905 N Court St · Ottumwa, IA 52501

$108,000

4 bd · 4.0 ba · 3,552 sqft · MultiFamily public records · 448 Days on market

Built 1910 0.38 ac lot $30/sqft · 37% below area Est $173k · 37% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Unique home with abundant character in one of Ottumwa's historical districts. Offering plenty of square footage, stained glass windows, fireplace, and wood floors throughout. Vintage bath fixtures. Most currently used as a single family home, but could go back to a 4 unit rental if so desired. Lots of potential and opportunity here. Also offering a full basement, 2 car tuck under garage, and good sized yard. You won't want to miss the chance to fix this wonderful home up to it's full potential. Seller is selling this property as is. Will need a heating system added. Contact an agent to schedule a showing.

Key facts

• Wood floors
• Full basement
• Good sized yard

Tags

• STAINED GLASS WINDOWS
• FIREPLACE
• WOOD FLOORS
• VINTAGE BATH FIXTURES
• FULL BASEMENT
• GOOD SIZED YARD

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $108k.

Deal economics

• At list price, monthly cash flow is $611 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $108k).
• Recommended offer: $95k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 5.9% in Ottumwa — 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 (#91 in IA, #1,900 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, employment D-.
• Ottumwa Community School District (town): math 50% / reading 54% proficiency, ranked #277 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 186 active listings in the ZIP; 44 units permitted in Wapello County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $747 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wapello County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 448 days — a 12% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $75k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 448 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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?
6. 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.
7. 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.
8. 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: 1.47% ✓
• Cap rate: 13.08%
• Cash-on-cash: 24.25%
• DSCR: 2.08
• GRM: 5.7

CMA / ARV

• ARV (median comp): $172,625
• List price: $108,000
• Delta: -37.44%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 17.5%
• Equity multiple: 1.71×
• Total profit: $21,376
• Equity at exit: $16,103

10-year hold

• IRR: 26.0%
• Equity multiple: 3.27×
• Total profit: $68,571
• Equity at exit: $9,338

Cash invested: $30,240 (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 52501

• Active inventory: 186
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,592 medium
• Mortgage (P&I): −$566
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $611

Break-even live

Break-even rent $819

Max offer price $108,000

Occupancy floor 57%

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: $27,000
• Closing costs: $3,240
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $108,000 Active 448 DOM
2. 2026-06-17
   days on market $108,000 Active 447 DOM
3. 2026-06-16
   days on market $108,000 Active 446 DOM
4. 2026-06-15
   days on market $108,000 Active 445 DOM
5. 2026-06-13
   days on market $108,000 Active 443 DOM
6. 2026-06-12
   days on market $108,000 Active 442 DOM
7. 2026-06-09
   days on market $108,000 Active 439 DOM
8. 2026-06-08
   days on market $108,000 Active 438 DOM
9. 2026-06-07
   days on market $108,000 Active 437 DOM
10. 2026-06-07
    days on market $108,000 Active 436 DOM
11. 2026-06-04
    days on market $108,000 Active 433 DOM
12. 2026-06-02
    days on market $108,000 Active 432 DOM
13. 2026-06-01
    days on market $108,000 Active 431 DOM
14. 2026-05-31
    days on market $108,000 Active 430 DOM
15. 2026-05-31
    days on market $108,000 Active 429 DOM
16. 2025-10-01
    price $108,000 612-char remark

    Show marketing remark (612 chars)

    Unique home with abundant character in one of Ottumwa's historical districts. Offering plenty of square footage, stained glass windows, fireplace, and wood floors throughout. Vintage bath fixtures. Most currently used as a single family home, but could go back to a 4 unit rental if so desired. Lots of potential and opportunity here. Also offering a full basement, 2 car tuck under garage, and good sized yard. You won't want to miss the chance to fix this wonderful home up to it's full potential. Seller is selling this property as is. Will need a heating system added. Contact an agent to schedule a showing.

17. 2025-03-28
    listed $110,000 Active 612-char remark

    Show marketing remark (612 chars)

    Unique home with abundant character in one of Ottumwa's historical districts. Offering plenty of square footage, stained glass windows, fireplace, and wood floors throughout. Vintage bath fixtures. Most currently used as a single family home, but could go back to a 4 unit rental if so desired. Lots of potential and opportunity here. Also offering a full basement, 2 car tuck under garage, and good sized yard. You won't want to miss the chance to fix this wonderful home up to it's full potential. Seller is selling this property as is. Will need a heating system added. Contact an agent to schedule a showing.

18. 2023-05-15
    soldstatus $75,000
19. 2023-05-12
    soldstatus $75,000 Closed 922-char remark

    Show marketing remark (922 chars)

    Looking for a historical home with an abundance of square footage or looking for your next investment? This property will meet your needs! This historical home has many original features, is located in Ottumwa's Court Hill Historic District and boasts over 3500 square feet! The beautiful home was originally built as a single family dwelling, and has been used as a 4 unit rental, however, it could become a single family dwelling again. With the abundance of space, you could have additional bedrooms, if needed. Some of the historical features are on the main floor, a beautiful fireplace with an ornate mantle, original trim/baseboards and wood floors throughout, original wood doors, some original lighting, original bathroom tile, toilet and sinks. There are two tuck under garages and driveway for off-street parking and property offers a large back yard! Call an agent today to view this unique, piece of history!

20. 2023-04-26
    status Pending 922-char remark

    Show marketing remark (922 chars)

    Looking for a historical home with an abundance of square footage or looking for your next investment? This property will meet your needs! This historical home has many original features, is located in Ottumwa's Court Hill Historic District and boasts over 3500 square feet! The beautiful home was originally built as a single family dwelling, and has been used as a 4 unit rental, however, it could become a single family dwelling again. With the abundance of space, you could have additional bedrooms, if needed. Some of the historical features are on the main floor, a beautiful fireplace with an ornate mantle, original trim/baseboards and wood floors throughout, original wood doors, some original lighting, original bathroom tile, toilet and sinks. There are two tuck under garages and driveway for off-street parking and property offers a large back yard! Call an agent today to view this unique, piece of history!

21. 2023-03-27
    status Active 922-char remark

    Show marketing remark (922 chars)

    Looking for a historical home with an abundance of square footage or looking for your next investment? This property will meet your needs! This historical home has many original features, is located in Ottumwa's Court Hill Historic District and boasts over 3500 square feet! The beautiful home was originally built as a single family dwelling, and has been used as a 4 unit rental, however, it could become a single family dwelling again. With the abundance of space, you could have additional bedrooms, if needed. Some of the historical features are on the main floor, a beautiful fireplace with an ornate mantle, original trim/baseboards and wood floors throughout, original wood doors, some original lighting, original bathroom tile, toilet and sinks. There are two tuck under garages and driveway for off-street parking and property offers a large back yard! Call an agent today to view this unique, piece of history!

22. 2023-03-13
    historical Active Under Contract 922-char remark

    Show marketing remark (922 chars)

    Looking for a historical home with an abundance of square footage or looking for your next investment? This property will meet your needs! This historical home has many original features, is located in Ottumwa's Court Hill Historic District and boasts over 3500 square feet! The beautiful home was originally built as a single family dwelling, and has been used as a 4 unit rental, however, it could become a single family dwelling again. With the abundance of space, you could have additional bedrooms, if needed. Some of the historical features are on the main floor, a beautiful fireplace with an ornate mantle, original trim/baseboards and wood floors throughout, original wood doors, some original lighting, original bathroom tile, toilet and sinks. There are two tuck under garages and driveway for off-street parking and property offers a large back yard! Call an agent today to view this unique, piece of history!

23. 2022-11-29
    listed $89,900 Active 922-char remark

    Show marketing remark (922 chars)

    Looking for a historical home with an abundance of square footage or looking for your next investment? This property will meet your needs! This historical home has many original features, is located in Ottumwa's Court Hill Historic District and boasts over 3500 square feet! The beautiful home was originally built as a single family dwelling, and has been used as a 4 unit rental, however, it could become a single family dwelling again. With the abundance of space, you could have additional bedrooms, if needed. Some of the historical features are on the main floor, a beautiful fireplace with an ornate mantle, original trim/baseboards and wood floors throughout, original wood doors, some original lighting, original bathroom tile, toilet and sinks. There are two tuck under garages and driveway for off-street parking and property offers a large back yard! Call an agent today to view this unique, piece of history!

ⓘ 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: $428 · $36/mo
• Projected year-2 tax: $1,062 · $88/mo
• Expected delta: +$634/yr (+$53/mo · 148.1%)

ⓘ 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 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,109
• − Mortgage interest: −$6,050
• − Property taxes: −$428
• − Insurance: −$540
• − Repairs & maintenance: −$1,529
• − Management: −$1,529
• − Depreciation: −$3,142
• Taxable income: $5,892
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $5,918/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: Ottumwa Community School District
• NCES district ID: 1922110
• Math proficiency: 50% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $39,864
• Composite: 43.46/100
• National rank: #3004
• State rank: #277 of 289 in IA

Livability — Ottumwa

• Score: 80/100
• State rank: #91
• US rank: #1900

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottumwa, IA
• Population (ZIP): 30,341

Population outlook (Wapello County) Hauer SSP2

• Today (2025): 35,472 people
• By 2030: 35,563 · +0.3%
• By 2040: 36,083 · +1.7%
• By 2050: 37,287 · +5.1%
• By 2075: 43,898 · +23.8%
• By 2100: 52,973 · +49.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 14% Two or more races 7% Black 4% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Iranian 4% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada
• Languages at home: 84% English-only · Spanish 10% Other Asian/Pacific 3% Tagalog/Filipino 1%

Political lean MEDSL · Wapello

• 2024 margin: Solid R (+31.4) · D 33.6% · R 65.0% · Other 1.4%
• 2008→2024 swing: -45.0pp toward R · 2008: 13.5pp · 2024: -31.4pp
• All cycles: 2024: R+31.4 2020: R+23.6 2016: R+20.8 2012: D+11.8 2008: D+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.66%
• Current HPI: 174.6021
• 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

+20.1% since first listed

8 events — show timeline

• 2025-10-01 Price Changed $108,000 IAR
• 2025-03-28 Listed $110,000 IAR
• 2023-05-15 Sold (Public Records) $75,000 Public Records
• 2023-05-12 Sold (MLS) $75,000 IAR
• 2023-04-26 Pending — IAR
• 2023-03-27 Relisted — IAR
• 2023-03-13 Contingent — IAR
• 2022-11-29 Listed $89,900 IAR

Property tax history

-16.0%/yr

Latest (2025): $428 · +7.0% YoY. Source: county tax records.