2 E Grant St · Marshalltown, IA 50158

$149,990

5 bd · 4.0 ba · 2,900 sqft · MultiFamily · 123 Days on market

Built 1880 Fair condition 0.31 ac lot $52/sqft · 16% below area Est $178k · 16% under

---

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
• ARV discount +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Massive Victorian Home Duplex Setup with Easy Single-Family Conversion This stunning Victorian-era 2-story home offers nearly 3,000 sq ft of living space, rich historic character, and incredible flexibility. Currently configured as a duplex, the layout allows for an easy conversion back to a grand single-family home, simply remove one interior wall to restore a spacious, flowing floor plan. Featuring original hardwood floors, a beautiful Cast iron fireplace, remodeled bathrooms, and functional pocket doors, this home blends timeless craftsmanship with modern comfort. Additional highlights include fresh exterior paint, two, two garages, and basement access to garage space, ideal for multi-vehicle households, storage, or workshop use. Perfect for a large or multi-generational family, or an entrepreneurial buyer looking to live in one unit and rent the other. In great overall condition with only minor cosmetic updates needed, this property offers size, charm, income potential, and long-term value rarely found at this price point. A true historic gem with endless possibilities. All information obtained from seller and public record.

Key facts

• Cast iron fireplace
• Victorian home
• Duplex setup

Tags

• VICTORIAN HOME
• DUPLEX SETUP
• SINGLE FAMILY CONVERSION
• ORIGINAL HARDWOOD FLOORS
• CAST IRON FIREPLACE
• REMODELED BATHROOMS

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $792 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 4.4% in Marshalltown — 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 78/100 on livability (#133 in IA, #2,464 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, amenities F.
• Marshalltown Community School District (town): math 50% / reading 52% proficiency, ranked #278 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 163 active listings in the ZIP; 35 units permitted in Marshall County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $85k; list at $150k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,991 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.54% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.62%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $177,511
• List price: $149,990
• Delta: -15.50%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.5%
• Equity multiple: 1.62×
• Total profit: $26,142
• Equity at exit: $22,364

10-year hold

• IRR: 24.2%
• Equity multiple: 3.09×
• Total profit: $87,819
• Equity at exit: $12,968

Cash invested: $41,997 (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 50158

• Active inventory: 163
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,314 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$187 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $792

Break-even live

Break-even rent $1,312

Max offer price $149,990

Occupancy floor 61%

Sensitivity live

Price	-10% $895	-5% $843	+0% $792	+5% $740	+10% $688
Rent	-10% $609	-5% $700	+0% $792	+5% $883	+10% $974
Rate	-1.0pp $867	-0.5pp $830	base $792	+0.5pp $753	+1.0pp $713

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,314
Total (2 units)			$2,314

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: $37,498
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $149,990 Active 123 DOM
2. 2026-06-19
   days on market $149,990 Active 121 DOM
3. 2026-06-18
   status $149,990 Active 120 DOM
4. 2026-06-03
   statusdays on market $149,990 Pending 120 DOM
5. 2026-06-02
   days on market $149,990 Active 119 DOM
6. 2026-06-01
   days on market $149,990 Active 118 DOM
7. 2026-05-31
   days on market $149,990 Active 117 DOM
8. 2026-05-30
   days on market $149,990 Active 116 DOM
9. 2026-02-03
   listed $149,990 Active 1149-char remark

   Show marketing remark (1149 chars)

   Massive Victorian Home Duplex Setup with Easy Single-Family Conversion This stunning Victorian-era 2-story home offers nearly 3,000 sq ft of living space, rich historic character, and incredible flexibility. Currently configured as a duplex, the layout allows for an easy conversion back to a grand single-family home, simply remove one interior wall to restore a spacious, flowing floor plan. Featuring original hardwood floors, a beautiful Cast iron fireplace, remodeled bathrooms, and functional pocket doors, this home blends timeless craftsmanship with modern comfort. Additional highlights include fresh exterior paint, two, two garages, and basement access to garage space, ideal for multi-vehicle households, storage, or workshop use. Perfect for a large or multi-generational family, or an entrepreneurial buyer looking to live in one unit and rent the other. In great overall condition with only minor cosmetic updates needed, this property offers size, charm, income potential, and long-term value rarely found at this price point. A true historic gem with endless possibilities. All information obtained from seller and public record.

10. 2025-08-25
    listed $158,000 Active
11. 2024-08-13
    price $189,900
12. 2024-07-26
    listed $219,900 Active
13. 2022-09-23
    soldstatus $85,000
14. 2022-09-06
    listed $139,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,768
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$2,221
• − Management: −$2,221
• − Depreciation: −$4,363
• Taxable income: $7,560
• Est. tax owed @ 24.0%: −$1,814
• After-tax cash flow: $7,684/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This Victorian-era home requires moderate renovations to update the kitchen and bathrooms, and repaint the exterior. The home has good structural integrity and original hardwood floors, making it a good investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating
• Moderate exterior paint — faded and in need of repainting

Value-add opportunities

• Both Kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both Bathroom renovation — modernizing the bathrooms would increase both resale and rental value
• Both Exterior paint — repainting the exterior would improve curb appeal and increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
exterior paint · faded and in need of repainting	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both Kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both Bathroom renovation — modernizing the bathrooms would increase both resale and rental value ↑
• Both Exterior paint — repainting the exterior would improve curb appeal and increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Marshalltown Community School District
• NCES district ID: 1918720
• Math proficiency: 50% ▼ -8.00%
• Reading proficiency: 52% ▬ 0.00%
• Median HH income: $47,877
• Composite: 43.41/100
• National rank: #3015
• State rank: #278 of 289 in IA

Livability — Marshalltown

• Score: 78/100
• State rank: #133
• US rank: #2464

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marshalltown, IA
• County: Marshall County · 31,396 people
• City population: 31,396
• Metro: Marshalltown, IA
• Population (ZIP): 31,396
• Household income: $70,367
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 369.0

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: Majority White (60%)
• Race & ethnicity: White 60% Hispanic / Latino 30% Two or more races 14% Asian 5% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Portuguese 3% Italian 2% Iranian 1%
• Foreign-born: 17% · Canada, Philippines, China
• Languages at home: 71% English-only · Spanish 24% Other Asian/Pacific 4% French/Haitian/Cajun 1%

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: ▼ -161.80%
• Current HPI: 177.4692
• Rent YoY: —
• Metro: Marshalltown, IA
• 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

+7.2% since first listed

6 events — show timeline

• 2026-02-03 Listed $149,990 DMMLS
• 2025-08-25 Listed $158,000 IAR
• 2024-08-13 Price Changed $189,900 IAR
• 2024-07-26 Listed $219,900 IAR
• 2022-09-23 Sold (MLS) $85,000 IAR
• 2022-09-06 Listed $139,900 IAR