502 E 12th St S · Newton, IA 50208

$189,900

4 bd · 2.0 ba · 1,440 sqft · MultiFamily public records · 48 Days on market

Built 1976 7,840 sqft lot $132/sqft · at area comps Est $184k · at est. ↓ 37% since listing

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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).

• Cash flow +12.9/30.0
• ARV discount +6.1/15.0
• Schools +5.1/10.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• 1% rule +3.6/10.0
• 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

This bi-attached duplex offers a strong investment or owner-occupant opportunity. The substantially updated property features two separate units, each with its own private entrance, totaling 1,440 square feet. Both units have been nicely updated with LVP flooring throughout, creating a clean, modern feel. Major improvements are already in place, including new siding, fascia, soffit, windows, updated electrical, and a new roof installed in 2026 on both the house and detached two-stall garage. Also new in 2026, mini-split systems have been installed in both units, providing high-efficiency heating and cooling. This all-electric property has dual electric meters. One unit includes a stove & microwave. Laundromat across the street.

Key facts

• New siding
• Mini-split systems
• Private entrance

Tags

• PRIVATE ENTRANCE
• LVP FLOORING
• NEW SIDING
• NEW ROOF
• MINI-SPLIT SYSTEMS
• DUAL ELECTRIC METERS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $-14 ($-162/yr) — negative. Per door: $-7/mo.
• To cash-flow at today's rent, offer at most $188k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (14.3% below list).
• Recommended offer: $163k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.1% in Newton — 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 77/100 on livability (#169 in IA, #3,069 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment D+, amenities F.
• Newton Community School District (town): math 59% / reading 62% proficiency, ranked #245 of 289 in IA (top 85%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 242 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 16 units permitted in Jasper County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/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 $6k of value loss. Plan a longer hold.
• Jasper County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $162,800 (14.3% 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. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.86% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.31%
• DSCR: 0.99
• GRM: 9.7

CMA / ARV

• ARV (median comp): $184,035
• List price: $189,900
• Delta: 3.19%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-31,617
• Equity at exit: $28,315

10-year hold

• IRR: -8.6%
• Equity multiple: 0.46×
• Total profit: $-28,573
• Equity at exit: $16,419

Cash invested: $53,172 (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 50208

• Home prices YoY: -14.4%
• Active inventory: 242
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $1,628 high
• Mortgage (P&I): −$996
• Tax from tax record: −$225 /mo · $2,696/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $-14

Break-even live

Break-even rent $1,645

Max offer price $187,510

Occupancy floor 96%

Sensitivity live

Price	-10% $94	-5% $40	+0% $-14	+5% $-67	+10% $-121
Rent	-10% $-142	-5% $-78	+0% $-14	+5% $51	+10% $115
Rate	-1.0pp $82	-0.5pp $35	base $-14	+0.5pp $-63	+1.0pp $-113

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,628
Total (2 units)			$1,628

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
603 E 22nd St S Newton, IA	4.0	1.0	1104	$1,725	$1.56	14d	1	0.63mi
220 E 28th St N Newton, IA	2.0–3.0	2.0	877	$945	$1.08	14d	3	1.12mi
812 N 3rd Ave W Newton, IA	4.0	1.0	1450	$1,450	$1.00	14d	1	1.41mi

Listing history 18 events

1. 2026-06-05
   days on market $189,900 Active 48 DOM
2. 2026-06-03
   days on market $189,900 Active 47 DOM
3. 2026-06-02
   days on market $189,900 Active 46 DOM
4. 2026-06-01
   days on market $189,900 Active 45 DOM
5. 2026-05-31
   days on market $189,900 Active 44 DOM
6. 2026-05-31
   days on market $189,900 Active 43 DOM
7. 2026-05-13
   price $189,900 743-char remark

   Show marketing remark (743 chars)

   This bi-attached duplex offers a strong investment or owner-occupant opportunity. The substantially updated property features two separate units, each with its own private entrance, totaling 1,440 square feet. Both units have been nicely updated with LVP flooring throughout, creating a clean, modern feel. Major improvements are already in place, including new siding, fascia, soffit, windows, updated electrical, and a new roof installed in 2026 on both the house and detached two-stall garage. Also new in 2026, mini-split systems have been installed in both units, providing high-efficiency heating and cooling. This all-electric property has dual electric meters. One unit includes a stove & microwave. Laundromat across the street.

8. 2026-04-17
   listed $194,900 Active 743-char remark

   Show marketing remark (743 chars)

   This bi-attached duplex offers a strong investment or owner-occupant opportunity. The substantially updated property features two separate units, each with its own private entrance, totaling 1,440 square feet. Both units have been nicely updated with LVP flooring throughout, creating a clean, modern feel. Major improvements are already in place, including new siding, fascia, soffit, windows, updated electrical, and a new roof installed in 2026 on both the house and detached two-stall garage. Also new in 2026, mini-split systems have been installed in both units, providing high-efficiency heating and cooling. This all-electric property has dual electric meters. One unit includes a stove & microwave. Laundromat across the street.

9. 2026-04-17
   historical

   Show marketing remark (743 chars)

   This bi-attached duplex offers a strong investment or owner-occupant opportunity. The substantially updated property features two separate units, each with its own private entrance, totaling 1,440 square feet. Both units have been nicely updated with LVP flooring throughout, creating a clean, modern feel. Major improvements are already in place, including new siding, fascia, soffit, windows, updated electrical, and a new roof installed in 2026 on both the house and detached two-stall garage. Also new in 2026, mini-split systems have been installed in both units, providing high-efficiency heating and cooling. This all-electric property has dual electric meters. One unit includes a stove & microwave. Laundromat across the street.

10. 2026-03-24
    price $194,900
11. 2026-03-24
    price $194,900
12. 2026-02-27
    price $199,900
13. 2026-02-27
    price $199,900
14. 2026-02-10
    price $210,000
15. 2026-02-10
    price $210,000
16. 2026-01-20
    listed $220,000 Active
17. 2026-01-20
    listed $220,000 Active
18. 2015-10-02
    soldstatus $300,000

ⓘ 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: $2,696 · $225/mo
• Projected year-2 tax: $2,839 · $237/mo
• Expected delta: +$143/yr (+$12/mo · 5.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $19,536
• − Mortgage interest: −$10,637
• − Property taxes: −$2,696
• − Insurance: −$950
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − Depreciation: −$5,524
• Taxable loss: −$3,397
• Est. tax savings @ 24.0%: +$815
• After-tax cash flow: $653/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: Newton Community School District
• NCES district ID: 1920610
• Math proficiency: 59% ▼ -13.00%
• Reading proficiency: 62% ▼ -9.00%
• Median HH income: $46,447
• Composite: 51.15/100
• National rank: #1762
• State rank: #245 of 289 in IA

Livability — Newton

• Score: 77/100
• State rank: #169
• US rank: #3069

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newton, IA
• County: Jasper County · 20,595 people
• City population: 20,595
• Metro: Des Moines-West Des Moines, IA
• Population (ZIP): 20,595
• Household income: $62,306
• Rent vs Own: 34.5% rent · 65.5% own
• Severe rent burden: 536.0

Population outlook (Jasper County) Hauer SSP2

• Today (2025): 36,216 people
• By 2030: 35,730 · -1.3%
• By 2040: 34,727 · -4.1%
• By 2050: 33,802 · -6.7%
• By 2075: 33,382 · -7.8%
• By 2100: 32,761 · -9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Black 3%
• Common ancestry: Iranian 8% Portuguese 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 4% Arabic 2% Chinese 1%

Political lean MEDSL · Jasper

• 2024 margin: Strong R (+27.6) · D 35.4% · R 63.0% · Other 1.5%
• 2008→2024 swing: -35.1pp toward R · 2008: 7.5pp · 2024: -27.6pp
• All cycles: 2024: R+27.6 2020: R+21.5 2016: R+18.4 2012: D+7.1 2008: D+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.48%
• Current HPI: 269.6454
• Rent YoY: —
• Metro: Des Moines-West Des Moines, 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

-36.7% since first listed

12 events — show timeline

• 2026-05-13 Price Changed $189,900 IAR
• 2026-04-17 Listing Removed — DMMLS
• 2026-04-17 Listed $194,900 IAR
• 2026-03-24 Price Changed $194,900 IAR
• 2026-03-24 Price Changed $194,900 DMMLS
• 2026-02-27 Price Changed $199,900 IAR
• 2026-02-27 Price Changed $199,900 DMMLS
• 2026-02-10 Price Changed $210,000 IAR
• 2026-02-10 Price Changed $210,000 DMMLS
• 2026-01-20 Listed $220,000 IAR
• 2026-01-20 Listed $220,000 DMMLS
• 2015-10-02 Sold (Public Records) $300,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,696 · +0.5% YoY. Source: county tax records.