303 E 3rd St · Everly, IA 51338

$225,000

8 bd · 4.0 ba · 1,488 sqft · MultiFamily · 150 Days on market

Built 1974 0.35 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Appreciation +6.2/10.0
• Schools +5.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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

20/20 Investment Vision — A Clear Focus on Long-Term Possibilities This quadplex in the community of Everly delivers exactly the kind of clarity strong investments are built on. Offering a balanced blend of consistency and recent updates, this four-unit property features a practical, uniform layout across all units: two bedrooms and one full bath designed for comfortable everyday living and reliable tenant appeal. The lower-level units have already moved ahead with new flooring, fresh paint, and updated cabinetry. The upper units remain well cared for, providing an opportunity for gradual improvements while maintaining steady income. This thoughtful mix allows investors to step in with confidence, earning from day one while planning enhancements over time. A detached four-stall garage adds everyday convenience for tenants and strengthens overall rental value. Outside, the property reflects ongoing care and functionality, reinforcing the dependability that matters in long-term ownership. Whether expanding an existing portfolio or entering the multi-family market, this quadplex offers a clear path forward, rooted in steady returns, manageable scale, and the kind of potential that grows with time.

Key facts

• Fresh paint
• New flooring
• Updated cabinetry

Tags

• DETACHED FOUR-STALL GARAGE
• NEW FLOORING
• FRESH PAINT
• UPDATED CABINETRY

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $251/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#517 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: health & safety D, amenities F, commute F.
• Clay Central-Everly Community School District (rural): math 65% / reading 70% proficiency, ranked #202 of 330 in IA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 11 units permitted in Clay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $6k appreciation (2.5% local appreciation)).
• Clay County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% 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 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.39% ✓
• Cap rate: 11.65%
• Cash-on-cash: 19.13%
• DSCR: 1.85
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.47% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 2.35×
• Total profit: $84,790
• Equity at exit: $94,499

10-year hold

• IRR: 25.7%
• Equity multiple: 4.50×
• Total profit: $220,204
• Equity at exit: $140,646

Cash invested: $63,000 (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 51338

• Home prices YoY: 1.6%
• Active inventory: 4
• Price-to-rent: 23.9×

Monthly cashflow live

• Estimated rent: $3,133 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$197 /mo · $2,366/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$658
• Net cashflow: $1,004

Break-even live

Break-even rent $1,862

Max offer price $225,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,132
Total (4 units)			$3,133

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $225,000 Active 150 DOM
2. 2026-06-17
   days on market $225,000 Active 149 DOM
3. 2026-06-16
   days on market $225,000 Active 148 DOM
4. 2026-06-15
   days on market $225,000 Active 147 DOM
5. 2026-06-13
   days on market $225,000 Active 145 DOM
6. 2026-06-12
   days on market $225,000 Active 144 DOM
7. 2026-06-09
   days on market $225,000 Active 141 DOM
8. 2026-06-08
   days on market $225,000 Active 140 DOM
9. 2026-06-07
   days on market $225,000 Active 139 DOM
10. 2026-06-05
    days on market $225,000 Active 137 DOM
11. 2026-06-04
    days on market $225,000 Active 135 DOM
12. 2026-06-02
    days on market $225,000 Active 134 DOM
13. 2026-06-01
    price $225,000 Active 133 DOM
14. 2026-06-01
    days on market $230,000 Active 133 DOM
15. 2026-05-31
    days on market $230,000 Active 132 DOM
16. 2026-05-31
    days on market $230,000 Active 131 DOM
17. 2026-02-18
    price $230,000 1219-char remark

    Show marketing remark (1219 chars)

    20/20 Investment Vision — A Clear Focus on Long-Term Possibilities This quadplex in the community of Everly delivers exactly the kind of clarity strong investments are built on. Offering a balanced blend of consistency and recent updates, this four-unit property features a practical, uniform layout across all units: two bedrooms and one full bath designed for comfortable everyday living and reliable tenant appeal. The lower-level units have already moved ahead with new flooring, fresh paint, and updated cabinetry. The upper units remain well cared for, providing an opportunity for gradual improvements while maintaining steady income. This thoughtful mix allows investors to step in with confidence, earning from day one while planning enhancements over time. A detached four-stall garage adds everyday convenience for tenants and strengthens overall rental value. Outside, the property reflects ongoing care and functionality, reinforcing the dependability that matters in long-term ownership. Whether expanding an existing portfolio or entering the multi-family market, this quadplex offers a clear path forward, rooted in steady returns, manageable scale, and the kind of potential that grows with time.

18. 2026-01-19
    listed $240,000 Active 1219-char remark

    Show marketing remark (1219 chars)

    20/20 Investment Vision — A Clear Focus on Long-Term Possibilities This quadplex in the community of Everly delivers exactly the kind of clarity strong investments are built on. Offering a balanced blend of consistency and recent updates, this four-unit property features a practical, uniform layout across all units: two bedrooms and one full bath designed for comfortable everyday living and reliable tenant appeal. The lower-level units have already moved ahead with new flooring, fresh paint, and updated cabinetry. The upper units remain well cared for, providing an opportunity for gradual improvements while maintaining steady income. This thoughtful mix allows investors to step in with confidence, earning from day one while planning enhancements over time. A detached four-stall garage adds everyday convenience for tenants and strengthens overall rental value. Outside, the property reflects ongoing care and functionality, reinforcing the dependability that matters in long-term ownership. Whether expanding an existing portfolio or entering the multi-family market, this quadplex offers a clear path forward, rooted in steady returns, manageable scale, and the kind of potential that grows with time.

19. 2023-10-03
    soldstatus $200,000
20. 2022-03-21
    soldstatus $145,000

ⓘ 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: $2,366 · $197/mo
• Projected year-2 tax: $2,949 · $246/mo
• Expected delta: +$583/yr (+$49/mo · 24.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 16 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: $37,596
• − Mortgage interest: −$12,603
• − Property taxes: −$2,366
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,008
• − Management: −$3,008
• − Depreciation: −$6,545
• Taxable income: $8,941
• Est. tax owed @ 24.0%: −$2,146
• After-tax cash flow: $9,905/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: Clay Central-Everly Community School District
• NCES district ID: 1907470
• Math proficiency: 65% ▼ -15.00%
• Reading proficiency: 70% ▼ -5.00%
• Median HH income: $51,987
• Composite: 58.78/100
• National rank: #1990
• State rank: #202 of 330 in IA

Livability — Everly

• Score: 66/100
• State rank: #517
• US rank: #11574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Everly, IA
• Population (ZIP): 912

Population outlook (Clay County) Hauer SSP2

• Today (2025): 16,277 people
• By 2030: 16,073 · -1.3%
• By 2040: 15,638 · -3.9%
• By 2050: 15,315 · -5.9%
• By 2075: 15,026 · -7.7%
• By 2100: 14,638 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2%
• Common ancestry: Iranian 4% Portuguese 4% Romanian 1%
• Foreign-born: 1% · China

Political lean MEDSL · Clay

• 2024 margin: Solid R (+43.2) · D 27.8% · R 71.0% · Other 1.2%
• 2008→2024 swing: -38.1pp toward R · 2008: -5.1pp · 2024: -43.2pp
• All cycles: 2024: R+43.2 2020: R+38.7 2016: R+42.4 2012: R+18.7 2008: R+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.47%
• Current HPI: 161.0849
• 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

+58.6% since first listed

4 events — show timeline

• 2026-02-18 Price Changed $230,000 Iowa Great Lakes BOR
• 2026-01-19 Listed $240,000 Iowa Great Lakes BOR
• 2023-10-03 Sold (Public Records) $200,000 Public Records
• 2022-03-21 Sold (Public Records) $145,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $2,366 · +25.3% YoY. Source: county tax records.