Cherokee County

Cherokee County sits at a median home price of $164,509, up 3.59% year-over-year, with an affordability index of 95 out of 100. That combination tells you this is a deeply affordable, slowly appreciating rural Iowa market. The scoring architecture confirms it: an appreciation score of 82 is the standout number here, while the cash flow score registers at zero and the stability score lands at 50. This is not a market you underwrite for monthly income; it is a market you buy because entry prices are low relative to the broader country, and the system is ranking it in the 95th percentile nationally out of 1,000 counties evaluated, with a national rank of 40. For a county of 11,601 people in northwest Iowa, that is a meaningful signal about relative value, even if the cash flow picture is incomplete.

The investor profile this market fits most naturally is the appreciation buyer or the patient long-hold buyer who wants a very low basis and is not depending on day-one cash flow to service debt. At $164,509 with 20% down ($32,902), you are in at a modest capital requirement by any standard. The appreciation score of 82 suggests the model sees price trajectory here as favorable relative to peers, and at 3.59% year-over-year growth, the county is outpacing inflation without being speculative. What this market does not support, based on the data provided, is a cash-flow-first thesis. The cash flow score of zero indicates the numbers do not pencil for immediate income at current prices and a 6.85% interest rate. A value-add operator could potentially change that equation by acquiring below median and forcing equity, but the carry costs below require attention before assuming any margin exists.

The taxInsurance data makes Cherokee's cost structure concrete and somewhat challenging. Monthly property tax plus insurance on a median-priced acquisition comes to $256, which is $3,072 annually before you touch mortgage principal, interest, maintenance, or vacancy. The property tax rate is 1.53%, flagged as high, and at that level it earns its own line on any underwrite you build. Iowa's property tax structure is known to be heavier than many Midwestern peers, and at 1.53% on a $164,509 asset you are paying $2,517 per year in tax alone. To be precise, this figure is a state-average effective rate sourced from Tax Foundation 2024 data, and actual rates in Cherokee County or specific townships may differ from that figure, so pull the county assessor data before you close. The insurance cost of $559 annually (0.34%) is relatively contained, but in aggregate the $256 monthly carry for tax and insurance alone compresses whatever rent spread exists at this price point. That is the core tension in this market: entry prices are low, but Iowa's tax burden keeps the cash-flow math tight.

The population of 11,601 and a stability score of 50 are the numbers that require the most honest scrutiny. Rural northwest Iowa counties have faced long-term demographic headwinds, and a mid-range stability score suggests the model is pricing in some of that uncertainty. A small population base means the rental pool is narrow, tenant turnover can have an outsized impact on annual returns, and any softening in the local employment base would move vacancy rates quickly. No economic anchor data was provided for Cherokee County, so no employer-specific commentary is warranted here. What the investor should verify independently is whether the county seat of Cherokee, Iowa has anchored any regional employment concentration in healthcare, agriculture, or manufacturing that creates durable rental demand. That due diligence cannot be skipped in a market this size.

Looking at the neighboring counties, Cherokee's overall score of 76 is competitive but not dominant. Hardin, Fremont, Carroll, and Crawford all score 77, one point higher. Carroll County is the meaningful outlier on price, with a median home price of $199,882, which is $35,000 above Cherokee. If the appreciation thesis holds equally across these markets, Cherokee gives you a lower basis for comparable score-level exposure. Audubon County scores 75 at $149,990, which is cheaper but slightly lower rated. Crawford County at $174,920 and a score of 75 costs more for a weaker overall rating. The case for Cherokee over its neighbors comes down to price-to-score efficiency: you are getting the same general investment grade as Hardin or Fremont at a median price that is $2,300 to $27,000 cheaper. For an investor building a small-county Iowa portfolio, Cherokee makes the most sense as an entry point when acquisition price is the binding constraint and you are willing to accept the high property tax environment and a tight cash flow margin in exchange for a lower capital commitment and an above-average appreciation score.