602 NW 2nd St · Waukon, IA 52172

$89,900

3 bd · 2.0 ba · 2,516 sqft · SingleFamily public records · 213 Days on market

Built 1858 0.45 ac lot $36/sqft · 71% below area Est $135k · 33% under

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Why this score? — see what drove the B 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 +23.5/30.0
• ARV discount +15.0/15.0
• 1% rule +8.3/10.0
• DSCR +7.6/10.0
• Schools +6.2/10.0
• Appreciation +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

Key facts

• Awesome backyard
• Large lot
• Main floor bedroom

Tags

• LARGE LOT
• MAIN FLOOR BEDROOM
• DETACHED GARAGE
• AWESOME BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.8% in Waukon — 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 79/100 on livability (#125 in IA, #2,301 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Allamakee Community School District (town): math 71% / reading 75% proficiency, ranked #103 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $181 of equity ($622 loan paydown + $-441 appreciation (-0.5% local appreciation)).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 213 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $39k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $90k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1858 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 213 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1858 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.33% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.36
• GRM: 6.2

CMA / ARV

• ARV (median comp): $134,506
• List price: $89,900
• Delta: -33.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 NE 2nd Ave	0.32mi	3/3.0	2,517 (0%)	17mo	$250,000	$99	67
608 NE 2nd St	0.03mi	4/2.0 (+1)	2,270 (-10%)	16mo	$252,000	$111	64
233 6th St SE	0.64mi	4/2.0 (+1)	2,482 (-1%)	22mo	$250,000	$101	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.24×
• Total profit: $6,096
• Equity at exit: $23,919

10-year hold

• IRR: 11.1%
• Equity multiple: 2.15×
• Total profit: $29,035
• Equity at exit: $27,062

Cash invested: $25,172 (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 52172

• Home prices YoY: -0.2%
• Active inventory: 40
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$272 /mo · $3,260/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $167

Break-even live

Break-even rent $988

Max offer price $89,900

Occupancy floor 81%

Sensitivity live

Price	-10% $218	-5% $193	+0% $167	+5% $142	+10% $117
Rent	-10% $73	-5% $120	+0% $167	+5% $215	+10% $262
Rate	-1.0pp $213	-0.5pp $190	base $167	+0.5pp $144	+1.0pp $120

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 2nd Ave NW Waukon, IA	3.0	1.5	1950	$1,200	$0.62	3d	1	0.37mi

Listing history 25 events

1. 2026-06-18
   days on market $89,900 Active 213 DOM
2. 2026-06-17
   days on market $89,900 Active 212 DOM
3. 2026-06-16
   days on market $89,900 Active 211 DOM
4. 2026-06-15
   days on market $89,900 Active 210 DOM
5. 2026-06-14
   days on market $89,900 Active 208 DOM
6. 2026-06-10
   days on market $89,900 Active 205 DOM
7. 2026-06-09
   days on market $89,900 Active 204 DOM
8. 2026-06-08
   days on market $89,900 Active 203 DOM
9. 2026-06-07
   days on market $89,900 Active 202 DOM
10. 2026-06-03
    days on market $89,900 Active 198 DOM
11. 2026-06-02
    days on market $89,900 Active 197 DOM
12. 2026-06-01
    days on market $89,900 Active 196 DOM
13. 2026-05-31
    days on market $89,900 Active 195 DOM
14. 2026-05-31
    days on market $89,900 Active 194 DOM
15. 2026-05-06
    price $95,000 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

16. 2026-04-24
    status Active 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

17. 2026-03-24
    status Pending 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

18. 2026-03-18
    price $99,900 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

19. 2026-02-15
    price $105,000 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

20. 2026-01-06
    price $109,000 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

21. 2025-12-22
    price $115,000 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

22. 2025-12-02
    price $118,000 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

23. 2025-10-17
    listed $129,000 Active 378-char remark

    Show marketing remark (378 chars)

    Look at this charmer! Sitting on a large lot with beautiful shade tree, this cute story- and-a-half home is move-in ready with new floors, fresh paint and nice layout. Main floor bedroom, bath and laundry with sunny mudroom. Upstairs features 2 more large bedrooms. Single, detached garage and awesome backyard makes it easy to call this one home. AFFORDABLE LIVING! Call today!

24. 2016-12-12
    soldstatus $55,000 165-char remark

    Show marketing remark (165 chars)

    Charming home with 4 bedrooms on beautiful, large lot. Detached garage, main floor laundry and bath. Very cozy and move-in ready with appliances to convey with sale.

25. 2016-07-01
    listed $59,500 165-char remark

    Show marketing remark (165 chars)

    Charming home with 4 bedrooms on beautiful, large lot. Detached garage, main floor laundry and bath. Very cozy and move-in ready with appliances to convey with sale.

ⓘ 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: $3,260 · $272/mo
• Projected year-2 tax: $3,260 · $272/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $14,400
• − Mortgage interest: −$5,036
• − Property taxes: −$3,260
• − Insurance: −$450
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$2,615
• Taxable income: $735
• Est. tax owed @ 24.0%: −$177
• After-tax cash flow: $1,833/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: Allamakee Community School District
• NCES district ID: 1903390
• Math proficiency: 71% ▼ -4.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $48,705
• Composite: 61.72/100
• National rank: #738
• State rank: #103 of 289 in IA

Livability — Waukon

• Score: 79/100
• State rank: #125
• US rank: #2301

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukon, IA
• City population: 5,986
• Population (ZIP): 5,986

Population outlook (Allamakee County) Hauer SSP2

• Today (2025): 12,814 people
• By 2030: 12,146 · -5.2%
• By 2040: 10,750 · -16.1%
• By 2050: 9,506 · -25.8%
• By 2075: 7,779 · -39.3%
• By 2100: 6,870 · -46.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Portuguese 16% Lithuanian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 3% German/W. Germanic 3% Other Indo-European 2%

Political lean MEDSL · Allamakee

• 2024 margin: Solid R (+34.3) · D 32.2% · R 66.5% · Other 1.3%
• 2008→2024 swing: -48.6pp toward R · 2008: 14.2pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+29.1 2016: R+24.3 2012: D+4.1 2008: D+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.49%
• Current HPI: 236.5413
• 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

+59.7% since first listed

11 events — show timeline

• 2026-05-06 Price Changed $95,000 NEIRBR as distributed by MLS GRID
• 2026-04-24 Relisted — NEIRBR as distributed by MLS GRID
• 2026-03-24 Pending — NEIRBR as distributed by MLS GRID
• 2026-03-18 Price Changed $99,900 NEIRBR as distributed by MLS GRID
• 2026-02-15 Price Changed $105,000 NEIRBR as distributed by MLS GRID
• 2026-01-06 Price Changed $109,000 NEIRBR as distributed by MLS GRID
• 2025-12-22 Price Changed $115,000 NEIRBR as distributed by MLS GRID
• 2025-12-02 Price Changed $118,000 NEIRBR as distributed by MLS GRID
• 2025-10-17 Listed $129,000 NEIRBR as distributed by MLS GRID
• 2016-12-12 Sold (MLS) $55,000 NEIRBR as distributed by MLS GRID
• 2016-07-01 Listed $59,500 NEIRBR as distributed by MLS GRID

Property tax history

+4.2%/yr

Latest (2025): $3,260 · +2.2% YoY. Source: county tax records.