6232-6234 Appomattox Rd

Davenport, IA 52806

$179,900C+

6 bd · 3.5 ba · 2,200 sqft · Built 1979 · MultiFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,307/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$348
• HOA: −$0
• Vac / Maint / Mgmt: −$484
• Net cashflow: $531/mo
• Annual: $6,368/yr
• Cap rate: 9.83%
• Cash-on-cash: 12.64%
• DSCR: 1.56
• 1% rule: 1.28%
• Cash to close: $50,372

Investor read

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $180k.
• At list price, monthly cash flow is $531 ($6k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 34 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• 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.
• 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: North High School (math 45% / reading 59%, grade D+, #299 of 336 statewide, top 91%, 1,352 students, 50% FRL).
• Market conditions: Rents rising (+1.8%/yr); 162 active listings in the ZIP; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 18y 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 $51k; list at $180k implies a 256% gain — meaningful room to come down on a strong offer.
• Cap rate 9.8% vs local median 4.4% 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.
• This rent runs 37% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.