507 N 2nd Ave W · Newton, IA 50208

$35,000

2 bd · 2.0 ba · 1,620 sqft · MultiFamily public records · 21 Days on market

Built 1910 6,600 sqft lot ↓ 20% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This home is a total remodel that needs done or could be a place for something new! All utilities disconnected now - ready for renovation!

Key facts

• 6,600 sq ft lot
• Built 1910
• Listed 20 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential zoning
• Construction: Metal siding; Asphalt shingle roof; Block foundation; Built on a 50 x 132 lot
• Exterior features: Asphalt road surface

Interior

• Heating & cooling: Heating: See remarks
• Interior features: Rectangular lot (reported under lot features)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $35k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 45.6% vs local median 3.1% in Newton — 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 77/100 on livability (#169 in IA, #3,069 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment D+, amenities F.
• Newton Community School District (town): math 59% / reading 62% proficiency, ranked #245 of 289 in IA (top 85%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 242 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 16 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Jasper 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 + 3.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,475 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.98% ✓
• Cap rate: 45.61%
• Cash-on-cash: 140.44%
• DSCR: 7.25
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 7.88×
• Total profit: $67,393
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 16.59×
• Total profit: $152,818
• Equity at exit: $3,026

Cash invested: $9,800 (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 50208

• Home prices YoY: -14.4%
• Active inventory: 242
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,742 high
• Mortgage (P&I): −$184
• Tax from tax record: −$31 /mo · $374/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $1,147

Break-even live

Break-even rent $290

Max offer price $35,000

Occupancy floor 29%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,742
Total (2 units)			$1,742

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 W 12th St S Newton, IA	3.0	2.5	2087	$1,700	$0.81	23d	1	0.61mi
701 N 2nd Ave E Newton, IA	2.0	1.0	1100	$875	$0.80	14d	1	0.75mi

Listing history 26 events

1. 2026-06-08
   days on market $35,000 Active 21 DOM
2. 2026-06-07
   days on market $35,000 Active 20 DOM
3. 2026-06-05
   days on market $35,000 Active 17 DOM
4. 2026-06-03
   days on market $35,000 Active 16 DOM
5. 2026-06-02
   days on market $35,000 Active 15 DOM
6. 2026-06-01
   days on market $35,000 Active 14 DOM
7. 2026-05-31
   days on market $35,000 Active 13 DOM
8. 2026-05-31
   days on market $35,000 Active 12 DOM
9. 2026-05-18
   listed $35,000 Active
10. 2025-03-03
    soldstatus $30,000
11. 2025-02-28
    soldstatus $30,000 Closed 138-char remark

    Show marketing remark (138 chars)

    This home is a total remodel that needs done or could be a place for something new! All utilities disconnected now - ready for renovation!

12. 2025-02-06
    status Pending 138-char remark

    Show marketing remark (138 chars)

    This home is a total remodel that needs done or could be a place for something new! All utilities disconnected now - ready for renovation!

13. 2025-02-01
    historical 138-char remark

    Show marketing remark (138 chars)

    This home is a total remodel that needs done or could be a place for something new! All utilities disconnected now - ready for renovation!

14. 2024-12-31
    soldstatus $112,500
15. 2024-08-02
    listed $49,900 Active 138-char remark

    Show marketing remark (138 chars)

    This home is a total remodel that needs done or could be a place for something new! All utilities disconnected now - ready for renovation!

16. 2022-04-18
    soldstatus $110,000
17. 2018-12-07
    soldstatus $10,000 Sold 24-char remark

    Show marketing remark (24 chars)

    selling as is cash only

18. 2018-12-07
    soldstatus $10,000

    Show marketing remark (24 chars)

    selling as is cash only

19. 2018-12-07
    soldstatus $10,000

    Show marketing remark (24 chars)

    selling as is cash only

20. 2018-10-09
    status Pending 24-char remark

    Show marketing remark (24 chars)

    selling as is cash only

21. 2018-09-04
    price $19,900 24-char remark

    Show marketing remark (24 chars)

    selling as is cash only

22. 2018-06-25
    listed $24,900 Active 24-char remark

    Show marketing remark (24 chars)

    selling as is cash only

23. 2018-06-25
    listed $19,900

    Show marketing remark (24 chars)

    selling as is cash only

24. 2018-06-25
    listed $19,900

    Show marketing remark (24 chars)

    selling as is cash only

25. 2011-12-08
    historical
26. 2010-12-08
    listed $44,000

ⓘ 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: $374 · $31/mo
• Projected year-2 tax: $462 · $38/mo
• Expected delta: +$88/yr (+$7/mo · 23.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,904
• − Mortgage interest: −$1,961
• − Property taxes: −$374
• − Insurance: −$175
• − Repairs & maintenance: −$1,672
• − Management: −$1,672
• − Depreciation: −$1,018
• Taxable income: $14,032
• Est. tax owed @ 24.0%: −$3,368
• After-tax cash flow: $10,395/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: Newton Community School District
• NCES district ID: 1920610
• Math proficiency: 59% ▼ -13.00%
• Reading proficiency: 62% ▼ -9.00%
• Median HH income: $46,447
• Composite: 51.15/100
• National rank: #1762
• State rank: #245 of 289 in IA

Livability — Newton

• Score: 77/100
• State rank: #169
• US rank: #3069

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newton, IA
• County: Jasper County · 20,595 people
• City population: 20,595
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 20,595
• Household income: $62,306
• Rent vs Own: 34.5% rent · 65.5% own
• Severe rent burden: 536.0

Population outlook (Jasper County) Hauer SSP2

• Today (2025): 36,216 people
• By 2030: 35,730 · -1.3%
• By 2040: 34,727 · -4.1%
• By 2050: 33,802 · -6.7%
• By 2075: 33,382 · -7.8%
• By 2100: 32,761 · -9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Black 3%
• Common ancestry: Iranian 8% Portuguese 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 4% Arabic 2% Chinese 1%

Political lean MEDSL · Jasper

• 2024 margin: Strong R (+27.6) · D 35.4% · R 63.0% · Other 1.5%
• 2008→2024 swing: -35.1pp toward R · 2008: 7.5pp · 2024: -27.6pp
• All cycles: 2024: R+27.6 2020: R+21.5 2016: R+18.4 2012: D+7.1 2008: D+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.48%
• Current HPI: 269.6454
• Rent YoY: —
• Metro: Des Moines-West Des Moines, 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

-20.5% since first listed

18 events — show timeline

• 2026-05-18 Listed $35,000 DMMLS
• 2025-03-03 Sold (Public Records) $30,000 Public Records
• 2025-02-28 Sold (MLS) $30,000 DMMLS
• 2025-02-06 Pending — DMMLS
• 2025-02-01 Listing Removed — DMMLS
• 2024-12-31 Sold (Public Records) $112,500 Public Records
• 2024-08-02 Listed $49,900 DMMLS
• 2022-04-18 Sold (Public Records) $110,000 Public Records
• 2018-12-07 Sold (MLS) $10,000 IAR
• 2018-12-07 Sold (MLS) $10,000 NORTHSTARMLS as Distributed by MLS Grid
• 2018-12-07 Sold (MLS) $10,000 DMMLS
• 2018-10-09 Pending — DMMLS
• 2018-09-04 Price Changed $19,900 DMMLS
• 2018-06-25 Listed $19,900 IAR
• 2018-06-25 Listed $19,900 NORTHSTARMLS as Distributed by MLS Grid
• 2018-06-25 Listed $24,900 DMMLS
• 2011-12-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2010-12-08 Listed $44,000 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

-9.2%/yr

Latest (2025): $374 · +0.5% YoY. Source: county tax records.