106 3rd Ave SE · State Center, IA 50247

$169,900

4 bd · 2.0 ba · 3,206 sqft · MultiFamily public records · 60 Days on market

Built 1900 0.66 ac lot $53/sqft · 45% below area Est $309k · 45% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.5/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Some homes are simply lived in. Others are felt the moment you step inside. This is one of those homes. Built in 1900, this property is a true showcase of craftsmanship, filled with stunning woodwork you just cannot recreate. The staircase is a statement piece on its own, and original hardwood floors carry warmth throughout. Natural light pours into the oversized living room, while the turret space off the foyer, wrapped in windows, offers a one of a kind setting you will never want to leave. The main level features a bedroom, updated kitchen, updated half bath, formal dining room, and a large pantry that adds both charm and function. Upstairs, you will find three bedrooms, a full bathroom, laundry room, and the upper level of the turret, perfect for an office or reading retreat. A bonus room, once used as a kitchen when the home functioned as a duplex, could easily become a future primary suite with bathroom and closet. The walk up attic offers even more potential for additional finished space. Major updates include a new roof in 2022, two furnaces in 2023, water heater in 2021, all new plumbing to the street, and 12 replaced windows. This is not a cookie cutter home. It is for someone who truly appreciates character.

Key facts

• Full bathroom
• Laundry room
• Updated kitchen

Tags

• ORIGINAL HARDWOOD FLOORS
• OVERSIZED LIVING ROOM
• UPDATED KITCHEN
• LARGE PANTRY
• FULL BATHROOM
• LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 79/100 on livability (#117 in IA, #2,214 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment C-, amenities F, commute F.
• West Marshall Community School District (rural): math 72% / reading 79% proficiency, ranked #56 of 289 in IA (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 18 active listings in the ZIP; 35 units permitted in Marshall 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.
• Marshall County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.66% ✓
• Cap rate: 14.55%
• Cash-on-cash: 29.50%
• DSCR: 2.31
• GRM: 5.0

CMA / ARV

• ARV (median comp): $309,117
• List price: $169,900
• Delta: -45.04%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 24.0%
• Equity multiple: 1.99×
• Total profit: $46,918
• Equity at exit: $25,333

10-year hold

• IRR: 31.8%
• Equity multiple: 3.87×
• Total profit: $136,641
• Equity at exit: $14,690

Cash invested: $47,572 (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 50247

• Home prices YoY: -19.2%
• Active inventory: 18
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $2,820 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$97 /mo · $1,160/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $1,169

Break-even live

Break-even rent $1,340

Max offer price $169,900

Occupancy floor 54%

Sensitivity live

Price	-10% $1,266	-5% $1,217	+0% $1,169	+5% $1,121	+10% $1,073
Rent	-10% $947	-5% $1,058	+0% $1,169	+5% $1,281	+10% $1,392
Rate	-1.0pp $1,255	-0.5pp $1,213	base $1,169	+0.5pp $1,125	+1.0pp $1,081

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,820
Total (3 units)			$2,820

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $169,900 Active 60 DOM
2. 2026-06-18
   days on market $169,900 Active 59 DOM
3. 2026-06-17
   days on market $169,900 Active 58 DOM
4. 2026-06-16
   days on market $169,900 Active 57 DOM
5. 2026-06-15
   days on market $169,900 Active 56 DOM
6. 2026-06-14
   days on market $169,900 Active 54 DOM
7. 2026-06-12
   days on market $169,900 Active 53 DOM
8. 2026-06-09
   days on market $169,900 Active 50 DOM
9. 2026-06-08
   days on market $169,900 Active 49 DOM
10. 2026-06-07
    days on market $169,900 Active 48 DOM
11. 2026-06-05
    days on market $169,900 Active 45 DOM
12. 2026-06-03
    days on market $169,900 Active 44 DOM
13. 2026-06-02
    days on market $169,900 Active 43 DOM
14. 2026-06-01
    days on market $169,900 Active 42 DOM
15. 2026-05-31
    days on market $169,900 Active 41 DOM
16. 2026-05-30
    days on market $169,900 Active 40 DOM
17. 2026-04-20
    listed $179,900 Active 1238-char remark

    Show marketing remark (1238 chars)

    Some homes are simply lived in. Others are felt the moment you step inside. This is one of those homes. Built in 1900, this property is a true showcase of craftsmanship, filled with stunning woodwork you just cannot recreate. The staircase is a statement piece on its own, and original hardwood floors carry warmth throughout. Natural light pours into the oversized living room, while the turret space off the foyer, wrapped in windows, offers a one of a kind setting you will never want to leave. The main level features a bedroom, updated kitchen, updated half bath, formal dining room, and a large pantry that adds both charm and function. Upstairs, you will find three bedrooms, a full bathroom, laundry room, and the upper level of the turret, perfect for an office or reading retreat. A bonus room, once used as a kitchen when the home functioned as a duplex, could easily become a future primary suite with bathroom and closet. The walk up attic offers even more potential for additional finished space. Major updates include a new roof in 2022, two furnaces in 2023, water heater in 2021, all new plumbing to the street, and 12 replaced windows. This is not a cookie cutter home. It is for someone who truly appreciates character.

18. 2026-04-20
    listed $179,900 Active

    Show marketing remark (1238 chars)

    Some homes are simply lived in. Others are felt the moment you step inside. This is one of those homes. Built in 1900, this property is a true showcase of craftsmanship, filled with stunning woodwork you just cannot recreate. The staircase is a statement piece on its own, and original hardwood floors carry warmth throughout. Natural light pours into the oversized living room, while the turret space off the foyer, wrapped in windows, offers a one of a kind setting you will never want to leave. The main level features a bedroom, updated kitchen, updated half bath, formal dining room, and a large pantry that adds both charm and function. Upstairs, you will find three bedrooms, a full bathroom, laundry room, and the upper level of the turret, perfect for an office or reading retreat. A bonus room, once used as a kitchen when the home functioned as a duplex, could easily become a future primary suite with bathroom and closet. The walk up attic offers even more potential for additional finished space. Major updates include a new roof in 2022, two furnaces in 2023, water heater in 2021, all new plumbing to the street, and 12 replaced windows. This is not a cookie cutter home. It is for someone who truly appreciates character.

ⓘ 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: $1,160 · $97/mo
• Projected year-2 tax: $1,914 · $159/mo
• Expected delta: +$754/yr (+$63/mo · 65.0%)

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

Taxation est. · year 1

• Rental income: $33,840
• − Mortgage interest: −$9,517
• − Property taxes: −$1,160
• − Insurance: −$850
• − Repairs & maintenance: −$2,707
• − Management: −$2,707
• − Depreciation: −$4,943
• Taxable income: $11,957
• Est. tax owed @ 24.0%: −$2,870
• After-tax cash flow: $11,163/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: West Marshall Community School District
• NCES district ID: 1931080
• Math proficiency: 72% ▼ -2.00%
• Reading proficiency: 79% ▲ 6.00%
• Median HH income: $58,531
• Composite: 64.72/100
• National rank: #521
• State rank: #56 of 289 in IA

Livability — State Center

• Score: 79/100
• State rank: #117
• US rank: #2214

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: State Center, IA
• City population: 2,198
• Population (ZIP): 2,198

Population outlook (Marshall County) Hauer SSP2

• Today (2025): 41,166 people
• By 2030: 41,477 · +0.8%
• By 2040: 42,548 · +3.4%
• By 2050: 44,472 · +8.0%
• By 2075: 52,719 · +28.1%
• By 2100: 60,912 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 9% Two or more races 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Italian 4% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Marshall

• 2024 margin: R (+15.6) · D 41.4% · R 57.0% · Other 1.6%
• 2008→2024 swing: -24.9pp toward R · 2008: 9.3pp · 2024: -15.6pp
• All cycles: 2024: R+15.6 2020: R+7.7 2016: R+8.5 2012: D+8.9 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.68%
• Current HPI: 191.5843
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-20 Listed $179,900 IAR
• 2026-04-20 Listed $179,900 DMMLS

Property tax history

-5.1%/yr

Latest (2021): $1,160 · -41.8% YoY. Source: county tax records.