139 6th Ave Ave SW · Le Mars, IA 51031

$232,500

4 bd · 2.5 ba · 1,572 sqft · MultiFamily public records · 3 Days on market

Built 1954 0.38 ac lot Est $222k · at est.

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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 +9.7/10.0
• Schools +6.2/10.0
• ARV discount +5.3/15.0
• Livability +4.1/5.0
• 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

Excellent investment opportunity or owner-occupied duplex! This well-maintained property features two separate main floor units, each offering a comfortable living room, 2 bedrooms, full bathroom, and kitchen (appliances included). The main floor units can be securely locked separately, providing privacy and flexibility for tenants or multi-generational living. The shared basement is accessed through a common stairway, with each unit having its own dedicated laundry area, furnace, central air conditioner, water softener, and electrical panel. Unit 139 1/2 includes the ability to lock off its portion of the basement, which features a non-conforming bathroom and an additional room with potent

Key facts

• Large backyard
• Vinyl plank flooring
• 0.38 acre lot

Tags

• OWNER OCCUPIED DUPLEX
• SEPARATE MAIN FLOOR UNITS
• DEDICATED LAUNDRY AREA
• DETACHED 2 CAR GARAGE
• LARGE BACKYARD
• VINYL PLANK FLOORING

Property features AI

Finance

• Financial info: Two 2-bedroom units with listed rents of $770 and $850

Exterior

• Parking: Detached concrete garage with 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family / Multi-unit residential income property
• Exterior features: Level lot

Interior

• Bedrooms: Each unit has 2 bedrooms
• Bathrooms: Each unit has 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Two 2-bedroom units (multi-family residential income property)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $232k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $232k).
• Cap rate 12.5% vs local median 2.7% in Le Mars — 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 82/100 on livability (#48 in IA, #1,235 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Le Mars Community School District (town): math 73% / reading 72% proficiency, ranked #96 of 289 in IA (top 33%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 58 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $65k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $92k; list at $232k implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $232,500

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 1954 — 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 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?
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: 1.47% ✓
• Cap rate: 12.54%
• Cash-on-cash: 22.29%
• DSCR: 1.99
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $221,652
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
139 6th Ave Ave SW	0.00mi	4/2.0	1,572 (0%)	0mo	$222,000	$141	98

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 15.1%
• Equity multiple: 1.60×
• Total profit: $39,343
• Equity at exit: $34,667

10-year hold

• IRR: 23.8%
• Equity multiple: 3.05×
• Total profit: $133,392
• Equity at exit: $20,102

Cash invested: $65,100 (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 51031

• Home prices YoY: -22.2%
• Active inventory: 58
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,428 medium
• Mortgage (P&I): −$1,219
• Tax from tax record: −$182 /mo · $2,190/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$720
• Net cashflow: $1,209

Break-even live

Break-even rent $1,897

Max offer price $232,500

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,428
Total (2 units)			$3,428

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: $58,125
• Closing costs: $6,975
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-15
   status Pending
2. 2026-05-12
   listed $232,500 Active
3. 2013-01-31
   soldstatus $92,000

ⓘ 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: $2,190 · $182/mo
• Projected year-2 tax: $2,920 · $243/mo
• Expected delta: +$730/yr (+$61/mo · 33.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,136
• − Mortgage interest: −$13,024
• − Property taxes: −$2,190
• − Insurance: −$1,162
• − Repairs & maintenance: −$3,291
• − Management: −$3,291
• − Depreciation: −$6,764
• Taxable income: $11,414
• Est. tax owed @ 24.0%: −$2,739
• After-tax cash flow: $11,774/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: Le Mars Community School District
• NCES district ID: 1916530
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $55,414
• Composite: 61.97/100
• National rank: #723
• State rank: #96 of 289 in IA

Livability — Le Mars

• Score: 82/100
• State rank: #48
• US rank: #1235

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Le Mars, IA
• Population (ZIP): 12,785

Population outlook (Plymouth County) Hauer SSP2

• Today (2025): 25,214 people
• By 2030: 25,257 · +0.2%
• By 2040: 25,304 · +0.4%
• By 2050: 25,421 · +0.8%
• By 2075: 26,820 · +6.4%
• By 2100: 27,604 · +9.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Black 4% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 6% Portuguese 3% Ukrainian 2%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 7% German/W. Germanic 1%

Political lean MEDSL · Plymouth

• 2024 margin: Solid R (+54.2) · D 22.3% · R 76.5% · Other 1.2%
• 2008→2024 swing: -29.2pp toward R · 2008: -25.1pp · 2024: -54.2pp
• All cycles: 2024: R+54.2 2020: R+49.3 2016: R+51.9 2012: R+34.3 2008: R+25.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.02%
• Current HPI: 283.6093
• 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

+152.7% since first listed

3 events — show timeline

• 2026-05-15 Pending — NWIA
• 2026-05-12 Listed $232,500 NWIA
• 2013-01-31 Sold (Public Records) $92,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $2,190 · +2.0% YoY. Source: county tax records.