209 S 4th St · Council Bluffs, IA 51503

$495,000

None bd · None ba · 2,204 sqft · MultiFamily public records · 20 Days on market

Built 1920 5,800 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• 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: 11 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

A rare investment opportunity in the heart of downtown Council Bluffs, IA—the CB Undecuplex, an 11-unit multifamily property located at 209 S 4th Street. Named ''Undecuplex'' to reflect its unique configuration of 11 units, this asset offers significant value-add potential for investors looking to modernize and reposition the property within the rapidly expanding Council Bluffs-Omaha Metro area. The CB Undecuplex boasts a prime location just south of the bustling 100 Block entertainment corridor and a short distance from Bayliss Park and the Haymarket Square district, giving residents easy access to a variety of restaurants, bars, retail shops, and employment opportunities. This is a strategic opportunity to invest in a well-located property with ample upside in a thriving market.

Key facts

• Easy access
• Value-add potential
• Prime location

Tags

• PRIME LOCATION
• VALUE-ADD POTENTIAL
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 11 × 2-bed/1.5-bath units multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive. Per door: $419/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $495k).
• Recommended offer: $488k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.5% 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: Bloomer Elementary School (math 47% / reading 47%, grade D-, #530 of 616 statewide, top 88%, 422 students, 71% FRL); Gerald W Kirn Middle School (math 50% / reading 61%, grade B-, #199 of 246 statewide, top 81%, 956 students, 54% FRL); Abraham Lincoln High School (math 52% / reading 62%, grade C, #279 of 336 statewide, top 85%, 1,399 students, 52% FRL).
• Market conditions: Rents rising (+1.7%/yr); 195 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).
• At $10,056/mo this rent would consume 153% of the median local household income ($79k/yr) (locally 911% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $139k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($488k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $487,575 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.03% ✓
• Cap rate: 17.48%
• Cash-on-cash: 39.95%
• DSCR: 2.78
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $202,768
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 Bluff St	0.11mi	—/—	2,392 (+8%)	6mo	$291,000	$122	76
114 S 1st St	0.45mi	—/—	2,152 (-2%)	8mo	$115,000	$53	68
630 S 3rd St	0.24mi	—/—	1,920 (-13%)	12mo	$142,500	$74	58
713 Madison Ave	0.56mi	—/—	2,012 (-9%)	2mo	$185,000	$92	57
902 5th Ave	0.44mi	—/—	2,456 (+11%)	6mo	$120,000	$49	55
220 Harrison St	0.65mi	—/—	2,018 (-8%)	3mo	$140,000	$69	54
1029 4th Ave	0.57mi	—/—	2,354 (+7%)	15mo	$275,000	$117	50
137 Benton St	0.66mi	—/—	2,045 (-7%)	20mo	$225,000	$110	40

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 · 1.67% rent growth · sell at horizon

5-year hold

• IRR: 34.8%
• Equity multiple: 2.45×
• Total profit: $200,481
• Equity at exit: $73,806

10-year hold

• IRR: 40.9%
• Equity multiple: 4.61×
• Total profit: $500,320
• Equity at exit: $42,799

Cash invested: $138,600 (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 51503

• Rents YoY: 1.7%
• Active inventory: 195
• Price-to-rent: 45.1×

Monthly cashflow live

• Estimated rent: $10,056 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$528 /mo · $6,336/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,112
• Net cashflow: $4,614

Break-even live

Break-even rent $4,215

Max offer price $495,000

Occupancy floor 49%

Sensitivity live

Price	-10% $4,894	-5% $4,754	+0% $4,614	+5% $4,474	+10% $4,334
Rent	-10% $3,820	-5% $4,217	+0% $4,614	+5% $5,011	+10% $5,409
Rate	-1.0pp $4,863	-0.5pp $4,740	base $4,614	+0.5pp $4,486	+1.0pp $4,355

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

Units	Beds	Baths	Est. rent
▸ 11× units	2	1.5	$10,054
Total (11 units)			$10,056

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 12th Ave Council Bluffs, IA	3.0	1.0	1600	$1,800	$1.12	45d	1	0.50mi
829 8th Ave Council Bluffs, IA	3.0	2.0	1690	$1,800	$1.07	4d	1	0.51mi

Listing history 9 events

1. 2026-02-23
   soldstatus $520,000
2. 2026-02-20
   soldstatus $520,000 Closed 797-char remark

   Show marketing remark (797 chars)

   A rare investment opportunity in the heart of downtown Council Bluffs, IA—the CB Undecuplex, an 11-unit multifamily property located at 209 S 4th Street. Named ''Undecuplex'' to reflect its unique configuration of 11 units, this asset offers significant value-add potential for investors looking to modernize and reposition the property within the rapidly expanding Council Bluffs-Omaha Metro area. The CB Undecuplex boasts a prime location just south of the bustling 100 Block entertainment corridor and a short distance from Bayliss Park and the Haymarket Square district, giving residents easy access to a variety of restaurants, bars, retail shops, and employment opportunities. This is a strategic opportunity to invest in a well-located property with ample upside in a thriving market.

3. 2025-12-18
   status Pending 797-char remark

   Show marketing remark (797 chars)

   A rare investment opportunity in the heart of downtown Council Bluffs, IA—the CB Undecuplex, an 11-unit multifamily property located at 209 S 4th Street. Named ''Undecuplex'' to reflect its unique configuration of 11 units, this asset offers significant value-add potential for investors looking to modernize and reposition the property within the rapidly expanding Council Bluffs-Omaha Metro area. The CB Undecuplex boasts a prime location just south of the bustling 100 Block entertainment corridor and a short distance from Bayliss Park and the Haymarket Square district, giving residents easy access to a variety of restaurants, bars, retail shops, and employment opportunities. This is a strategic opportunity to invest in a well-located property with ample upside in a thriving market.

4. 2025-12-18
   status Pending

   Show marketing remark (797 chars)

   A rare investment opportunity in the heart of downtown Council Bluffs, IA—the CB Undecuplex, an 11-unit multifamily property located at 209 S 4th Street. Named ''Undecuplex'' to reflect its unique configuration of 11 units, this asset offers significant value-add potential for investors looking to modernize and reposition the property within the rapidly expanding Council Bluffs-Omaha Metro area. The CB Undecuplex boasts a prime location just south of the bustling 100 Block entertainment corridor and a short distance from Bayliss Park and the Haymarket Square district, giving residents easy access to a variety of restaurants, bars, retail shops, and employment opportunities. This is a strategic opportunity to invest in a well-located property with ample upside in a thriving market.

5. 2025-11-28
   listed $495,000 Active 797-char remark

   Show marketing remark (797 chars)

   A rare investment opportunity in the heart of downtown Council Bluffs, IA—the CB Undecuplex, an 11-unit multifamily property located at 209 S 4th Street. Named ''Undecuplex'' to reflect its unique configuration of 11 units, this asset offers significant value-add potential for investors looking to modernize and reposition the property within the rapidly expanding Council Bluffs-Omaha Metro area. The CB Undecuplex boasts a prime location just south of the bustling 100 Block entertainment corridor and a short distance from Bayliss Park and the Haymarket Square district, giving residents easy access to a variety of restaurants, bars, retail shops, and employment opportunities. This is a strategic opportunity to invest in a well-located property with ample upside in a thriving market.

6. 2025-04-05
   listed $495,000 New
7. 2024-10-16
   listed $525,000 Active
8. 2023-12-29
   historical
9. 2023-12-18
   listed

ⓘ 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: $6,336 · $528/mo
• Projected year-2 tax: $7,054 · $588/mo
• Expected delta: +$718/yr (+$60/mo · 11.3%)

ⓘ 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 4/10 Moderate 7 d/yr ≥105°F today · 15 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: $120,672
• − Mortgage interest: −$27,728
• − Property taxes: −$6,336
• − Insurance: −$2,475
• − Repairs & maintenance: −$9,654
• − Management: −$9,654
• − Depreciation: −$14,400
• Taxable income: $50,426
• Est. tax owed @ 24.0%: −$12,102
• After-tax cash flow: $43,268/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): 37,972
• Household income: $79,010
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 911.0

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 (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 3% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -174.54%
• Current HPI: 200.6226
• Rent YoY: ▲ 1.67%
• 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

-1.0% since first listed

9 events — show timeline

• 2026-02-23 Sold (Public Records) $520,000 Public Records
• 2026-02-20 Sold (MLS) $520,000 SWIAR
• 2025-12-18 Pending — SWIAR
• 2025-12-18 Pending — GPRMLS
• 2025-11-28 Listed $495,000 SWIAR
• 2025-04-05 Listed $495,000 GPRMLS
• 2024-10-16 Listed $525,000 SWIAR
• 2023-12-29 Rental Removed — APPFOLIO
• 2023-12-18 Listed for Rent — APPFOLIO

Property tax history

-1.4%/yr

Latest (2025): $6,336 · +1.0% YoY. Source: county tax records.