733 E 2nd Ave · Washington, IA 52353

$160,000

4 bd · 3.0 ba · 1,611 sqft · MultiFamily public records · 41 Days on market

Built 1890 8,910 sqft lot $99/sqft · at area comps Est $155k · at est. ↓ 3% since listing

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Why this score? — see what drove the D 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 +13.7/30.0
• ARV discount +6.0/15.0
• Schools +4.9/10.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Exceptionally clean and updated up and down duplex ready for new owners! Main floor unit is a 2 bed unit and the upper floor is a 1 bed unit. Washer/dryer in unit 1 with a new furnace & AC installed in 2024. Cove electric heat in upper unit with a wall unit for AC. Updates within the last 5 years include, water heater, washer, flooring and fresh paint in unit 1. Kitchen cabinets and counter top, flooring, and fresh paint in upper unit. Both units recently vacated so new owners can set their own rents. The seller received $900 for the lower unit and $700 for the upper unit and included water, lawn care and snow removal. There are 2 water meters so tenants could be responsible for water

Key facts

• 8,910 sq ft lot
• 2 parking spots
• Built 1890

Property features AI

Finance

• Financial info: Unit rents listed: one unit at $900 and another at $700
• HOA & community: Association fees billed annually

Exterior

• Parking: Off-street parking; 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; 2 stories
• Construction: Aluminum siding and frame construction; Stone foundation
• Exterior features: Level lot; Sidewalks

Interior

• Kitchen: Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: Multiple units with 1 bathroom each
• Heating & cooling: Central air; Window units; Ceiling fans; Forced air heating; Electric and natural gas options
• Interior features: Living room in each unit; Unfinished basement
• Laundry & utility: Washer; Dryer; Laundry room on lower level

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $12 ($145/yr) — positive. Per door: $6/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (12.0% below list).
• Recommended offer: $141k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.2% in Washington — 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 (#114 in IA, #2,173 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, commute F.
• Washington Community School District (town): math 53% / reading 62% proficiency, ranked #254 of 289 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Washington Middle School (math 52% / reading 62%, grade B, #196 of 246 statewide, top 80%, 350 students, 53% FRL); Washington High School (math 55% / reading 67%, grade C+, #258 of 336 statewide, top 78%, 471 students, 48% FRL).
• Market conditions: 70 active listings in the ZIP; 42 units permitted in Washington County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Washington County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.32%
• DSCR: 1.01
• GRM: 9.5

CMA / ARV

• ARV (median comp): $155,000
• List price: $160,000
• Delta: 3.23%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-25,139
• Equity at exit: $23,857

10-year hold

• IRR: -7.3%
• Equity multiple: 0.54×
• Total profit: $-20,826
• Equity at exit: $13,834

Cash invested: $44,800 (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 52353

• Home prices YoY: -9.8%
• Active inventory: 70
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $1,408 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$194 /mo · $2,334/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $12

Break-even live

Break-even rent $1,393

Max offer price $160,000

Occupancy floor 94%

Sensitivity live

Price	-10% $103	-5% $57	+0% $12	+5% $-33	+10% $-78
Rent	-10% $-99	-5% $-44	+0% $12	+5% $68	+10% $123
Rate	-1.0pp $93	-0.5pp $53	base $12	+0.5pp $-29	+1.0pp $-72

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$704
1× unit	1	1	$704
Total (2 units)			$1,408

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-04
   days on market $160,000 Active 41 DOM
2. 2026-06-02
   days on market $160,000 Active 40 DOM
3. 2026-06-01
   days on market $160,000 Active 39 DOM
4. 2026-05-31
   days on market $160,000 Active 38 DOM
5. 2026-05-31
   days on market $160,000 Active 37 DOM
6. 2026-04-22
   listed $160,000 Active 744-char remark

ⓘ 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: $2,334 · $194/mo
• Projected year-2 tax: $2,423 · $202/mo
• Expected delta: +$89/yr (+$7/mo · 3.8%)

ⓘ 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 ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,896
• − Mortgage interest: −$8,962
• − Property taxes: −$2,334
• − Insurance: −$800
• − Repairs & maintenance: −$1,352
• − Management: −$1,352
• − Depreciation: −$4,655
• Taxable loss: −$2,558
• Est. tax savings @ 24.0%: +$614
• After-tax cash flow: $759/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: Washington Community School District
• NCES district ID: 1930240
• Math proficiency: 53% ▲ 2.00%
• Reading proficiency: 62% ▲ 3.00%
• Median HH income: $49,190
• Composite: 48.89/100
• National rank: #2078
• State rank: #254 of 289 in IA

Livability — Washington

• Score: 79/100
• State rank: #114
• US rank: #2173

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, IA
• City population: 9,072
• Population (ZIP): 9,072

Population outlook (Washington County) Hauer SSP2

• Today (2025): 23,102 people
• By 2030: 23,487 · +1.7%
• By 2040: 24,164 · +4.6%
• By 2050: 24,595 · +6.5%
• By 2075: 25,969 · +12.4%
• By 2100: 24,700 · +6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 12% Two or more races 5%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 3% Portuguese 2% Romanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 7% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+24.4) · D 37.2% · R 61.6% · Other 1.2%
• 2008→2024 swing: -23.7pp toward R · 2008: -0.7pp · 2024: -24.4pp
• All cycles: 2024: R+24.4 2020: R+20.5 2016: R+20.6 2012: R+4.2 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.25%
• Current HPI: 231.7933
• 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

-3.1% since first listed

3 events — show timeline

• 2026-06-05 Sold (Public Records) $155,000 Public Records
• 2026-06-04 Sold (MLS) $155,000 ICAARMLS
• 2026-04-22 Listed $160,000 ICAARMLS

Property tax history

+4.0%/yr

Latest (2025): $2,334 · +2.4% YoY. Source: county tax records.