Historic Mansion -1903

Known locally as the Cherry Mansion, this 1903 estate at 1412 State St is an ambitious restoration opportunity sitting on 3.09 acres.

Spanning 5,333 sq ft in the main house—plus a separate 1,808 sq ft 1.5-story carriage house—this property offers the architectural footprint, grounds, and character for an estate restoration, event venue, or bed-and-breakfast vision.

Listed by: Mandy Lekin 641-751-3021, Appraisal & Real Estate Service, Jason Lekin 641-484-2380, Appraisal & Real Estate Service

The primary level showcases period grand staircase millwork, a formal butler’s pantry, multiple fireplaces, refinished hardwood floors, and a third-floor ballroom. The acreage includes a quiet backyard anchored by its own outdoor waterfall feature.

Property Snapshot

Price: $275,000 ($52/sq ft) 💰

Location: 1412 State St, Tama, IA 52339 📍

Beds/Baths: 5 🛏️ / 5 🛁

Main House Size: 5,333 sq ft 📐

Carriage House: 1,808 sq ft (1.5 Stories) 🚗

Lot Size: 3.09 Acres (including private waterfall feature) 🌳

Year Built: 1903 🕰️

The Rehabilitation Reality Check

As-Is Conditions: The listing explicitly notes that the property currently has no heating or cooling systems, and very minimal running water and electrical service.

Mechanical Overhaul Required: Budgeting will require complete replacement or installation of HVAC systems, full rewiring, and fresh plumbing runs throughout the 5,333 sq ft main residence and carriage house.

Financing Considerations: Due to the lack of active utilities, conventional residential mortgages (FHA, VA, Conventional) will not qualify for this purchase. Buyers will need cash, commercial portfolio financing, or a hard-money / construction rehabilitation loan.

Preservation Incentives & Tax Credits

Because the property is an early-1900s estate undergoing a comprehensive utility and structural revival:

Iowa Historic Preservation Tax Credit: Owner-occupants or commercial developers undertaking qualified rehabilitation expenditures (QREs) on eligible historic properties in Iowa can apply for up to a 25% state tax credit through the State Historic Preservation Office (SHPO).

Federal Historic Rehabilitation Tax Credit: If converted into an income-producing project (such as a multi-unit property, boutique inn, or event space), the restoration may also qualify for a 20% Federal Tax Credit when meeting the Secretary of the Interior’s Standards for Rehabilitation.