Real Estate Investing in Harlan, Iowa (51537)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 51537 (Harlan, IA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 9.5% vacancy may signal weakening demand.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Harlan, IA (51537)?
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Market Analysis: 51537 Harlan
Not every below-median market is a bargain. Harlan's 51537 ZIP registers signals that favor experienced operators who can absorb the risk $211K pricing implies.
Rent of $891/mo on a $211K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 51537 sits below the stated 0.0% once reality is priced in.
Within IA, ZIP 51537 trails on several market indicators that neighboring Shelby County submarkets outperform. The gap is real and robust enough to shape underwriting.
Demographically, 51537 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Strategy in 51537 is an operator game, not a passive one. On the rental side, entry prices of $211K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Harlan:
Property Strategy for 51537
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $136,736 | $990 | 5.2% | +8.9% | $68,368 |
| 3BR | $199,201 | $1,380 | 5.0% | +7.6% | $66,400 |
| 4BR | $251,551 | $1,410 | 4.0% | +7.7% | $62,888 |
| 5BR | $363,827 | — | — | +8.0% | $72,765 |
Market Trends
Home Value History (with trend line)
📊 How Does 51537 Compare?
| Metric | 51537 | Harlan | Iowa |
|---|---|---|---|
| Home Value | $211,348 | $211,348 | $227,232 |
| 5-Year CAGR | 6.9% | 6.9% | 6.0% |
| Avg Rent | $891 | $891 | - |
| Cap Rate | 3.3% | 3.3% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 51537 (Harlan, IA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $211,348 |
| Monthly Rent | $891 |
| Price-to-Rent | 19.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.1% |
| Cap Rate | 3.3% |
| 5-Year IRR | 10.2% |
📈 Home Appreciation
| 1-Year | +7.7% ▲ |
| 3-Year CAGR | +7.0% ▲ |
| 5-Year CAGR | +6.9% ▲ |
| 10-Year CAGR | +5.9% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 51537
Population: 6,480
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 51537
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
Is vacancy a concern in Harlan, IA?
Expect elevated vacancy in Harlan, IA. Rents at $891/mo are absorbed by the tenant base without meaningful lag.
Does house hacking make sense in Harlan, IA?
House hacking in Harlan, IA is reasonable to execute. Prices around $211K and rents of $891/mo solid owner-occupant economics.
How much should I expect to pay for a home in Harlan, IA?
Expect median prices around $211K in Harlan, IA. The market has run at a 0.0% 5-year CAGR, so entry costs have been steady.
What is the average monthly rent in Harlan, IA?
Expect rents around $891/mo per month in Harlan, IA. With home values at $211K, the yield math works out to reasonable levels for rental investors.
How strong is the working-renter base in Harlan, IA?
Tenant demand in Harlan, IA is solid. The local workforce $891/mo rents across most rental classes.
You know 51537 now. You don’t know where it ranks.
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