5256 4th St · Melrose, IA 52569

$78,000

2 bd · 1.0 ba · 910 sqft · Other · 38 Days on market

Built 1977 0.36 ac lot

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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 +29.4/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +6.1/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Enjoy laid-back lake living in this well-maintained manufactured home located in the desirable Lazy Daz development near Rathbun Lake. Situated on two lots with road-to-road access, this property offers extra space, convenience, and flexibility perfect for full time living or a weekend getaway. Step outside to a covered deck, ideal for relaxing mornings or unwinding after a day at the lake. The peaceful setting provides just the right mix of privacy and community, with the park and community center just a few steps away. This property is ready for lake life, featuring both a storage shed and a metal building perfect for storing your lake toys, boat, or equipment. Everything you need to enjo

Key facts

• Covered deck
• Two lots
• Road-to-road access

Tags

• COVERED DECK
• STORAGE SHED
• METAL BUILDING
• ROAD-TO-ROAD ACCESS
• TWO LOTS

Property features AI

Exterior

• Parking: Detached gravel garage with 2 spaces
• Utilities: Septic tank
• Home design: Mobile home (residential)
• Construction: Metal siding; Vinyl siding
• Exterior features: Lot approximately 0.36 acres

Interior

• Bathrooms: 1 full bathroom
• Interior features: Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $78k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($924 rent vs $78k).
• Recommended offer: $76k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#919 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, schools F, amenities F.
• Albia Community School District (town): math 68% / reading 77% proficiency, ranked #117 of 289 in IA (top 40%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 26 active listings in the ZIP; 13 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($539 loan paydown + $8k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.

Recommended offer $75,660 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.18% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.14%
• DSCR: 1.67
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.4%
• Equity multiple: 3.75×
• Total profit: $59,988
• Equity at exit: $70,269

10-year hold

• IRR: 30.5%
• Equity multiple: 8.45×
• Total profit: $162,782
• Equity at exit: $151,537

Cash invested: $21,840 (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 52569

• Home prices YoY: 5.3%
• Active inventory: 26
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $924 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$13 /mo · $156/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $275

Break-even live

Break-even rent $575

Max offer price $78,000

Occupancy floor 65%

Sensitivity live

Price	-10% $320	-5% $298	+0% $275	+5% $164	+10% $137
Rent	-10% $202	-5% $239	+0% $275	+5% $312	+10% $348
Rate	-1.0pp $315	-0.5pp $295	base $275	+0.5pp $255	+1.0pp $235

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $78,000 Active 38 DOM
2. 2026-06-18
   days on market $78,000 Active 36 DOM
3. 2026-06-17
   days on market $78,000 Active 35 DOM
4. 2026-06-16
   days on market $78,000 Active 34 DOM
5. 2026-06-15
   days on market $78,000 Active 33 DOM
6. 2026-06-13
   days on market $78,000 Active 31 DOM
7. 2026-06-12
   days on market $78,000 Active 30 DOM
8. 2026-06-09
   days on market $78,000 Active 27 DOM
9. 2026-06-08
   days on market $78,000 Active 26 DOM
10. 2026-06-07
    days on market $78,000 Active 25 DOM
11. 2026-06-05
    days on market $78,000 Active 23 DOM
12. 2026-06-04
    days on market $78,000 Active 21 DOM
13. 2026-06-02
    days on market $78,000 Active 20 DOM
14. 2026-06-01
    days on market $78,000 Active 19 DOM
15. 2026-05-31
    days on market $78,000 Active 18 DOM
16. 2026-05-31
    days on market $78,000 Active 17 DOM
17. 2026-05-13
    listed $78,000 Active 987-char remark

ⓘ 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: $156 · $13/mo
• Projected year-2 tax: $690 · $58/mo
• Expected delta: +$534/yr (+$45/mo · 342.5%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,089
• − Mortgage interest: −$4,369
• − Property taxes: −$156
• − Insurance: −$390
• − Repairs & maintenance: −$887
• − Management: −$887
• − Depreciation: −$2,269
• Taxable income: $2,130
• Est. tax owed @ 24.0%: −$511
• After-tax cash flow: $2,794/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: Albia Community School District
• NCES district ID: 1903270
• Math proficiency: 68% ▼ -9.00%
• Reading proficiency: 77% ▬ 0.00%
• Median HH income: $44,429
• Composite: 60.88/100
• National rank: #814
• State rank: #117 of 289 in IA

Livability — Melrose

• Score: 57/100
• State rank: #919
• US rank: #22357

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 541
• Population (ZIP): 541

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 7,921 people
• By 2030: 7,918 · +-0.0%
• By 2040: 7,873 · -0.6%
• By 2050: 7,776 · -1.8%
• By 2075: 7,556 · -4.6%
• By 2100: 7,055 · -10.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 10%
• Common ancestry: Slovak 3% Romanian 3% Iranian 2%
• Foreign-born: 0%

Political lean MEDSL · Monroe

• 2024 margin: Solid R (+50.7) · D 24.2% · R 74.9%
• 2008→2024 swing: -45.5pp toward R · 2008: -5.2pp · 2024: -50.7pp
• All cycles: 2024: R+50.7 2020: R+46.4 2016: R+41.2 2012: R+7.7 2008: R+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.12%
• Current HPI: 199.977
• 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

1 event — show timeline

• 2026-05-13 Listed $78,000 IAR

Property tax history

+9.2%/yr

Latest (2025): $156 · +6.8% YoY. Source: county tax records.