416 Michigan St · Storm Lake, IA 50588

$285,000

60 bd · 36.0 ba · 3,894 sqft · MultiFamily public records · 222 Days on market

Built 1955 7,405 sqft lot $73/sqft · 38% above area Est $266k · 7% over ↓ 13% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.3/15.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

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 MLS

6-Unit Property. Exterior Parking. Great Investment Opportunity. 100% Occupied. This 6-unit complex is a great investment. 2 units are one bedroom, one bathroom, while 4 units are two bedrooms, one bathroom . All units have a living space and kitchen/dining. Market Rent Roll: $4,400. Actual Rent Roll:$4,400 (refer to T12 to see strong history of property). There is a separate shared laundry space that contains a coin-operated washer and dryer. This is located in the basement. This yields approximately $400yr. Tenant pays for: Electric. Owner pays for: Electric for common space $130/mo, Water/Sewer $680, Gas $56/mo, Garbage: $93/month. Taxes: $5,650/year. Lawn/Snow Removal: $140/month. Security deposits will be included upon closing. There is ample exterior parking available for tenants.

Key facts

• Shared laundry space
• 7,405 sq ft lot
• Built 1955

Tags

• SHARED LAUNDRY SPACE
• COIN-OPERATED WASHER AND DRYER
• AMPLE EXTERIOR PARKING

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 4×2bd/1ba units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $285k).
• Recommended offer: $251k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.3% vs local median 2.9% in Storm Lake — 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 76/100 on livability (#190 in IA, #3,480 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Storm Lake Community School District (town): math 47% / reading 54% proficiency, ranked #280 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 84 active listings in the ZIP; 164 units permitted in Buena Vista County in 2024 (71 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.
• Buena Vista County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $80k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 222 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $44k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 222 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.77% ✓
• Cap rate: 14.32%
• Cash-on-cash: 28.65%
• DSCR: 2.27
• GRM: 4.7

CMA / ARV

• ARV (median comp): $265,828
• List price: $285,000
• Delta: 7.21%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 23.0%
• Equity multiple: 1.94×
• Total profit: $75,317
• Equity at exit: $42,494

10-year hold

• IRR: 31.0%
• Equity multiple: 3.79×
• Total profit: $222,441
• Equity at exit: $24,642

Cash invested: $79,800 (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 50588

• Home prices YoY: -13.3%
• Active inventory: 84
• Price-to-rent: 30.6×

Monthly cashflow live

• Estimated rent: $5,050 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$471 /mo · $5,650/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,060
• Net cashflow: $1,905

Break-even live

Break-even rent $2,638

Max offer price $285,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,550
▸ 4× units	2	1	$3,500
Total (6 units)			$5,050

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $285,000 Active 222 DOM
2. 2026-06-17
   days on market $285,000 Active 221 DOM
3. 2026-06-16
   days on market $285,000 Active 220 DOM
4. 2026-06-15
   days on market $285,000 Active 219 DOM
5. 2026-06-13
   days on market $285,000 Active 217 DOM
6. 2026-06-12
   days on market $285,000 Active 216 DOM
7. 2026-06-09
   days on market $285,000 Active 213 DOM
8. 2026-06-08
   days on market $285,000 Active 212 DOM
9. 2026-06-07
   days on market $285,000 Active 211 DOM
10. 2026-06-04
    days on market $285,000 Active 207 DOM
11. 2026-06-02
    days on market $285,000 Active 206 DOM
12. 2026-06-01
    days on market $285,000 Active 205 DOM
13. 2026-05-31
    days on market $285,000 Active 204 DOM
14. 2026-05-31
    days on market $285,000 Active 203 DOM
15. 2026-04-22
    price $285,000 797-char remark

    Show marketing remark (797 chars)

    6-Unit Property. Exterior Parking. Great Investment Opportunity. 100% Occupied. This 6-unit complex is a great investment. 2 units are one bedroom, one bathroom, while 4 units are two bedrooms, one bathroom . All units have a living space and kitchen/dining. Market Rent Roll: $4,400. Actual Rent Roll:$4,400 (refer to T12 to see strong history of property). There is a separate shared laundry space that contains a coin-operated washer and dryer. This is located in the basement. This yields approximately $400yr. Tenant pays for: Electric. Owner pays for: Electric for common space $130/mo, Water/Sewer $680, Gas $56/mo, Garbage: $93/month. Taxes: $5,650/year. Lawn/Snow Removal: $140/month. Security deposits will be included upon closing. There is ample exterior parking available for tenants.

16. 2026-03-03
    price $299,000 797-char remark

    Show marketing remark (797 chars)

    6-Unit Property. Exterior Parking. Great Investment Opportunity. 100% Occupied. This 6-unit complex is a great investment. 2 units are one bedroom, one bathroom, while 4 units are two bedrooms, one bathroom . All units have a living space and kitchen/dining. Market Rent Roll: $4,400. Actual Rent Roll:$4,400 (refer to T12 to see strong history of property). There is a separate shared laundry space that contains a coin-operated washer and dryer. This is located in the basement. This yields approximately $400yr. Tenant pays for: Electric. Owner pays for: Electric for common space $130/mo, Water/Sewer $680, Gas $56/mo, Garbage: $93/month. Taxes: $5,650/year. Lawn/Snow Removal: $140/month. Security deposits will be included upon closing. There is ample exterior parking available for tenants.

17. 2025-12-09
    status Active 797-char remark

    Show marketing remark (797 chars)

    6-Unit Property. Exterior Parking. Great Investment Opportunity. 100% Occupied. This 6-unit complex is a great investment. 2 units are one bedroom, one bathroom, while 4 units are two bedrooms, one bathroom . All units have a living space and kitchen/dining. Market Rent Roll: $4,400. Actual Rent Roll:$4,400 (refer to T12 to see strong history of property). There is a separate shared laundry space that contains a coin-operated washer and dryer. This is located in the basement. This yields approximately $400yr. Tenant pays for: Electric. Owner pays for: Electric for common space $130/mo, Water/Sewer $680, Gas $56/mo, Garbage: $93/month. Taxes: $5,650/year. Lawn/Snow Removal: $140/month. Security deposits will be included upon closing. There is ample exterior parking available for tenants.

18. 2025-09-23
    listed $329,000 Active 797-char remark

    Show marketing remark (797 chars)

    6-Unit Property. Exterior Parking. Great Investment Opportunity. 100% Occupied. This 6-unit complex is a great investment. 2 units are one bedroom, one bathroom, while 4 units are two bedrooms, one bathroom . All units have a living space and kitchen/dining. Market Rent Roll: $4,400. Actual Rent Roll:$4,400 (refer to T12 to see strong history of property). There is a separate shared laundry space that contains a coin-operated washer and dryer. This is located in the basement. This yields approximately $400yr. Tenant pays for: Electric. Owner pays for: Electric for common space $130/mo, Water/Sewer $680, Gas $56/mo, Garbage: $93/month. Taxes: $5,650/year. Lawn/Snow Removal: $140/month. Security deposits will be included upon closing. There is ample exterior parking available for tenants.

ⓘ 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: $5,650 · $471/mo
• Projected year-2 tax: $5,650 · $471/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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $60,600
• − Mortgage interest: −$15,964
• − Property taxes: −$5,650
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,848
• − Management: −$4,848
• − Depreciation: −$8,291
• Taxable income: $19,574
• Est. tax owed @ 24.0%: −$4,698
• After-tax cash flow: $18,166/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: Storm Lake Community School District
• NCES district ID: 1927390
• Math proficiency: 47% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $45,998
• Composite: 42.79/100
• National rank: #3145
• State rank: #280 of 289 in IA

Livability — Storm Lake

• Score: 76/100
• State rank: #190
• US rank: #3480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Storm Lake, IA
• Population (ZIP): 13,346

Population outlook (Buena Vista County) Hauer SSP2

• Today (2025): 20,775 people
• By 2030: 21,101 · +1.6%
• By 2040: 21,955 · +5.7%
• By 2050: 23,202 · +11.7%
• By 2075: 27,159 · +30.7%
• By 2100: 29,578 · +42.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 42% Hispanic / Latino 37% Asian 13% Two or more races 11% Pacific Islander 3% Black 3%
• Hispanic origin (detail): Mexican 27% Cuban 3%
• Common ancestry: Portuguese 2% Iranian 1% Slovak 1%
• Foreign-born: 28% · Canada, Philippines, South Korea
• Languages at home: 54% English-only · Spanish 31% Other Asian/Pacific 13%

Political lean MEDSL · Buena Vista

• 2024 margin: Solid R (+33.3) · D 32.8% · R 66.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: -1.8pp · 2024: -33.3pp
• All cycles: 2024: R+33.3 2020: R+25.6 2016: R+25.0 2012: R+10.4 2008: R+1.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.05%
• Current HPI: 248.8806
• 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

-13.4% since first listed

4 events — show timeline

• 2026-04-22 Price Changed $285,000 NWIA
• 2026-03-03 Price Changed $299,000 NWIA
• 2025-12-09 Relisted — NWIA
• 2025-09-23 Listed $329,000 NWIA

Property tax history

+0.8%/yr

Latest (2025): $5,650 · +9.2% YoY. Source: county tax records.