1703 15th Ave · Council Bluffs, IA 51501

$37,900

2 bd · 2.0 ba · 952 sqft · MultiFamily public records · 9 Days on market

Built 1920 ↓ 10% 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 +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

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

Investor Opportunity - 2 Bed / 2 Bath with Great Potential. This 2-bedroom, 2-bath home is full of potential for the right investor. Property is being sold strictly as-is and sight unseen. No interior access permitted - all evaluations must be based on exterior observation only, sight unseen sale. Hold harmless required to be signed on exterior showings. City of Council Bluffs code violations are attached for buyer review. Square footage per county assessor. A promising project for investors looking to renovate or rebuild—bring your vision and make it your next success.

Key facts

• Garage
• Built 1920
• Listed 8 days

Property features AI

Exterior

• Parking: Garage available; 1-car garage
• Utilities: Lot size: 12,780 (dimensions)
• Home design: Single-family residence; Single-story home; Entry level: main; Subdivision: Fleming & Davis
• Construction: Frame construction; Composition roof; Unfinished basement
• Exterior features: Patio; Deck

Interior

• Heating & cooling: Has heating; Cooling: none; Other heating type
• Interior features: Other interior features
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $38k.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Cap rate 29.2% 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: Longfellow Elementary School (math 57% / reading 38%, grade D, #529 of 616 statewide, top 86%, 481 students, 60% 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) — zoned schools at 56% FRL track the district average.
• Market conditions: Rents flat; 140 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $262 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts; this cycle's ask has dropped $7k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $37,900

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 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: 3.30% ✓
• Cap rate: 29.24%
• Cash-on-cash: 81.97%
• DSCR: 4.65
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.56% rent growth · sell at horizon

5-year hold

• IRR: 79.5%
• Equity multiple: 4.49×
• Total profit: $37,052
• Equity at exit: $5,651

10-year hold

• IRR: 82.3%
• Equity multiple: 8.55×
• Total profit: $80,092
• Equity at exit: $3,277

Cash invested: $10,612 (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: 2.5×

Monthly cashflow live

• Estimated rent: $1,249 high
• Mortgage (P&I): −$199
• Tax est. 1.5%: −$47 /mo · $568/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $725

Break-even live

Break-even rent $332

Max offer price $37,900

Occupancy floor 37%

Sensitivity live

Price	-10% $751	-5% $738	+0% $725	+5% $712	+10% $699
Rent	-10% $626	-5% $676	+0% $725	+5% $774	+10% $824
Rate	-1.0pp $744	-0.5pp $735	base $725	+0.5pp $715	+1.0pp $705

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: $9,475
• Closing costs: $1,137
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1600 4th Ave #2 Council Bluffs, IA	3.0	1.0	1056	$1,800	$1.70	44d	1	0.71mi
1115 23rd Ave Council Bluffs, IA	3.0	1.0	720	$1,675	$2.33	2d	1	0.73mi
2301 S 9th St Council Bluffs, IA	2.0	1.0	1000	$1,350	$1.35	4d	1	0.86mi
2436 3rd Ave Unit 04 Council Bluffs, IA	2.0	1.0	768	$950	$1.24	44d	1	0.99mi
1634 Avenue A Unit A Council Bluffs, IA	3.0	1.0	1105	$1,465	$1.33	15d	1	1.03mi
2523 3rd Ave Unit 8 Council Bluffs, IA	2.0	1.0	720	$750	$1.04	44d	1	1.03mi
2018 Avenue A Unit 2018 Council Bluffs, IA	1.0	1.0	560	$775	$1.38	24d	1	1.09mi
2018 Avenue A Unit 2018 Council Bluffs, IA	1.0	1.0	560	$750	$1.34	44d	1	1.09mi
913 Avenue A Council Bluffs, IA	2.0	1.0	828	$795	$0.96	24d	1	1.16mi
8 S 6th St Council Bluffs, IA	1.0–2.0	1.0–2.0	850	$1,500	$1.76	2d	4	1.23mi
2404 Avenue B Unit B Council Bluffs, IA	2.0	1.0	1014	$1,585	$1.56	44d	1	1.24mi
530 W Broadway Apt 302 Council Bluffs, IA	2.0	1.0	765	$1,220	$1.59	44d	1	1.31mi
120 N 6th St Council Bluffs, IA	2.0	1.0–2.0	848	$1,000	$1.18	2d	1	1.37mi
2717 Avenue A Apt 4 Council Bluffs, IA	2.0	1.0	672	$995	$1.48	44d	1	1.41mi

Listing history 7 events

1. 2026-06-18
   days on market $37,900 Active 9 DOM
2. 2026-06-17
   days on market $37,900 Active 8 DOM
3. 2026-06-16
   days on market $37,900 Active 7 DOM
4. 2026-06-15
   pricedays on market $37,900 Active 6 DOM
5. 2026-06-13
   days on market $45,000 Active 4 DOM
6. 2026-06-10
   remarks 587-char remark
7. 2026-06-10
   listed $45,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 14 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: $14,990
• − Mortgage interest: −$2,123
• − Property taxes: −$568
• − Insurance: −$190
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$1,103
• Taxable income: $8,608
• Est. tax owed @ 24.0%: −$2,066
• After-tax cash flow: $6,633/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

-9.8% since first listed

7 events — show timeline

• 2026-06-09 Listed $45,000 SWIAR
• 2025-10-15 Sold (MLS) $33,000 SWIAR
• 2025-09-19 Pending — SWIAR
• 2025-09-18 Relisted — SWIAR
• 2025-09-05 Price Changed $39,900 SWIAR
• 2025-08-05 Price Changed $44,900 SWIAR
• 2025-06-12 Listed $49,900 SWIAR

Property tax history

+0.9%/yr

Latest (2025): $1,898 · +0.9% YoY. Source: county tax records.