3210 W 68th St

Davenport, IA 52806

$177,500D

3 bd · 1.0 ba · 1,674 sqft · Built 1954 · SingleFamily · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,435/mo
• Mortgage (P&I): −$931
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $-130/mo
• Annual: $-1,560/yr
• Cap rate: 5.41%
• Cash-on-cash: -3.14%
• DSCR: 0.86
• 1% rule: 0.81%
• Cash to close: $49,700

Investor read

• This is a 3-bed/1.0-bath single-family listed at $178k.
• At list price, monthly cash flow is $-130 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (12.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (19.1% below list).
• It's been on market 109 days — a 9% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (19.1% below list) — sets the bar for 1% rule.
• 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: Fillmore Elementary School (math 34% / reading 37%, grade F, #593 of 616 statewide, top 96%, 401 students, 62% FRL); Wood Intermediate (math 44% / reading 52%, grade C-, #224 of 246 statewide, top 91%, 438 students, 61% FRL); North High School (math 45% / reading 59%, grade D+, #299 of 336 statewide, top 91%, 1,352 students, 50% FRL) — zoned schools at 58% FRL track the district average.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.8%/yr); 162 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 5y 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 $135k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.4% vs local median 4.4% in Davenport — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• 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?
• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?
• 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.