2514-2516 Sunset Dr · Iowa Falls, IA 50126

$179,900

4 bd · 2.5 ba · 1,632 sqft · MultiFamily public records · 31 Days on market

Built 1975 9,147 sqft lot

---

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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.6/10.0
• Schools +5.6/10.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks

This is a great investment opportunity! Live on one side, rent the other to help with your mortgage payment, or rent out both and build your income! This side by side duplex offers 2 bedrooms and one bath per unit. There is a basement available for storage as well for each unit. Utilities are metered separately, and paid by the tenants. Each unit has access to a stall in the detached garage, plus there is a driveway or street parking available if needed. Call to schedule your private showing!

Key facts

• 9,147 sq ft lot
• 2 garage spots
• Built 1975

Property features AI

Finance

• Financial info: Annual taxes shown

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Duplex (residential income); Single-story
• Construction: Wood siding; Shingle roof; Built on foundation area of 1,632
• Exterior features: Corner lot; Publicly maintained road

Interior

• Heating & cooling: Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive. Per door: $151/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.8% in Iowa Falls — 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 (#172 in IA, #3,097 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Iowa Falls Community School District (town): math 62% / reading 71% proficiency, ranked #184 of 289 in IA (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 90 active listings in the ZIP; 6 units permitted in Hardin County in 2024 (0 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 $5k of value loss. Plan a longer hold.
• Hardin County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $135k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $174,503 (3.0% 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 3% 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 1975 — 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 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?
7. 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.
8. 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.
9. 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: 8.31%
• Cash-on-cash: 7.19%
• DSCR: 1.32
• GRM: 7.8

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: -5.3%
• Equity multiple: 0.80×
• Total profit: $-9,913
• Equity at exit: $26,824

10-year hold

• IRR: 4.4%
• Equity multiple: 1.32×
• Total profit: $16,161
• Equity at exit: $15,554

Cash invested: $50,372 (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 50126

• Active inventory: 90
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $1,912 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$190 /mo · $2,282/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $302

Break-even live

Break-even rent $1,530

Max offer price $179,900

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,912
Total (2 units)			$1,912

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $179,900 Active 31 DOM
2. 2026-06-17
   days on market $179,900 Active 30 DOM
3. 2026-06-16
   days on market $179,900 Active 29 DOM
4. 2026-06-15
   days on market $179,900 Active 28 DOM
5. 2026-06-13
   days on market $179,900 Active 26 DOM
6. 2026-06-12
   days on market $179,900 Active 25 DOM
7. 2026-06-09
   days on market $179,900 Active 22 DOM
8. 2026-06-08
   days on market $179,900 Active 21 DOM
9. 2026-06-07
   days on market $179,900 Active 20 DOM
10. 2026-06-07
    days on market $179,900 Active 19 DOM
11. 2026-06-04
    days on market $179,900 Active 16 DOM
12. 2026-06-02
    days on market $179,900 Active 15 DOM
13. 2026-06-01
    days on market $179,900 Active 14 DOM
14. 2026-05-31
    days on market $179,900 Active 13 DOM
15. 2026-05-31
    days on market $179,900 Active 12 DOM
16. 2026-05-18
    listed $179,900 Active
17. 2024-04-18
    soldstatus $135,000

ⓘ 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: $2,282 · $190/mo
• Projected year-2 tax: $2,553 · $213/mo
• Expected delta: +$271/yr (+$23/mo · 11.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $22,944
• − Mortgage interest: −$10,077
• − Property taxes: −$2,282
• − Insurance: −$900
• − Repairs & maintenance: −$1,836
• − Management: −$1,836
• − Depreciation: −$5,233
• Taxable income: $781
• Est. tax owed @ 24.0%: −$187
• After-tax cash flow: $3,436/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: Iowa Falls Community School District
• NCES district ID: 1914730
• Math proficiency: 62% ▼ -9.00%
• Reading proficiency: 71% ▼ -5.00%
• Median HH income: $46,696
• Composite: 56.12/100
• National rank: #1182
• State rank: #184 of 289 in IA

Livability — Iowa Falls

• Score: 77/100
• State rank: #172
• US rank: #3097

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa Falls, IA
• City population: 6,362
• Population (ZIP): 6,362

Population outlook (Hardin County) Hauer SSP2

• Today (2025): 17,474 people
• By 2030: 17,369 · -0.6%
• By 2040: 17,018 · -2.6%
• By 2050: 16,454 · -5.8%
• By 2075: 14,665 · -16.1%
• By 2100: 12,404 · -29.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 2% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Iranian 3% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Hardin

• 2024 margin: Solid R (+38.4) · D 30.3% · R 68.7% · Other 1.1%
• 2008→2024 swing: -39.3pp toward R · 2008: 0.9pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+32.0 2016: R+29.2 2012: R+7.1 2008: D+0.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.54%
• Current HPI: 146.3741
• 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

+33.3% since first listed

2 events — show timeline

• 2026-05-18 Listed $179,900 IAR
• 2024-04-18 Sold (Public Records) $135,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,282 · +5.0% YoY. Source: county tax records.