214 Knepper St · Council Bluffs, IA 51503

$55,000

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 106 Days on market

Built 1920 4,420 sqft lot $82/sqft · 37% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for an investor or experienced rehabber! This property is ready for someone who knows how to bring a project to completion. Significant exterior improvements have already been completed, including a new roof, new siding, new porch, new windows, and updated electrical wiring. The interior has been partially renovated and is ready for finishing touches. Property is being sold AS IS. Bring your vision and finish what has already been started!

Key facts

• New siding
• New porch
• New roof

Tags

• NEW ROOF
• NEW SIDING
• NEW PORCH
• NEW WINDOWS
• UPDATED ELECTRICAL WIRING
• PARTIALLY RENOVATED INTERIOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $330 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($897 rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 3.3% in Council Bluffs — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#368 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, amenities D, crime D-.
• Council Bluffs Community School District (urban): math 52% / reading 55% proficiency, ranked #272 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.7%/yr); 194 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).
• This rent is only 14% of the median local income ($79k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pottawattamie County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $15k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 29y ago; this cycle's ask has dropped $20k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.63% ✓
• Cap rate: 13.49%
• Cash-on-cash: 25.70%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (median comp): $162,633
• List price: $55,000
• Delta: -66.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Union St	0.32mi	2/2.0	720 (+7%)	7mo	$130,000	$181	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 1.71×
• Total profit: $10,921
• Equity at exit: $8,201

10-year hold

• IRR: 25.3%
• Equity multiple: 3.07×
• Total profit: $31,875
• Equity at exit: $4,755

Cash invested: $15,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Iowa: 83 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; mostly landlord-friendly statewide.

Methodology + full state rankings →

ZIP-level market 51503

• Rents YoY: 1.7%
• Active inventory: 194
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $897 high
• Mortgage (P&I): −$288
• Tax from tax record: −$68 /mo · $813/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$188
• Net cashflow: $330

Break-even live

Break-even rent $480

Max offer price $55,000

Occupancy floor 58%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 S 1st St Unit 4 Council Bluffs, IA	1.0	1.0	650	$775	$1.19	2d	1	0.29mi
130 Nicholas St Unit 4 Council Bluffs, IA	1.0	1.0	495	$825	$1.67	43d	1	0.41mi
35 N 1st St #7 Council Bluffs, IA	1.0	1.0	544	$825	$1.52	3d	1	0.44mi
255 Oakland Ave Council Bluffs, IA	1.0	1.0	630	$695	$1.10	3d	1	0.63mi
120 N 6th St Council Bluffs, IA	2.0	1.0–2.0	848	$1,000	$1.18	1d	1	0.75mi
8 S 6th St Council Bluffs, IA	1.0–2.0	1.0–2.0	850	$1,500	$1.76	1d	4	0.76mi
733 Mynster St Unit 3 Council Bluffs, IA	1.0	1.0	515	$775	$1.50	19d	1	0.91mi
750 Creek Top Apt 1 Council Bluffs, IA	1.0	1.0	400	$795	$1.99	43d	1	0.92mi
750 Creek Top Unit 02 Council Bluffs, IA	1.0	1.0	400	$775	$1.94	14d	1	0.92mi
118 S 8th St Unit 05 Council Bluffs, IA	1.0	1.0	480	$775	$1.61	11d	1	0.96mi
1455 McPherson Ave Unit 16 Council Bluffs, IA	2.0	1.0	750	$895	$1.19	21d	1	0.98mi

Listing history 21 events

1. 2026-06-18
   days on market $55,000 Active 106 DOM
2. 2026-06-17
   days on market $55,000 Active 105 DOM
3. 2026-06-16
   days on market $55,000 Active 104 DOM
4. 2026-06-15
   days on market $55,000 Active 103 DOM
5. 2026-06-13
   days on market $55,000 Active 101 DOM
6. 2026-06-10
   days on market $55,000 Active 98 DOM
7. 2026-06-09
   days on market $55,000 Active 97 DOM
8. 2026-06-08
   days on market $55,000 Active 96 DOM
9. 2026-06-07
   days on market $55,000 Active 95 DOM
10. 2026-06-05
    days on market $55,000 Active 92 DOM
11. 2026-06-03
    days on market $55,000 Active 91 DOM
12. 2026-06-03
    days on market $55,000 Active 90 DOM
13. 2026-06-01
    days on market $55,000 Active 89 DOM
14. 2026-05-31
    days on market $55,000 Active 88 DOM
15. 2026-04-13
    price $65,000 461-char remark

    Show marketing remark (461 chars)

    Great opportunity for an investor or experienced rehabber! This property is ready for someone who knows how to bring a project to completion. Significant exterior improvements have already been completed, including a new roof, new siding, new porch, new windows, and updated electrical wiring. The interior has been partially renovated and is ready for finishing touches. Property is being sold AS IS. Bring your vision and finish what has already been started!

16. 2026-02-03
    listed $75,000 Active 461-char remark

    Show marketing remark (461 chars)

    Great opportunity for an investor or experienced rehabber! This property is ready for someone who knows how to bring a project to completion. Significant exterior improvements have already been completed, including a new roof, new siding, new porch, new windows, and updated electrical wiring. The interior has been partially renovated and is ready for finishing touches. Property is being sold AS IS. Bring your vision and finish what has already been started!

17. 2025-06-12
    listed $85,000 Active
18. 2004-07-07
    soldstatus $68,000
19. 2004-03-18
    listed $67,000
20. 1998-02-25
    soldstatus $36,000
21. 1997-10-21
    listed $36,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IA · Partial reset (capped growth)

• Current annual tax: $813 · $68/mo
• Projected year-2 tax: $838 · $70/mo
• Expected delta: +$25/yr (+$2/mo · 3.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,768
• − Mortgage interest: −$3,081
• − Property taxes: −$813
• − Insurance: −$275
• − Repairs & maintenance: −$861
• − Management: −$861
• − Depreciation: −$1,600
• Taxable income: $3,276
• Est. tax owed @ 24.0%: −$786
• After-tax cash flow: $3,171/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Council Bluffs Community School District
• NCES district ID: 1908220
• Math proficiency: 52% ▼ -9.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $45,259
• Composite: 45.23/100
• National rank: #2665
• State rank: #272 of 289 in IA

Livability — Council Bluffs

• Score: 70/100
• State rank: #368
• US rank: #7695

Category grades

Amenities D Commute F Cost of living A+ Crime D- Employment C- Housing A+ Health & safety B+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Council Bluffs, IA
• County: Pottawattamie County · 72,590 people
• City population: 72,590
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 37,972
• Household income: $79,010
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 911.0

Population outlook (Pottawattamie County) Hauer SSP2

• Today (2025): 93,683 people
• By 2030: 92,772 · -1.0%
• By 2040: 89,917 · -4.0%
• By 2050: 86,994 · -7.1%
• By 2075: 82,756 · -11.7%
• By 2100: 79,097 · -15.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Pottawattamie

• 2024 margin: R (+20.0) · D 39.3% · R 59.3% · Other 1.4%
• 2008→2024 swing: -18.1pp toward R · 2008: -1.9pp · 2024: -20.0pp
• All cycles: 2024: R+20.0 2020: R+16.8 2016: R+21.6 2012: R+5.8 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.54%
• Current HPI: 200.6226
• Rent YoY: ▲ 1.67%
• Metro: Omaha-Council Bluffs, NE-IA
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Price history

+80.6% since first listed

7 events — show timeline

• 2026-04-13 Price Changed $65,000 SWIAR
• 2026-02-03 Listed $75,000 SWIAR
• 2025-06-12 Listed $85,000 SWIAR
• 2004-07-07 Sold (MLS) $68,000 SWIAR
• 2004-03-18 Listed $67,000 SWIAR
• 1998-02-25 Sold (MLS) $36,000 SWIAR
• 1997-10-21 Listed $36,000 SWIAR

Property tax history

-8.6%/yr

Latest (2025): $813 · -16.8% YoY. Source: county tax records.