412 S 2nd Ave E · Newton, IA 50208

$154,000

4 bd · 2.0 ba · 1,908 sqft · MultiFamily public records · 48 Days on market

Built 1930 8,712 sqft lot $81/sqft · 9% above area Est $141k · 9% over

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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 +23.8/30.0
• DSCR +7.7/10.0
• 1% rule +5.6/10.0
• Schools +5.1/10.0
• Livability +3.9/5.0
• ARV discount +3.4/15.0
• 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

Located at 412 S 2nd Ave E in Newton, this versatile two-story property offers exceptional flexibility for a homeowner or investor alike. Recent exterior updates provide peace of mind and curb appeal, including a new roof installed in 2023 and new siding completed in 2024. Rear alley access allows for the potential addition of a garage. The home can function as a single-family residence with four total bedrooms, or as an up-and-down duplex with separate private entrances. The upper level has been remodeled with modern finishes and features a nicely updated kitchen with new black appliances that stay, including a microwave, refrigerator, and gas stove, along with a nice-sized living room and two bedrooms. The upper unit is accessed by a charming, original wooden stairwell and showcases unique, original wooden flooring, adding character and warmth. The main-level apartment offers a large kitchen and includes a white refrigerator and white stove with the sale, along with a nice newer Lennox furnace serving the main floor apartment. Newer windows are found throughout the home with the exception of one window in the main living area. Both levels include their own laundry hookups and are connected by a lockable pass-through door, making the layout ideal for multi-generational living while still maintaining privacy. The property is served by separate gas and water meters, providing added flexibility for tenants or multi-family use. With strong functionality, flexible use options, re

Key facts

• New siding
• Rear alley access
• Updated kitchen

Tags

• NEW ROOF
• NEW SIDING
• REAR ALLEY ACCESS
• REMODELED UPPER LEVEL
• UPDATED KITCHEN
• ORIGINAL WOODEN STAIRWELL

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $154k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $154k).
• Recommended offer: $149k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 24d 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 $5k 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 ($149k) is reasonable based on typical stale-listing flexibility.
• 5 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 $35k; list at $154k implies a 340% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,380 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.26%
• DSCR: 1.37
• GRM: 7.9

CMA / ARV

• ARV (median comp): $141,240
• List price: $154,000
• Delta: 9.03%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.8%
• Equity multiple: 0.86×
• Total profit: $-6,069
• Equity at exit: $22,962

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $18,974
• Equity at exit: $13,315

Cash invested: $43,120 (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: 15.8×

Monthly cashflow live

• Estimated rent: $1,628 high
• Mortgage (P&I): −$808
• Tax from tax record: −$118 /mo · $1,410/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $297

Break-even live

Break-even rent $1,252

Max offer price $154,000

Occupancy floor 77%

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: $38,500
• Closing costs: $4,620
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
527 1st Ave W Newton, IA	4.0	2.0	2136	$1,850	$0.87	43d	1	0.59mi
812 N 3rd Ave W Newton, IA	4.0	1.0	1450	$1,450	$1.00	14d	1	0.79mi
712 W 12th St S Newton, IA	3.0	2.5	2087	$1,700	$0.81	23d	1	1.02mi

Listing history 25 events

1. 2026-06-05
   days on market $154,000 Active 48 DOM
2. 2026-06-03
   days on market $154,000 Active 47 DOM
3. 2026-06-02
   days on market $154,000 Active 46 DOM
4. 2026-06-01
   days on market $154,000 Active 45 DOM
5. 2026-05-31
   days on market $154,000 Active 44 DOM
6. 2026-05-31
   days on market $154,000 Active 43 DOM
7. 2026-05-13
   price $154,000 1500-char remark

   Show marketing remark (1500 chars)

   Located at 412 S 2nd Ave E in Newton, this versatile two-story property offers exceptional flexibility for a homeowner or investor alike. Recent exterior updates provide peace of mind and curb appeal, including a new roof installed in 2023 and new siding completed in 2024. Rear alley access allows for the potential addition of a garage. The home can function as a single-family residence with four total bedrooms, or as an up-and-down duplex with separate private entrances. The upper level has been remodeled with modern finishes and features a nicely updated kitchen with new black appliances that stay, including a microwave, refrigerator, and gas stove, along with a nice-sized living room and two bedrooms. The upper unit is accessed by a charming, original wooden stairwell and showcases unique, original wooden flooring, adding character and warmth. The main-level apartment offers a large kitchen and includes a white refrigerator and white stove with the sale, along with a nice newer Lennox furnace serving the main floor apartment. Newer windows are found throughout the home with the exception of one window in the main living area. Both levels include their own laundry hookups and are connected by a lockable pass-through door, making the layout ideal for multi-generational living while still maintaining privacy. The property is served by separate gas and water meters, providing added flexibility for tenants or multi-family use. With strong functionality, flexible use options, re

8. 2026-04-17
   listed $159,000 Active 1500-char remark

   Show marketing remark (1500 chars)

   Located at 412 S 2nd Ave E in Newton, this versatile two-story property offers exceptional flexibility for a homeowner or investor alike. Recent exterior updates provide peace of mind and curb appeal, including a new roof installed in 2023 and new siding completed in 2024. Rear alley access allows for the potential addition of a garage. The home can function as a single-family residence with four total bedrooms, or as an up-and-down duplex with separate private entrances. The upper level has been remodeled with modern finishes and features a nicely updated kitchen with new black appliances that stay, including a microwave, refrigerator, and gas stove, along with a nice-sized living room and two bedrooms. The upper unit is accessed by a charming, original wooden stairwell and showcases unique, original wooden flooring, adding character and warmth. The main-level apartment offers a large kitchen and includes a white refrigerator and white stove with the sale, along with a nice newer Lennox furnace serving the main floor apartment. Newer windows are found throughout the home with the exception of one window in the main living area. Both levels include their own laundry hookups and are connected by a lockable pass-through door, making the layout ideal for multi-generational living while still maintaining privacy. The property is served by separate gas and water meters, providing added flexibility for tenants or multi-family use. With strong functionality, flexible use options, re

9. 2026-04-17
   historical

   Show marketing remark (1500 chars)

   Located at 412 S 2nd Ave E in Newton, this versatile two-story property offers exceptional flexibility for a homeowner or investor alike. Recent exterior updates provide peace of mind and curb appeal, including a new roof installed in 2023 and new siding completed in 2024. Rear alley access allows for the potential addition of a garage. The home can function as a single-family residence with four total bedrooms, or as an up-and-down duplex with separate private entrances. The upper level has been remodeled with modern finishes and features a nicely updated kitchen with new black appliances that stay, including a microwave, refrigerator, and gas stove, along with a nice-sized living room and two bedrooms. The upper unit is accessed by a charming, original wooden stairwell and showcases unique, original wooden flooring, adding character and warmth. The main-level apartment offers a large kitchen and includes a white refrigerator and white stove with the sale, along with a nice newer Lennox furnace serving the main floor apartment. Newer windows are found throughout the home with the exception of one window in the main living area. Both levels include their own laundry hookups and are connected by a lockable pass-through door, making the layout ideal for multi-generational living while still maintaining privacy. The property is served by separate gas and water meters, providing added flexibility for tenants or multi-family use. With strong functionality, flexible use options, re

10. 2026-04-13
    price $159,000
11. 2026-04-13
    price $159,000
12. 2026-03-24
    price $169,000
13. 2026-03-24
    price $169,000
14. 2026-02-02
    price $174,000
15. 2026-02-02
    price $174,000
16. 2026-01-20
    listed $179,000 Active
17. 2026-01-20
    listed $179,000 Active
18. 2026-01-16
    historical
19. 2025-09-24
    price $184,000
20. 2025-07-08
    status Active
21. 2025-07-01
    historical
22. 2025-05-23
    price $194,000
23. 2025-03-10
    listed $198,000 Active
24. 2022-03-29
    soldstatus $35,000
25. 2017-01-06
    soldstatus $35,000

ⓘ 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: $1,410 · $118/mo
• Projected year-2 tax: $1,914 · $159/mo
• Expected delta: +$504/yr (+$42/mo · 35.7%)

ⓘ 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 ≥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: −$8,626
• − Property taxes: −$1,410
• − Insurance: −$770
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − Depreciation: −$4,480
• Taxable income: $1,124
• Est. tax owed @ 24.0%: −$270
• After-tax cash flow: $3,293/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

+340.0% since first listed

19 events — show timeline

• 2026-05-13 Price Changed $154,000 IAR
• 2026-04-17 Listing Removed — DMMLS
• 2026-04-17 Listed $159,000 IAR
• 2026-04-13 Price Changed $159,000 IAR
• 2026-04-13 Price Changed $159,000 DMMLS
• 2026-03-24 Price Changed $169,000 IAR
• 2026-03-24 Price Changed $169,000 DMMLS
• 2026-02-02 Price Changed $174,000 IAR
• 2026-02-02 Price Changed $174,000 DMMLS
• 2026-01-20 Listed $179,000 IAR
• 2026-01-20 Listed $179,000 DMMLS
• 2026-01-16 Listing Removed — DMMLS
• 2025-09-24 Price Changed $184,000 DMMLS
• 2025-07-08 Relisted — DMMLS
• 2025-07-01 Listing Removed — DMMLS
• 2025-05-23 Price Changed $194,000 DMMLS
• 2025-03-10 Listed $198,000 DMMLS
• 2022-03-29 Sold (Public Records) $35,000 Public Records
• 2017-01-06 Sold (Public Records) $35,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,410 · +0.6% YoY. Source: county tax records.