401 Highland St · Walnut, IA 51577

$114,500

3 bd · 1.0 ba · 793 sqft · SingleFamily public records · 29 Days on market

Built 1900 $144/sqft · 85% above area Est $151k · 24% under ↓ 18% 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 +16.7/30.0
• ARV discount +15.0/15.0
• Appreciation +8.4/10.0
• Schools +6.3/10.0
• DSCR +5.2/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This charming two-story home features original woodwork, hardwood floors, and generously sized bedrooms, offering timeless character throughout. Situated on a shaded double lot totaling more than half an acre, the property offers a large yard for kids or pets to enjoy, all while situated in the heart of Iowa's antique city. An affordable opportunity for buyers looking to add sweat equity and personalize a home to their taste. Major mechanical updates include a new furnace, air conditioner, and water heater have all replaced within the last two years.

Key facts

• Shaded double lot
• New furnace
• Large yard

Tags

• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• SHADED DOUBLE LOT
• LARGE YARD
• NEW FURNACE
• NEW AIR CONDITIONER

Property features AI

Exterior

• Parking: 1-car garage
• Utilities: Natural gas available; Electricity available; Public sewer
• Home design: Single-family residence; 2-story
• Construction: Frame construction; Composition roof
• Exterior features: Corner lot; Asphalt road frontage; Sidewalks; Storage structure

Interior

• Bedrooms: Bedroom(s) on main level
• Flooring: Wood
• Heating & cooling: Natural gas heating with forced air; Electric central air conditioning
• Interior features: Wood flooring; Partial unfinished basement
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $72 ($865/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 $96k (16.1% below list).
• Recommended offer: $96k (16.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#642 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• Ahstw Community School District (rural): math 75% / reading 74% proficiency, ranked #76 of 289 in IA (top 26%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 8 active listings in the ZIP; 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($792 loan paydown + $8k appreciation (6.8% local appreciation)).
• Pottawattamie County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, 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 29 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,046 (16.1% below list)

Questions for the listing agent

1. Built in 1900 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.84% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.70%
• DSCR: 1.12
• GRM: 9.9

CMA / ARV

• ARV (median comp): $151,089
• List price: $114,500
• Delta: -24.22%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

6.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 2.35×
• Total profit: $43,220
• Equity at exit: $77,957

10-year hold

• IRR: 18.5%
• Equity multiple: 4.81×
• Total profit: $122,235
• Equity at exit: $146,842

Cash invested: $32,060 (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 51577

• Home prices YoY: 2.7%
• Active inventory: 8
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $960 medium
• Mortgage (P&I): −$600
• Tax from tax record: −$38 /mo · $462/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $72

Break-even live

Break-even rent $869

Max offer price $114,500

Occupancy floor 87%

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: $28,625
• Closing costs: $3,435
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-28
   listed $114,500 Active 556-char remark
2. 2026-04-16
   historical Active Under Contract
3. 2026-03-16
   listed $124,500 Active
4. 2026-03-02
   price $124,900
5. 2026-02-06
   price $126,500
6. 2026-01-08
   price $129,900
7. 2025-12-12
   listed $139,900 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: $462 · $38/mo
• Projected year-2 tax: $1,130 · $94/mo
• Expected delta: +$668/yr (+$56/mo · 144.6%)

ⓘ 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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,526
• − Mortgage interest: −$6,414
• − Property taxes: −$462
• − Insurance: −$572
• − Repairs & maintenance: −$922
• − Management: −$922
• − Depreciation: −$3,331
• Taxable loss: −$1,098
• Est. tax savings @ 24.0%: +$263
• After-tax cash flow: $1,129/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: Ahstw Community School District
• NCES district ID: 1904080
• Math proficiency: 75% ▼ -6.00%
• Reading proficiency: 74% ▲ 1.00%
• Median HH income: $52,045
• Composite: 63.31/100
• National rank: #628
• State rank: #76 of 289 in IA

Livability — Walnut

• Score: 64/100
• State rank: #642
• US rank: #14828

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walnut, IA
• Population (ZIP): 1,637

Population outlook (Pottawattamie County) Hauer SSP2

• Today (2025): 93,683 people
• By 2030: 92,772 · -1.0%
• By 2040: 89,917 · -4.0%
• By 2050: 86,994 · -7.1%
• By 2075: 82,756 · -11.7%
• By 2100: 79,097 · -15.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Iranian 1% Portuguese 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Pottawattamie

• 2024 margin: R (+20.0) · D 39.3% · R 59.3% · Other 1.4%
• 2008→2024 swing: -18.1pp toward R · 2008: -1.9pp · 2024: -20.0pp
• All cycles: 2024: R+20.0 2020: R+16.8 2016: R+21.6 2012: R+5.8 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.82%
• Current HPI: 257.611
• 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

-18.2% since first listed

7 events — show timeline

• 2026-04-28 Listed $114,500 SWIAR
• 2026-04-16 Contingent — SWIAR
• 2026-03-16 Listed $124,500 SWIAR
• 2026-03-02 Price Changed $124,900 SWIAR
• 2026-02-06 Price Changed $126,500 SWIAR
• 2026-01-08 Price Changed $129,900 SWIAR
• 2025-12-12 Listed $139,900 SWIAR

Property tax history

-2.4%/yr

Latest (2025): $462 · +6.0% YoY. Source: county tax records.