206 W Erie St · Missouri Valley, IA 51555

$300,000

None bd · None ba · 5,000 sqft · MultiFamily · 29 Days on market

Built 1904 Good 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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Downtown Missouri Valley mixed-use investment opportunity! This property features approximately 2,500 sq. ft. of commercial frontage space on the main level and four remodeled one-bedroom apartments upstairs. All apartment units are leased and occupied, providing immediate rental income. Renovated in 2022, each unit includes all appliances, including washers and dryers. The commercial space offers excellent visibility and value-add potential, creating an opportunity to increase cash flow. A turnkey investment with stable income, modern updates, and room for future growth in a prime downtown location.

Key facts

• Excellent visibility
• Value-add potential
• Renovated in 2022

Tags

• COMMERCIAL FRONTAGE SPACE
• IMMEDIATE RENTAL INCOME
• RENOVATED IN 2022
• INCLUDES ALL APPLIANCES
• EXCELLENT VISIBILITY
• VALUE-ADD POTENTIAL

Property features AI

Finance

• Other: Lot dimensions approximately 80 x 60
• Financial info: Multi-family residential income property

Exterior

• Home design: Residential income property; Multi-family
• Exterior features: Flat roof

Interior

• Kitchen: Range; Refrigerator
• Heating & cooling: Electric heating
• Interior features: Range; Refrigerator
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a multifamily listed at $300k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $296k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 2.0% in Missouri Valley — 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 75/100 on livability (#229 in IA, #4,335 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Missouri Valley Community School District (town): math 61% / reading 71% proficiency, ranked #180 of 289 in IA (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Missouri Valley Elementary (math 62% / reading 67%, grade B, #317 of 616 statewide, top 58%, 361 students, 45% FRL); Missouri Valley Middle School (math 57% / reading 67%, grade B+, #175 of 246 statewide, top 72%, 158 students, 41% FRL); Missouri Valley High School (math 62% / reading 82%, grade B+, #117 of 336 statewide, top 39%, 235 students, 36% FRL).
• Market conditions: 46 active listings in the ZIP; 41 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Harrison County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($296k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $295,500 (1.5% below list)

Questions for the listing agent

1. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.30% ✓
• Cap rate: 10.36%
• Cash-on-cash: 14.52%
• DSCR: 1.65
• GRM: 6.4

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-10,720
• Equity at exit: $44,731

10-year hold

• IRR: 6.4%
• Equity multiple: 1.48×
• Total profit: $40,350
• Equity at exit: $25,939

Cash invested: $84,000 (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 51555

• Home prices YoY: -10.6%
• Active inventory: 46
• Price-to-rent: 25.6×

Monthly cashflow live

• Estimated rent: $3,911 medium
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,500/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $590

Break-even live

Break-even rent $3,164

Max offer price $300,000

Occupancy floor 80%

Sensitivity live

Price	-10% $797	-5% $694	+0% $590	+5% $486	+10% $383
Rent	-10% $281	-5% $435	+0% $590	+5% $744	+10% $899
Rate	-1.0pp $741	-0.5pp $666	base $590	+0.5pp $512	+1.0pp $433

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,912
Total (4 units)			$3,911

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $300,000 Active 29 DOM
2. 2026-06-18
   days on market $300,000 Active 27 DOM
3. 2026-06-17
   days on market $300,000 Active 26 DOM
4. 2026-06-16
   days on market $300,000 Active 25 DOM
5. 2026-06-15
   days on market $300,000 Active 24 DOM
6. 2026-06-13
   days on market $300,000 Active 22 DOM
7. 2026-06-12
   days on market $300,000 Active 21 DOM
8. 2026-06-09
   days on market $300,000 Active 18 DOM
9. 2026-06-08
   days on market $300,000 Active 17 DOM
10. 2026-06-07
    days on market $300,000 Active 16 DOM
11. 2026-06-07
    days on market $300,000 Active 15 DOM
12. 2026-06-04
    days on market $300,000 Active 12 DOM
13. 2026-06-02
    days on market $300,000 Active 11 DOM
14. 2026-06-01
    days on market $300,000 Active 10 DOM
15. 2026-05-31
    days on market $300,000 Active 9 DOM
16. 2026-05-31
    days on market $300,000 Active 8 DOM
17. 2026-05-21
    listed $300,000 Active

ⓘ 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 7/10 Severe FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°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: $46,932
• − Mortgage interest: −$16,805
• − Property taxes: −$4,500
• − Insurance: −$6,619
• − Repairs & maintenance: −$3,755
• − Management: −$3,755
• − Depreciation: −$8,727
• Taxable income: $2,772
• Est. tax owed @ 24.0%: −$665
• After-tax cash flow: $6,414/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 · 13 photos

Good 80/100 Cosmetic rehab

This multi-family property features four remodeled one-bedroom apartments and 2,500 sq. ft. of commercial space, all in good condition with recent updates. The property is turnkey and offers immediate rental income in a prime downtown location.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both HVAC maintenance — Ensures comfort and energy efficiency
• Both Kitchen appliance upgrades — Modernizes the space and adds value
• Both Bathroom updates — Freshens the space and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both HVAC maintenance — Ensures comfort and energy efficiency ↑
• Both Kitchen appliance upgrades — Modernizes the space and adds value ↑
• Both Bathroom updates — Freshens the space and adds value ↑

ⓘ 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: Missouri Valley Community School District
• NCES district ID: 1919440
• Math proficiency: 61% ▬ 0.00%
• Reading proficiency: 71% ▲ 5.00%
• Median HH income: $54,727
• Composite: 56.47/100
• National rank: #1157
• State rank: #180 of 289 in IA

Livability — Missouri Valley

• Score: 75/100
• State rank: #229
• US rank: #4335

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: Missouri Valley, IA
• Population (ZIP): 4,881

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 13,193 people
• By 2030: 12,519 · -5.1%
• By 2040: 11,134 · -15.6%
• By 2050: 9,749 · -26.1%
• By 2075: 7,254 · -45.0%
• By 2100: 5,298 · -59.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Iranian 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Harrison

• 2024 margin: Solid R (+41.8) · D 28.3% · R 70.1% · Other 1.6%
• 2008→2024 swing: -37.2pp toward R · 2008: -4.7pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+38.4 2016: R+37.5 2012: R+12.7 2008: R+4.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -21.44%
• Current HPI: 181.1114
• 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

1 event — show timeline

• 2026-05-21 Listed $300,000 SWIAR