121 S Governor St, Iowa City, IA, 52240
About This Home
Investor alert. Well maintained two bedroom home in the heart of downtown Iowa City with a strong rental history. Currently leased through July 2027, with the potential for owner occupancy once the lease term expires. Rent is currently $1,400 and will increase to $1,650 starting 8/1/2026. The unfinished basement offers opportunity for future finished living space.
Getting Around
Very Walkable
Some Transit
Very BikeableSchools
Construction
Condition
- Year built: 1952
Materials
- Construction materials: Vinyl,Frame
Type & Style
- Home type: SingleFamily
- Property subType: Income Investment,Residential
Interior
Appliances
- Appliances included: Dishwasher,Dryer,Microwave,Range Or Oven,Refrigerator,Washer
- Laundry features: In Basement
Basement
- Has basement: Yes
- Basement: Full,Unfinished
Bedrooms & Bathrooms
- Bedrooms: 2
- Bathrooms: 1
- Full bathrooms: 1
Features
- Primary On Main Level
- Fireplace features: None
- Finished area below ground: 0
- Finished area above ground: 864
Heating & Cooling
- Heating features: Forced Air,Natural Gas
- Cooling features: Wall/Window Unit(s)
Interior Area
- Total structure area: 864
- Total interior livable area: 864 sqft
Property
Details
- Parcel number: 1010479011
- Zoning: res
- Special condition: Standard
Features
- Levels: One
- Stories: 1
- Patio & porch: Deck,Front Porch
Lot
- Lot size: 3,484 sqft
- Features: Less Than Half Acre,Level
- Lot size dimensions: 50 x 72
Parking
- Total spaces: 2
- Parking features: Off Street
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Cold Wave
- Strong Wind
- Tornado
- Hail
- Heat Wave
- Lightning
- Winter Weather
How This Home’s Risks Compare
FEMA Declared Disasters Across Iowa Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $1,238 | $14,856 |
| Home Insurance * | $128 | $1,536 |
| Property Taxes | $365 | $4,380 |
| Electricity | $121 | $1,452 |
| Total | $1,852 | $22,224 |
Income You'd Need if You Spent...
Iowa FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-05-08 | Price change | $244,900 |
| 2026-02-05 | Listed for sale | $249,900 |
| 2026-01-31 | Listing removed | $1,650 |
| 2026-01-30 | Listing removed | $249,900 |
| 2026-01-28 | Listed for sale | $249,900 |
| 2025-12-08 | Listed for rent | $1,650 |
| 2025-11-18 | Listing removed | $1,650 |
| 2025-09-09 | Listed for rent | $1,650 |
| 2025-07-28 | Listing removed | $1,495 |
| 2025-07-16 | Price change | $1,495 |
| 2025-06-05 | Price change | $1,800 |
| 2025-06-02 | Price change | $1,795 |
| 2025-04-17 | Price change | $1,595 |
| 2025-02-04 | Listed for rent | $1,800 |
| 2024-12-31 | Listing removed | $1,800 |
| 2024-09-02 | Listed for rent | $1,800 |
| 2024-06-10 | Listing removed | $279,000 |
| 2024-05-13 | Listed for sale | $279,000 |
| 2024-01-24 | Listing removed | -- |
| 2023-09-04 | Listed for rent | $1,600 |
| 2023-08-02 | Listing removed | -- |
| 2023-07-25 | Listed for rent | $1,295 |
| 2022-11-10 | Listing removed | -- |
| 2022-09-20 | Listed for rent | $1,295 |
| 2022-01-12 | Listing removed | -- |
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