2639 Westwinds Dr #5 · Iowa City, IA 52246

$99,000

1 bd · 1.0 ba · 532 sqft · Condo public records · 9 Days on market

Built 1982 $200/mo HOA · 20% of rent

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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 +8.5/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• 1% rule +5.1/10.0
• Livability +4.3/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

1 Bedroom, 1 Bathroom condo located in Iowa City. This west side, ground floor condo features a walk out patio that faces a small pond and walking trail. New LVP flooring and carpet in March 2023. Freshly painted. This unit is conveniently located near the U of I Hospitals and Clinics, Dental & Law schools, Kinnick Stadium, and shopping. On bus line with easy access to Hwy 218 and I380/I80.

Key facts

• Ground floor unit
• $200 HOA
• Parking

Tags

• GROUND FLOOR UNIT
• IN UNIT WASHER AND DRYER
• UPDATED A C AND HEATING SYSTEM
• WALKABLE TO UI HOSPITALS
• EASY ACCESS TO HWY 218

Property features AI

Finance

• Other: Directions: Melrose Avenue or Mormon Trek Boulevard to Westwinds Drive
• Financial info: Annual tax amount not included per instructions
• HOA & community: Homeowners association with an annual fee of $2,400 (equates to $200/month); Subdivision: Aspen Lake

Exterior

• Parking: 1 parking space total; Guest parking and on-street parking available
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium (residential); Entry level and number of stories not specified; Facing direction not specified
• Construction: Frame construction; Year built not specified; Roof and foundation details not specified
• Exterior features: Patio; Sidewalks and street lights in the community

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: Details not provided
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fan(s)
• Interior features: Ceiling fan(s); Central air; Dishwasher; Microwave; Refrigerator; Carpet flooring; No fireplace; Carbon monoxide and smoke detectors
• Laundry & utility: Washer and dryer; Laundry in hall with laundry closet

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $99k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $84k (15.6% below list).
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $84k (15.6% below list) — sets the bar for cash-flow.
• Cap rate 5.2% vs local median 2.7% in Iowa City — 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 86/100 on livability (#13 in IA, #450 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Norman Borlaug Elementary School (math 68% / reading 66%, grade B+, #273 of 616 statewide, top 51%, 417 students, 39% FRL); Northwest Junior High School (math 64% / reading 71%, grade A-, #133 of 246 statewide, top 56%, 730 students, 43% FRL); West Senior High School (math 71% / reading 77%, grade B+, #103 of 336 statewide, top 32%, 1,503 students, 38% FRL).
• Market conditions: Rents rising fast (+4.9%/yr); 207 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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.
• Current owner paid $83k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $83,563 (15.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 1.01% ✓
• Cap rate: 5.23%
• Cash-on-cash: -3.78%
• DSCR: 0.83
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.94% rent growth · sell at horizon

5-year hold

• IRR: -19.7%
• Equity multiple: 0.30×
• Total profit: $-19,480
• Equity at exit: $14,761

10-year hold

• IRR: -7.8%
• Equity multiple: 0.46×
• Total profit: $-15,075
• Equity at exit: $8,560

Cash invested: $27,720 (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 52246

• Rents YoY: 4.9%
• Active inventory: 207
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,002 high
• Mortgage (P&I): −$519
• Tax from tax record: −$118 /mo · $1,418/yr
• Insurance: −$41
• HOA: −$200
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $-87

Break-even live

Break-even rent $1,112

Max offer price $83,563

Occupancy floor —

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2639 Westwinds Dr #1 Iowa City, IA	1.0	1.0	532	$900	$1.69	43d	1	0.02mi
302 Finkbine Ln Iowa City, IA	1.0–2.0	1.0	765	$935	$1.22	13d	3	0.52mi
300 Grandview Ct #313 Iowa City, IA	2.0	1.0	628	$1,300	$2.07	21d	1	1.08mi
100 Grandview Ct #104 Iowa City, IA	1.0	1.0	611	$1,200	$1.96	21d	1	1.13mi
700 Carriage Hl Iowa City, IA	2.0	1.0	750	$1,150	$1.53	13d	1	1.48mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 9 events

1. 2026-06-19
   days on market $99,000 Active 9 DOM
2. 2026-06-18
   days on market $99,000 Active 8 DOM
3. 2026-06-17
   days on market $99,000 Active 7 DOM
4. 2026-06-16
   days on market $99,000 Active 6 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   days on market $99,000 Active 5 DOM
7. 2026-06-14
   days on market $99,000 Active 3 DOM
8. 2026-06-13
   remarks 698-char remark
9. 2026-06-13
   listed $99,000 Active 2 DOM

ⓘ 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: $1,418 · $118/mo
• Projected year-2 tax: $1,486 · $124/mo
• Expected delta: +$68/yr (+$6/mo · 4.8%)

ⓘ 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 3/10 Moderate
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,018
• − Mortgage interest: −$5,546
• − Property taxes: −$1,418
• − Insurance: −$495
• − Repairs & maintenance: −$961
• − Management: −$961
• − HOA: −$2,400
• − Depreciation: −$2,880
• Taxable loss: −$2,643
• Est. tax savings @ 24.0%: +$634
• After-tax cash flow: $-414/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — Iowa City

• Score: 86/100
• State rank: #13
• US rank: #450

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa City, IA
• County: Johnson County · 132,710 people
• City population: 80,235
• Metro: Iowa City, IA
• Population (ZIP): 22,308
• Household income: $62,521
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 1680.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Black 12% Asian 11% Hispanic / Latino 8% Two or more races 8%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 4% Swedish 3% Slovak 2%
• Foreign-born: 17% · China, Canada, South Korea
• Languages at home: 73% English-only · Spanish 6% Arabic 5% Chinese 4%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.08%
• Current HPI: 159.5713
• Rent YoY: ▲ 4.94%
• Metro: Iowa City, 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

-71.7% since first listed

10 events — show timeline

• 2026-06-10 Listed $99,000 ICAARMLS
• 2024-04-05 Price Changed $83,000 ICAARMLS
• 2023-04-19 Sold (Public Records) $83,000 Public Records
• 2023-04-14 Sold (MLS) $83,000 ICAARMLS
• 2023-04-10 Pending — ICAARMLS
• 2023-04-10 Price Changed $84,900 ICAARMLS
• 2023-03-22 Contingent — ICAARMLS
• 2023-03-21 Listed $84,900 ICAARMLS
• 2022-02-07 Price Changed $740 RENT.
• 2021-01-15 Sold (Public Records) $350,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $1,418 · +1.3% YoY. Source: county tax records.