1610 W 13th St

Davenport, IA 52804

$100,000B

6 bd · 3.0 ba · 3,072 sqft · Built 1911 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,797/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$275
• HOA: −$0
• Vac / Maint / Mgmt: −$587
• Net cashflow: $1,410/mo
• Annual: $16,922/yr
• Cap rate: 23.21%
• Cash-on-cash: 60.43%
• DSCR: 3.69
• 1% rule: 2.80%
• Cash to close: $28,000

Investor read

• This is a 2 × 3-bed/1.2-bath units multifamily listed at $100k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $705/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#126 in IA, #2,312 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F.
• Davenport Community School District (urban): math 43% / reading 50% proficiency, ranked #288 of 289 in IA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jefferson Elementary School (math 21% / reading 24%, grade F, #615 of 616 statewide, top 100%, 460 students, 71% FRL); Central High School (math 45% / reading 64%, grade C-, #290 of 336 statewide, top 87%, 1,505 students, 47% FRL) — zoned schools at 59% FRL track the district average.
• Watch-outs: property tax is 2.8% of price; built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+4.0%/yr); 162 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.2% vs local median 4.4% in Davenport — 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.
• At $2,797/mo this rent would consume 51% of the median local household income ($66k/yr) (locally 830% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.