605 1st St · Rudd, IA 50471

$220,000

None bd · None ba · 2,688 sqft · MultiFamily · 31 Days on market

Built 1973 Fair condition 0.30 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.7/10.0
• Schools +5.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Brick one-story four-plex with steel roof. Fully occupied, nice corner lot, paved off-street parking. Excellent rental history. Appliances included.

Key facts

• One story
• Steel roof
• Appliances included

Tags

• ONE STORY
• STEEL ROOF
• CORNER LOT
• PAVED OFF STREET PARKING
• APPLIANCES INCLUDED

Property features AI

Finance

• Other: Zoned C; Lot dimensions approximately 112' x 150'; Lot size about 0.3 acre

Exterior

• Parking: Parking pad with four open spaces; Paved parking
• Utilities: Public water; Public sewer
• Home design: Quadruplex residential income property; Single-story (one level)
• Construction: Brick construction; Metal roof
• Exterior features: Covered porch/patio; Corner, level and irregular lot; Paved road frontage

Interior

• Heating & cooling: Electric baseboard heat; Window air conditioning units
• Interior features: Main-level laundry room; No basement listed
• Laundry & utility: Laundry room on the main level

What this means for you Summary

Snapshot

• This is a multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#611 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety C-, schools F.
• Rudd-Rockford-Marble Rk Community School District (rural): math 67% / reading 63% proficiency, ranked #193 of 289 in IA (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 38 units permitted in Floyd County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.4% local appreciation)).
• Floyd County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.

Recommended offer $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.58% ✓
• Cap rate: 12.99%
• Cash-on-cash: 23.92%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 2.77×
• Total profit: $108,992
• Equity at exit: $103,414

10-year hold

• IRR: 30.8%
• Equity multiple: 5.44×
• Total profit: $273,336
• Equity at exit: $162,957

Cash invested: $61,600 (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 50471

• Home prices YoY: 2.1%
• Active inventory: 3
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $3,479 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$731
• Net cashflow: $1,228

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,480
Total (4 units)			$3,479

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $220,000 Active 31 DOM
2. 2026-06-18
   days on market $220,000 Active 30 DOM
3. 2026-06-17
   days on market $220,000 Active 29 DOM
4. 2026-06-16
   days on market $220,000 Active 28 DOM
5. 2026-06-15
   days on market $220,000 Active 27 DOM
6. 2026-06-14
   days on market $220,000 Active 25 DOM
7. 2026-06-13
   days on market $220,000 Active 24 DOM
8. 2026-06-10
   days on market $220,000 Active 22 DOM
9. 2026-06-09
   days on market $220,000 Active 21 DOM
10. 2026-06-08
    days on market $220,000 Active 20 DOM
11. 2026-06-07
    days on market $220,000 Active 19 DOM
12. 2026-06-05
    days on market $220,000 Active 16 DOM
13. 2026-06-03
    days on market $220,000 Active 15 DOM
14. 2026-06-02
    days on market $220,000 Active 14 DOM
15. 2026-06-01
    days on market $220,000 Active 13 DOM
16. 2026-05-31
    days on market $220,000 Active 12 DOM
17. 2026-05-30
    days on market $220,000 Active 11 DOM
18. 2026-05-18
    listed $220,000 Active

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $41,748
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$3,340
• − Management: −$3,340
• − Depreciation: −$6,400
• Taxable income: $11,945
• Est. tax owed @ 24.0%: −$2,867
• After-tax cash flow: $11,870/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 · 4 photos

Fair 45/100 Moderate rehab

The property is a four-plex with a brick exterior and a steel roof. The roof and exterior paint are in poor condition, requiring significant repairs. Fresh paint and a repaired roof would significantly improve the home's value and appeal to renters.

Repairs flagged

• Major roof — Significant wear and tear is visible on the roof.
• Major exterior paint — The paint is faded and uneven, indicating significant wear and tear.
• Moderate exterior siding — The siding appears to be in fair condition but may benefit from some maintenance or repainting.

Value-add opportunities

• Rental paint exterior walls — Fresh paint can improve curb appeal and attract renters.
• Both repair roof — A repaired roof will reduce maintenance costs and improve the home's overall condition.
• Both landscaping — Well-maintained landscaping can enhance curb appeal and attract both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear is visible on the roof.	Major	$15,000–50,000
exterior paint · The paint is faded and uneven, indicating significant wear and tear.	Major	$15,000–50,000
exterior siding · The siding appears to be in fair condition but may benefit from some maintenance or repainting.	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Rental paint exterior walls — Fresh paint can improve curb appeal and attract renters. ↑
• Both repair roof — A repaired roof will reduce maintenance costs and improve the home's overall condition. ↑
• Both landscaping — Well-maintained landscaping can enhance curb appeal and attract both buyers and renters. ↑

ⓘ 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: Rudd-Rockford-Marble Rk Community School District
• NCES district ID: 1924960
• Math proficiency: 67% ▼ -8.00%
• Reading proficiency: 63% ▼ -2.00%
• Median HH income: $50,838
• Composite: 55.32/100
• National rank: #1259
• State rank: #193 of 289 in IA

Livability — Rudd

• Score: 64/100
• State rank: #611
• US rank: #14104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rudd, IA
• Population (ZIP): 786

Population outlook (Floyd County) Hauer SSP2

• Today (2025): 15,524 people
• By 2030: 15,254 · -1.7%
• By 2040: 14,830 · -4.5%
• By 2050: 14,660 · -5.6%
• By 2075: 15,548 · +0.2%
• By 2100: 17,406 · +12.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Asian 2% Two or more races 1%
• Common ancestry: Portuguese 6% Italian 5% Iranian 1%
• Foreign-born: 2% · South Korea
• Languages at home: 97% English-only · Korean 2% German/W. Germanic 1%

Political lean MEDSL · Floyd

• 2024 margin: Strong R (+25.7) · D 36.5% · R 62.2% · Other 1.3%
• 2008→2024 swing: -47.6pp toward R · 2008: 21.9pp · 2024: -25.7pp
• All cycles: 2024: R+25.7 2020: R+19.4 2016: R+14.9 2012: D+14.7 2008: D+21.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.36%
• Current HPI: 165.8803
• 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

1 event — show timeline

• 2026-05-18 Listed $220,000 NEIRBR as distributed by MLS GRID