3654 Ave A · Council Bluffs, IA 51501

$55,000

2 bd · 1.0 ba · 656 sqft · SingleFamily public records · 10 Days on market

Built 1920 5,280 sqft lot $84/sqft · 58% below area

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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 +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sold as is with all the junk. Basement appears ok, roof looks ok, furnace and water heater are in place. Alley access to back yard.

Key facts

• 5,280 sq ft lot
• Built 1920
• Listed 10 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Cap rate 20.3% 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.
• Market conditions: Rents flat; 140 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 679 units permitted in Pottawattamie County in 2024 (566 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k 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 + 0.6% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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.
• Current owner paid $32k; list at $55k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $55,000

Questions for the listing agent

1. Built in 1920 — 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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.40% ✓
• Cap rate: 20.29%
• Cash-on-cash: 49.98%
• DSCR: 3.22
• GRM: 3.5

CMA / ARV

• ARV (median comp): $130,906
• List price: $55,000
• Delta: -57.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3538 3rd Ave	0.32mi	2/1.0	672 (+2%)	1mo	$155,000	$231	80
3512 4th Ave	0.39mi	1/1.0 (-1)	645 (-2%)	6mo	$117,000	$181	68
3741 4th Ave	0.37mi	1/1.5 (-1)	677 (+3%)	10mo	$173,000	$256	62
3453 4th Ave	0.45mi	2/1.0	616 (-6%)	10mo	$126,000	$205	61
3637 Avenue D	0.16mi	2/1.0	736 (+12%)	18mo	$112,000	$152	58
3551 3rd Avenue Ave	0.33mi	2/1.0	720 (+10%)	13mo	$120,000	$167	57
3515 Avenue G Ave	0.38mi	2/1.0	720 (+10%)	12mo	$86,000	$119	56
3537 6th Ave	0.50mi	2/1.0	740 (+13%)	1mo	$155,000	$209	55
3418 9th Ave	0.69mi	2/1.0	750 (+14%)	3mo	$135,000	$180	42
3002 Ave A	0.73mi	2/1.0	725 (+10%)	14mo	$209,000	$288	37
3227 6th Ave	0.69mi	2/1.0	744 (+13%)	10mo	$45,500	$61	37
3446 10th Ave	0.75mi	2/1.0	720 (+10%)	16mo	$187,500	$260	35

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 · 0.56% rent growth · sell at horizon

5-year hold

• IRR: 44.8%
• Equity multiple: 2.87×
• Total profit: $28,805
• Equity at exit: $8,201

10-year hold

• IRR: 49.6%
• Equity multiple: 5.25×
• Total profit: $65,442
• Equity at exit: $4,755

Cash invested: $15,400 (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 51501

• Rents YoY: 0.6%
• Active inventory: 140
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,322 high
• Mortgage (P&I): −$288
• Tax from tax record: −$92 /mo · $1,102/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $641

Break-even live

Break-even rent $510

Max offer price $55,000

Occupancy floor 46%

Sensitivity live

Price	-10% $673	-5% $657	+0% $641	+5% $626	+10% $610
Rent	-10% $537	-5% $589	+0% $641	+5% $694	+10% $746
Rate	-1.0pp $669	-0.5pp $655	base $641	+0.5pp $627	+1.0pp $613

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3726 3rd Ave Apt E Council Bluffs, IA	2.0	1.0	748	$895	$1.20	44d	1	0.28mi
4141 Rivers Edge Pkwy Council Bluffs, IA	2.0	1.0–2.0	808	$1,900	$2.35	3d	8	0.43mi
20 S 41st St Council Bluffs, IA	2.0	1.0–2.0	709	$1,640	$2.31	2d	14	0.51mi
806 N 34th St Council Bluffs, IA	1.0–2.0	1.0	776	$1,105	$1.42	3d	16	0.57mi
2717 Avenue A Apt 4 Council Bluffs, IA	2.0	1.0	672	$995	$1.48	44d	1	1.00mi
415 Leavenworth St Omaha, NE	1.0–2.0	1.0–2.0	881	$2,395	$2.72	2d	38	1.08mi
900 Farnam St Omaha, NE	1.0–2.0	1.0–2.0	870	$1,750	$2.01	3d	9	1.16mi
2523 3rd Ave Unit 8 Council Bluffs, IA	2.0	1.0	720	$750	$1.04	44d	1	1.29mi
1115 Harney St Unit 301 Omaha, NE	1.0	1.0	700	$1,125	$1.61	24d	1	1.35mi
1115 Harney St Omaha, NE	1.0	1.0	712	$1,195	$1.68	12d	2	1.35mi
1117 Nicholas St Omaha, NE	2.0	1.0–2.0	848	$2,195	$2.59	3d	47	1.36mi
424 S 12th St Omaha, NE	1.0	1.0	937	$1,480	$1.58	3d	4	1.40mi
1213 Harney St Omaha, NE	2.0	1.0	722	$1,300	$1.80	12d	3	1.41mi
1213 Harney St Apt 201 Omaha, NE	1.0	1.0	610	$1,100	$1.80	22d	1	1.41mi
1213 Jackson St Omaha, NE	1.0	1.0	600	$839	$1.40	15d	1	1.47mi
1015 N 14th St Omaha, NE	1.0–3.0	1.0–3.0	910	$1,542	$1.70	3d	17	1.48mi
1415 Cuming St Omaha, NE	1.0	1.0	659	$1,515	$2.30	3d	5	1.48mi

Listing history 5 events

1. 2026-05-13
   status Active 131-char remark

   Show marketing remark (131 chars)

   Sold as is with all the junk. Basement appears ok, roof looks ok, furnace and water heater are in place. Alley access to back yard.

2. 2026-04-02
   status Pending 131-char remark

   Show marketing remark (131 chars)

   Sold as is with all the junk. Basement appears ok, roof looks ok, furnace and water heater are in place. Alley access to back yard.

3. 2026-03-30
   listed $55,000 Active 131-char remark

   Show marketing remark (131 chars)

   Sold as is with all the junk. Basement appears ok, roof looks ok, furnace and water heater are in place. Alley access to back yard.

4. 2004-11-04
   soldstatus $31,500 24-char remark

   Show marketing remark (24 chars)

   NEEDS WORK. AGENT OWNED.

5. 2004-08-30
   listed $35,000 24-char remark

   Show marketing remark (24 chars)

   NEEDS WORK. AGENT OWNED.

ⓘ 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: $1,102 · $92/mo
• Projected year-2 tax: $1,102 · $92/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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,867
• − Mortgage interest: −$3,081
• − Property taxes: −$1,102
• − Insurance: −$275
• − Repairs & maintenance: −$1,269
• − Management: −$1,269
• − Depreciation: −$1,600
• Taxable income: $7,271
• Est. tax owed @ 24.0%: −$1,745
• After-tax cash flow: $5,952/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): 34,618
• Household income: $59,843
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 1110.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 14% Two or more races 8% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 2% Romanian 2% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 8% Chinese 1%

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: ▼ -187.49%
• Current HPI: 215.2532
• Rent YoY: ▲ 0.56%
• 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

+57.1% since first listed

5 events — show timeline

• 2026-05-13 Relisted — SWIAR
• 2026-04-02 Pending — SWIAR
• 2026-03-30 Listed $55,000 SWIAR
• 2004-11-04 Sold (MLS) $31,500 SWIAR
• 2004-08-30 Listed $35,000 SWIAR

Property tax history

+0.7%/yr

Latest (2025): $1,102 · +1.1% YoY. Source: county tax records.