527 Boone St · Boone, IA 50036

$215,000

3 bd · 4.0 ba · 2,024 sqft · MultiFamily public records · 12 Days on market

Built 1880 6,300 sqft lot

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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 +26.0/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Well cared for triplex-vacant-set you own amount of monthly rent and costs for utilities. No deposit money available. Exterior is 90% maintenance free. Newer siding, windows, roof, etc. Full basement-2 car garage (20x24) and off street parking.

Key facts

• Newer furnace
• Updated vinyl siding
• Updated windows

Tags

• NEWER FURNACE
• CENTRAL AIR
• LOW-MAINTENANCE EXTERIOR
• UPDATED VINYL SIDING
• UPDATED WINDOWS
• UPDATED ROOF

Property features AI

Finance

• Financial info: Property used as residential income (triplex)

Exterior

• Parking: 2-car garage
• Utilities: Public water service; Public sewer
• Home design: Two-story triplex (residential income property)
• Construction: Vinyl siding; Brick/mortar foundation; Built as residential income (triplex)
• Exterior features: Public water; Public sewer; Zoned residential

Interior

• Flooring: Carpet
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Carpet flooring; Daylight basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $533 ($6k/yr) — positive. Per door: $178/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Cap rate 9.3% vs local median 3.7% in Boone — 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 79/100 on livability (#112 in IA, #2,144 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Boone Community School District (town): math 57% / reading 66% proficiency, ranked #232 of 289 in IA (top 80%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 216 active listings in the ZIP; 4 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; 80 units permitted in Boone County in 2024 (16 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 5y 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 $150k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,000

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 1880 — 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. Schools are B-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?
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: 1.14% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.63%
• DSCR: 1.47
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -0.4%
• Equity multiple: 0.99×
• Total profit: $-875
• Equity at exit: $32,057

10-year hold

• IRR: 9.3%
• Equity multiple: 1.71×
• Total profit: $42,936
• Equity at exit: $18,589

Cash invested: $60,200 (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 50036

• Home prices YoY: -27.1%
• Active inventory: 216
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $2,453 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$187 /mo · $2,248/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $533

Break-even live

Break-even rent $1,778

Max offer price $215,000

Occupancy floor 73%

Sensitivity live

Price	-10% $655	-5% $594	+0% $533	+5% $473	+10% $412
Rent	-10% $340	-5% $437	+0% $533	+5% $630	+10% $727
Rate	-1.0pp $642	-0.5pp $588	base $533	+0.5pp $478	+1.0pp $421

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$2,454
Total (3 units)			$2,453

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1428 Story St Boone, IA	4.0	3.0	1900	$2,000	$1.05	44d	1	0.62mi
1318 SE Linn St Boone, IA	3.0	2.0	1896	$1,695	$0.89	44d	1	0.85mi
1109 Ida Pl Boone, IA	3.0	2.5	1715	$1,950	$1.14	44d	1	1.31mi
1208 S Linn St Boone, IA	3.0	2.5	1449	$1,800	$1.24	44d	1	1.38mi

Listing history 9 events

1. 2026-06-21
   days on market $215,000 Active 12 DOM
2. 2026-06-18
   days on market $215,000 Active 10 DOM
3. 2026-06-17
   days on market $215,000 Active 9 DOM
4. 2026-06-16
   days on market $215,000 Active 8 DOM
5. 2026-06-15
   days on market $215,000 Active 7 DOM
6. 2026-06-13
   days on market $215,000 Active 5 DOM
7. 2026-06-12
   days on market $215,000 Active 4 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $215,000 Active 1 DOM

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

Tax reassessment forecast IA · Partial reset (capped growth)

• Current annual tax: $2,248 · $187/mo
• Projected year-2 tax: $2,812 · $234/mo
• Expected delta: +$564/yr (+$47/mo · 25.1%)

ⓘ 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 ≥103°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: $29,436
• − Mortgage interest: −$12,043
• − Property taxes: −$2,248
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,355
• − Management: −$2,355
• − Depreciation: −$6,255
• Taxable income: $3,105
• Est. tax owed @ 24.0%: −$745
• After-tax cash flow: $5,656/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: Boone Community School District
• NCES district ID: 1905130
• Math proficiency: 57% ▼ -6.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $48,703
• Composite: 52.16/100
• National rank: #1613
• State rank: #232 of 289 in IA

Livability — Boone

• Score: 79/100
• State rank: #112
• US rank: #2144

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment B Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Boone, IA
• Population (ZIP): 16,318

Population outlook (Boone County) Hauer SSP2

• Today (2025): 27,674 people
• By 2030: 28,058 · +1.4%
• By 2040: 28,474 · +2.9%
• By 2050: 28,383 · +2.6%
• By 2075: 27,647 · -0.1%
• By 2100: 25,485 · -7.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Iranian 3% Slovak 3%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Boone

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 7.6pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+15.6 2016: R+13.9 2012: D+6.4 2008: D+7.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.62%
• Current HPI: 216.6814
• Rent YoY: —
• Metro: —
• 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

+7.6% since first listed

8 events — show timeline

• 2026-06-08 Listed $215,000 CIBOR
• 2024-04-22 Sold (Public Records) $150,000 Public Records
• 2024-04-22 Sold (MLS) $150,000 CIBOR
• 2024-04-09 Pending — CIBOR
• 2024-04-03 Listed $150,000 CIBOR
• 2022-02-26 Delisted — CIBOR
• 2021-12-27 Price Changed $199,900 DMMLS
• 2021-08-20 Listed $199,900 CIBOR

Property tax history

+5.8%/yr

Latest (2025): $2,248 · +3.9% YoY. Source: county tax records.