524 N Governor St · Iowa City, IA 52245

$215,000

2 bd · 3.0 ba · 1,428 sqft · MultiFamily public records · 114 Days on market

Built 1900 10,500 sqft lot $151/sqft · 12% below area Est $244k · 12% under ↓ 10% since listing

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Why this score? — see what drove the C+ 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 +20.9/30.0
• ARV discount +12.8/15.0
• DSCR +6.6/10.0
• 1% rule +5.9/10.0
• Schools +5.7/10.0
• Livability +4.3/5.0
• Rent growth +4.0/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Iowa City duplex near the University of Iowa campus! Two 1 bedroom/1 bath units with separate entrances, and dedicated off-street parking. Live in one unit and rent the other, or add a solid duplex to your investment portfolio! 524 is the main level unit (entrance from back of home) & features LVP flooring, an eat-in kitchen, laundry closet w/ stacked washer/dryer, living room, full bath, and 1 bedroom. Upstairs unit (entrance from Governor St) is 524 1/2 & features kitchen, living room, and large bedroom. Off-street parking pad in the alley fits up to 4 cars. On a large lot offering great outdoor space & privacy!

Key facts

• Laundry closet
• Eat-in kitchen
• Lvp flooring

Tags

• DUPLEX
• SEPARATE ENTRANCES
• DEDICATED OFF-STREET PARKING
• LVP FLOORING
• EAT-IN KITCHEN
• LAUNDRY CLOSET

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive. Per door: $149/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $196k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 2.7% in Iowa City — 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 86/100 on livability (#13 in IA, #450 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.0%/yr); 204 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 89% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• This rent runs 36% of the median local income ($78k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $60k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $195,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.09% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 7.7

CMA / ARV

• ARV (median comp): $243,852
• List price: $215,000
• Delta: -11.83%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.97% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-8,575
• Equity at exit: $32,057

10-year hold

• IRR: 9.2%
• Equity multiple: 1.81×
• Total profit: $48,651
• Equity at exit: $18,589

Cash invested: $60,200 (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 52245

• Rents YoY: 6.0%
• Active inventory: 204
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $2,336 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$330 /mo · $3,960/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $298

Break-even live

Break-even rent $1,958

Max offer price $215,000

Occupancy floor 82%

Sensitivity live

Price	-10% $420	-5% $359	+0% $298	+5% $238	+10% $177
Rent	-10% $114	-5% $206	+0% $298	+5% $391	+10% $483
Rate	-1.0pp $407	-0.5pp $353	base $298	+0.5pp $243	+1.0pp $186

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,336
Total (2 units)			$2,336

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
902 N Dodge St Iowa City, IA	2.0	1.0	900	$1,150	$1.28	44d	1	0.28mi
906 N Dodge St Iowa City, IA	2.0	1.0	900	$1,150	$1.28	44d	1	0.30mi
520 Church St Iowa City, IA	3.0	1.5	1359	$2,250	$1.66	44d	1	0.30mi
321 N Johnson St Unit 321-02 Iowa City, IA	2.0	1.0	945	$1,050	$1.11	44d	1	0.34mi
1154 Hotz Ave Iowa City, IA	2.0	2.5	1482	$2,450	$1.65	44d	1	0.41mi
426 S Johnson St Iowa City, IA	3.0	2.0	1000	$1,350	$1.35	44d	1	0.85mi
704 Bowery St Iowa City, IA	3.0	1.5	1400	$1,500	$1.07	44d	1	0.97mi
629 S Riverside Dr Iowa City, IA	2.0–3.0	2.0	1010	$1,237	$1.22	44d	2	1.48mi
629 S Riverside Dr Iowa City, IA	2.0–3.0	2.0	1040	$1,650	$1.59	21d	1	1.48mi

Listing history 22 events

1. 2026-06-19
   days on market $215,000 Active 114 DOM
2. 2026-06-18
   days on market $215,000 Active 113 DOM
3. 2026-06-17
   days on market $215,000 Active 112 DOM
4. 2026-06-16
   days on market $215,000 Active 111 DOM
5. 2026-06-15
   days on market $215,000 Active 110 DOM
6. 2026-06-14
   days on market $215,000 Active 108 DOM
7. 2026-06-13
   days on market $215,000 Active 107 DOM
8. 2026-06-10
   days on market $215,000 Active 105 DOM
9. 2026-06-09
   days on market $215,000 Active 104 DOM
10. 2026-06-08
    days on market $215,000 Active 103 DOM
11. 2026-06-07
    days on market $215,000 Active 102 DOM
12. 2026-06-05
    days on market $215,000 Active 99 DOM
13. 2026-06-03
    days on market $215,000 Active 98 DOM
14. 2026-06-02
    days on market $215,000 Active 97 DOM
15. 2026-06-01
    days on market $215,000 Active 96 DOM
16. 2026-05-31
    days on market $215,000 Active 95 DOM
17. 2026-05-30
    days on market $215,000 Active 94 DOM
18. 2026-02-25
    listed $215,000 Active 639-char remark

    Show marketing remark (639 chars)

    Iowa City duplex near the University of Iowa campus! Two 1 bedroom/1 bath units with separate entrances, and dedicated off-street parking. Live in one unit and rent the other, or add a solid duplex to your investment portfolio! 524 is the main level unit (entrance from back of home) & features LVP flooring, an eat-in kitchen, laundry closet w/ stacked washer/dryer, living room, full bath, and 1 bedroom. Upstairs unit (entrance from Governor St) is 524 1/2 & features kitchen, living room, and large bedroom. Off-street parking pad in the alley fits up to 4 cars. On a large lot offering great outdoor space & privacy!

19. 2025-05-08
    listed $220,000 Active
20. 2025-05-08
    listed $220,000 Active
21. 2025-02-07
    listed $240,000 Active
22. 2025-02-07
    listed $240,000 Active

ⓘ 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: $3,960 · $330/mo
• Projected year-2 tax: $3,960 · $330/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,032
• − Mortgage interest: −$12,043
• − Property taxes: −$3,960
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,243
• − Management: −$2,243
• − Depreciation: −$6,255
• Taxable income: $214
• Est. tax owed @ 24.0%: −$51
• After-tax cash flow: $3,529/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — Iowa City

• Score: 86/100
• State rank: #13
• US rank: #450

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa City, IA
• County: Johnson County · 132,710 people
• City population: 80,235
• Metro: Iowa City, IA
• Population (ZIP): 22,853
• Household income: $78,020
• Rent vs Own: 40.4% rent · 59.6% own
• Severe rent burden: 1268.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 5% Asian 4% Two or more races 4% Black 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Romanian 3% Italian 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 3% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -205.41%
• Current HPI: 164.751
• Rent YoY: ▲ 5.97%
• Metro: Iowa City, 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

-10.4% since first listed

5 events — show timeline

• 2026-02-25 Listed $215,000 ICAARMLS
• 2025-05-08 Listed $220,000 ICAARMLS
• 2025-05-08 Listed $220,000 ICAARMLS
• 2025-02-07 Listed $240,000 ICAARMLS
• 2025-02-07 Listed $240,000 ICAARMLS

Property tax history

+1.8%/yr

Latest (2025): $3,960 · +1.3% YoY. Source: county tax records.