220 W State St · Algona, IA 50511

$145,000

4 bd · 2.0 ba · 2,160 sqft · MultiFamily public records · 229 Days on market

Built 1936 2,310 sqft lot ↓ 17% since listing

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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 +18.1/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Schools +5.7/10.0
• 1% rule +4.4/10.0
• 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

This very nice duplex is located right in the downtown area. Both units have been recently remodeled. The main level unit features the kitchen, dining room, living room, 2 bedrooms and a bathroom. The upper level has the kitchen, dining room, living room, 2 bedrooms and a bathroom. The units share the laundry that is located in the basement. This property also has a nice double attached garage and wonderful curb appeal. Live in one and rent the other or make this a total investment property!

Key facts

• Shared laundry
• Recently remodeled
• Curb appeal

Tags

• RECENTLY REMODELED
• SHARED LAUNDRY
• DOUBLE ATTACHED GARAGE
• CURB APPEAL

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (6.3% below list).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.8% in Algona — 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 (#98 in IA, #2,006 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment D+, amenities F, commute F.
• Algona Community School District (town): math 65% / reading 70% proficiency, ranked #170 of 289 in IA (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 51 active listings in the ZIP; 15 units permitted in Kossuth 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 $4k of value loss. Plan a longer hold.
• Kossuth 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 229 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1936 — 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 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: 0.94% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.78%
• DSCR: 1.17
• GRM: 8.9

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: -10.4%
• Equity multiple: 0.62×
• Total profit: $-15,365
• Equity at exit: $21,620

10-year hold

• IRR: -1.1%
• Equity multiple: 0.93×
• Total profit: $-2,949
• Equity at exit: $12,537

Cash invested: $40,600 (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 50511

• Home prices YoY: -27.4%
• Active inventory: 51
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,358 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$124 /mo · $1,490/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $128

Break-even live

Break-even rent $1,196

Max offer price $145,000

Occupancy floor 86%

Sensitivity live

Price	-10% $210	-5% $169	+0% $128	+5% $87	+10% $46
Rent	-10% $21	-5% $74	+0% $128	+5% $182	+10% $235
Rate	-1.0pp $201	-0.5pp $165	base $128	+0.5pp $90	+1.0pp $52

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-13
   status Pending
2. 2025-09-17
   price $145,000
3. 2025-06-11
   listed $175,000 Active

ⓘ 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: $1,490 · $124/mo
• Projected year-2 tax: $1,883 · $157/mo
• Expected delta: +$393/yr (+$33/mo · 26.4%)

ⓘ 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 2/10 Low 7 d/yr ≥99°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: $16,297
• − Mortgage interest: −$8,122
• − Property taxes: −$1,490
• − Insurance: −$725
• − Repairs & maintenance: −$1,304
• − Management: −$1,304
• − Depreciation: −$4,218
• Taxable loss: −$866
• Est. tax savings @ 24.0%: +$208
• After-tax cash flow: $1,743/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: Algona Community School District
• NCES district ID: 1903360
• Math proficiency: 65% ▼ -8.00%
• Reading proficiency: 70% ▼ -7.00%
• Median HH income: $51,369
• Composite: 57.41/100
• National rank: #1076
• State rank: #170 of 289 in IA

Livability — Algona

• Score: 79/100
• State rank: #98
• US rank: #2006

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: Algona, IA
• City population: 6,987
• Population (ZIP): 6,987

Population outlook (Kossuth County) Hauer SSP2

• Today (2025): 14,667 people
• By 2030: 14,445 · -1.5%
• By 2040: 14,093 · -3.9%
• By 2050: 13,825 · -5.7%
• By 2075: 14,039 · -4.3%
• By 2100: 13,662 · -6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 7% Two or more races 4%
• Hispanic origin (detail): Mexican 3% Cuban 1%
• Common ancestry: Portuguese 7% Lithuanian 3% Iranian 1%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5% German/W. Germanic 1%

Political lean MEDSL · Kossuth

• 2024 margin: Solid R (+44.2) · D 27.3% · R 71.4% · Other 1.3%
• 2008→2024 swing: -47.4pp toward R · 2008: 3.2pp · 2024: -44.2pp
• All cycles: 2024: R+44.2 2020: R+39.4 2016: R+36.5 2012: R+12.3 2008: D+3.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.32%
• Current HPI: 180.5984
• 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

-17.1% since first listed

3 events — show timeline

• 2026-04-13 Pending — IAR
• 2025-09-17 Price Changed $145,000 IAR
• 2025-06-11 Listed $175,000 IAR

Property tax history

+6.8%/yr

Latest (2025): $1,490 · +2.9% YoY. Source: county tax records.