508 N Iowa Ave · Washington, IA 52353

$120,000

4 bd · 4.0 ba · 2,146 sqft · Other public records · 114 Days on market

Built 1900 8,712 sqft lot $56/sqft · 30% below area Est $173k · 30% 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 +23.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.6/10.0
• Schools +4.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment property with long term renters located close to downtown Washington. Gross yearly income $23,160.00. Owner pays water, approximately $3024.00 yearly. Unit 1 - 2 bedrooms, 1 bath, large three seasons porch electric forced air heat $900.00 a month Unit 2 - 1 bedroom, 1 bath electric forced air heat $530 a month Unit 3 - 1 bedroom, 1 bath electric base board heat $500 a month 24 hour notice required one owner is a licensed Realtor in the state of Iowa Co-Listed with Parnell Davis Century 21 Trinity

Key facts

• Investment property
• Close to downtown
• 8,712 sq ft lot

Tags

• INVESTMENT PROPERTY
• CLOSE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• 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 $830 of loan paydown is wiped out by about $4k 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 114 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.16% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.28%
• DSCR: 1.37
• GRM: 7.2

CMA / ARV

• ARV (median comp): $172,508
• List price: $120,000
• Delta: -30.44%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-4,635
• Equity at exit: $17,892

10-year hold

• IRR: 6.1%
• Equity multiple: 1.45×
• Total profit: $15,163
• Equity at exit: $10,375

Cash invested: $33,600 (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 52353

• Home prices YoY: -9.8%
• Active inventory: 70
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,396 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$192 /mo · $2,300/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $232

Break-even live

Break-even rent $1,102

Max offer price $120,000

Occupancy floor 78%

Sensitivity live

Price	-10% $300	-5% $266	+0% $232	+5% $198	+10% $164
Rent	-10% $122	-5% $177	+0% $232	+5% $287	+10% $342
Rate	-1.0pp $292	-0.5pp $262	base $232	+0.5pp $201	+1.0pp $169

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $120,000 Active 114 DOM
2. 2026-06-18
   days on market $120,000 Active 112 DOM
3. 2026-06-17
   days on market $120,000 Active 111 DOM
4. 2026-06-16
   days on market $120,000 Active 110 DOM
5. 2026-06-15
   days on market $120,000 Active 109 DOM
6. 2026-06-13
   days on market $120,000 Active 107 DOM
7. 2026-06-12
   days on market $120,000 Active 106 DOM
8. 2026-06-09
   days on market $120,000 Active 103 DOM
9. 2026-06-08
   days on market $120,000 Active 102 DOM
10. 2026-06-07
    days on market $120,000 Active 101 DOM
11. 2026-06-04
    days on market $120,000 Active 97 DOM
12. 2026-06-02
    days on market $120,000 Active 96 DOM
13. 2026-06-01
    days on market $120,000 Active 95 DOM
14. 2026-05-31
    days on market $120,000 Active 94 DOM
15. 2026-05-31
    days on market $120,000 Active 93 DOM
16. 2026-02-25
    listed $120,000 Active 518-char remark

    Show marketing remark (518 chars)

    Great investment property with long term renters located close to downtown Washington. Gross yearly income $23,160.00. Owner pays water, approximately $3024.00 yearly. Unit 1 - 2 bedrooms, 1 bath, large three seasons porch electric forced air heat $900.00 a month Unit 2 - 1 bedroom, 1 bath electric forced air heat $530 a month Unit 3 - 1 bedroom, 1 bath electric base board heat $500 a month 24 hour notice required one owner is a licensed Realtor in the state of Iowa Co-Listed with Parnell Davis Century 21 Trinity

17. 2026-02-25
    listed $120,000 Active

    Show marketing remark (518 chars)

    Great investment property with long term renters located close to downtown Washington. Gross yearly income $23,160.00. Owner pays water, approximately $3024.00 yearly. Unit 1 - 2 bedrooms, 1 bath, large three seasons porch electric forced air heat $900.00 a month Unit 2 - 1 bedroom, 1 bath electric forced air heat $530 a month Unit 3 - 1 bedroom, 1 bath electric base board heat $500 a month 24 hour notice required one owner is a licensed Realtor in the state of Iowa Co-Listed with Parnell Davis Century 21 Trinity

ⓘ 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: $2,300 · $192/mo
• Projected year-2 tax: $2,300 · $192/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 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: $16,751
• − Mortgage interest: −$6,722
• − Property taxes: −$2,300
• − Insurance: −$600
• − Repairs & maintenance: −$1,340
• − Management: −$1,340
• − Depreciation: −$3,491
• Taxable income: $958
• Est. tax owed @ 24.0%: −$230
• After-tax cash flow: $2,552/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

+0.0% since first listed

2 events — show timeline

• 2026-02-25 Listed $120,000 IAR
• 2026-02-25 Listed $120,000 ICAARMLS

Property tax history

-4.7%/yr

Latest (2025): $2,300 · +2.3% YoY. Source: county tax records.