704 3rd St Unit 704 & 301 · Reinbeck, IA 50669

$224,500

4 bd · 0.0 ba · 3,688 sqft · MultiFamily · 36 Days on market

Built 1969 Average condition 7,200 sqft lot Est $207k · 9% 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 +17.1/30.0
• Appreciation +10.0/10.0
• Schools +6.4/10.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• ARV discount +3.6/15.0
• Livability +3.5/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Discover the perfect blend of small-town charm and savvy financial opportunity at 704 3rd St. This well-maintained duplex offers nearly 3,700 sq. ft. of total structure space, making it a rare find in the desirable Reinbeck market. Whether you're looking for a rock-solid addition to your investment portfolio or a "house-hacking" dream where your tenant covers the mortgage, this property is ready for its next chapter. Two Units, Double the Potential: The layout of each unit features 2 spacious bedrooms and 1 full bath on the main level. The West unit is home to a reliable, long-term tenant, while the East unit is currently vacant and move-in ready. Room to Grow: The expansive conc

Key facts

• Durable vinyl siding
• 2 carport spaces
• Central air

Tags

• WELL MAINTAINED DUPLEX
• EXPANSIVE CONCRETE BASEMENT
• 2 STALL DETACHED GARAGE
• 2 CARPORT SPACES
• DURABLE VINYL SIDING
• CENTRAL AIR

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $224k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive. Per door: $78/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (3.7% below list).
• Recommended offer: $216k (3.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#382 in IA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Gladbrook-Reinbeck Community School District (rural): math 76% / reading 74% proficiency, ranked #71 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Gladbrook-Reinbeck Elementary School (math 77% / reading 67%, grade A-, #181 of 616 statewide, top 34%, 253 students, 33% FRL); Gladbrook-Reinbeck Jr. High & High School (math 77% / reading 77%, grade A-, #60 of 336 statewide, top 21%, 212 students, 35% FRL).
• Market conditions: 14 active listings in the ZIP; 14 units permitted in Grundy County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.

Recommended offer $216,100 (3.7% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 4% 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 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.96% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.97%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $206,528
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
704 3rd St Unit 704 & 301	0.00mi	4/—	3,688 (0%)	1mo	$205,000	$56	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.4%
• Equity multiple: 3.10×
• Total profit: $132,219
• Equity at exit: $202,247

10-year hold

• IRR: 23.2%
• Equity multiple: 7.07×
• Total profit: $381,629
• Equity at exit: $436,154

Cash invested: $62,860 (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 50669

• Home prices YoY: 4.9%
• Active inventory: 14
• Price-to-rent: 17.3×

Monthly cashflow live

• Estimated rent: $2,161 medium
• Mortgage (P&I): −$1,177
• Tax est. 1.5%: −$281 /mo · $3,368/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $156

Break-even live

Break-even rent $1,964

Max offer price $224,500

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,160
Total (2 units)			$2,161

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: $56,125
• Closing costs: $6,735
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-21
   status Pending
2. 2026-03-16
   listed $224,500 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $25,932
• − Mortgage interest: −$12,575
• − Property taxes: −$3,368
• − Insurance: −$1,122
• − Repairs & maintenance: −$2,075
• − Management: −$2,075
• − Depreciation: −$6,531
• Taxable loss: −$1,814
• Est. tax savings @ 24.0%: +$435
• After-tax cash flow: $2,304/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

Average 55/100 Moderate rehab

This two-unit property offers a moderate level of rehab with average condition in need of updates to kitchen, bathroom, and exterior. Potential buyers and renters would appreciate modernizing these areas to increase value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Moderate exterior siding — moderate wear

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters
• Both replace bathroom fixtures — modernizing the bathroom would appeal to both buyers and renters
• Both repair/replace exterior siding — improving the exterior would increase curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
exterior siding · moderate wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen would appeal to both buyers and renters ↑
• Both replace bathroom fixtures — modernizing the bathroom would appeal to both buyers and renters ↑
• Both repair/replace exterior siding — improving the exterior would increase curb appeal and property value ↑

ⓘ 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: Gladbrook-Reinbeck Community School District
• NCES district ID: 1912660
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 74% ▲ 9.00%
• Median HH income: $55,866
• Composite: 64.09/100
• National rank: #576
• State rank: #71 of 289 in IA

Livability — Reinbeck

• Score: 70/100
• State rank: #382
• US rank: #8130

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reinbeck, IA
• Population (ZIP): 2,447

Population outlook (Grundy County) Hauer SSP2

• Today (2025): 12,452 people
• By 2030: 12,452 · +0.0%
• By 2040: 12,437 · -0.1%
• By 2050: 12,370 · -0.7%
• By 2075: 12,495 · +0.3%
• By 2100: 11,823 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 3% Two or more races 3% Native American 1%
• Common ancestry: Portuguese 3% Slovak 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Grundy

• 2024 margin: Solid R (+41.8) · D 28.3% · R 70.1% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: -16.9pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+37.4 2016: R+39.5 2012: R+23.1 2008: R+16.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.93%
• Current HPI: 257.04
• 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

2 events — show timeline

• 2026-04-21 Pending — NEIRBR as distributed by MLS GRID
• 2026-03-16 Listed $224,500 NEIRBR as distributed by MLS GRID