407 Cedar St · Charles City, IA 50616

$70,000

3 bd · 2.5 ba · 1,492 sqft · MultiFamily public records · 208 Days on market

Built 1910 0.34 ac lot Est $116k · 40% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

The north unit of this duplex rents for $550 per month and is a 1 bedroom, 1 bathroom unit and the landlord pays the utilities and this is a month to month lease and the landlord owns the stove and the refrigerator. is the tenants. The south unit is 2 bedrooms and 1 bathroom and has a new furnace, breaker service, main level laundry, new flooring and paint and living room floor joists (there was a fire in this unit in 2024). This unit is currently vacant, and was renting for $975 monthly and the landlord pays all utilities. The utilities are all split on this duplex. The property taxes are $890 per year and the property insurance $1822.15 yearly.

Key facts

• 0.34 acre lot
• 2 parking spots
• Built 1910

🏷️ Possibly a rental listed for sale. The $70,000 price doesn't fit this home's estimated sale value (~$116,376) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $70k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive. Per door: $422/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.8% vs local median 6.7% in Charles 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 77/100 on livability (#161 in IA, #2,944 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Charles City Community School District (town): math 52% / reading 61% proficiency, ranked #262 of 289 in IA (top 91%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 71 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 208 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $29k; list at $70k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 208 days. Have you received any prior offers? Is the seller open to a 12% 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 1910 — 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. 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: 2.38% ✓
• Cap rate: 20.76%
• Cash-on-cash: 51.68%
• DSCR: 3.30
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $116,376
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
810 and 810.5 Cedar St. St	0.28mi	4/2.0 (+1)	1,275 (-14%)	17mo	$100,000	$78	41

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: 49.6%
• Equity multiple: 3.17×
• Total profit: $42,438
• Equity at exit: $10,437

10-year hold

• IRR: 55.1%
• Equity multiple: 6.42×
• Total profit: $106,252
• Equity at exit: $6,052

Cash invested: $19,600 (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 50616

• Home prices YoY: -19.7%
• Active inventory: 71
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,664 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$74 /mo · $890/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $844

Break-even live

Break-even rent $595

Max offer price $70,000

Occupancy floor 44%

Sensitivity live

Price	-10% $884	-5% $864	+0% $844	+5% $824	+10% $805
Rent	-10% $713	-5% $778	+0% $844	+5% $910	+10% $976
Rate	-1.0pp $879	-0.5pp $862	base $844	+0.5pp $826	+1.0pp $808

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$775
1× unit	2	1	$889
Total (2 units)			$1,664

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1030 13th Ave Charles City, IA	1.0–3.0	1.0–2.0	926	$1,927	$2.08	44d	28	1.23mi
1004 20th Ave Charles City, IA	3.0	2.0	960	$975	$1.02	24d	1	1.35mi

Listing history 19 events

1. 2026-06-21
   days on market $70,000 Active 208 DOM
2. 2026-06-18
   days on market $70,000 Active 206 DOM
3. 2026-06-17
   days on market $70,000 Active 205 DOM
4. 2026-06-16
   days on market $70,000 Active 204 DOM
5. 2026-06-15
   days on market $70,000 Active 203 DOM
6. 2026-06-13
   days on market $70,000 Active 201 DOM
7. 2026-06-12
   days on market $70,000 Active 200 DOM
8. 2026-06-09
   days on market $70,000 Active 197 DOM
9. 2026-06-08
   days on market $70,000 Active 196 DOM
10. 2026-06-07
    days on market $70,000 Active 195 DOM
11. 2026-06-07
    days on market $70,000 Active 194 DOM
12. 2026-06-04
    days on market $70,000 Active 191 DOM
13. 2026-06-02
    days on market $70,000 Active 190 DOM
14. 2026-06-01
    days on market $70,000 Active 189 DOM
15. 2026-05-31
    days on market $70,000 Active 188 DOM
16. 2026-05-31
    days on market $70,000 Active 187 DOM
17. 2025-11-22
    listed $70,000 Active 656-char remark

    Show marketing remark (656 chars)

    The north unit of this duplex rents for $550 per month and is a 1 bedroom, 1 bathroom unit and the landlord pays the utilities and this is a month to month lease and the landlord owns the stove and the refrigerator. is the tenants. The south unit is 2 bedrooms and 1 bathroom and has a new furnace, breaker service, main level laundry, new flooring and paint and living room floor joists (there was a fire in this unit in 2024). This unit is currently vacant, and was renting for $975 monthly and the landlord pays all utilities. The utilities are all split on this duplex. The property taxes are $890 per year and the property insurance $1822.15 yearly.

18. 2018-01-08
    soldstatus $29,000
19. 1998-04-08
    soldstatus $20,000

ⓘ 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: $890 · $74/mo
• Projected year-2 tax: $994 · $83/mo
• Expected delta: +$104/yr (+$9/mo · 11.7%)

ⓘ 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 ≥103°F today · 16 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: $19,968
• − Mortgage interest: −$3,921
• − Property taxes: −$890
• − Insurance: −$350
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − Depreciation: −$2,036
• Taxable income: $9,576
• Est. tax owed @ 24.0%: −$2,298
• After-tax cash flow: $7,832/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: Charles City Community School District
• NCES district ID: 1907080
• Math proficiency: 52% ▼ -3.00%
• Reading proficiency: 61% ▲ 9.00%
• Median HH income: $41,414
• Composite: 47.32/100
• National rank: #2299
• State rank: #262 of 289 in IA

Livability — Charles City

• Score: 77/100
• State rank: #161
• US rank: #2944

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charles City, IA
• City population: 9,419
• Population (ZIP): 9,419

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Scandinavian 2% Lithuanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Asian/Pacific 1% Tagalog/Filipino 1%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.03%
• Current HPI: 187.4742
• 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

+250.0% since first listed

3 events — show timeline

• 2025-11-22 Listed $70,000 NEIRBR as distributed by MLS GRID
• 2018-01-08 Sold (Public Records) $29,000 Public Records
• 1998-04-08 Sold (Public Records) $20,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $890 · +0.5% YoY. Source: county tax records.