602 S 4th St · Knoxville, IA 50138

$178,300

4 bd · 2.0 ba · 1,995 sqft · MultiFamily public records · 223 Days on market

Built 1910 8,160 sqft lot $89/sqft · 12% below area Est $202k · 12% under

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Why this score? — see what drove the C+ 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 +21.2/30.0
• ARV discount +12.7/15.0
• DSCR +6.8/10.0
• 1% rule +5.8/10.0
• Schools +5.3/10.0
• Livability +3.5/5.0
• 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

Don’t miss this beautifully maintained two-story home currently set up as two separate rental units with separate utilities! Each floor offers 2 bedrooms and 1 full bath, complete with washer and dryer, refrigerator, and stove—everything your tenants need to move right in. This property has been meticulously cared for by the owner and features a long list of recent updates, including a new roof, gutters, downspouts, windows, lighting, interior and exterior paint, flooring, and more. With all the big-ticket items already done, it’s truly turnkey and move-in ready. Perfect for investors or owner-occupants—live in one unit and rent the other to offset your mortgage, or enjoy the steady income from two ready-to-go rentals. The property also comes with up-to-date rental certificates, saving you time and hassle. Located in a great Knoxville neighborhood, close to local amenities and schools, this is a solid, low-maintenance investment opportunity you won’t want to miss!

Key facts

• Separate utilities
• New downspouts
• New gutters

Tags

• TWO SEPARATE RENTAL UNITS
• SEPARATE UTILITIES
• NEW ROOF
• NEW GUTTERS
• NEW DOWNSPOUTS
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $178k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $178k).
• Recommended offer: $157k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 2.4% in Knoxville — 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 69/100 on livability (#406 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Knoxville Community School District (town): math 62% / reading 63% proficiency, ranked #220 of 289 in IA (top 76%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Elementary (465 students, 47% FRL); Knoxville Middle School (math 68% / reading 67%, grade A-, #133 of 246 statewide, top 56%, 368 students, 50% FRL); Knoxville High School (math 60% / reading 69%, grade B-, #211 of 336 statewide, top 70%, 500 students, 40% FRL).
• Market conditions: 100 active listings in the ZIP; 122 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($75k/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.
• Marion 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 223 days — a 12% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 16y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $178k implies a 675% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $156,904 (12.0% below list)

Questions for the listing agent

1. It's been on market 223 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. 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?
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: 1.08% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.21%
• DSCR: 1.28
• GRM: 7.7

CMA / ARV

• ARV (median comp): $201,843
• List price: $178,300
• Delta: -11.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.7%
• Equity multiple: 0.75×
• Total profit: $-12,399
• Equity at exit: $26,585

10-year hold

• IRR: 2.9%
• Equity multiple: 1.21×
• Total profit: $10,569
• Equity at exit: $15,416

Cash invested: $49,924 (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 50138

• Home prices YoY: -25.3%
• Active inventory: 100
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $1,922 medium
• Mortgage (P&I): −$935
• Tax from tax record: −$251 /mo · $3,010/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $258

Break-even live

Break-even rent $1,595

Max offer price $178,300

Occupancy floor 82%

Sensitivity live

Price	-10% $359	-5% $309	+0% $258	+5% $208	+10% $157
Rent	-10% $106	-5% $182	+0% $258	+5% $334	+10% $410
Rate	-1.0pp $348	-0.5pp $304	base $258	+0.5pp $212	+1.0pp $165

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,922
Total (2 units)			$1,922

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: $44,575
• Closing costs: $5,349
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-21
   days on market $178,300 Active 223 DOM
2. 2026-06-19
   days on market $178,300 Active 221 DOM
3. 2026-06-18
   days on market $178,300 Active 220 DOM
4. 2026-06-17
   days on market $178,300 Active 219 DOM
5. 2026-06-16
   days on market $178,300 Active 218 DOM
6. 2026-06-15
   days on market $178,300 Active 217 DOM
7. 2026-06-14
   days on market $178,300 Active 215 DOM
8. 2026-06-12
   days on market $178,300 Active 214 DOM
9. 2026-06-09
   days on market $178,300 Active 211 DOM
10. 2026-06-08
    days on market $178,300 Active 210 DOM
11. 2026-06-07
    days on market $178,300 Active 209 DOM
12. 2026-06-05
    days on market $178,300 Active 207 DOM
13. 2026-06-03
    days on market $178,300 Active 205 DOM
14. 2026-06-02
    days on market $178,300 Active 204 DOM
15. 2026-06-01
    days on market $178,300 Active 203 DOM
16. 2026-05-31
    days on market $178,300 Active 202 DOM
17. 2026-05-30
    days on market $178,300 Active 201 DOM
18. 2026-03-19
    price $188,300 1008-char remark

    Show marketing remark (1008 chars)

    Don’t miss this beautifully maintained two-story home currently set up as two separate rental units with separate utilities! Each floor offers 2 bedrooms and 1 full bath, complete with washer and dryer, refrigerator, and stove—everything your tenants need to move right in. This property has been meticulously cared for by the owner and features a long list of recent updates, including a new roof, gutters, downspouts, windows, lighting, interior and exterior paint, flooring, and more. With all the big-ticket items already done, it’s truly turnkey and move-in ready. Perfect for investors or owner-occupants—live in one unit and rent the other to offset your mortgage, or enjoy the steady income from two ready-to-go rentals. The property also comes with up-to-date rental certificates, saving you time and hassle. Located in a great Knoxville neighborhood, close to local amenities and schools, this is a solid, low-maintenance investment opportunity you won’t want to miss!

19. 2025-11-10
    listed $198,300 Active 1008-char remark

    Show marketing remark (1008 chars)

    Don’t miss this beautifully maintained two-story home currently set up as two separate rental units with separate utilities! Each floor offers 2 bedrooms and 1 full bath, complete with washer and dryer, refrigerator, and stove—everything your tenants need to move right in. This property has been meticulously cared for by the owner and features a long list of recent updates, including a new roof, gutters, downspouts, windows, lighting, interior and exterior paint, flooring, and more. With all the big-ticket items already done, it’s truly turnkey and move-in ready. Perfect for investors or owner-occupants—live in one unit and rent the other to offset your mortgage, or enjoy the steady income from two ready-to-go rentals. The property also comes with up-to-date rental certificates, saving you time and hassle. Located in a great Knoxville neighborhood, close to local amenities and schools, this is a solid, low-maintenance investment opportunity you won’t want to miss!

20. 2016-02-15
    soldstatus $23,000
21. 2015-10-26
    listed $32,000
22. 2015-10-26
    historical
23. 2015-09-11
    listed $32,000
24. 2014-01-13
    soldstatus $4,000
25. 2014-01-13
    soldstatus $4,000
26. 2013-04-04
    listed $41,300
27. 2013-04-04
    listed $25,000
28. 2013-01-31
    historical
29. 2012-11-13
    listed $56,870
30. 2012-11-08
    historical
31. 2012-05-11
    historical
32. 2012-05-08
    listed $56,870
33. 2012-01-03
    historical
34. 2012-01-01
    listed $56,870
35. 2011-06-14
    historical
36. 2011-06-01
    listed $56,870
37. 2010-06-18
    listed $57,870

ⓘ 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: $3,010 · $251/mo
• Projected year-2 tax: $3,010 · $251/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,064
• − Mortgage interest: −$9,988
• − Property taxes: −$3,010
• − Insurance: −$892
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$5,187
• Taxable income: $298
• Est. tax owed @ 24.0%: −$71
• After-tax cash flow: $3,027/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: Knoxville Community School District
• NCES district ID: 1915840
• Math proficiency: 62% ▼ -6.00%
• Reading proficiency: 63% ▬ 0.00%
• Median HH income: $49,594
• Composite: 53.11/100
• National rank: #1512
• State rank: #220 of 289 in IA

Livability — Knoxville

• Score: 69/100
• State rank: #406
• US rank: #8643

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Knoxville, IA
• County: Marion County · 25,533 people
• City population: 11,117
• Metro: Pella, IA
• Population (ZIP): 11,117
• Household income: $74,693
• Rent vs Own: 19.1% rent · 80.9% own
• Severe rent burden: 122.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 32,883 people
• By 2030: 32,685 · -0.6%
• By 2040: 31,892 · -3.0%
• By 2050: 30,691 · -6.7%
• By 2075: 27,610 · -16.0%
• By 2100: 23,851 · -27.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 12% Portuguese 4% Italian 4%
• Foreign-born: 1% · Philippines, Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+37.8) · D 30.4% · R 68.2% · Other 1.4%
• 2008→2024 swing: -27.0pp toward R · 2008: -10.8pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+33.7 2016: R+31.2 2012: R+13.3 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.37%
• Current HPI: 237.7055
• Rent YoY: —
• Metro: Pella, 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

+225.4% since first listed

20 events — show timeline

• 2026-03-19 Price Changed $188,300 DMMLS
• 2025-11-10 Listed $198,300 DMMLS
• 2016-02-15 Sold (MLS) $23,000 DMMLS
• 2015-10-26 Listing Removed — DMMLS
• 2015-10-26 Listed $32,000 DMMLS
• 2015-09-11 Listed $32,000 DMMLS
• 2014-01-13 Sold (MLS) $4,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-01-13 Sold (MLS) $4,000 DMMLS
• 2013-04-04 Listed $25,000 NORTHSTARMLS as Distributed by MLS Grid
• 2013-04-04 Listed $41,300 DMMLS
• 2013-01-31 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-11-13 Listed $56,870 NORTHSTARMLS as Distributed by MLS Grid
• 2012-11-08 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-05-11 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-05-08 Listed $56,870 NORTHSTARMLS as Distributed by MLS Grid
• 2012-01-03 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2012-01-01 Listed $56,870 NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-14 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2011-06-01 Listed $56,870 NORTHSTARMLS as Distributed by MLS Grid
• 2010-06-18 Listed $57,870 NORTHSTARMLS as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2025): $3,010 · +2.5% YoY. Source: county tax records.