• Total profit: $-3,475
• Equity at exit: $9,379

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $5,889
• Equity at exit: $5,438

Cash invested: $17,612 (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 50651

• Home prices YoY: -26.5%
• Active inventory: 26
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $853 medium
• Mortgage (P&I): −$330
• Tax from tax record: −$14 /mo · $166/yr
• Insurance: −$26
• HOA: −$200
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $104

Break-even live

Break-even rent $721

Max offer price $62,900

Occupancy floor 83%

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: $15,725
• Closing costs: $1,887
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-13
   listed $62,900 Active 365-char remark
2. 2018-07-30
   soldstatus $40,500
3. 2010-02-02
   soldstatus $36,000

ⓘ 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: $166 · $14/mo
• Projected year-2 tax: $577 · $48/mo
• Expected delta: +$411/yr (+$34/mo · 247.4%)

ⓘ 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 · 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: $10,236
• − Mortgage interest: −$3,523
• − Property taxes: −$166
• − Insurance: −$314
• − Repairs & maintenance: −$819
• − Management: −$819
• − HOA: −$2,400
• − Depreciation: −$1,830
• Taxable income: $364
• Est. tax owed @ 24.0%: −$87
• After-tax cash flow: $1,160/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: Union Community School District
• NCES district ID: 1900022
• Math proficiency: 77% ▼ -3.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $58,114
• Composite: 65.13/100
• National rank: #496
• State rank: #53 of 289 in IA

Livability — La Porte City

• Score: 84/100
• State rank: #26
• US rank: #774

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: La Porte City, IA
• City population: 3,349
• Population (ZIP): 3,349

Population outlook (Black Hawk County) Hauer SSP2

• Today (2025): 139,716 people
• By 2030: 142,853 · +2.2%
• By 2040: 147,843 · +5.8%
• By 2050: 153,247 · +9.7%
• By 2075: 167,977 · +20.2%
• By 2100: 177,320 · +26.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Portuguese 7% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada, Guatemala
• Languages at home: 98% English-only · Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Black Hawk

• 2024 margin: Toss-up / Even · D 50.0% · R 48.8% · Other 1.2%
• 2008→2024 swing: -21.3pp toward R · 2008: 22.4pp · 2024: 1.2pp
• All cycles: 2024: D+1.2 2020: D+9.0 2016: D+7.3 2012: D+20.0 2008: D+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.76%
• Current HPI: 188.2486
• 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

+74.7% since first listed

4 events — show timeline

• 2026-05-23 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-13 Listed $62,900 NEIRBR as distributed by MLS GRID
• 2018-07-30 Sold (Public Records) $40,500 Public Records
• 2010-02-02 Sold (Public Records) $36,000 Public Records

Property tax history

-8.4%/yr

Latest (2025): $166 · -38.1% YoY. Source: county tax records.