412 Main St · Colesburg, IA 52035

$167,500

2 bd · 2.5 ba · 4,500 sqft · MultiFamily public records · 28 Days on market

Built 1860 7,200 sqft lot

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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 +5.7/10.0
• Appreciation +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Solid and historic building in rural Colesburg, IA. This limestone building was constructed in 1860 with documentation and photos of its 160+ year history. Owner is hesitant to sell, but has little time to finish or visit property anymore. NOTE: Pictures are of exterior and main level apartment. Not pictured: Storefront, occupied 2nd story apartment, and incomplete/vacant 2nd story apartment Building features 4 total units (3 apartments and 1 storefront): -Storefront - about 1800 sqft. Build-out ready (no fixtures) -Main Floor-Rear Apartment - Beautiful 2 bed 1 bath furnished unit, currently a short-term rental and winter spot for owner. Concrete Countertops, stainless steel appliances (in

Key facts

• Limestone building
• Historic building
• Original wood floors

Tags

• HISTORIC BUILDING
• LIMESTONE BUILDING
• CONCRETE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• VERMONT CASTINGS WOOD BURNER
• ORIGINAL WOOD FLOORS

Property features AI

Finance

• Other: Lot dimensions approximately 30 x 90 (0.17 acre); Zoned R-1
• Financial info: Tax amount listed but excluded from features

Exterior

• Parking: No on-site parking
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex); Two levels
• Construction: Brick, stone, and vinyl siding exterior
• Exterior features: Asphalt roof

Interior

• Kitchen: No specific kitchen appliance information provided
• Bedrooms: Three separate units, each with 2 bedrooms
• Flooring: No flooring information provided
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: No basement
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $168k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $168k).
• Recommended offer: $165k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#462 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Edgewood-Colesburg Community School District (rural): math 68% / reading 65% proficiency, ranked #178 of 289 in IA (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Edgewood-Colesburg Elementary School (math 72% / reading 62%, grade B+, #273 of 616 statewide, top 51%, 309 students, 34% FRL).
• Market conditions: 4 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $168k implies a 319% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,987 (1.5% below list)

Questions for the listing agent

1. Built in 1860 — 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 B-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: 2.35% ✓
• Cap rate: 21.26%
• Cash-on-cash: 53.44%
• DSCR: 3.38
• GRM: 3.5

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: 58.5%
• Equity multiple: 4.27×
• Total profit: $153,179
• Equity at exit: $75,315

10-year hold

• IRR: 58.0%
• Equity multiple: 8.65×
• Total profit: $358,863
• Equity at exit: $116,070

Cash invested: $46,900 (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 52035

• Active inventory: 4
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $3,935 medium
• Mortgage (P&I): −$878
• Tax from tax record: −$72 /mo · $862/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$826
• Net cashflow: $2,089

Break-even live

Break-even rent $1,291

Max offer price $167,500

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,936
Total (4 units)			$3,935

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: $41,875
• Closing costs: $5,025
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $167,500 Active 28 DOM
2. 2026-06-17
   days on market $167,500 Active 27 DOM
3. 2026-06-16
   days on market $167,500 Active 26 DOM
4. 2026-06-15
   days on market $167,500 Active 25 DOM
5. 2026-06-13
   days on market $167,500 Active 23 DOM
6. 2026-06-12
   days on market $167,500 Active 22 DOM
7. 2026-06-09
   days on market $167,500 Active 19 DOM
8. 2026-06-09
   price $167,500 Active 18 DOM
9. 2026-06-08
   days on market $169,000 Active 18 DOM
10. 2026-06-07
    days on market $169,000 Active 17 DOM
11. 2026-06-07
    days on market $169,000 Active 16 DOM
12. 2026-06-04
    days on market $169,000 Active 13 DOM
13. 2026-06-02
    days on market $169,000 Active 12 DOM
14. 2026-06-01
    days on market $169,000 Active 11 DOM
15. 2026-05-31
    days on market $169,000 Active 10 DOM
16. 2026-05-31
    days on market $169,000 Active 9 DOM
17. 2026-05-21
    listed $169,000 Active
18. 2026-03-19
    soldstatus $40,000

ⓘ 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: $862 · $72/mo
• Projected year-2 tax: $1,746 · $145/mo
• Expected delta: +$884/yr (+$74/mo · 102.5%)

ⓘ 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 2/10 Low 7 d/yr ≥99°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: $47,220
• − Mortgage interest: −$9,383
• − Property taxes: −$862
• − Insurance: −$838
• − Repairs & maintenance: −$3,778
• − Management: −$3,778
• − Depreciation: −$4,873
• Taxable income: $23,710
• Est. tax owed @ 24.0%: −$5,690
• After-tax cash flow: $19,373/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: Edgewood-Colesburg Community School District
• NCES district ID: 1910500
• Math proficiency: 68% ▼ -5.00%
• Reading proficiency: 65% ▲ 8.00%
• Median HH income: $52,197
• Composite: 56.7/100
• National rank: #1128
• State rank: #178 of 289 in IA

Livability — Colesburg

• Score: 67/100
• State rank: #462
• US rank: #10180

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Colesburg, IA
• Population (ZIP): 1,345

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 16,718 people
• By 2030: 16,267 · -2.7%
• By 2040: 15,277 · -8.6%
• By 2050: 14,198 · -15.1%
• By 2075: 12,804 · -23.4%
• By 2100: 11,678 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 8%
• Common ancestry: Iranian 2% Romanian 1% Slovak 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Delaware

• 2024 margin: Solid R (+39.6) · D 29.4% · R 69.1% · Other 1.5%
• 2008→2024 swing: -45.6pp toward R · 2008: 6.0pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+35.1 2016: R+29.8 2012: R+0.2 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+322.5% since first listed

2 events — show timeline

• 2026-05-21 Listed $169,000 NEIRBR as distributed by MLS GRID
• 2026-03-19 Sold (Public Records) $40,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $862 · +4.4% YoY. Source: county tax records.