Real Estate Investing in Essex, Iowa (51638)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 51638 (Essex, IA)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Essex, IA (51638)?
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Market Analysis: 51638 Essex
Not every below-median market is a bargain. Essex's 51638 ZIP posts signals that favor experienced operators who can absorb the risk $186K pricing implies.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $186K asset, 51638 is the wrong submarket. If the plan prices in friction, the yield can still work.
Nearby ZIPs in Essex have seen price recovery that 51638 has not matched. Page County data supports the view that the spread is structural rather than temporary.
Stepping back, 1,278 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategy in 51638 is an operator game, not a passive one. Put differently, entry prices of $186K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Essex:
Property Strategy for 51638
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $126,597 | $920 | 5.2% | +8.8% | $63,298 |
| 3BR | $179,627 | $1,150 | 4.6% | +7.3% | $59,876 |
| 4BR | $204,521 | $1,220 | 4.3% | +6.8% | $51,130 |
Market Trends
Home Value History (with trend line)
📊 How Does 51638 Compare?
| Metric | 51638 | Essex | Iowa |
|---|---|---|---|
| Home Value | $185,612 | $185,612 | $227,232 |
| 5-Year CAGR | 6.6% | 6.6% | 6.0% |
| Avg Rent | $828 | $828 | - |
| Cap Rate | 3.5% | 3.5% | - |
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 51638 (Essex, IA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $185,612 |
| Monthly Rent | $828 |
| Price-to-Rent | 18.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 10.1% |
📈 Home Appreciation
| 1-Year | +6.2% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | +6.6% ▲ |
| 10-Year CAGR | +5.1% ▲ |
🏠 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 (3.5%). 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 51638
Population: 1,278
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 51638
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
How does Essex, IA rate as a rental market?
Essex, IA scores 3.0/5 for investability. Home values sit at $186K and rents near $828/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
What kind of tenants rent in Essex, IA?
Tenant quality in Essex, IA ranks as solid. Landlords generally report stable occupancy at market rents of $828/mo.
What kind of vacancy should I budget for in Essex, IA?
Essex, IA vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
What investment strategy works best in Essex, IA?
In Essex, IA the impressive play is typically careful cash-flow rentals with hands-on management. The combination of $186K prices and $828/mo rents suits that approach.
How much rent can I charge in Essex, IA?
Rents in Essex, IA run near $828/mo. Compared with median home prices of $186K that produces solid gross yields for typical rentals.
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