507-509 Chestnut St · Dubuque, IA 52001

$395,000

2 bd · 2.5 ba · 1,885 sqft · MultiFamily public records · 33 Days on market

Built 1860 4,399 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.1/30.0
• Schools +5.5/10.0
• Livability +4.5/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• DSCR +0.4/10.0
• 1% rule +0.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Nestled in the heart of 11th Street Historic District, this remarkable four-unit duplex offers a rare opportunity to own a piece of Dubuque’s architectural history in one of the city’s most beloved neighborhoods. Built in the 1880s and set along picturesque Chestnut Street beneath a canopy of mature trees, this property blends timeless historic charm with thoughtful modern updates. Perfectly positioned within walking distance to downtown Dubuque, residents enjoy easy access to the library, post office, seasonal farmers markets, local restaurants, coffee shops, and entertainment venues, while also being conveniently close to Loras College and the area’s major hospitals. Eac

Key facts

• Access to library
• Four unit duplex
• 4,399 sq ft lot

Tags

• FOUR UNIT DUPLEX
• 11TH STREET HISTORIC DISTRICT
• WALKING DISTANCE TO DOWNTOWN
• ACCESS TO LIBRARY
• ACCESS TO POST OFFICE
• SEASONAL FARMERS MARKETS

Property features AI

Finance

• Financial info: Rents reported for units: $1,050; $1,140; $950; $886

Exterior

• Parking: On-street parking
• Security: Smoke detectors
• Home design: Residential income property (quadplex); Two-story building
• Construction: Brick construction; Stone foundation
• Exterior features: Shingle roof; Lot approximately 69 x 63.75; Residential zoning (RES)

Interior

• Kitchen: Refrigerator; Range; Dishwasher
• Bedrooms: Two 2-bedroom units; Two 1-bedroom units
• Bathrooms: Four 1-bath units
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Refrigerator; Range; Dishwasher; Washer; Dryer; Partial basement; Window air conditioning units; Forced air heating (natural gas); Smoke detectors
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/?-bath units multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $-742 ($-9k/yr) — negative. Per door: $-371/mo.
• To cash-flow at today's rent, offer at most $264k (33.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (48.1% below list).
• Recommended offer: $205k (48.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 89/100 on livability (#7 in IA, #119 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-.
• Dubuque Community School District (urban): math 63% / reading 65% proficiency, ranked #205 of 289 in IA (top 71%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lincoln Elementary School (math 42% / reading 42%, grade F, #563 of 616 statewide, top 93%, 255 students, 68% FRL); Dubuque Senior High School (math 63% / reading 74%, grade B, #181 of 336 statewide, top 54%, 1,435 students, 36% FRL) — zoned schools average 52% FRL vs 32% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 234 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 473 units permitted in Dubuque County in 2024 (319 in 5+ unit buildings).
• This rent runs 40% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Dubuque County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($383k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $204,900 (48.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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.

Investment metrics

• 1% rule: 0.52% ✗
• Cap rate: 4.04%
• Cash-on-cash: -8.05%
• DSCR: 0.64
• GRM: 16.1

CMA / ARV

• ARV (on-the-fly): $209,235
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 Nevada St	0.62mi	3/2.0 (+1)	1,824 (-3%)	1mo	$112,500	$62	58
910 W 5th St	0.52mi	3/2.0 (+1)	1,750 (-7%)	10mo	$195,000	$111	48
1627 Central Ave	0.39mi	3/2.0 (+1)	1,750 (-7%)	21mo	$95,000	$54	45
189 Saint Marys St	0.65mi	3/2.0 (+1)	1,620 (-14%)	1mo	$229,900	$142	38

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

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -28.2%
• Equity multiple: 0.04×
• Total profit: $-105,894
• Equity at exit: $58,896

10-year hold

• IRR: -20.6%
• Equity multiple: -0.17×
• Total profit: $-129,757
• Equity at exit: $34,152

Cash invested: $110,600 (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 52001

• Rents YoY: 5.6%
• Active inventory: 234
• Price-to-rent: 32.1×

Monthly cashflow live

• Estimated rent: $2,049 high
• Mortgage (P&I): −$2,071
• Tax from tax record: −$125 /mo · $1,496/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-742

Break-even live

Break-even rent $2,988

Max offer price $263,929

Occupancy floor —

Sensitivity live

Price	-10% $-518	-5% $-630	+0% $-742	+5% $-854	+10% $-966
Rent	-10% $-904	-5% $-823	+0% $-742	+5% $-661	+10% $-580
Rate	-1.0pp $-543	-0.5pp $-641	base $-742	+0.5pp $-844	+1.0pp $-948

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	—	$2,048
Total (2 units)			$2,049

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 Central Ave Unit 1513-1 Dubuque, IA	3.0	1.0	1374	$1,175	$0.86	44d	1	0.32mi
703 Caledonia Pl Dubuque, IA	3.0	1.0	1400	$1,400	$1.00	44d	1	0.43mi
333 E 10th St Dubuque, IA	2.0	2.0	1530	$1,750	$1.14	44d	3	0.53mi
500 Hill St Unit 2 Dubuque, IA	3.0	1.0	1900	$1,910	$1.01	44d	1	0.53mi
980 Mount Pleasant St Unit 1 Dubuque, IA	3.0	1.0	1236	$1,150	$0.93	44d	1	0.65mi
1742 Delhi St Dubuque, IA	2.0	1.5	1534	$1,300	$0.85	44d	1	0.94mi

Listing history 19 events

1. 2026-06-21
   days on market $395,000 Active 33 DOM
2. 2026-06-19
   days on market $395,000 Active 31 DOM
3. 2026-06-18
   days on market $395,000 Active 30 DOM
4. 2026-06-17
   days on market $395,000 Active 29 DOM
5. 2026-06-16
   days on market $395,000 Active 28 DOM
6. 2026-06-15
   days on market $395,000 Active 27 DOM
7. 2026-06-14
   days on market $395,000 Active 25 DOM
8. 2026-06-13
   days on market $395,000 Active 24 DOM
9. 2026-06-10
   days on market $395,000 Active 22 DOM
10. 2026-06-09
    days on market $395,000 Active 21 DOM
11. 2026-06-08
    days on market $395,000 Active 20 DOM
12. 2026-06-07
    days on market $395,000 Active 19 DOM
13. 2026-06-05
    days on market $395,000 Active 16 DOM
14. 2026-06-03
    days on market $395,000 Active 15 DOM
15. 2026-06-02
    days on market $395,000 Active 14 DOM
16. 2026-06-01
    days on market $395,000 Active 13 DOM
17. 2026-05-31
    days on market $395,000 Active 12 DOM
18. 2026-05-30
    days on market $395,000 Active 11 DOM
19. 2026-05-19
    listed $395,000 Active

ⓘ 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: $1,496 · $125/mo
• Projected year-2 tax: $3,849 · $321/mo
• Expected delta: +$2,353/yr (+$196/mo · 157.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,588
• − Mortgage interest: −$22,126
• − Property taxes: −$1,496
• − Insurance: −$1,975
• − Repairs & maintenance: −$1,967
• − Management: −$1,967
• − Depreciation: −$11,491
• Taxable loss: −$16,434
• Est. tax savings @ 24.0%: +$3,944
• After-tax cash flow: $-4,959/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: Dubuque Community School District
• NCES district ID: 1909480
• Math proficiency: 63% ▼ -7.00%
• Reading proficiency: 65% ▼ -1.00%
• Median HH income: $51,237
• Composite: 54.51/100
• National rank: #1345
• State rank: #205 of 289 in IA

Livability — Dubuque

• Score: 89/100
• State rank: #7
• US rank: #119

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C- Employment C Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dubuque, IA
• County: Dubuque County · 60,106 people
• City population: 60,106
• Metro: Dubuque, IA
• Population (ZIP): 43,101
• Household income: $61,643
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 1940.0

Population outlook (Dubuque County) Hauer SSP2

• Today (2025): 103,359 people
• By 2030: 106,472 · +3.0%
• By 2040: 112,043 · +8.4%
• By 2050: 116,553 · +12.8%
• By 2075: 128,014 · +23.9%
• By 2100: 132,892 · +28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 5% Hispanic / Latino 4% Asian 1% Pacific Islander 1%
• Common ancestry: Portuguese 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Dubuque

• 2024 margin: Lean R (+8.6) · D 45.1% · R 53.7% · Other 1.2%
• 2008→2024 swing: -29.4pp toward R · 2008: 20.8pp · 2024: -8.6pp
• All cycles: 2024: R+8.6 2020: R+2.9 2016: R+1.2 2012: D+14.5 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.36%
• Current HPI: 173.5536
• Rent YoY: ▲ 5.63%
• Metro: Dubuque, IA
• 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

1 event — show timeline

• 2026-05-19 Listed $395,000 ECIMLS

Property tax history

+2.1%/yr

Latest (2025): $1,496 · +3.0% YoY. Source: county tax records.