27B S Main St S · Denison, IA 51442

$132,000

None bd · None ba · 720 sqft · MultiFamily public records · 308 Days on market

Built 1930 3,049 sqft lot $183/sqft · 81% above area Est $203k · 35% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.3/10.0
• Livability +4.0/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This unique property has potential for many different uses. There are actually three levels of building here ( 6000 sq ft. ) each with their own features and access. There are plans available to make this in to a very desirable apartment, and potentially multiple apartments, as the zoning can be changed to accommodate that. It could also be made in to a home enough for a large family/ extended family. Another option would be to operate a business there, as was done in the past. With garage doors at street level, this is a great spot for a contractor to run a shop out of, with an endless amount of storage space. How about a furniture store right uptown?? This entire building is built like bomb shelter specs and is super solid. The possibilities really are endless, and at this price, let's get a deal put together today!!

Key facts

• 3,049 sq ft lot
• 10 garage spots
• Built 1930

Tags

• THREE LEVELS OF BUILDING
• GARAGE DOORS AT STREET LEVEL
• BUILT LIKE BOMB SHELTER SPECS

What this means for you Summary

Snapshot

• This is a multifamily listed at $132k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $116k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 3.4% in Denison — 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 79/100 on livability (#103 in IA, #2,053 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Denison Community School District (town): math 61% / reading 64% proficiency, ranked #224 of 289 in IA (top 78%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 51 active listings in the ZIP; 18 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $913 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Crawford County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 308 days — a 12% lower offer ($116k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 308 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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. 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: 1.87% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.72%
• DSCR: 2.59
• GRM: 4.5

CMA / ARV

• ARV (median comp): $202,613
• List price: $132,000
• Delta: -34.85%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 31.4%
• Equity multiple: 2.32×
• Total profit: $48,682
• Equity at exit: $19,682

10-year hold

• IRR: 38.5%
• Equity multiple: 4.59×
• Total profit: $132,608
• Equity at exit: $11,413

Cash invested: $36,960 (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 51442

• Home prices YoY: -21.4%
• Active inventory: 51
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,462 medium
• Mortgage (P&I): −$692
• Tax from tax record: −$98 /mo · $1,170/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $1,100

Break-even live

Break-even rent $1,069

Max offer price $132,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,175	-5% $1,138	+0% $1,100	+5% $1,063	+10% $1,026
Rent	-10% $906	-5% $1,003	+0% $1,100	+5% $1,198	+10% $1,295
Rate	-1.0pp $1,167	-0.5pp $1,134	base $1,100	+0.5pp $1,066	+1.0pp $1,031

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

Units	Beds	Baths	Est. rent
▸ 3× units	0	0	$2,463
Total (3 units)			$2,462

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-09
   days on market $132,000 Active 308 DOM
2. 2026-06-08
   days on market $132,000 Active 307 DOM
3. 2026-06-07
   days on market $132,000 Active 306 DOM
4. 2026-06-07
   days on market $132,000 Active 305 DOM
5. 2026-06-04
   days on market $132,000 Active 302 DOM
6. 2026-06-02
   days on market $132,000 Active 301 DOM
7. 2026-06-01
   days on market $132,000 Active 300 DOM
8. 2026-05-31
   days on market $132,000 Active 299 DOM
9. 2026-05-31
   days on market $132,000 Active 298 DOM
10. 2025-08-05
    listed $132,000 Active 831-char remark

    Show marketing remark (831 chars)

    This unique property has potential for many different uses. There are actually three levels of building here ( 6000 sq ft. ) each with their own features and access. There are plans available to make this in to a very desirable apartment, and potentially multiple apartments, as the zoning can be changed to accommodate that. It could also be made in to a home enough for a large family/ extended family. Another option would be to operate a business there, as was done in the past. With garage doors at street level, this is a great spot for a contractor to run a shop out of, with an endless amount of storage space. How about a furniture store right uptown?? This entire building is built like bomb shelter specs and is super solid. The possibilities really are endless, and at this price, let's get a deal put together today!!

ⓘ 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: $1,170 · $98/mo
• Projected year-2 tax: $1,621 · $135/mo
• Expected delta: +$451/yr (+$38/mo · 38.6%)

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

Taxation est. · year 1

• Rental income: $29,544
• − Mortgage interest: −$7,394
• − Property taxes: −$1,170
• − Insurance: −$660
• − Repairs & maintenance: −$2,364
• − Management: −$2,364
• − Depreciation: −$3,840
• Taxable income: $11,753
• Est. tax owed @ 24.0%: −$2,821
• After-tax cash flow: $10,382/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: Denison Community School District
• NCES district ID: 1908910
• Math proficiency: 61% ▼ -7.00%
• Reading proficiency: 64% ▲ 3.00%
• Median HH income: $45,505
• Composite: 52.71/100
• National rank: #1550
• State rank: #224 of 289 in IA

Livability — Denison

• Score: 79/100
• State rank: #103
• US rank: #2053

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Denison, IA
• City population: 9,586
• Population (ZIP): 9,586

Population outlook (Crawford County) Hauer SSP2

• Today (2025): 17,186 people
• By 2030: 17,322 · +0.8%
• By 2040: 17,948 · +4.4%
• By 2050: 18,955 · +10.3%
• By 2075: 22,130 · +28.8%
• By 2100: 25,483 · +48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 48% Hispanic / Latino 43% Two or more races 21% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Italian 3% Ukrainian 2% Iranian 1%
• Foreign-born: 24% · Canada, Philippines, South Korea
• Languages at home: 59% English-only · Spanish 36% Other Asian/Pacific 3% Other Indo-European 1%

Political lean MEDSL · Crawford

• 2024 margin: Solid R (+43.5) · D 27.8% · R 71.3%
• 2008→2024 swing: -48.6pp toward R · 2008: 5.1pp · 2024: -43.5pp
• All cycles: 2024: R+43.5 2020: R+36.8 2016: R+38.2 2012: R+8.2 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.48%
• Current HPI: 185.0169
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2025-08-05 Listed $132,000 IAR

Property tax history

+11.1%/yr

Latest (2025): $1,170 · +2.1% YoY. Source: county tax records.