505 S Elm St · Shenandoah, IA 51601

$123,000

2 bd · 1.0 ba · 1,051 sqft · SingleFamily public records · 52 Days on market

Built 1900 5,800 sqft lot $117/sqft · 31% above area Est $94k · 31% over

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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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +5.8/10.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Adorable Home, I love this one. So much new yet has character. Amazing affordable price. The cutest 2 bdr ranch home with some much new. The New Kitchen is open to the living room and has a breakfast bar, the living room has refinished wood floors, main floor laundry, home has all new flooring. The bathroom has been all redone. The Furnace and Ac are new. The cutest back porch to enjoy and grow all your plants plus the large front covered open porch to enjoy the summer time. Property is part of an online auction. www. xome.com/auctions. Starts 06/13 and ends 06/16. subject to a 3% buyers premium

Key facts

• New kitchen
• All new flooring
• Main floor laundry

Tags

• NEW KITCHEN
• REFINISHED WOOD FLOORS
• MAIN FLOOR LAUNDRY
• ALL NEW FLOORING
• BATHROOM HAS BEEN ALL REDONE
• FURNACE AND AC ARE NEW

Property features AI

Exterior

• Utilities: Natural gas available; Electricity available; Public sewer
• Home design: Single-family residence; Single-story
• Construction: Frame construction; Composition roof
• Exterior features: Front porch; Lot approximately 50 x 116

Interior

• Flooring: Wood
• Heating & cooling: Forced air heating (natural gas); Central electric air conditioning
• Interior features: Wood flooring; Full basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• Recommended offer: $119k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#206 in IA, #3,757 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Shenandoah Community School District (town): math 64% / reading 69% proficiency, ranked #190 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shenandoah Elementary School (math 77% / reading 57%, grade B+, #273 of 616 statewide, top 51%, 375 students, 39% FRL); Shenandoah Middle School (math 61% / reading 74%, grade A-, #133 of 246 statewide, top 56%, 296 students, 38% FRL); Shenandoah High School (math 61% / reading 68%, grade B-, #211 of 336 statewide, top 70%, 259 students, 38% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: 24 active listings in the ZIP; 25 units permitted in Page County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Page County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($119k) 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.
• Current owner paid $42k; list at $123k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $119,310 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1900 — 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 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. 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: 1.08% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• GRM: 7.7

CMA / ARV

• ARV (median comp): $94,190
• List price: $123,000
• Delta: 30.59%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
907 8th Ave	0.23mi	2/1.0	1,003 (-5%)	20mo	$67,900	$68	65
204 W Nishna Rd	0.44mi	2/2.0	1,064 (+1%)	15mo	$90,000	$85	61
908 W Nishna Rd	0.40mi	3/2.0 (+1)	1,112 (+6%)	6mo	$145,000	$130	57
204 W Grant	0.33mi	2/2.0	902 (-14%)	0mo	$120,000	$133	57
310 E Washington Ave	0.57mi	2/1.0	1,058 (+1%)	19mo	$82,000	$78	56
808 South Ave Ave	0.29mi	2/1.0	930 (-12%)	19mo	$16,300	$18	51
601 Matthews St	0.66mi	3/1.0 (+1)	1,110 (+6%)	8mo	$139,000	$125	49
212 E Valley Ave	0.68mi	2/1.0	1,138 (+8%)	13mo	$99,300	$87	44
107 Swanson Dr	0.57mi	3/2.0 (+1)	1,144 (+9%)	18mo	$160,000	$140	35
511 Evergreen St	0.72mi	3/2.5 (+1)	1,148 (+9%)	20mo	$120,000	$105	24

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

Projected returns pro-forma

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

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-4,373
• Equity at exit: $18,340

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $16,213
• Equity at exit: $10,635

Cash invested: $34,440 (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 51601

• Home prices YoY: -14.9%
• Active inventory: 24
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,334 medium
• Mortgage (P&I): −$645
• Tax from tax record: −$113 /mo · $1,356/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $244

Break-even live

Break-even rent $1,024

Max offer price $123,000

Occupancy floor 77%

Sensitivity live

Price	-10% $314	-5% $279	+0% $244	+5% $210	+10% $175
Rent	-10% $139	-5% $192	+0% $244	+5% $297	+10% $350
Rate	-1.0pp $306	-0.5pp $276	base $244	+0.5pp $212	+1.0pp $180

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: $30,750
• Closing costs: $3,690
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $123,000 Active 52 DOM
2. 2026-06-18
   days on market $123,000 Active 50 DOM
3. 2026-06-17
   days on market $123,000 Active 49 DOM
4. 2026-06-16
   days on market $123,000 Active 48 DOM
5. 2026-06-15
   days on market $123,000 Active 47 DOM
6. 2026-06-13
   days on market $123,000 Active 45 DOM
7. 2026-06-12
   days on market $123,000 Active 44 DOM
8. 2026-06-09
   days on market $123,000 Active 41 DOM
9. 2026-06-08
   days on market $123,000 Active 40 DOM
10. 2026-06-07
    days on market $123,000 Active 39 DOM
11. 2026-06-07
    days on market $123,000 Active 38 DOM
12. 2026-06-04
    days on market $123,000 Active 35 DOM
13. 2026-06-02
    days on market $123,000 Active 34 DOM
14. 2026-06-01
    days on market $123,000 Active 33 DOM
15. 2026-05-31
    days on market $123,000 Active 32 DOM
16. 2026-05-31
    days on market $123,000 Active 31 DOM
17. 2026-04-29
    listed $123,000 Active 478-char remark
18. 2026-02-15
    price $123,000
19. 2026-01-17
    price $129,900
20. 2026-01-07
    price $135,000
21. 2025-12-09
    price $139,900
22. 2025-10-06
    price $149,000
23. 2025-09-06
    status Active
24. 2025-09-06
    price $159,000
25. 2025-08-02
    price $165,000
26. 2025-06-30
    price $175,000
27. 2025-05-31
    price $179,900
28. 2025-05-02
    listed $185,000 Active
29. 2007-04-18
    soldstatus $41,500

ⓘ 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: $1,356 · $113/mo
• Projected year-2 tax: $1,644 · $137/mo
• Expected delta: +$288/yr (+$24/mo · 21.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥106°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: $16,005
• − Mortgage interest: −$6,890
• − Property taxes: −$1,356
• − Insurance: −$615
• − Repairs & maintenance: −$1,280
• − Management: −$1,280
• − Depreciation: −$3,578
• Taxable income: $1,005
• Est. tax owed @ 24.0%: −$241
• After-tax cash flow: $2,691/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: Shenandoah Community School District
• NCES district ID: 1926070
• Math proficiency: 64% ▼ -10.00%
• Reading proficiency: 69% ▼ -5.00%
• Median HH income: $41,835
• Composite: 55.67/100
• National rank: #1225
• State rank: #190 of 289 in IA

Livability — Shenandoah

• Score: 76/100
• State rank: #206
• US rank: #3757

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shenandoah, IA
• Population (ZIP): 5,562

Population outlook (Page County) Hauer SSP2

• Today (2025): 15,052 people
• By 2030: 14,709 · -2.3%
• By 2040: 13,981 · -7.1%
• By 2050: 13,302 · -11.6%
• By 2075: 11,678 · -22.4%
• By 2100: 9,213 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Greek 3% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Page

• 2024 margin: Solid R (+42.4) · D 28.2% · R 70.6% · Other 1.1%
• 2008→2024 swing: -22.7pp toward R · 2008: -19.7pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+43.0 2016: R+44.1 2012: R+24.9 2008: R+19.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.90%
• Current HPI: 181.7259
• 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

+196.4% since first listed

13 events — show timeline

• 2026-04-29 Listed $123,000 SWIAR
• 2026-02-15 Price Changed $123,000 SWIAR
• 2026-01-17 Price Changed $129,900 SWIAR
• 2026-01-07 Price Changed $135,000 SWIAR
• 2025-12-09 Price Changed $139,900 SWIAR
• 2025-10-06 Price Changed $149,000 SWIAR
• 2025-09-06 Relisted — SWIAR
• 2025-09-06 Price Changed $159,000 SWIAR
• 2025-08-02 Price Changed $165,000 SWIAR
• 2025-06-30 Price Changed $175,000 SWIAR
• 2025-05-31 Price Changed $179,900 SWIAR
• 2025-05-02 Listed $185,000 SWIAR
• 2007-04-18 Sold (Public Records) $41,500 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,356 · -1.3% YoY. Source: county tax records.