718 Seneca St · Storm Lake, IA 50588

$209,000

6 bd · 2.5 ba · 2,488 sqft · MultiFamily public records · 68 Days on market

Built 1915 6,300 sqft lot $84/sqft · 107% above area

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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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +4.3/10.0
• Livability +3.8/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Don’t miss this incredible investment opportunity featuring a well-maintained duplex with a private owner’s suite! Each level offers approximately 1,244 sq ft, giving you generous living space across all floors. This property has seen major upgrades, including new siding, new roof, a new sewer line, and updated electrical service, providing peace of mind for years to come. The main floor unit features 3 bedrooms and 1 full bathroom, offering a comfortable and functional layout. Upstairs, the second-floor unit boasts 4 bedrooms and 1 full bathroom, making it ideal for maximizing rental income. Conveniently located across from Fareway and near the heart of town, this property offers easy access to shopping, dining, and everyday amenities. Whether you’re looking to house hack, invest, or expand your rental portfolio, this property checks all the boxes!

Key facts

• Private owners suite
• New siding
• New roof

Tags

• PRIVATE OWNERS SUITE
• NEW SIDING
• NEW ROOF
• NEW SEWER LINE
• UPDATED ELECTRICAL SERVICE
• PRIVATE OWNERS QUARTERS

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $209k.

Deal economics

• At list price, monthly cash flow is $575 ($7k/yr) — positive. Per door: $287/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $196k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 2.9% in Storm Lake — 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 76/100 on livability (#190 in IA, #3,480 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Storm Lake Community School District (town): math 47% / reading 54% proficiency, ranked #280 of 289 in IA (top 97%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 85 active listings in the ZIP; 164 units permitted in Buena Vista County in 2024 (71 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 $6k of value loss. Plan a longer hold.
• Buena Vista County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $92k; list at $209k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.20% ✓
• Cap rate: 9.59%
• Cash-on-cash: 11.78%
• DSCR: 1.52
• GRM: 7.0

CMA / ARV

• ARV (median comp): $100,799
• List price: $209,000
• Delta: 107.34%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $2,740
• Equity at exit: $31,163

10-year hold

• IRR: 10.8%
• Equity multiple: 1.85×
• Total profit: $49,558
• Equity at exit: $18,071

Cash invested: $58,520 (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 50588

• Home prices YoY: -13.3%
• Active inventory: 85
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $2,504 medium
• Mortgage (P&I): −$1,096
• Tax from tax record: −$220 /mo · $2,646/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $575

Break-even live

Break-even rent $1,777

Max offer price $209,000

Occupancy floor 72%

Sensitivity live

Price	-10% $693	-5% $634	+0% $575	+5% $515	+10% $456
Rent	-10% $377	-5% $476	+0% $575	+5% $673	+10% $772
Rate	-1.0pp $680	-0.5pp $628	base $575	+0.5pp $520	+1.0pp $465

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$2,504
Total (2 units)			$2,504

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $209,000 Active 68 DOM
2. 2026-06-21
   days on market $209,000 Active 67 DOM
3. 2026-06-18
   days on market $209,000 Active 65 DOM
4. 2026-06-17
   days on market $209,000 Active 64 DOM
5. 2026-06-16
   days on market $209,000 Active 63 DOM
6. 2026-06-15
   days on market $209,000 Active 62 DOM
7. 2026-06-13
   days on market $209,000 Active 60 DOM
8. 2026-06-12
   days on market $209,000 Active 59 DOM
9. 2026-06-09
   days on market $209,000 Active 56 DOM
10. 2026-06-08
    days on market $209,000 Active 55 DOM
11. 2026-06-07
    days on market $209,000 Active 54 DOM
12. 2026-06-04
    days on market $209,000 Active 50 DOM
13. 2026-06-02
    days on market $209,000 Active 49 DOM
14. 2026-06-01
    days on market $209,000 Active 48 DOM
15. 2026-05-31
    days on market $209,000 Active 47 DOM
16. 2026-05-31
    days on market $209,000 Active 46 DOM
17. 2026-04-14
    listed $219,000 Active 879-char remark

    Show marketing remark (879 chars)

    Don’t miss this incredible investment opportunity featuring a well-maintained duplex with a private owner’s suite! Each level offers approximately 1,244 sq ft, giving you generous living space across all floors. This property has seen major upgrades, including new siding, new roof, a new sewer line, and updated electrical service, providing peace of mind for years to come. The main floor unit features 3 bedrooms and 1 full bathroom, offering a comfortable and functional layout. Upstairs, the second-floor unit boasts 4 bedrooms and 1 full bathroom, making it ideal for maximizing rental income. Conveniently located across from Fareway and near the heart of town, this property offers easy access to shopping, dining, and everyday amenities. Whether you’re looking to house hack, invest, or expand your rental portfolio, this property checks all the boxes!

18. 2017-02-10
    soldstatus $91,750
19. 2015-09-23
    soldstatus $92,000

ⓘ 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: $2,646 · $220/mo
• Projected year-2 tax: $2,964 · $247/mo
• Expected delta: +$318/yr (+$26/mo · 12.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°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: $30,048
• − Mortgage interest: −$11,707
• − Property taxes: −$2,646
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,404
• − Management: −$2,404
• − Depreciation: −$6,080
• Taxable income: $3,762
• Est. tax owed @ 24.0%: −$903
• After-tax cash flow: $5,992/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: Storm Lake Community School District
• NCES district ID: 1927390
• Math proficiency: 47% ▼ -9.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $45,998
• Composite: 42.79/100
• National rank: #3145
• State rank: #280 of 289 in IA

Livability — Storm Lake

• Score: 76/100
• State rank: #190
• US rank: #3480

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Storm Lake, IA
• Population (ZIP): 13,346

Population outlook (Buena Vista County) Hauer SSP2

• Today (2025): 20,775 people
• By 2030: 21,101 · +1.6%
• By 2040: 21,955 · +5.7%
• By 2050: 23,202 · +11.7%
• By 2075: 27,159 · +30.7%
• By 2100: 29,578 · +42.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 42% Hispanic / Latino 37% Asian 13% Two or more races 11% Pacific Islander 3% Black 3%
• Hispanic origin (detail): Mexican 27% Cuban 3%
• Common ancestry: Portuguese 2% Iranian 1% Slovak 1%
• Foreign-born: 28% · Canada, Philippines, South Korea
• Languages at home: 54% English-only · Spanish 31% Other Asian/Pacific 13%

Political lean MEDSL · Buena Vista

• 2024 margin: Solid R (+33.3) · D 32.8% · R 66.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: -1.8pp · 2024: -33.3pp
• All cycles: 2024: R+33.3 2020: R+25.6 2016: R+25.0 2012: R+10.4 2008: R+1.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.05%
• Current HPI: 248.8806
• 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

+138.0% since first listed

3 events — show timeline

• 2026-04-14 Listed $219,000 NWIA
• 2017-02-10 Sold (Public Records) $91,750 Public Records
• 2015-09-23 Sold (Public Records) $92,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $2,646 · +9.2% YoY. Source: county tax records.