222 & 224 W Elm St · Cherokee, IA 51012

$140,000

4 bd · 4.0 ba · 1,952 sqft · MultiFamily · 287 Days on market

Built 1905 Fair condition 4,800 sqft lot

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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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

GREAT FOR INVESTMENT PROPERTY!!! This is a duplex with one unit on main floor and one on the second floor. Main floor unit has an eat-in kitchen, full bath, bedroom, dining room, and living room. Second floor unit has a kitchen, living room, bedroom, bath, and a possible bedroom or den. The property has a new roof, new siding, new windows, and majority of the flooring is new. There is a basement where laundry is located. I has a 3 car garage with a shop area with alley access.

Key facts

• New siding
• Basement
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• NEW ROOF
• NEW SIDING
• NEW WINDOWS
• MAJORITY OF NEW FLOORING
• BASEMENT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $460 ($6k/yr) — positive. Per door: $230/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.9% in Cherokee — 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 80/100 on livability (#83 in IA, #1,698 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Cherokee Community School District (town): math 65% / reading 67% proficiency, ranked #191 of 289 in IA (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 44 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cherokee County population projected at -23% 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 ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 287 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $140k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 287 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-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?
9. 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.
10. 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.
11. 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: 1.29% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.08%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 4.4%
• Equity multiple: 1.17×
• Total profit: $6,640
• Equity at exit: $20,874

10-year hold

• IRR: 13.9%
• Equity multiple: 2.11×
• Total profit: $43,620
• Equity at exit: $12,105

Cash invested: $39,200 (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 51012

• Home prices YoY: -21.1%
• Active inventory: 44
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $1,807 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $460

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 70%

Sensitivity live

Price	-10% $557	-5% $508	+0% $460	+5% $412	+10% $363
Rent	-10% $317	-5% $389	+0% $460	+5% $531	+10% $603
Rate	-1.0pp $531	-0.5pp $496	base $460	+0.5pp $424	+1.0pp $387

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,808
Total (2 units)			$1,807

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
900 Rock Island Ave Cherokee, IA	2.0–3.0	1.0–2.0	1058	$1,245	$1.18	21d	12	0.73mi

Listing history 21 events

1. 2026-06-21
   days on market $140,000 Active 287 DOM
2. 2026-06-18
   days on market $140,000 Active 285 DOM
3. 2026-06-17
   days on market $140,000 Active 284 DOM
4. 2026-06-16
   days on market $140,000 Active 283 DOM
5. 2026-06-15
   days on market $140,000 Active 282 DOM
6. 2026-06-13
   days on market $140,000 Active 280 DOM
7. 2026-06-12
   days on market $140,000 Active 279 DOM
8. 2026-06-09
   days on market $140,000 Active 276 DOM
9. 2026-06-08
   days on market $140,000 Active 275 DOM
10. 2026-06-07
    days on market $140,000 Active 274 DOM
11. 2026-06-07
    days on market $140,000 Active 273 DOM
12. 2026-06-04
    days on market $140,000 Active 270 DOM
13. 2026-06-02
    days on market $140,000 Active 269 DOM
14. 2026-06-01
    days on market $140,000 Active 268 DOM
15. 2026-05-31
    days on market $140,000 Active 267 DOM
16. 2026-05-31
    days on market $140,000 Active 266 DOM
17. 2026-02-26
    price $140,000 482-char remark

    Show marketing remark (482 chars)

    GREAT FOR INVESTMENT PROPERTY!!! This is a duplex with one unit on main floor and one on the second floor. Main floor unit has an eat-in kitchen, full bath, bedroom, dining room, and living room. Second floor unit has a kitchen, living room, bedroom, bath, and a possible bedroom or den. The property has a new roof, new siding, new windows, and majority of the flooring is new. There is a basement where laundry is located. I has a 3 car garage with a shop area with alley access.

18. 2026-01-02
    status Active 482-char remark

    Show marketing remark (482 chars)

    GREAT FOR INVESTMENT PROPERTY!!! This is a duplex with one unit on main floor and one on the second floor. Main floor unit has an eat-in kitchen, full bath, bedroom, dining room, and living room. Second floor unit has a kitchen, living room, bedroom, bath, and a possible bedroom or den. The property has a new roof, new siding, new windows, and majority of the flooring is new. There is a basement where laundry is located. I has a 3 car garage with a shop area with alley access.

19. 2025-09-05
    listed $150,000 Active 482-char remark

    Show marketing remark (482 chars)

    GREAT FOR INVESTMENT PROPERTY!!! This is a duplex with one unit on main floor and one on the second floor. Main floor unit has an eat-in kitchen, full bath, bedroom, dining room, and living room. Second floor unit has a kitchen, living room, bedroom, bath, and a possible bedroom or den. The property has a new roof, new siding, new windows, and majority of the flooring is new. There is a basement where laundry is located. I has a 3 car garage with a shop area with alley access.

20. 2023-10-12
    soldstatus $70,000 Closed 166-char remark

    Show marketing remark (166 chars)

    This is a duplex with 2 bedroom, one bath units. Kitchen with dining area and living room. there is a 3 car garage in the back with alley access. Investment Property!

21. 2023-08-28
    listed $75,000 Active 166-char remark

    Show marketing remark (166 chars)

    This is a duplex with 2 bedroom, one bath units. Kitchen with dining area and living room. there is a 3 car garage in the back with alley access. Investment Property!

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 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: $21,684
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,735
• − Management: −$1,735
• − Depreciation: −$4,073
• Taxable income: $3,500
• Est. tax owed @ 24.0%: −$840
• After-tax cash flow: $4,680/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

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to the kitchens and bathrooms, but has a good roof, siding, and foundation. Updating the kitchens and bathrooms will significantly increase its value for both resale and rental.

Repairs flagged

• Major kitchen cabinets — severely dated and in poor condition
• Major bathroom cabinets — severely dated and in poor condition
• Major kitchen countertops — severely dated and in poor condition
• Major bathroom fixtures — severely dated and in poor condition

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen will appeal to both buyers and renters
• Both update bathroom cabinets and fixtures — modernizing the bathrooms will appeal to both buyers and renters
• Both paint interior walls — fresh paint will improve the overall appearance and appeal of the home

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely dated and in poor condition	Major	$15,000–50,000
bathroom cabinets · severely dated and in poor condition	Major	$15,000–50,000
kitchen countertops · severely dated and in poor condition	Major	$15,000–50,000
bathroom fixtures · severely dated and in poor condition	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen will appeal to both buyers and renters ↑
• Both update bathroom cabinets and fixtures — modernizing the bathrooms will appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint will improve the overall appearance and appeal of the home ↑

ⓘ 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: Cherokee Community School District
• NCES district ID: 1907170
• Math proficiency: 65% ▼ -5.00%
• Reading proficiency: 67% ▲ 2.00%
• Median HH income: $45,935
• Composite: 55.66/100
• National rank: #1226
• State rank: #191 of 289 in IA

Livability — Cherokee

• Score: 80/100
• State rank: #83
• US rank: #1698

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cherokee, IA
• City population: 6,313
• Population (ZIP): 6,313

Population outlook (Cherokee County) Hauer SSP2

• Today (2025): 10,631 people
• By 2030: 10,077 · -5.2%
• By 2040: 9,015 · -15.2%
• By 2050: 8,175 · -23.1%
• By 2075: 7,192 · -32.3%
• By 2100: 6,738 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Iranian 3% Slovak 1% Portuguese 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7% Other Asian/Pacific 1%

Political lean MEDSL · Cherokee

• 2024 margin: Solid R (+45.8) · D 26.5% · R 72.2% · Other 1.3%
• 2008→2024 swing: -38.2pp toward R · 2008: -7.6pp · 2024: -45.8pp
• All cycles: 2024: R+45.8 2020: R+39.3 2016: R+40.6 2012: R+16.2 2008: R+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.34%
• Current HPI: 221.5831
• 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

+86.7% since first listed

5 events — show timeline

• 2026-02-26 Price Changed $140,000 NWIA
• 2026-01-02 Relisted — NWIA
• 2025-09-05 Listed $150,000 NWIA
• 2023-10-12 Sold (MLS) $70,000 NWIA
• 2023-08-28 Listed $75,000 NWIA