1600 26th St Unit ET AL · Sioux City, IA 51104

$4,950,000

7 bd · 3.0 ba · 44,256 sqft · MultiFamily · 235 Days on market

Built 1953 Fair condition 3.37 ac lot

---

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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.8/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Portfolio of 44 townhomes offered together in Sioux City, Iowa. The properties are located at two sites: • 1200–1230 26th Street – Sixteen (16) two-bedroom townhomes. A vacant lot adjacent to this site will be included in the sale. • 1510–1623 26th Street – Twenty-eight (28) townhomes consisting of twenty (20) three-bedroom units and eight (8) two-bedroom units. Basements are currently unfinished and present a potential value-add opportunity through completion. All properties are being sold together as one package. Contact us for more details. The listing agent is an owner of these properties.

Key facts

• Vacant lot
• Unfinished basements
• 3.37 acre lot

Tags

• VACANT LOT
• UNFINISHED BASEMENTS

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $4.95M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $8k ($98k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($54k rent vs $4.95M).
• Recommended offer: $4.36M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.7% in Sioux 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 78/100 on livability (#138 in IA, #2,544 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F.
• Sioux City Community School District (urban): math 54% / reading 57% proficiency, ranked #264 of 289 in IA (top 91%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 120 active listings in the ZIP; solid renter incomes; 170 units permitted in Woodbury County in 2024 (90 in 5+ unit buildings).
• At $53,664/mo this rent would consume 854% of the median local household income ($75k/yr) (locally 600% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $34k of loan paydown is wiped out by about $148k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 235 days — a 12% lower offer ($4.36M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $4,356,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 235 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.09%
• DSCR: 1.32
• GRM: 7.7

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-279,918
• Equity at exit: $738,061

10-year hold

• IRR: 4.3%
• Equity multiple: 1.31×
• Total profit: $430,909
• Equity at exit: $427,986

Cash invested: $1,386,000 (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 51104

• Home prices YoY: -34.4%
• Active inventory: 120
• Price-to-rent: 351.9×

Monthly cashflow live

• Estimated rent: $53,664 high
• Mortgage (P&I): −$25,958
• Tax est. 1.5%: −$6,188 /mo · $74,250/yr
• Insurance: −$2,062
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,269
• Net cashflow: $8,186

Break-even live

Break-even rent $43,302

Max offer price $4,950,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 24× units	2	1	$28,128
▸ 20× units	3	1	$25,540
Total (44 units)			$53,664

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: $1,237,500
• Closing costs: $148,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $4,950,000 Active 235 DOM
2. 2026-06-18
   days on market $4,950,000 Active 234 DOM
3. 2026-06-17
   days on market $4,950,000 Active 233 DOM
4. 2026-06-16
   days on market $4,950,000 Active 232 DOM
5. 2026-06-15
   days on market $4,950,000 Active 231 DOM
6. 2026-06-14
   days on market $4,950,000 Active 229 DOM
7. 2026-06-12
   days on market $4,950,000 Active 228 DOM
8. 2026-06-09
   days on market $4,950,000 Active 225 DOM
9. 2026-06-08
   days on market $4,950,000 Active 224 DOM
10. 2026-06-07
    days on market $4,950,000 Active 223 DOM
11. 2026-06-05
    days on market $4,950,000 Active 220 DOM
12. 2026-06-02
    days on market $4,950,000 Active 218 DOM
13. 2026-06-01
    days on market $4,950,000 Active 217 DOM
14. 2026-05-31
    days on market $4,950,000 Active 216 DOM
15. 2026-05-30
    days on market $4,950,000 Active 215 DOM
16. 2025-10-27
    listed $4,950,000 Active 634-char remark

    Show marketing remark (634 chars)

    Portfolio of 44 townhomes offered together in Sioux City, Iowa. The properties are located at two sites: • 1200–1230 26th Street – Sixteen (16) two-bedroom townhomes. A vacant lot adjacent to this site will be included in the sale. • 1510–1623 26th Street – Twenty-eight (28) townhomes consisting of twenty (20) three-bedroom units and eight (8) two-bedroom units. Basements are currently unfinished and present a potential value-add opportunity through completion. All properties are being sold together as one package. Contact us for more details. The listing agent is an owner of these properties.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $643,968
• − Mortgage interest: −$277,277
• − Property taxes: −$74,250
• − Insurance: −$24,750
• − Repairs & maintenance: −$51,517
• − Management: −$51,517
• − Depreciation: −$144,000
• Taxable income: $20,656
• Est. tax owed @ 24.0%: −$4,957
• After-tax cash flow: $93,277/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate rehabilitation, focusing on exterior siding and basement finishing. Landscaping and HVAC upgrades would significantly enhance its resale and rental value.

Repairs flagged

• Moderate Exterior siding — Weathered appearance
• Moderate Basement unfinished — Potential for HVAC updates

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value
• Both HVAC system upgrade — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered appearance	Moderate	$3,000–15,000
Basement unfinished · Potential for HVAC updates	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value ↑
• Both HVAC system upgrade — Improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sioux City Community School District
• NCES district ID: 1926400
• Math proficiency: 54% ▼ -7.00%
• Reading proficiency: 57% ▼ -2.00%
• Median HH income: $44,967
• Composite: 46.86/100
• National rank: #2371
• State rank: #264 of 289 in IA

Livability — Sioux City

• Score: 78/100
• State rank: #138
• US rank: #2544

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sioux City, IA
• County: Woodbury County · 51,789 people
• City population: 51,789
• Metro: Sioux City, IA-NE-SD
• Population (ZIP): 23,197
• Household income: $75,362
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 600.0

Population outlook (Woodbury County) Hauer SSP2

• Today (2025): 103,226 people
• By 2030: 103,060 · -0.2%
• By 2040: 102,533 · -0.7%
• By 2050: 102,788 · -0.4%
• By 2075: 107,227 · +3.9%
• By 2100: 113,980 · +10.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 20% Two or more races 14% Black 5% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Portuguese 4% Iranian 2% Romanian 2%
• Foreign-born: 12% · Canada, Vietnam, United Kingdom
• Languages at home: 80% English-only · Spanish 13% Other Asian/Pacific 2% Vietnamese 2%

Political lean MEDSL · Woodbury

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.9% · Other 1.3%
• 2008→2024 swing: -22.5pp toward R · 2008: -0.5pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+15.5 2016: R+19.9 2012: R+0.2 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.54%
• Current HPI: 218.5989
• Rent YoY: —
• Metro: Sioux City, IA-NE-SD
• 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

• 2025-10-27 Listed $4,950,000 NWIA