501 3rd St, Rippey, IA 50235

4-Bedroom Fixer-Upper / Investment Opportunity in Rippey Looking for your next renovation project or investment property? This 4-bedroom, 1-bath, 1.5-story home offers 1,281 sq. ft. of living space on an approximately 8,712 sq. ft. lot in the quiet community of Rippey, Iowa. The property was used as a long-term rental from August 2017 through July 2025 and is now vacant and ready for renovation. Interior demolition has already begun, with all carpeting removed, some flooring removed, and several interior walls partially or fully opened up. The home will require completion of demolition and a full interior remodel, including kitchen cabinetry, countertops and sink, bathroom fixtures, drywall, paint and flooring. Several major exterior and mechanical improvements have already been completed: * New roof – summer 2023 * New siding – summer 2023 * Water heater – 2020 * Furnace – 2018 * Septic pumped – 2023 The home is built on a slab with no basement or crawlspace. Water is provided by Xenia Rural Water District and natural gas by Black Hills Energy. INVESTOR POTENTIAL: HUD’s FY2026 Fair Market Rent for a 4-bedroom unit in Greene County is approximately $1,486 per month, making this property worth a look for investors seeking a value-add rental opportunity. Actual achievable rent, Housing Choice Voucher eligibility, payment standards, utility allowances and property inspection requirements should be independently verified by the buyer. Annual property taxes are approximately $1,182, helping keep ongoing ownership costs relatively low. The property is currently assessed at approximately $75,500 and offers substantial potential following renovation. Buyers should perform their own due diligence regarding after-repair value, renovation costs and potential rental income. Offered at $39,900. Cash sale preferred. Property is being sold AS-IS, WHERE-IS. Seller will make no repairs. Interior is currently under renovation and is not move-in ready. Serious inquiries only.