210 West St · Decorah, IA 52101

$214,900

3 bd · 2.5 ba · 1,238 sqft · MultiFamily public records · 13 Days on market

Built 1890 5,700 sqft lot Est $171k · 26% over

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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 +21.6/30.0
• Schools +7.0/10.0
• DSCR +6.9/10.0
• 1% rule +5.6/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Great opportunity on the west side! This 2 bedroom home is partially remodeled and waiting for you to finish. Possible duplex or single family home. Lots of new plumbing, wiring, sheetrock, flooring, windows and more. Home is being sold in its existing condition with the building materials in the home. Call today!

Key facts

• Hardwood flooring
• Updated electrical
• In floor heat

Tags

• UPDATED PLUMBING
• UPDATED ELECTRICAL
• HARDWOOD FLOORING
• IN FLOOR HEAT

Property features AI

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property; Zoned R-2
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Covered patio/porch; Concrete road surface; Storage structure on property

Interior

• Kitchen: Dishwasher; Free-Standing Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central air conditioning; Electric heating; Forced air; Natural gas heating; Steam heating
• Interior features: Dishwasher; Dryer; Free-Standing Range; Refrigerator; Washer; Electric water heater; No fireplace
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Cap rate 8.1% vs local median 3.4% in Decorah — 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 85/100 on livability (#16 in IA, #499 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Decorah Community School District (town): math 80% / reading 84% proficiency, ranked #21 of 289 in IA (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Decorah Middle School (math 77% / reading 83%, grade A+, #32 of 246 statewide, top 13%, 461 students, 26% FRL); Decorah High School (math 85% / reading 92%, grade A, #3 of 336 statewide, top 1%, 576 students, 22% FRL).
• Market conditions: 75 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 49 units permitted in Winneshiek County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($73k/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.
• Winneshiek County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $125k; list at $215k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $214,900

Questions for the listing agent

1. Built in 1890 — 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. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 8.12%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $170,844
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 W Water St	0.43mi	2/2.0 (-1)	1,344 (+9%)	4mo	$185,000	$138	55

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-13,990
• Equity at exit: $32,042

10-year hold

• IRR: 3.4%
• Equity multiple: 1.24×
• Total profit: $14,729
• Equity at exit: $18,581

Cash invested: $60,172 (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 52101

• Home prices YoY: -26.7%
• Active inventory: 75
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,286 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$263 /mo · $3,154/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $327

Break-even live

Break-even rent $1,873

Max offer price $214,900

Occupancy floor 81%

Sensitivity live

Price	-10% $448	-5% $387	+0% $327	+5% $266	+10% $205
Rent	-10% $146	-5% $236	+0% $327	+5% $417	+10% $507
Rate	-1.0pp $435	-0.5pp $381	base $327	+0.5pp $271	+1.0pp $214

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,286
Total (2 units)			$2,286

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 W Main St Decorah, IA	3.0	2.0	1482	$2,200	$1.48	24d	1	0.52mi
405 Washington St Decorah, IA	4.0	1.5	1279	$1,800	$1.41	4d	1	0.86mi

Listing history 11 events

1. 2026-06-18
   days on market $214,900 Active 13 DOM
2. 2026-06-17
   days on market $214,900 Active 12 DOM
3. 2026-06-16
   days on market $214,900 Active 11 DOM
4. 2026-06-15
   price $214,900 Active 10 DOM
5. 2026-06-15
   days on market $224,900 Active 10 DOM
6. 2026-06-14
   days on market $224,900 Active 8 DOM
7. 2026-06-10
   days on market $224,900 Active 5 DOM
8. 2026-06-09
   days on market $224,900 Active 4 DOM
9. 2026-06-08
   days on market $224,900 Active 3 DOM
10. 2026-06-07
    remarks 321-char remark
11. 2026-06-07
    listed $224,900 Active 2 DOM

ⓘ 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: $3,154 · $263/mo
• Projected year-2 tax: $3,264 · $272/mo
• Expected delta: +$110/yr (+$9/mo · 3.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $27,432
• − Mortgage interest: −$12,038
• − Property taxes: −$3,154
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,195
• − Management: −$2,195
• − Depreciation: −$6,252
• Taxable income: $525
• Est. tax owed @ 24.0%: −$126
• After-tax cash flow: $3,793/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: Decorah Community School District
• NCES district ID: 1908730
• Math proficiency: 80% ▼ -4.00%
• Reading proficiency: 84% ▬ 0.00%
• Median HH income: $54,304
• Composite: 69.72/100
• National rank: #294
• State rank: #21 of 289 in IA

Livability — Decorah

• Score: 85/100
• State rank: #16
• US rank: #499

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decorah, IA
• County: Winneshiek County · 12,706 people
• City population: 12,706
• Metro: nan
• Population (ZIP): 12,706
• Household income: $73,484
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 207.0

Population outlook (Winneshiek County) Hauer SSP2

• Today (2025): 20,379 people
• By 2030: 19,937 · -2.2%
• By 2040: 18,697 · -8.3%
• By 2050: 17,392 · -14.7%
• By 2075: 14,921 · -26.8%
• By 2100: 12,836 · -37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Portuguese 25% Iranian 1% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Winneshiek

• 2024 margin: Lean R (+9.3) · D 44.6% · R 53.9% · Other 1.5%
• 2008→2024 swing: -31.9pp toward R · 2008: 22.7pp · 2024: -9.3pp
• All cycles: 2024: R+9.3 2020: R+5.1 2016: R+0.8 2012: D+14.8 2008: D+22.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.20%
• Current HPI: 189.63
• Rent YoY: —
• Metro: nan
• 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

+79.9% since first listed

5 events — show timeline

• 2026-06-05 Listed $224,900 NEIRBR as distributed by MLS GRID
• 2026-03-06 Sold (Public Records) $125,000 Public Records
• 2026-03-06 Sold (MLS) $125,000 NEIRBR as distributed by MLS GRID
• 2026-02-11 Pending — NEIRBR as distributed by MLS GRID
• 2026-02-10 Listed $125,000 NEIRBR as distributed by MLS GRID

Property tax history

+7.6%/yr

Latest (2025): $3,154 · +4.2% YoY. Source: county tax records.