817 Bowery St · Iowa City, IA 52240

$264,900

4 bd · 3.0 ba · 2,045 sqft · MultiFamily public records · 9 Days on market

Built 1910 6,098 sqft lot $130/sqft · 15% below area Est $311k · 15% under ↓ 15% 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 +27.9/30.0
• ARV discount +14.1/15.0
• DSCR +9.9/10.0
• 1% rule +8.1/10.0
• Schools +5.7/10.0
• Livability +4.3/5.0
• Rent growth +4.1/5.0
• 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

Bring your vision to life in this well-located 4-bedroom, 2-bath property near downtown Iowa City. Features a kitchen on both the main level and upper level, offering layout flexibility for future use. Offered below assessed value, presenting an opportunity for investors or buyers seeking upside through updates and improvements.

Key facts

• Layout flexibility
• 6,098 sq ft lot
• 2 parking spots

Tags

• KITCHEN ON BOTH LEVELS
• LAYOUT FLEXIBILITY
• WELL-LOCATED NEAR DOWNTOWN

Property features AI

Finance

• HOA & community: Association fee paid annually

Exterior

• Parking: Off-street parking for 2 vehicles
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; 2 stories
• Construction: Vinyl siding over frame construction; Block foundation; Built by unknown builder
• Exterior features: Deck; Porch; Residential zoning

Interior

• Kitchen: Dishwasher; Refrigerator
• Flooring: Carpet; Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Dishwasher, Refrigerator; No fireplace; Deck and porch access
• Laundry & utility: Washer and Dryer included; Laundry closet on lower level; Unfinished block basement

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $817 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 10.0% vs local median 2.7% in Iowa City — 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 86/100 on livability (#13 in IA, #450 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Longfellow Elementary School (math 60% / reading 62%, grade B, #385 of 616 statewide, top 63%, 385 students, 57% FRL); Southeast Junior High School (math 64% / reading 68%, grade A-, #152 of 246 statewide, top 62%, 812 students, 50% FRL); Iowa City High School (math 62% / reading 73%, grade B, #186 of 336 statewide, top 57%, 1,599 students, 40% FRL) — zoned schools average 49% FRL vs 30% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.3%/yr); 260 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• At $3,469/mo this rent would consume 79% of the median local household income ($53k/yr) (locally 2852% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $74k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $230k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $264,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.31% ✓
• Cap rate: 9.99%
• Cash-on-cash: 13.21%
• DSCR: 1.59
• GRM: 6.4

CMA / ARV

• ARV (median comp): $310,555
• List price: $264,900
• Delta: -14.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.29×
• Total profit: $21,170
• Equity at exit: $39,497

10-year hold

• IRR: 19.2%
• Equity multiple: 2.87×
• Total profit: $138,460
• Equity at exit: $22,904

Cash invested: $74,172 (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 52240

• Rents YoY: 6.3%
• Active inventory: 260
• Price-to-rent: 19.1×

Monthly cashflow live

• Estimated rent: $3,469 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$424 /mo · $5,092/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$728
• Net cashflow: $817

Break-even live

Break-even rent $2,435

Max offer price $264,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,468
Total (3 units)			$3,469

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 Bowery St Iowa City, IA	3.0	1.5	1400	$1,500	$1.07	44d	1	0.08mi
215 Melrose Ct Iowa City, IA	3.0	1.0	1400	$2,400	$1.71	44d	1	1.20mi
909 N Governor St Iowa City, IA	4.0	1.0	1484	$2,400	$1.62	44d	1	1.21mi
51 Gleason Dr Iowa City, IA	3.0	1.0	1700	$2,200	$1.29	44d	1	1.28mi
2300 Catskill Ct Iowa City, IA	3.0	2.0	1456	$1,850	$1.27	44d	1	1.47mi

Listing history 2 events

1. 2026-05-13
   listed $264,900 Active 330-char remark
2. 2026-01-06
   listed $269,900 Active

ⓘ 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: $5,092 · $424/mo
• Projected year-2 tax: $5,092 · $424/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 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,628
• − Mortgage interest: −$14,839
• − Property taxes: −$5,092
• − Insurance: −$1,324
• − Repairs & maintenance: −$3,330
• − Management: −$3,330
• − Depreciation: −$7,706
• Taxable income: $6,006
• Est. tax owed @ 24.0%: −$1,442
• After-tax cash flow: $8,358/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — Iowa City

• Score: 86/100
• State rank: #13
• US rank: #450

Category grades

Amenities A+ Commute A+ 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: Iowa City, IA
• County: Johnson County · 132,710 people
• City population: 80,235
• Metro: Iowa City, IA
• Population (ZIP): 35,074
• Household income: $52,960
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 2852.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 11% Black 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Portuguese 3% Romanian 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 81% English-only · Spanish 8% French/Haitian/Cajun 2% Arabic 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.53%
• Current HPI: 170.7491
• Rent YoY: ▲ 6.32%
• Metro: Iowa City, 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

-14.8% since first listed

4 events — show timeline

• 2026-06-10 Sold (MLS) $230,000 ICAARMLS
• 2026-05-22 Pending — ICAARMLS
• 2026-05-13 Listed $264,900 ICAARMLS
• 2026-01-06 Listed $269,900 ICAARMLS

Property tax history

+2.5%/yr

Latest (2025): $5,092 · +1.2% YoY. Source: county tax records.