2228 Avenue B · Council Bluffs, IA 51501

$170,000

3 bd · 1.0 ba · 2,420 sqft · SingleFamily public records · 2 Days on market

Built 1954 Est $295k · 42% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.8/30.0
• 1% rule +4.5/10.0
• Schools +4.5/10.0
• DSCR +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

An incredible opportunity to restore and reimagine a stunning 1954 mid-century modern home. Perfectly positioned on a . 24-acre corner lot, this property showcases its architectural character with a striking front elevation that highlights the timeless design of the era. This is truly an investor's dream--ready to be brought back to life with your vision, blending modern updates with classic mid-century style. Offering 3 bedrooms and 2 bathrooms, the home provides a solid foundation for a thoughtful renovation. Additional features include a detached 2-car garage and a convenient attached carport, adding both function and flexibility. With its unique design, prime corner setting, and endless

Key facts

• Attached carport
• Corner lot
• Detached garage

Tags

• MID-CENTURY MODERN HOME
• CORNER LOT
• ARCHITECTURAL CHARACTER
• STRIKING FRONT ELEVATION
• DETACHED GARAGE
• ATTACHED CARPORT

Property features AI

Exterior

• Parking: 2-car garage
• Utilities: Natural gas available; Electricity available; Public sewer
• Home design: Single-family residence; One story
• Construction: Frame construction; Composition roof; Full, partially finished basement; Built on a foundation
• Exterior features: Patio; Lot features: Other

Interior

• Kitchen: Eat-in kitchen
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Eat-in kitchen; Fireplace; Other interior features
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-17 ($-202/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (5.0% below list).
• Recommended offer: $161k (5.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.3% in Council Bluffs — 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 70/100 on livability (#368 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, amenities D, crime D-.
• Council Bluffs Community School District (urban): math 52% / reading 55% proficiency, ranked #272 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Franklin Elementary School (math 54% / reading 54%, grade C, #488 of 616 statewide, top 80%, 497 students, 64% FRL); Woodrow Wilson Middle School (math 54% / reading 51%, grade C+, #209 of 246 statewide, top 85%, 900 students, 75% FRL); Thomas Jefferson High School (math 40% / reading 53%, grade D-, #321 of 336 statewide, top 96%, 1,243 students, 65% FRL) — zoned schools average 68% FRL vs 51% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 140 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).
• This rent runs 32% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Pottawattamie County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $161,455 (5.0% 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. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $295,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2031 Avenue B	0.16mi	2/1.0 (-1)	2,305 (-5%)	15mo	$212,500	$92	67
125 S 23rd St	0.27mi	3/3.0	2,287 (-6%)	8mo	$282,000	$123	63
2122 Ave G	0.32mi	3/2.0	2,160 (-11%)	4mo	$263,000	$122	60
2615 Avenue D	0.37mi	3/2.5	2,141 (-12%)	1mo	$230,000	$107	56
918 N 24th St	0.46mi	4/3.0 (+1)	2,208 (-9%)	0mo	$300,000	$136	51
2024 Avenue A Ave	0.19mi	4/2.0 (+1)	2,062 (-15%)	13mo	$227,000	$110	47
2934 Ave B	0.74mi	3/1.0	2,408 (-0%)	23mo	$120,000	$50	46
2025 Avenue B	0.18mi	4/3.0 (+1)	2,140 (-12%)	17mo	$95,000	$44	45
2644 Ave I	0.62mi	3/4.0	2,195 (-9%)	9mo	$305,000	$139	36
2450 Avenue I	0.46mi	3/2.0	2,078 (-14%)	23mo	$250,000	$120	32
2340 Avenue M Way	0.72mi	4/3.0 (+1)	2,128 (-12%)	16mo	$310,000	$146	20
2336 Ave M Way	0.73mi	4/3.0 (+1)	2,184 (-10%)	23mo	$285,000	$130	18

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 · 0.56% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.32×
• Total profit: $-32,393
• Equity at exit: $25,348

10-year hold

• IRR: -20.0%
• Equity multiple: 0.07×
• Total profit: $-44,317
• Equity at exit: $14,698

Cash invested: $47,600 (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 51501

• Rents YoY: 0.6%
• Active inventory: 140
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,615 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$330 /mo · $3,960/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $-17

Break-even live

Break-even rent $1,636

Max offer price $167,026

Occupancy floor 96%

Sensitivity live

Price	-10% $79	-5% $31	+0% $-17	+5% $-65	+10% $-113
Rent	-10% $-144	-5% $-81	+0% $-17	+5% $47	+10% $111
Rate	-1.0pp $69	-0.5pp $26	base $-17	+0.5pp $-61	+1.0pp $-106

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
829 8th Ave Council Bluffs, IA	3.0	2.0	1690	$1,800	$1.07	5d	1	1.27mi

Listing history 1 events

1. 2026-05-20
   listed $170,000 Active

ⓘ 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: $3,960 · $330/mo
• Projected year-2 tax: $3,960 · $330/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥104°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: $19,375
• − Mortgage interest: −$9,523
• − Property taxes: −$3,960
• − Insurance: −$850
• − Repairs & maintenance: −$1,550
• − Management: −$1,550
• − Depreciation: −$4,945
• Taxable loss: −$3,003
• Est. tax savings @ 24.0%: +$721
• After-tax cash flow: $519/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: Council Bluffs Community School District
• NCES district ID: 1908220
• Math proficiency: 52% ▼ -9.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $45,259
• Composite: 45.23/100
• National rank: #2665
• State rank: #272 of 289 in IA

Livability — Council Bluffs

• Score: 70/100
• State rank: #368
• US rank: #7695

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Council Bluffs, IA
• County: Pottawattamie County · 72,590 people
• City population: 72,590
• Metro: Omaha-Council Bluffs, NE-IA
• Population (ZIP): 34,618
• Household income: $59,843
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 1110.0

Population outlook (Pottawattamie County) Hauer SSP2

• Today (2025): 93,683 people
• By 2030: 92,772 · -1.0%
• By 2040: 89,917 · -4.0%
• By 2050: 86,994 · -7.1%
• By 2075: 82,756 · -11.7%
• By 2100: 79,097 · -15.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 14% Two or more races 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 2% Romanian 2% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 8% Chinese 1%

Political lean MEDSL · Pottawattamie

• 2024 margin: R (+20.0) · D 39.3% · R 59.3% · Other 1.4%
• 2008→2024 swing: -18.1pp toward R · 2008: -1.9pp · 2024: -20.0pp
• All cycles: 2024: R+20.0 2020: R+16.8 2016: R+21.6 2012: R+5.8 2008: R+1.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.49%
• Current HPI: 215.2532
• Rent YoY: ▲ 0.56%
• Metro: Omaha-Council Bluffs, NE-IA
• 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

+28.8% since first listed

4 events — show timeline

• 2026-06-10 Sold (Public Records) $170,000 Public Records
• 2026-05-23 Pending — SWIAR
• 2026-05-20 Listed $170,000 SWIAR
• 2026-05-13 Sold (Public Records) $132,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $3,960 · -2.1% YoY. Source: county tax records.