109 Center St · Manning, IA 51455

$289,900

6 bd · 5.0 ba · 1,590 sqft · MultiFamily · 25 Days on market

Built 2025 8,712 sqft lot

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Cash flow +5.8/30.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.2/10.0

Multi-family units

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

Listing remarks

: Located in Manning! This beautiful new 3-bedroom, 2.5-bath duplex offers a unique style with an open floor plan and high ceilings throughout. Step into the spacious living room that flows seamlessly into the kitchen and dining area, creating a bright and inviting space for everyday living and entertaining. Convenient main-floor laundry adds to the ease of living. You’ll love the quality kitchen featuring quartz countertops, stylish farmhouse sink, breakfast bar, brand-new appliances, and many special features throughout. The dining area offers plenty of space for family gatherings and includes patio doors leading to the deck. Upper level includes 3 bedrooms, highlighted by a spacio

Key facts

• Open floor plan
• Quartz countertops
• Farmhouse sink

Tags

• OPEN FLOOR PLAN
• HIGH CEILINGS
• QUALITY KITCHEN
• QUARTZ COUNTERTOPS
• FARMHOUSE SINK
• BREAKFAST BAR

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water service; Public sewer service
• Home design: Duplex (residential); One common wall
• Construction: Fiber cement exterior
• Exterior features: Lot approximately 0.2 acres (50 x 150); Public water; Public sewer

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 half bathroom; 1 one-quarter bathroom
• Interior features: Fireplace; Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $-577 ($-7k/yr) — negative. Per door: $-289/mo.
• To cash-flow at today's rent, offer at most $206k (28.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (37.7% below list).
• Recommended offer: $180k (37.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 79/100 on livability (#107 in IA, #2,085 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Ikm-Manning Community School District (rural): math 75% / reading 78% proficiency, ranked #58 of 289 in IA (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Irwin Elementary School (math 84% / reading 64%, grade A, #131 of 616 statewide, top 27%, 230 students, 39% FRL); Ikm-Manning Middle School (math 78% / reading 80%, grade A+, #42 of 246 statewide, top 17%, 284 students, 35% FRL); Ikm-Manning High School (math 67% / reading 82%, grade B+, #89 of 336 statewide, top 30%, 196 students, 39% FRL).
• Market conditions: 36 active listings in the ZIP; 32 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Carroll County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.

Recommended offer $180,500 (37.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.62% ✗
• Cap rate: 3.90%
• Cash-on-cash: -8.54%
• DSCR: 0.62
• GRM: 13.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 18.3%
• Equity multiple: 2.49×
• Total profit: $121,134
• Equity at exit: $261,165

10-year hold

• IRR: 17.0%
• Equity multiple: 5.75×
• Total profit: $385,698
• Equity at exit: $563,212

Cash invested: $81,172 (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 51455

• Active inventory: 36
• Price-to-rent: 26.8×

Monthly cashflow live

• Estimated rent: $1,805 medium
• Mortgage (P&I): −$1,520
• Tax est. 1.5%: −$362 /mo · $4,348/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-577

Break-even live

Break-even rent $2,536

Max offer price $206,337

Occupancy floor —

Sensitivity live

Price	-10% $-377	-5% $-477	+0% $-577	+5% $-678	+10% $-778
Rent	-10% $-720	-5% $-649	+0% $-577	+5% $-506	+10% $-435
Rate	-1.0pp $-431	-0.5pp $-504	base $-577	+0.5pp $-653	+1.0pp $-729

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$1,806
Total (2 units)			$1,805

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $289,900 Active 25 DOM
2. 2026-06-21
   days on market $289,900 Active 24 DOM
3. 2026-06-21
   days on market $289,900 Active 23 DOM
4. 2026-06-18
   days on market $289,900 Active 21 DOM
5. 2026-06-17
   days on market $289,900 Active 20 DOM
6. 2026-06-16
   days on market $289,900 Active 19 DOM
7. 2026-06-15
   days on market $289,900 Active 18 DOM
8. 2026-06-13
   days on market $289,900 Active 16 DOM
9. 2026-06-12
   days on market $289,900 Active 15 DOM
10. 2026-06-09
    days on market $289,900 Active 12 DOM
11. 2026-06-08
    days on market $289,900 Active 11 DOM
12. 2026-06-07
    days on market $289,900 Active 10 DOM
13. 2026-06-07
    days on market $289,900 Active 9 DOM
14. 2026-06-04
    days on market $289,900 Active 6 DOM
15. 2026-06-02
    days on market $289,900 Active 5 DOM
16. 2026-06-01
    days on market $289,900 Active 4 DOM
17. 2026-05-31
    days on market $289,900 Active 3 DOM
18. 2026-05-31
    days on market $289,900 Active 2 DOM
19. 2026-05-27
    listed $289,900 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 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: $21,660
• − Mortgage interest: −$16,239
• − Property taxes: −$4,348
• − Insurance: −$1,450
• − Repairs & maintenance: −$1,733
• − Management: −$1,733
• − Depreciation: −$8,433
• Taxable loss: −$12,276
• Est. tax savings @ 24.0%: +$2,946
• After-tax cash flow: $-3,984/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: Ikm-Manning Community School District
• NCES district ID: 1914880
• Math proficiency: 75% ▼ -1.00%
• Reading proficiency: 78% ▬ 0.00%
• Median HH income: $49,285
• Composite: 64.68/100
• National rank: #524
• State rank: #58 of 289 in IA

Livability — Manning

• Score: 79/100
• State rank: #107
• US rank: #2085

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manning, IA
• City population: 2,303
• Population (ZIP): 2,303

Population outlook (Carroll County) Hauer SSP2

• Today (2025): 19,745 people
• By 2030: 19,244 · -2.5%
• By 2040: 18,251 · -7.6%
• By 2050: 17,223 · -12.8%
• By 2075: 16,258 · -17.7%
• By 2100: 15,591 · -21.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Slovak 4% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Carroll

• 2024 margin: Solid R (+41.9) · D 28.4% · R 70.3% · Other 1.4%
• 2008→2024 swing: -45.6pp toward R · 2008: 3.6pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+37.8 2016: R+31.8 2012: R+6.3 2008: D+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 106.68%
• Current HPI: 296.99
• 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

• 2026-05-27 Listed $289,900 IAR