50 W Broadway St · Central City, IA 52214

$439,000

None bd · None ba · 5,000 sqft · MultiFamily · 55 Days on market

Built 1960 Fair condition 2,178 sqft lot $88/sqft · at area comps Est $454k · 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 +28.6/30.0
• DSCR +10.0/10.0
• ARV discount +9.0/15.0
• 1% rule +7.9/10.0
• Schools +5.2/10.0
• Livability +3.7/5.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Well-maintained 6-unit multi-family property located near grocery and with easy access to Hwy 13. Unit mix: (2) 1-bed, (2) 2-bed, (2) 3-bed units. Four units have private exterior entrances. All 6 units currently occupied. Strong occupancy history with minimal vacancy over past years. Additional income from coin-operated laundry (2 washers/2 dryers) and (3) detached garages rented at $50/month. Buyer to verify SF. Owner is a licensed realtor in Iowa Parcel #: 07034-36006-01000; 01001; 01002; 01003; 01004; 01005

Key facts

• 2,178 sq ft lot
• Garage
• Built 1960

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 2×2bd/1ba + 2×3bd/1ba units multifamily listed at $439k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $241/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $439k).
• Recommended offer: $426k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#234 in IA, #4,445 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Central City Community School District (rural): math 56% / reading 64% proficiency, ranked #236 of 289 in IA (top 82%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 15 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $123k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($426k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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.

Recommended offer $425,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.29% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.12%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (median comp): $453,804
• List price: $439,000
• Delta: -3.26%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
50 W Broadway St	0.00mi	—/—	5,000 (0%)	1mo	$435,000	$87	99

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: 4.4%
• Equity multiple: 1.17×
• Total profit: $21,062
• Equity at exit: $65,456

10-year hold

• IRR: 13.9%
• Equity multiple: 2.12×
• Total profit: $137,298
• Equity at exit: $37,957

Cash invested: $122,920 (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 52214

• Home prices YoY: -17.9%
• Active inventory: 15
• Price-to-rent: 43.7×

Monthly cashflow live

• Estimated rent: $5,671 medium
• Mortgage (P&I): −$2,302
• Tax est. 1.5%: −$549 /mo · $6,585/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,191
• Net cashflow: $1,446

Break-even live

Break-even rent $3,840

Max offer price $439,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,750	-5% $1,598	+0% $1,446	+5% $1,295	+10% $1,143
Rent	-10% $998	-5% $1,222	+0% $1,446	+5% $1,670	+10% $1,894
Rate	-1.0pp $1,667	-0.5pp $1,558	base $1,446	+0.5pp $1,333	+1.0pp $1,217

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,674
▸ 2× units	2	1	$1,780
▸ 2× units	3	1	$2,216
Total (6 units)			$5,671

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-08
   days on market $439,000 Active 55 DOM
2. 2026-06-07
   days on market $439,000 Active 54 DOM
3. 2026-06-02
   days on market $439,000 Active 49 DOM
4. 2026-06-01
   days on market $439,000 Active 48 DOM
5. 2026-05-31
   days on market $439,000 Active 47 DOM
6. 2026-05-30
   days on market $439,000 Active 46 DOM
7. 2026-04-14
   listed $439,000 Active 517-char remark

   Show marketing remark (517 chars)

   Well-maintained 6-unit multi-family property located near grocery and with easy access to Hwy 13. Unit mix: (2) 1-bed, (2) 2-bed, (2) 3-bed units. Four units have private exterior entrances. All 6 units currently occupied. Strong occupancy history with minimal vacancy over past years. Additional income from coin-operated laundry (2 washers/2 dryers) and (3) detached garages rented at $50/month. Buyer to verify SF. Owner is a licensed realtor in Iowa Parcel #: 07034-36006-01000; 01001; 01002; 01003; 01004; 01005

8. 2017-06-15
   listed $230,000

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 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: $68,052
• − Mortgage interest: −$24,591
• − Property taxes: −$6,585
• − Insurance: −$2,195
• − Repairs & maintenance: −$5,444
• − Management: −$5,444
• − Depreciation: −$12,771
• Taxable income: $11,022
• Est. tax owed @ 24.0%: −$2,645
• After-tax cash flow: $14,710/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 · 11 photos

Fair 45/100 Moderate rehab

A multi-family property in fair condition with moderate rehabilitation needs. Upgrades to interior walls, flooring, and landscaping would significantly enhance its value.

Repairs flagged

• Moderate Kitchen cabinets — Worn and dated
• Moderate Bathroom fixtures — Worn and dated
• Minor Landscaping — Overgrown areas

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace carpeting — Improves comfort and reduces allergens
• Both Replace kitchen cabinets — Modernizes the space and increases appeal
• Both Replace bathroom fixtures — Modernizes the space and increases appeal
• Both Landscaping — Enhances curb appeal and creates a welcoming environment

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn and dated	Moderate	$3,000–15,000
Bathroom fixtures · Worn and dated	Moderate	$3,000–15,000
Landscaping · Overgrown areas	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpeting — Improves comfort and reduces allergens ↑
• Both Replace kitchen cabinets — Modernizes the space and increases appeal ↑
• Both Replace bathroom fixtures — Modernizes the space and increases appeal ↑
• Both Landscaping — Enhances curb appeal and creates a welcoming environment ↑

ⓘ 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: Central City Community School District
• NCES district ID: 1906780
• Math proficiency: 56% ▼ -7.00%
• Reading proficiency: 64% ▼ -4.00%
• Median HH income: $57,664
• Composite: 51.78/100
• National rank: #1673
• State rank: #236 of 289 in IA

Livability — Central City

• Score: 74/100
• State rank: #234
• US rank: #4445

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Central City, IA
• Population (ZIP): 2,770

Population outlook (Linn County) Hauer SSP2

• Today (2025): 239,589 people
• By 2030: 248,587 · +3.8%
• By 2040: 264,817 · +10.5%
• By 2050: 278,685 · +16.3%
• By 2075: 311,754 · +30.1%
• By 2100: 336,773 · +40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99% Two or more races 1%
• Common ancestry: Portuguese 5% Italian 2% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Linn

• 2024 margin: Lean D (+9.9) · D 54.2% · R 44.3% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 21.5pp · 2024: 9.9pp
• All cycles: 2024: D+9.9 2020: D+13.7 2016: D+9.0 2012: D+17.6 2008: D+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.26%
• Current HPI: 258.2573
• 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

+90.9% since first listed

2 events — show timeline

• 2026-04-14 Listed $439,000 CRAAR, CDRMLS
• 2017-06-15 Listed $230,000 CRAAR, CDRMLS