3536 Heatherton Dr · Davenport, IA 52804

$379,900

39 bd · 21.0 ba · 5,200 sqft · MultiFamily public records · 86 Days on market

Built 1976 Good condition 10,360 sqft lot $73/sqft · 13% below area Est $435k · 13% under ↓ 8% since listing

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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 +28.0/30.0
• ARV discount +13.2/15.0
• DSCR +9.9/10.0
• 1% rule +7.6/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention all investors! Here is a very well maintained 6 plex! All 6 units are fully occupied. Per seller updates done 2022. There is 4- 2 bed 1 bath units & 2- 1 bed 1 bath units. Units 1 & 2 rent for $715 each. Unit 3 rents for $825. Units 4,5,& 6 rent for $815 each. Unit 1 is a year lease. Units 2-6 are all MTM. This 6 plex is as turnkey as it gets!

Key facts

• New siding
• Refreshed bathrooms
• Renovated 6-plex

Tags

• RENOVATED 6-PLEX
• UPDATED KITCHENS
• REFRESHED BATHROOMS
• NEW ROOF
• NEW SIDING

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $380k. Condition is rated good.
• This rent per unit is only 14% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $380k).
• Recommended offer: $357k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 4.3% 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.

Location & tenants

• 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: Wilson Elementary School (math 47% / reading 43%, grade D-, #547 of 616 statewide, top 89%, 433 students, 57% FRL); Williams Intermediate (math 33% / reading 37%, grade F, #243 of 246 statewide, top 99%, 423 students, 63% FRL); West High School (math 38% / reading 53%, grade D-, #323 of 336 statewide, top 96%, 1,469 students, 54% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 206 active listings in the ZIP; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($357k) is reasonable based on typical stale-listing flexibility.
• 8 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.

Recommended offer $357,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.26% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.27%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $435,454
• List price: $379,900
• Delta: -12.76%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $13,420
• Equity at exit: $56,644

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $108,378
• Equity at exit: $32,847

Cash invested: $106,372 (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 52804

• Home prices YoY: -25.3%
• Active inventory: 206
• Price-to-rent: 39.8×

Monthly cashflow live

• Estimated rent: $4,770 high
• Mortgage (P&I): −$1,992
• Tax from tax record: −$441 /mo · $5,296/yr
• Insurance: −$158
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,002
• Net cashflow: $1,176

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,770
Total (6 units)			$4,770

Break-even live

Break-even rent $3,281

Max offer price $379,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,392	-5% $1,284	+0% $1,176	+5% $1,069	+10% $961
Rent	-10% $800	-5% $988	+0% $1,176	+5% $1,365	+10% $1,553
Rate	-1.0pp $1,368	-0.5pp $1,273	base $1,176	+0.5pp $1,078	+1.0pp $978

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: $94,975
• Closing costs: $11,397
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3536 Heatherton Dr Apt 1 Davenport, IA	1.0	1.0	600	$795	$1.32	93d	1	0.02mi
3536 Heatherton Dr Unit 4 Davenport, IA	2.0	1.0	700	$825	$1.18	62d	1	0.02mi
3553 Heatherton Dr Davenport, IA	1.0–2.0	1.0	690	$775	$1.12	62d	2	0.04mi
3359 Heatherton Dr #2 Davenport, IA	1.0	1.0	670	$775	$1.16	93d	1	0.22mi
2827 N Elsie Ave Unit 1 Davenport, IA	1.0	1.0	470	$825	$1.76	62d	1	0.30mi
2827 N Elsie Ave Unit 3 Davenport, IA	2.0	1.0	610	$900	$1.48	62d	1	0.30mi
3240 Heatherton Dr Unit 2 Davenport, IA	1.0	1.0	660	$800	$1.21	93d	1	0.38mi
1935 W 40th St Davenport, IA	2.0	1.0	585	$822	$1.41	62d	8	1.34mi
4624 Cheyenne Ave Unit A Davenport, IA	1.0	1.0	680	$925	$1.36	93d	1	1.50mi

Property features AI

Finance

• Other: Ownership held by a limited liability companyProperty operates with leases
• Financial info: Gross annual income reported: $56,640Annual property tax reportedReported water/sewer expense and trash expense

Exterior

• Parking: Outdoor parking with 1–5 spaces
• Security: Building includes a security system
• Utilities: Electric on separate metersMunicipal water/sewer (expenses reported separately)
• Home design: Multi-family property (6+ units)Built before 1978
• Construction: Vinyl siding exteriorComposition roofBrick/mortar foundation
• Exterior features: Public road frontageLot dimensions approximately 140 x 75Zoned for multi-family use

Interior

• Kitchen: Six ranges available in the building
• Bedrooms: Unit mix includes 1-bedroom and 2-bedroom units across the building
• Bathrooms: All units feature full bathrooms
• Heating & cooling: Central heat with individual controlsForced air gas heatingCentral air conditioningSix window AC units (count listed)
• Interior features: Security system and smoke/CO detectors
• Laundry & utility: Separate electric meters

Listing history 50 events

1. 2026-08-08
   days on market $379,900 Active 86 DOM
2. 2026-08-07
   days on market $379,900 Active 85 DOM
3. 2026-08-06
   days on market $379,900 Active 84 DOM
4. 2026-08-05
   days on market $379,900 Active 83 DOM
5. 2026-08-04
   days on market $379,900 Active 82 DOM
6. 2026-08-03
   days on market $379,900 Active 81 DOM
7. 2026-07-31
   days on market $379,900 Active 78 DOM
8. 2026-07-30
   days on market $379,900 Active 77 DOM
9. 2026-07-29
   days on market $379,900 Active 76 DOM
10. 2026-07-27
    days on market $379,900 Active 74 DOM
11. 2026-07-25
    days on market $379,900 Active 72 DOM
12. 2026-07-24
    days on market $379,900 Active 71 DOM
13. 2026-07-23
    days on market $379,900 Active 70 DOM
14. 2026-07-22
    days on market $379,900 Active 69 DOM
15. 2026-07-21
    days on market $379,900 Active 68 DOM
16. 2026-07-18
    days on market $379,900 Active 65 DOM
17. 2026-07-16
    days on market $379,900 Active 63 DOM
18. 2026-07-16
    days on market $379,900 Active 62 DOM
19. 2026-07-14
    days on market $379,900 Active 61 DOM
20. 2026-07-13
    days on market $379,900 Active 60 DOM
21. 2026-07-12
    days on market $379,900 Active 59 DOM
22. 2026-07-11
    days on market $379,900 Active 58 DOM
23. 2026-07-10
    days on market $379,900 Active 57 DOM
24. 2026-07-09
    days on market $379,900 Active 56 DOM
25. 2026-07-08
    days on market $379,900 Active 55 DOM
26. 2026-07-07
    days on market $379,900 Active 54 DOM
27. 2026-07-06
    days on market $379,900 Active 53 DOM
28. 2026-07-05
    days on market $379,900 Active 52 DOM
29. 2026-07-04
    days on market $379,900 Active 51 DOM
30. 2026-07-03
    days on market $379,900 Active 50 DOM
31. 2026-07-02
    days on market $379,900 Active 49 DOM
32. 2026-07-01
    price $379,900 Active 48 DOM
33. 2026-07-01
    days on market $385,000 Active 48 DOM
34. 2026-06-30
    days on market $385,000 Active 47 DOM
35. 2026-06-29
    days on market $385,000 Active 46 DOM
36. 2026-06-28
    days on market $385,000 Active 45 DOM
37. 2026-06-28
    days on market $385,000 Active 44 DOM
38. 2026-06-27
    days on market $385,000 Active 43 DOM
39. 2026-06-25
    days on market $385,000 Active 41 DOM
40. 2026-06-23
    days on market $385,000 Active 39 DOM
41. 2026-06-21
    days on market $385,000 Active 38 DOM
42. 2026-06-18
    days on market $385,000 Active 35 DOM
43. 2026-06-17
    days on market $385,000 Active 34 DOM
44. 2026-06-16
    days on market $385,000 Active 33 DOM
45. 2026-06-15
    days on market $385,000 Active 32 DOM
46. 2026-06-14
    days on market $385,000 Active 30 DOM
47. 2026-06-13
    days on market $385,000 Active 29 DOM
48. 2026-06-10
    days on market $385,000 Active 27 DOM
49. 2026-06-09
    days on market $385,000 Active 26 DOM
50. 2026-06-08
    days on market $385,000 Active 25 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: $5,296 · $441/mo
• Projected year-2 tax: $5,630 · $469/mo
• Expected delta: +$334/yr (+$28/mo · 6.3%)

ⓘ 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 ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,240
• − Mortgage interest: −$21,280
• − Property taxes: −$5,296
• − Insurance: −$1,900
• − Repairs & maintenance: −$4,579
• − Management: −$4,579
• − Depreciation: −$11,052
• Taxable income: $8,554
• Est. tax owed @ 24.0%: −$2,053
• After-tax cash flow: $12,064/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.

Condition & rehab AI · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $26,000–$78,000 screening

This renovated 6-plex is in good condition with modern finishes and new updates. It's ready for new tenants and can be further enhanced with exterior painting and landscaping improvements.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Landscaping improvements — Improves curb appeal and can increase both resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 42/100

Zoned Schools

Elementary Wilson Elementary School D- IA #547/616 Nat'l #15,897/41,679 Middle Williams Intermediate F IA #243/246 Nat'l #7,460/14,009 High West High School D- IA #323/336 Nat'l #6,744/17,239

Schools (NCES district)

• District: Davenport Community School District
• NCES district ID: 1908580
• Math proficiency: 43% ▼ -11.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $46,157
• Composite: 39.49/100
• National rank: #3951
• State rank: #288 of 289 in IA

B Composite livability gradescore 79/100

Livability — Davenport

• Score: 79/100
• State rank: #126
• US rank: #2312

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Davenport, IA
• County: Scott County · 188,878 people
• City population: 103,319
• Metro: Davenport-Moline-Rock Island, IA-IL
• Population (ZIP): 26,835
• Household income: $65,849
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 15% of renters

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Population outlook (Scott County) Hauer SSP2

• Today (2025): 188,878 people
• By 2030: 196,648 · +4.1%
• By 2040: 210,860 · +11.6%
• By 2050: 224,359 · +18.8%
• By 2075: 258,884 · +37.1%
• By 2100: 286,447 · +51.7%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 10% Hispanic / Latino 10% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Iranian 2% Romanian 2% Portuguese 1%
• Foreign-born: 4% · Canada, China, Vietnam
• Languages at home: 94% English-only · Spanish 3% Russian/Polish/Slavic 1% Chinese 1%

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Political lean MEDSL · Scott

• 2024 margin: Toss-up / Even · D 47.3% · R 51.2% · Other 1.4%
• 2008→2024 swing: -18.4pp toward R · 2008: 14.6pp · 2024: -3.9pp
• All cycles: 2024: R+3.9 2020: D+3.5 2016: D+1.4 2012: D+13.8 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.50%
• Current HPI: 196.2267
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.48%
• F500 in state: 4

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Industry mix (Fortune 500 HQ in IA)

Industry	F500 HQs	Revenue
▸Financial Services	1	$16B
▸Retail / Convenience	1	$15B

Property features AI

Finance

• Other: Ownership held by a limited liability companyProperty operates with leases
• Financial info: Gross annual income reported: $56,640Annual property tax reportedReported water/sewer expense and trash expense

Exterior

• Parking: Outdoor parking with 1–5 spaces
• Security: Building includes a security system
• Utilities: Electric on separate metersMunicipal water/sewer (expenses reported separately)
• Home design: Multi-family property (6+ units)Built before 1978
• Construction: Vinyl siding exteriorComposition roofBrick/mortar foundation
• Exterior features: Public road frontageLot dimensions approximately 140 x 75Zoned for multi-family use

Interior

• Kitchen: Six ranges available in the building
• Bedrooms: Unit mix includes 1-bedroom and 2-bedroom units across the building
• Bathrooms: All units feature full bathrooms
• Heating & cooling: Central heat with individual controlsForced air gas heatingCentral air conditioningSix window AC units (count listed)
• Interior features: Security system and smoke/CO detectors
• Laundry & utility: Separate electric meters

Price history

-8.3% since first listed

23 events — show timeline

• 2026-05-14 Listed $385,000 MRED as Distributed by MLS Grid
• 2026-01-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2026-01-02 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-16 Relisted — RMLSA as Distributed by MLS Grid
• 2025-11-03 Pending — RMLSA as Distributed by MLS Grid
• 2025-08-01 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-06-04 Price Changed — RMLSA as Distributed by MLS Grid
• 2025-05-02 Listed — RMLSA as Distributed by MLS Grid
• 2024-12-18 Rental Removed $750 RENTEC
• 2024-09-22 Listed for Rent $750 RENTEC
• 2024-05-30 Rental Removed $715 APPFOLIO
• 2024-05-14 Sold (Public Records) $415,000 Public Records
• 2024-05-02 Sold (MLS) $415,000 MRED as Distributed by MLS Grid
• 2024-05-02 Sold (MLS) $415,000 RMLSA as Distributed by MLS Grid
• 2024-04-23 Listed for Rent $715 APPFOLIO
• 2024-03-12 Contingent — RMLSA as Distributed by MLS Grid
• 2024-02-28 Listed $415,000 MRED as Distributed by MLS Grid
• 2024-02-28 Listed $415,000 RMLSA as Distributed by MLS Grid
• 2024-01-28 Rental Removed $715 APPFOLIO
• 2023-12-24 Listed for Rent $715 APPFOLIO
• 2021-11-16 Sold (Public Records) $150,000 Public Records
• 2015-04-15 Sold (Public Records) $281,500 Public Records
• 2006-04-27 Sold (Public Records) $420,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $5,296 · +12.6% YoY. Source: county tax records.