1903 New Vienna Rd

New Vienna, IA 52065

$107,500A-

3 bd · 2.0 ba · 1,904 sqft · Built 1890 · MultiFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,024/mo
• Mortgage (P&I): −$564
• Tax + insurance: −$139
• HOA: −$0
• Vac / Maint / Mgmt: −$425
• Net cashflow: $896/mo
• Annual: $10,751/yr
• Cap rate: 16.29%
• Cash-on-cash: 35.72%
• DSCR: 2.59
• 1% rule: 1.88%
• Cash to close: $30,100

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $108k.
• At list price, monthly cash flow is $896 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $108k).
• It's been on market 34 days — a 3% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (3.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($743 loan paydown + $9k appreciation (8.4% local appreciation)).
• Location reads 68/100 on livability (#426 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: health & safety C-, amenities F, commute F.
• Western Dubuque Community School District (rural): math 81% / reading 81% proficiency, ranked #22 of 289 in IA (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Farley Elementary School (math 77% / reading 67%, grade A-, #181 of 616 statewide, top 34%, 266 students, 34% FRL); Drexler Middle School (math 76% / reading 81%, grade A+, #44 of 246 statewide, top 19%, 655 students, 27% FRL); Western Dubuque High School (math 79% / reading 84%, grade A, #24 of 336 statewide, top 8%, 920 students, 22% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 473 units permitted in Dubuque County in 2024 (319 in 5+ unit buildings).
• Dubuque County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.