513-515 12th St · Sioux City, IA 51105

$665,000

120 bd · 108.0 ba · 6,462 sqft · MultiFamily · 141 Days on market

Built 1892 Good condition 6,000 sqft lot $103/sqft · 107% above area

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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
• Appreciation +6.9/10.0
• Schools +4.7/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

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

Discover an incredible investment opportunity with this well-maintained 12-unit multifamily complex in Sioux City. Properties of this size and condition rarely hit the market, making this a standout chance to expand—or kickstart—your portfolio. This complex has undergone extensive updates, including all new electrical and plumbing, newer siding, windows, flooring, water heaters, and a brand-new roof. Each unit is equipped with its own mini-split HVAC system, providing efficient heating and cooling that modern renters appreciate. With major improvements already completed and strong rental potential, this is a turn-key asset that doesn’t come around often. Don’t miss the opportunity to add this exceptional property to your portfolio. Seller is a licensed real estate agent in Iowa.

Key facts

• Newer flooring
• Newer water heaters
• Refreshed roof

Tags

• 12 UNIT MULTIFAMILY COMPLEX
• NEWER SIDING
• NEWER WINDOWS
• NEWER FLOORING
• NEWER WATER HEATERS
• REFRESHED ROOF

What this means for you Summary

Snapshot

• This is a 12 × 10-bed/9.0-bath units multifamily listed at $665k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $7k ($80k/yr) — positive. Per door: $555/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $665k).
• Recommended offer: $585k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.3% 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: 31 active listings in the ZIP; 170 units permitted in Woodbury County in 2024 (90 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($5k loan paydown + $25k appreciation (3.8% local appreciation)).
• At projected returns (3.8% appreciation + 3.0% rent growth), your $186k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($585k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $83k; list at $665k implies a 701% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $585,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 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 1892 — 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. 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?
8. 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.
9. 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.
10. 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: 2.14% ✓
• Cap rate: 18.30%
• Cash-on-cash: 42.89%
• DSCR: 2.91
• GRM: 3.9

CMA / ARV

• ARV (median comp): $321,698
• List price: $665,000
• Delta: 106.72%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

3.78% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.3%
• Equity multiple: 3.86×
• Total profit: $532,104
• Equity at exit: $328,679

10-year hold

• IRR: 48.3%
• Equity multiple: 7.81×
• Total profit: $1,267,193
• Equity at exit: $530,921

Cash invested: $186,200 (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 51105

• Home prices YoY: 1.7%
• Active inventory: 31
• Price-to-rent: 46.7×

Monthly cashflow live

• Estimated rent: $14,242 medium
• Mortgage (P&I): −$3,487
• Tax est. 1.5%: −$831 /mo · $9,975/yr
• Insurance: −$277
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,991
• Net cashflow: $6,656

Break-even live

Break-even rent $5,817

Max offer price $665,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 12× units	10	9	$14,244
Total (12 units)			$14,242

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: $166,250
• Closing costs: $19,950
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-05
   days on market $665,000 Active 141 DOM
2. 2026-06-02
   days on market $665,000 Active 139 DOM
3. 2026-06-01
   days on market $665,000 Active 138 DOM
4. 2026-05-31
   days on market $665,000 Active 137 DOM
5. 2026-05-30
   days on market $665,000 Active 136 DOM
6. 2026-05-20
   status Pending 813-char remark

   Show marketing remark (813 chars)

   Discover an incredible investment opportunity with this well-maintained 12-unit multifamily complex in Sioux City. Properties of this size and condition rarely hit the market, making this a standout chance to expand—or kickstart—your portfolio. This complex has undergone extensive updates, including all new electrical and plumbing, newer siding, windows, flooring, water heaters, and a brand-new roof. Each unit is equipped with its own mini-split HVAC system, providing efficient heating and cooling that modern renters appreciate. With major improvements already completed and strong rental potential, this is a turn-key asset that doesn’t come around often. Don’t miss the opportunity to add this exceptional property to your portfolio. Seller is a licensed real estate agent in Iowa.

7. 2026-02-20
   status Active 813-char remark

   Show marketing remark (813 chars)

   Discover an incredible investment opportunity with this well-maintained 12-unit multifamily complex in Sioux City. Properties of this size and condition rarely hit the market, making this a standout chance to expand—or kickstart—your portfolio. This complex has undergone extensive updates, including all new electrical and plumbing, newer siding, windows, flooring, water heaters, and a brand-new roof. Each unit is equipped with its own mini-split HVAC system, providing efficient heating and cooling that modern renters appreciate. With major improvements already completed and strong rental potential, this is a turn-key asset that doesn’t come around often. Don’t miss the opportunity to add this exceptional property to your portfolio. Seller is a licensed real estate agent in Iowa.

8. 2026-01-19
   status Pending 813-char remark

   Show marketing remark (813 chars)

   Discover an incredible investment opportunity with this well-maintained 12-unit multifamily complex in Sioux City. Properties of this size and condition rarely hit the market, making this a standout chance to expand—or kickstart—your portfolio. This complex has undergone extensive updates, including all new electrical and plumbing, newer siding, windows, flooring, water heaters, and a brand-new roof. Each unit is equipped with its own mini-split HVAC system, providing efficient heating and cooling that modern renters appreciate. With major improvements already completed and strong rental potential, this is a turn-key asset that doesn’t come around often. Don’t miss the opportunity to add this exceptional property to your portfolio. Seller is a licensed real estate agent in Iowa.

9. 2025-12-05
   listed $665,000 Active 813-char remark

   Show marketing remark (813 chars)

   Discover an incredible investment opportunity with this well-maintained 12-unit multifamily complex in Sioux City. Properties of this size and condition rarely hit the market, making this a standout chance to expand—or kickstart—your portfolio. This complex has undergone extensive updates, including all new electrical and plumbing, newer siding, windows, flooring, water heaters, and a brand-new roof. Each unit is equipped with its own mini-split HVAC system, providing efficient heating and cooling that modern renters appreciate. With major improvements already completed and strong rental potential, this is a turn-key asset that doesn’t come around often. Don’t miss the opportunity to add this exceptional property to your portfolio. Seller is a licensed real estate agent in Iowa.

10. 2019-10-14
    soldstatus $83,000 160-char remark

    Show marketing remark (160 chars)

    12 units mostly rented. 513 #6 $425, 1 Br. 515 side #1@2 $525, 2 Br. #3 $450, 1 Br. #4 $430, 1 Br. #5 $350, #6 $425 1 Br. , 3rd Floor No Sprinkler 2 Br, Vacant.

11. 2019-06-24
    listed $85,000 160-char remark

    Show marketing remark (160 chars)

    12 units mostly rented. 513 #6 $425, 1 Br. 515 side #1@2 $525, 2 Br. #3 $450, 1 Br. #4 $430, 1 Br. #5 $350, #6 $425 1 Br. , 3rd Floor No Sprinkler 2 Br, Vacant.

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $170,904
• − Mortgage interest: −$37,250
• − Property taxes: −$9,975
• − Insurance: −$3,325
• − Repairs & maintenance: −$13,672
• − Management: −$13,672
• − Depreciation: −$19,345
• Taxable income: $73,664
• Est. tax owed @ 24.0%: −$17,679
• After-tax cash flow: $62,187/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 · 2 photos

Good 80/100 Cosmetic rehab

This 12-unit multifamily complex is in good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Both Paint exterior and trim — Fresh paint enhances curb appeal and can improve the home's resale value
• Both Replace worn-out carpet in common areas — Fresh carpet can improve the home's rental appeal and resale value
• Both Upgrade common area lighting — Modern lighting can improve the home's curb appeal and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and trim — Fresh paint enhances curb appeal and can improve the home's resale value ↑
• Both Replace worn-out carpet in common areas — Fresh carpet can improve the home's rental appeal and resale value ↑
• Both Upgrade common area lighting — Modern lighting can improve the home's curb appeal and rental appeal ↑

ⓘ 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
• City population: 51,789
• Population (ZIP): 10,726

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 40% White 38% Two or more races 29% Black 10% Native American 3% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Portuguese 2% Iranian 1% Romanian 1%
• Foreign-born: 25% · Canada, Vietnam
• Languages at home: 55% English-only · Spanish 36% Vietnamese 2% Other Asian/Pacific 1%

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: ▲ 3.78%
• Current HPI: 226.3786
• 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

+682.4% since first listed

6 events — show timeline

• 2026-05-20 Pending — NWIA
• 2026-02-20 Relisted — NWIA
• 2026-01-19 Pending — NWIA
• 2025-12-05 Listed $665,000 NWIA
• 2019-10-14 Sold (MLS) $83,000 NWIA
• 2019-06-24 Listed $85,000 NWIA