507 S Greene St Rock Rapids, IA 51246
Estimated payment $2,465/month
Highlights
- Landscaped with Trees
- Central Lyon Elementary School Rated A-
- Level Lot
About This Home
Fully Renovated Duplex in Rock Rapids, IA! An exceptional opportunity awaits with this completely renovated and reconstructed duplex, built from the ground up with quality, efficiency, and functionality in mind. Located in the heart of Rock Rapids, IA, this property is ideal for both investors and owner-occupants looking to offset their mortgage by renting out one unit. Each unit offers 1,110 sq ft of living space, featuring 3 bedrooms and 2 bathrooms, including a spacious primary suite with en-suite bath and walk-in closet. Thoughtfully designed for modern living, both units boast open layouts and updated finishes throughout. Garage & Mechanical Highlights: Lower unit includes an attached, insulated, and heated 2-stall garage with a convenient floor drain. Upper unit includes a detached, insulated, and heated 2-stall garage. Both units have separate HVAC systems, water heaters, and individual utility meters for optimal efficiency and independence. All appliances are new or refurbished models bought in 2024 and are included. This includes all kitchen appliances as well as washer and dryer. Investment Incentive: This property currently qualifies for a 100% tax exemption on the first $75,000 of improvements for a period of five years—the first year being calculated on the 2024 tax assessment. This rare incentive adds significant value and long-term savings for the new owner. Occupancy & Income Potential: Both units are currently occupied, offering immediate rental income. Perfect setup to live in one unit and rent the other to dramatically reduce your monthly expenses while building equity. Don't miss this turnkey, income-producing property in a welcoming Iowa community. Whether you're a savvy investor or a homeowner looking for a smart way to live affordably, this duplex delivers value, versatility, and long-term benefits.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $2,530
Year Built
- Built in 1930
Lot Details
- 0.31 Acre Lot
- Level Lot
- Landscaped with Trees
Parking
- 4 Car Garage
Home Design
- 2,220 Sq Ft Home
Schools
- Central Lyon Elementary And Middle School
- Central Lyon High School
Utilities
- Internet Available
Listing and Financial Details
- Assessor Parcel Number 350000041100000
Community Details
Overview
- 2 Units
Building Details
- Gross Income $30,600
- Net Operating Income $25,958
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $2,530 | $165,760 | $29,250 | $136,510 |
| 2023 | $468 | $32,450 | $29,250 | $3,200 |
| 2022 | $556 | $32,880 | $29,250 | $3,630 |
| 2021 | $556 | $32,880 | $29,250 | $3,630 |
| 2020 | $904 | $54,030 | $29,250 | $24,780 |
| 2019 | $914 | $52,420 | $0 | $0 |
| 2018 | $894 | $52,420 | $0 | $0 |
| 2017 | $824 | $47,450 | $0 | $0 |
| 2016 | $806 | $47,450 | $0 | $0 |
| 2015 | $806 | $49,544 | $0 | $0 |
| 2014 | $848 | $49,544 | $0 | $0 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 09/10/2025 09/10/25 | For Sale | $425,000 | +3700.8% | $191 / Sq Ft | |
| 06/23/2020 06/23/20 | Sold | $11,182 | -67.0% | $7 / Sq Ft | View Prior Sale |
| 05/26/2020 05/26/20 | Pending | -- | -- | -- | |
| 09/15/2019 09/15/19 | For Sale | $33,900 | -- | $22 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | None Available | |
| Warranty Deed | -- | -- |
Source: Northwest Iowa Regional Board of REALTORS®
MLS Number: 830271
APN: 350000041100000
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