312 S Brewer St · Manchester, IA 52057

$139,000

4 bd · 2.0 ba · 2,087 sqft · MultiFamily public records · 116 Days on market

Built 1900 $67/sqft · 298% 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
• Schools +6.5/10.0
• Livability +4.1/5.0
• 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

What is hot on the market these days? Yep rentals! This duplex has both units filled with long time renters that want to stay:) Beautiful lot great location close to all the amenities for every day life! Each unit has it's own utilities set up. Lets start building your house farming portfolio today!

Key facts

• Great location
• Own utilities
• Duplex

Tags

• DUPLEX
• OWN UTILITIES
• GREAT LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $736 ($9k/yr) — positive. Per door: $368/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $126k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 2.1% in Manchester — 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 82/100 on livability (#51 in IA, #1,250 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• West Delaware County Community School District (town): math 73% / reading 81% proficiency, ranked #49 of 289 in IA (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 59 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $84k; list at $139k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,490 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — 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. 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?
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: 1.53% ✓
• Cap rate: 12.65%
• Cash-on-cash: 22.70%
• DSCR: 2.01
• GRM: 5.5

CMA / ARV

• ARV (median comp): $35,000
• List price: $139,000
• Delta: 297.14%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 E Main St	0.35mi	4/2.0	2,021 (-3%)	1mo	$35,000	$17	77

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: 15.6%
• Equity multiple: 1.63×
• Total profit: $24,395
• Equity at exit: $20,725

10-year hold

• IRR: 24.3%
• Equity multiple: 3.10×
• Total profit: $81,712
• Equity at exit: $12,018

Cash invested: $38,920 (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 52057

• Home prices YoY: -19.7%
• Active inventory: 59
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,122 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$153 /mo · $1,838/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $736

Break-even live

Break-even rent $1,190

Max offer price $139,000

Occupancy floor 60%

Sensitivity live

Price	-10% $815	-5% $776	+0% $736	+5% $697	+10% $658
Rent	-10% $569	-5% $653	+0% $736	+5% $820	+10% $904
Rate	-1.0pp $806	-0.5pp $772	base $736	+0.5pp $700	+1.0pp $664

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,122
Total (2 units)			$2,122

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-08
   days on market $139,000 Active 116 DOM
2. 2026-06-07
   days on market $139,000 Active 115 DOM
3. 2026-06-07
   days on market $139,000 Active 114 DOM
4. 2026-06-04
   days on market $139,000 Active 111 DOM
5. 2026-06-02
   days on market $139,000 Active 110 DOM
6. 2026-06-01
   days on market $139,000 Active 109 DOM
7. 2026-05-31
   days on market $139,000 Active 108 DOM
8. 2026-05-31
   days on market $139,000 Active 107 DOM
9. 2026-02-12
   listed $139,000 Active 302-char remark

   Show marketing remark (302 chars)

   What is hot on the market these days? Yep rentals! This duplex has both units filled with long time renters that want to stay:) Beautiful lot great location close to all the amenities for every day life! Each unit has it's own utilities set up. Lets start building your house farming portfolio today!

10. 2025-09-22
    price $139,000
11. 2024-12-19
    price $149,000
12. 2024-10-02
    status Active
13. 2024-08-13
    historical Active Under Contract
14. 2024-06-07
    listed $158,000 Active
15. 2013-03-26
    soldstatus $84,000
16. 2001-05-23
    soldstatus $41,500

ⓘ 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: $1,838 · $153/mo
• Projected year-2 tax: $2,010 · $168/mo
• Expected delta: +$172/yr (+$14/mo · 9.4%)

ⓘ 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 ≥100°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: $25,464
• − Mortgage interest: −$7,786
• − Property taxes: −$1,838
• − Insurance: −$695
• − Repairs & maintenance: −$2,037
• − Management: −$2,037
• − Depreciation: −$4,044
• Taxable income: $7,027
• Est. tax owed @ 24.0%: −$1,686
• After-tax cash flow: $7,150/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: West Delaware County Community School District
• NCES district ID: 1930900
• Math proficiency: 73% ▼ -2.00%
• Reading proficiency: 81% ▲ 5.00%
• Median HH income: $52,373
• Composite: 65.37/100
• National rank: #484
• State rank: #49 of 289 in IA

Livability — Manchester

• Score: 82/100
• State rank: #51
• US rank: #1250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manchester, IA
• City population: 7,883
• Population (ZIP): 7,883

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 16,718 people
• By 2030: 16,267 · -2.7%
• By 2040: 15,277 · -8.6%
• By 2050: 14,198 · -15.1%
• By 2075: 12,804 · -23.4%
• By 2100: 11,678 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 3% Italian 2% Iranian 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Delaware

• 2024 margin: Solid R (+39.6) · D 29.4% · R 69.1% · Other 1.5%
• 2008→2024 swing: -45.6pp toward R · 2008: 6.0pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+35.1 2016: R+29.8 2012: R+0.2 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.71%
• Current HPI: 222.5625
• 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

+234.9% since first listed

8 events — show timeline

• 2026-02-12 Listed $139,000 ECIMLS
• 2025-09-22 Price Changed $139,000 ECIMLS
• 2024-12-19 Price Changed $149,000 ECIMLS
• 2024-10-02 Relisted — ECIMLS
• 2024-08-13 Contingent — ECIMLS
• 2024-06-07 Listed $158,000 ECIMLS
• 2013-03-26 Sold (Public Records) $84,000 Public Records
• 2001-05-23 Sold (Public Records) $41,500 Public Records

Property tax history

+4.4%/yr

Latest (2025): $1,838 · +2.1% YoY. Source: county tax records.