505 4th St · Delhi, IA 52223

$350,000

None bd · None ba · 2,304 sqft · MultiFamily public records · 31 Days on market

Built 1979 0.42 ac lot

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Why this score? — see what drove the D+ 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 +16.4/30.0
• ARV discount +7.5/15.0
• Schools +6.9/10.0
• DSCR +5.1/10.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Looking for additional cash flow or eager to expand your portfolio? Your path to success begins in Delhi with this fully rented fourplex. Each unit has been tastefully updated, and the building even includes a laundromat! There's more space for a 5th unit as well. This is an incredible opportunity you won't want to miss!

Key facts

• Updated
• Space for 5th unit
• Fully rented

Tags

• FULLY RENTED
• UPDATED
• SPACE FOR 5TH UNIT

Property features AI

Exterior

• Parking: Has garage
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family
• Construction: Metal siding; Slab foundation
• Exterior features: Deck; Patio; Pets allowed

Interior

• Heating & cooling: Forced air heating; Central air; Window and wall air conditioning units
• Interior features: Common area laundry
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive. Per door: $50/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $288k (17.7% below list).
• Recommended offer: $288k (17.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#355 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety F.
• Maquoketa Valley Community School District (rural): math 79% / reading 83% proficiency, ranked #27 of 289 in IA (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Delhi Elementary School (math 82% / reading 77%, grade A, #71 of 616 statewide, top 15%, 148 students, 29% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: 28 active listings in the ZIP; 48 units permitted in Delaware County in 2024 (24 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Delaware County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $290k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $288,100 (17.7% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 6.98%
• Cash-on-cash: 2.46%
• DSCR: 1.11
• GRM: 10.1

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: -12.5%
• Equity multiple: 0.55×
• Total profit: $-44,088
• Equity at exit: $52,186

10-year hold

• IRR: -3.5%
• Equity multiple: 0.77×
• Total profit: $-22,598
• Equity at exit: $30,262

Cash invested: $98,000 (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 52223

• Home prices YoY: -15.2%
• Active inventory: 28
• Price-to-rent: 40.5×

Monthly cashflow live

• Estimated rent: $2,881 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$605
• Net cashflow: $201

Break-even live

Break-even rent $2,627

Max offer price $350,000

Occupancy floor 88%

Sensitivity live

Price	-10% $399	-5% $300	+0% $201	+5% $102	+10% $3
Rent	-10% $-27	-5% $87	+0% $201	+5% $315	+10% $428
Rate	-1.0pp $377	-0.5pp $290	base $201	+0.5pp $110	+1.0pp $18

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$2,880
Total (4 units)			$2,881

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $350,000 Active 31 DOM
2. 2026-06-18
   days on market $350,000 Active 29 DOM
3. 2026-06-17
   days on market $350,000 Active 28 DOM
4. 2026-06-16
   days on market $350,000 Active 27 DOM
5. 2026-06-15
   days on market $350,000 Active 26 DOM
6. 2026-06-13
   days on market $350,000 Active 24 DOM
7. 2026-06-12
   days on market $350,000 Active 23 DOM
8. 2026-06-09
   days on market $350,000 Active 20 DOM
9. 2026-06-08
   days on market $350,000 Active 19 DOM
10. 2026-06-07
    days on market $350,000 Active 18 DOM
11. 2026-06-07
    days on market $350,000 Active 17 DOM
12. 2026-06-04
    days on market $350,000 Active 14 DOM
13. 2026-06-02
    days on market $350,000 Active 13 DOM
14. 2026-06-01
    days on market $350,000 Active 12 DOM
15. 2026-05-31
    days on market $350,000 Active 11 DOM
16. 2026-05-31
    days on market $350,000 Active 10 DOM
17. 2026-05-20
    listed $350,000 Active 322-char remark

    Show marketing remark (322 chars)

    Looking for additional cash flow or eager to expand your portfolio? Your path to success begins in Delhi with this fully rented fourplex. Each unit has been tastefully updated, and the building even includes a laundromat! There's more space for a 5th unit as well. This is an incredible opportunity you won't want to miss!

18. 2026-05-20
    listed $350,000 Active

    Show marketing remark (322 chars)

    Looking for additional cash flow or eager to expand your portfolio? Your path to success begins in Delhi with this fully rented fourplex. Each unit has been tastefully updated, and the building even includes a laundromat! There's more space for a 5th unit as well. This is an incredible opportunity you won't want to miss!

19. 2024-08-15
    soldstatus $290,000 116-char remark

    Show marketing remark (116 chars)

    Beautifully updated fourplex with a laundromat! Fully rented. Great addition to your portfolio. Agent has ownership.

20. 2024-07-05
    listed $300,000 116-char remark

    Show marketing remark (116 chars)

    Beautifully updated fourplex with a laundromat! Fully rented. Great addition to your portfolio. Agent has ownership.

ⓘ 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: $1,126 · $94/mo
• Projected year-2 tax: $3,310 · $276/mo
• Expected delta: +$2,184/yr (+$182/mo · 194.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $34,572
• − Mortgage interest: −$19,605
• − Property taxes: −$1,126
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,766
• − Management: −$2,766
• − Depreciation: −$10,182
• Taxable loss: −$3,623
• Est. tax savings @ 24.0%: +$869
• After-tax cash flow: $3,280/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: Maquoketa Valley Community School District
• NCES district ID: 1918540
• Math proficiency: 79% ▼ -8.00%
• Reading proficiency: 83% ▼ -8.00%
• Median HH income: $53,569
• Composite: 68.82/100
• National rank: #332
• State rank: #27 of 289 in IA

Livability — Delhi

• Score: 70/100
• State rank: #355
• US rank: #7440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delhi, IA
• Population (ZIP): 1,170

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 16,718 people
• By 2030: 16,267 · -2.7%
• By 2040: 15,277 · -8.6%
• By 2050: 14,198 · -15.1%
• By 2075: 12,804 · -23.4%
• By 2100: 11,678 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Slovak 4% Polish 3% Portuguese 1%
• Languages at home: 96% English-only · German/W. Germanic 3%

Political lean MEDSL · Delaware

• 2024 margin: Solid R (+39.6) · D 29.4% · R 69.1% · Other 1.5%
• 2008→2024 swing: -45.6pp toward R · 2008: 6.0pp · 2024: -39.6pp
• All cycles: 2024: R+39.6 2020: R+35.1 2016: R+29.8 2012: R+0.2 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.03%
• Current HPI: 178.6503
• 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

+16.7% since first listed

4 events — show timeline

• 2026-05-20 Listed $350,000 CRAAR, CDRMLS
• 2026-05-20 Listed $350,000 ECIMLS
• 2024-08-15 Sold (MLS) $290,000 ECIMLS
• 2024-07-05 Listed $300,000 ECIMLS

Property tax history

-5.0%/yr

Latest (2025): $1,126 · +1.6% YoY. Source: county tax records.