605 SW 1st Ave · Waukon, IA 52172

$109,000

2 bd · 1.0 ba · 1,205 sqft · SingleFamily public records · 260 Days on market

Built 1893 10,164 sqft lot $90/sqft · 15% below area Est $129k · 15% under

---

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 +20.7/30.0
• ARV discount +14.4/15.0
• DSCR +6.6/10.0
• Schools +6.2/10.0
• 1% rule +5.5/10.0
• Appreciation +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 605 1st Ave SW in Waukon! This 3-bedroom, 2-bathroom home is ready for its new owners. The layout includes inviting living spaces, a bathroom on each level, main floor laundry, and a kitchen pantry. Step outside to enjoy the relaxing back deck, perfect for gatherings or quiet evenings. Additional highlights include a two-stall detached garage, a large concrete driveway, and a spacious backyard. With so much to offer inside and out, this property is a great opportunity to settle into a comfortable home in a near all the Waukon amenities.

Key facts

• Spacious backyard
• Kitchen pantry
• Main floor laundry

Tags

• BATHROOM ON EACH LEVEL
• MAIN FLOOR LAUNDRY
• KITCHEN PANTRY
• BACK DECK
• SPACIOUS BACKYARD
• TWO-STALL DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $96k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 3.8% in Waukon — 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 (#125 in IA, #2,301 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Allamakee Community School District (town): math 71% / reading 75% proficiency, ranked #103 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $219 of equity ($754 loan paydown + $-535 appreciation (-0.5% local appreciation)).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $109k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1893 — 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 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. 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: 1.05% ✓
• Cap rate: 7.92%
• Cash-on-cash: 5.81%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $128,752
• List price: $109,000
• Delta: -15.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 SW 5 St	0.18mi	3/1.5 (+1)	1,203 (-0%)	0mo	$126,000	$105	84
107 SW 5 St	0.13mi	3/1.0 (+1)	1,321 (+10%)	9mo	$155,000	$117	66
22 SE 3rd Ave	0.55mi	2/1.5	1,256 (+4%)	0mo	$120,000	$96	65
208 NW 2nd St	0.35mi	3/1.0 (+1)	1,249 (+4%)	13mo	$142,000	$114	62
210 NW 8 Ave	0.58mi	3/2.0 (+1)	1,225 (+2%)	8mo	$189,000	$154	54
306 NW 3rd Ave	0.30mi	3/1.0 (+1)	1,339 (+11%)	10mo	$117,000	$87	54
406 2nd Street N.w. St	0.43mi	2/1.0	1,073 (-11%)	14mo	$133,000	$124	50
15 NE 5 Ave	0.51mi	3/1.5 (+1)	1,258 (+4%)	17mo	$175,000	$139	48
430 NW 9 St	0.40mi	3/2.0 (+1)	1,036 (-14%)	5mo	$195,000	$188	45
107 SW 5 Ave	0.40mi	3/2.0 (+1)	1,346 (+12%)	14mo	$238,000	$177	41
102 SW 5th Avenue Ave	0.44mi	2/2.0	1,048 (-13%)	18mo	$72,000	$69	39
22 3 Avenue Ave SW	0.41mi	2/2.0	1,382 (+15%)	18mo	$205,000	$148	37

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

Projected returns pro-forma

-0.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.12×
• Total profit: $3,748
• Equity at exit: $29,001

10-year hold

• IRR: 8.6%
• Equity multiple: 1.88×
• Total profit: $27,001
• Equity at exit: $32,811

Cash invested: $30,520 (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 52172

• Home prices YoY: -0.2%
• Active inventory: 40
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$138 /mo · $1,656/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $148

Break-even live

Break-even rent $956

Max offer price $109,000

Occupancy floor 82%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 8th Ave SW Waukon, IA	1.0	1.0	714	$1,075	$1.51	14d	1	0.70mi
11 8th Ave SW Unit 11 Waukon, IA	2.0	1.0	925	$1,200	$1.30	14d	1	0.77mi

Listing history 18 events

1. 2026-06-18
   days on market $109,000 Active 260 DOM
2. 2026-06-17
   days on market $109,000 Active 259 DOM
3. 2026-06-16
   days on market $109,000 Active 258 DOM
4. 2026-06-15
   days on market $109,000 Active 257 DOM
5. 2026-06-14
   days on market $109,000 Active 255 DOM
6. 2026-06-10
   days on market $109,000 Active 252 DOM
7. 2026-06-09
   days on market $109,000 Active 251 DOM
8. 2026-06-08
   days on market $109,000 Active 250 DOM
9. 2026-06-07
   days on market $109,000 Active 249 DOM
10. 2026-06-03
    days on market $109,000 Active 245 DOM
11. 2026-06-02
    days on market $109,000 Active 244 DOM
12. 2026-06-01
    days on market $109,000 Active 243 DOM
13. 2026-05-31
    days on market $109,000 Active 242 DOM
14. 2026-05-31
    days on market $109,000 Active 241 DOM
15. 2026-04-12
    price $109,000 553-char remark

    Show marketing remark (553 chars)

    Welcome to 605 1st Ave SW in Waukon! This 3-bedroom, 2-bathroom home is ready for its new owners. The layout includes inviting living spaces, a bathroom on each level, main floor laundry, and a kitchen pantry. Step outside to enjoy the relaxing back deck, perfect for gatherings or quiet evenings. Additional highlights include a two-stall detached garage, a large concrete driveway, and a spacious backyard. With so much to offer inside and out, this property is a great opportunity to settle into a comfortable home in a near all the Waukon amenities.

16. 2026-01-20
    price $120,000 553-char remark

    Show marketing remark (553 chars)

    Welcome to 605 1st Ave SW in Waukon! This 3-bedroom, 2-bathroom home is ready for its new owners. The layout includes inviting living spaces, a bathroom on each level, main floor laundry, and a kitchen pantry. Step outside to enjoy the relaxing back deck, perfect for gatherings or quiet evenings. Additional highlights include a two-stall detached garage, a large concrete driveway, and a spacious backyard. With so much to offer inside and out, this property is a great opportunity to settle into a comfortable home in a near all the Waukon amenities.

17. 2025-10-01
    listed $129,000 Active 553-char remark

    Show marketing remark (553 chars)

    Welcome to 605 1st Ave SW in Waukon! This 3-bedroom, 2-bathroom home is ready for its new owners. The layout includes inviting living spaces, a bathroom on each level, main floor laundry, and a kitchen pantry. Step outside to enjoy the relaxing back deck, perfect for gatherings or quiet evenings. Additional highlights include a two-stall detached garage, a large concrete driveway, and a spacious backyard. With so much to offer inside and out, this property is a great opportunity to settle into a comfortable home in a near all the Waukon amenities.

18. 2022-02-08
    soldstatus $65,000

ⓘ 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: $1,656 · $138/mo
• Projected year-2 tax: $1,684 · $140/mo
• Expected delta: +$28/yr (+$2/mo · 1.7%)

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,713
• − Mortgage interest: −$6,106
• − Property taxes: −$1,656
• − Insurance: −$545
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$3,171
• Taxable income: $41
• Est. tax owed @ 24.0%: −$10
• After-tax cash flow: $1,763/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: Allamakee Community School District
• NCES district ID: 1903390
• Math proficiency: 71% ▼ -4.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $48,705
• Composite: 61.72/100
• National rank: #738
• State rank: #103 of 289 in IA

Livability — Waukon

• Score: 79/100
• State rank: #125
• US rank: #2301

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukon, IA
• City population: 5,986
• Population (ZIP): 5,986

Population outlook (Allamakee County) Hauer SSP2

• Today (2025): 12,814 people
• By 2030: 12,146 · -5.2%
• By 2040: 10,750 · -16.1%
• By 2050: 9,506 · -25.8%
• By 2075: 7,779 · -39.3%
• By 2100: 6,870 · -46.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Portuguese 16% Lithuanian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 3% German/W. Germanic 3% Other Indo-European 2%

Political lean MEDSL · Allamakee

• 2024 margin: Solid R (+34.3) · D 32.2% · R 66.5% · Other 1.3%
• 2008→2024 swing: -48.6pp toward R · 2008: 14.2pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+29.1 2016: R+24.3 2012: D+4.1 2008: D+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.49%
• Current HPI: 236.5413
• 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

+67.7% since first listed

4 events — show timeline

• 2026-04-12 Price Changed $109,000 NEIRBR as distributed by MLS GRID
• 2026-01-20 Price Changed $120,000 NEIRBR as distributed by MLS GRID
• 2025-10-01 Listed $129,000 NEIRBR as distributed by MLS GRID
• 2022-02-08 Sold (Public Records) $65,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $1,656 · +5.7% YoY. Source: county tax records.