205 N Barnes St · What Cheer, IA 50268

$85,000

2 bd · 1.0 ba · 1,110 sqft · SingleFamily public records · 34 Days on market

Built 1915 7,405 sqft lot $77/sqft · 127% above area

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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 +27.0/30.0
• DSCR +9.3/10.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +5.2/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Charming bungalow featuring 2 bedrooms, 1 bathroom, spacious rooms with lots of natural light, tall ceilings, beautiful woodwork, galley-style kitchen, formal dining room, and living room. The laundry is located in the basement, along with 2 bonus rooms (one was used as a family room). New furnace in 2025. Outside there is a single car garage, an attached carport, and a semi-private backyard. Refrigerator, stove, washer, and dryer are included in the sale. Contact an agent for a showing today!

Key facts

• Formal dining room
• Attached carport
• Galley-style kitchen

Tags

• GALLEY-STYLE KITCHEN
• FORMAL DINING ROOM
• LIVING ROOM
• BONUS ROOMS
• SINGLE CAR GARAGE
• ATTACHED CARPORT

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Stucco exterior
• Exterior features: Lot approximately 0.17 acres (60 x 120)

Interior

• Bathrooms: One three-quarter bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#892 in IA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime D+, health & safety D, schools F.
• Tri-County Community School District (rural): math 60% / reading 60% proficiency, ranked #289 of 330 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 5 active listings in the ZIP; 1 units permitted in Keokuk County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($588 loan paydown + $5k appreciation (5.6% local appreciation)).
• Keokuk County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.6% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $8k; list at $85k implies a 1033% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1915 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.15% ✓
• Cap rate: 9.65%
• Cash-on-cash: 11.98%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (median comp): $37,473
• List price: $85,000
• Delta: 126.83%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
203 W Briney St	0.13mi	3/1.5 (+1)	1,138 (+2%)	22mo	$36,000	$32	64
707 N Barnes St	0.36mi	3/1.0 (+1)	1,056 (-5%)	9mo	$29,000	$27	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.59×
• Total profit: $37,861
• Equity at exit: $51,523

10-year hold

• IRR: 23.3%
• Equity multiple: 5.20×
• Total profit: $99,990
• Equity at exit: $91,827

Cash invested: $23,800 (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 50268

• Home prices YoY: 5.9%
• Active inventory: 5
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$52 /mo · $618/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $238

Break-even live

Break-even rent $674

Max offer price $85,000

Occupancy floor 71%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $85,000 Active 34 DOM
2. 2026-06-17
   days on market $85,000 Active 33 DOM
3. 2026-06-16
   days on market $85,000 Active 32 DOM
4. 2026-06-15
   days on market $85,000 Active 31 DOM
5. 2026-06-13
   days on market $85,000 Active 29 DOM
6. 2026-06-12
   pricedays on market $85,000 Active 28 DOM
7. 2026-06-09
   days on market $89,900 Active 25 DOM
8. 2026-06-08
   days on market $89,900 Active 24 DOM
9. 2026-06-07
   days on market $89,900 Active 23 DOM
10. 2026-06-05
    days on market $89,900 Active 21 DOM
11. 2026-06-04
    days on market $89,900 Active 19 DOM
12. 2026-06-02
    days on market $89,900 Active 18 DOM
13. 2026-06-01
    days on market $89,900 Active 17 DOM
14. 2026-05-31
    days on market $89,900 Active 16 DOM
15. 2026-05-31
    days on market $89,900 Active 15 DOM
16. 2026-05-14
    listed $89,900 Active 498-char remark
17. 2018-10-17
    soldstatus $7,500
18. 2018-10-17
    soldstatus $18,000

ⓘ 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: $618 · $52/mo
• Projected year-2 tax: $976 · $81/mo
• Expected delta: +$358/yr (+$30/mo · 58.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,701
• − Mortgage interest: −$4,761
• − Property taxes: −$618
• − Insurance: −$425
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$2,473
• Taxable income: $1,552
• Est. tax owed @ 24.0%: −$372
• After-tax cash flow: $2,479/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: Tri-County Community School District
• NCES district ID: 1928020
• Math proficiency: 60% ▼ -5.00%
• Reading proficiency: 60% ▼ -10.00%
• Median HH income: $43,222
• Composite: 52.04/100
• National rank: #3512
• State rank: #289 of 330 in IA

Livability — What Cheer

• Score: 58/100
• State rank: #892
• US rank: #20942

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: What Cheer, IA
• City population: 997
• Population (ZIP): 997

Population outlook (Keokuk County) Hauer SSP2

• Today (2025): 9,354 people
• By 2030: 8,885 · -5.0%
• By 2040: 7,956 · -14.9%
• By 2050: 7,123 · -23.9%
• By 2075: 5,777 · -38.2%
• By 2100: 4,808 · -48.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 4% Iranian 4% Portuguese 4%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Keokuk

• 2024 margin: Solid R (+51.5) · D 23.7% · R 75.2% · Other 1.1%
• 2008→2024 swing: -47.9pp toward R · 2008: -3.6pp · 2024: -51.5pp
• All cycles: 2024: R+51.5 2020: R+44.9 2016: R+43.6 2012: R+10.4 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.64%
• Current HPI: 100.9501
• 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

+1033.3% since first listed

4 events — show timeline

• 2026-06-10 Price Changed $85,000 IAR
• 2026-05-14 Listed $89,900 IAR
• 2018-10-17 Sold (Public Records) $18,000 Public Records
• 2018-10-17 Sold (Public Records) $7,500 Public Records

Property tax history

+6.2%/yr

Latest (2025): $618 · +3.3% YoY. Source: county tax records.