1604 5th Ave · Grinnell, IA 50112

$133,500

6 bd · 4.0 ba · 2,435 sqft · Other public records · 67 Days on market

Built 1900 0.35 ac lot $55/sqft · 11% below area Est $150k · 11% under

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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 +23.9/30.0
• ARV discount +12.5/15.0
• DSCR +7.7/10.0
• Schools +6.6/10.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large tri-plex located just seven blocks from downtown Grinnell and Grinnell College makes this investment property is a great opportunity for new or seasoned investors. Currently vacant for the next owner to choose tenants. The most recent (2025) monthly rents were $1,000 (main floor 2 bed/1 bath, $950 (upper 3 bed/1 bath), and $825 (lower level 1 bed/1bath). Each level is it's own unit. There is off street parking available and a large lot present space to build a garage. Upper unit has no photos yet. Call today to schedule a private showing.

Key facts

• Off street parking
• Investment property
• Large lot

Tags

• INVESTMENT PROPERTY
• OFF STREET PARKING
• LARGE LOT
• SPACE TO BUILD GARAGE

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath other listed at $134k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $134k).
• Recommended offer: $125k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 2.9% in Grinnell — 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 79/100 on livability (#123 in IA, #2,270 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Grinnell-Newburg Community School District (town): math 76% / reading 79% proficiency, ranked #47 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 98 active listings in the ZIP; 27 units permitted in Poweshiek County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $923 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Poweshiek County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $110k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $125,490 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.34%
• DSCR: 1.37
• GRM: 7.5

CMA / ARV

• ARV (median comp): $150,151
• List price: $133,500
• Delta: -11.09%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.6%
• Equity multiple: 0.86×
• Total profit: $-5,058
• Equity at exit: $19,905

10-year hold

• IRR: 6.1%
• Equity multiple: 1.45×
• Total profit: $16,993
• Equity at exit: $11,543

Cash invested: $37,380 (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 50112

• Home prices YoY: -14.4%
• Active inventory: 98
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,491 medium
• Mortgage (P&I): −$700
• Tax from tax record: −$162 /mo · $1,950/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $260

Break-even live

Break-even rent $1,162

Max offer price $133,500

Occupancy floor 78%

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: $33,375
• Closing costs: $4,005
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $133,500 Active 67 DOM
2. 2026-06-17
   days on market $133,500 Active 66 DOM
3. 2026-06-16
   days on market $133,500 Active 65 DOM
4. 2026-06-15
   days on market $133,500 Active 64 DOM
5. 2026-06-13
   days on market $133,500 Active 62 DOM
6. 2026-06-12
   days on market $133,500 Active 61 DOM
7. 2026-06-09
   days on market $133,500 Active 58 DOM
8. 2026-06-08
   days on market $133,500 Active 57 DOM
9. 2026-06-07
   days on market $133,500 Active 56 DOM
10. 2026-06-07
    days on market $133,500 Active 55 DOM
11. 2026-06-04
    days on market $133,500 Active 52 DOM
12. 2026-06-02
    remarks 638-char remark
13. 2026-06-02
    pricedays on market $133,500 Active 51 DOM
14. 2026-06-01
    days on market $138,000 Active 50 DOM
15. 2026-05-31
    days on market $138,000 Active 49 DOM
16. 2026-05-31
    days on market $138,000 Active 48 DOM
17. 2026-04-13
    listed $138,000 Active 550-char remark

    Show marketing remark (550 chars)

    Large tri-plex located just seven blocks from downtown Grinnell and Grinnell College makes this investment property is a great opportunity for new or seasoned investors. Currently vacant for the next owner to choose tenants. The most recent (2025) monthly rents were $1,000 (main floor 2 bed/1 bath, $950 (upper 3 bed/1 bath), and $825 (lower level 1 bed/1bath). Each level is it's own unit. There is off street parking available and a large lot present space to build a garage. Upper unit has no photos yet. Call today to schedule a private showing.

18. 2025-07-24
    price $138,000
19. 2025-04-14
    price $149,500
20. 2025-03-18
    listed $164,900 Active
21. 2022-02-16
    soldstatus $110,000
22. 2021-06-12
    listed $124,900

ⓘ 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: $1,950 · $162/mo
• Projected year-2 tax: $2,023 · $169/mo
• Expected delta: +$73/yr (+$6/mo · 3.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $17,896
• − Mortgage interest: −$7,478
• − Property taxes: −$1,950
• − Insurance: −$668
• − Repairs & maintenance: −$1,432
• − Management: −$1,432
• − Depreciation: −$3,884
• Taxable income: $1,053
• Est. tax owed @ 24.0%: −$253
• After-tax cash flow: $2,866/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: Grinnell-Newburg Community School District
• NCES district ID: 1913200
• Math proficiency: 76% ▼ -3.00%
• Reading proficiency: 79% ▲ 3.00%
• Median HH income: $49,893
• Composite: 65.57/100
• National rank: #466
• State rank: #47 of 289 in IA

Livability — Grinnell

• Score: 79/100
• State rank: #123
• US rank: #2270

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grinnell, IA
• City population: 11,776
• Population (ZIP): 11,776

Population outlook (Poweshiek County) Hauer SSP2

• Today (2025): 18,601 people
• By 2030: 18,342 · -1.4%
• By 2040: 17,944 · -3.5%
• By 2050: 18,029 · -3.1%
• By 2075: 19,945 · +7.2%
• By 2100: 22,637 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Iranian 7% Portuguese 4% Italian 3%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Poweshiek

• 2024 margin: R (+17.0) · D 40.8% · R 57.8% · Other 1.5%
• 2008→2024 swing: -28.7pp toward R · 2008: 11.8pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+13.3 2016: R+6.8 2012: D+9.1 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -40.63%
• Current HPI: 241.5557
• 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

+10.5% since first listed

6 events — show timeline

• 2026-04-13 Listed $138,000 IAR
• 2025-07-24 Price Changed $138,000 IAR
• 2025-04-14 Price Changed $149,500 IAR
• 2025-03-18 Listed $164,900 IAR
• 2022-02-16 Sold (Public Records) $110,000 Public Records
• 2021-06-12 Listed $124,900 IAR

Property tax history

+2.9%/yr

Latest (2025): $1,950 · +1.0% YoY. Source: county tax records.