5 Woolf Ave Unit & 15 · Iowa City, IA 52240

$1,875,000

None bd · 4.0 ba · 12,168 sqft · MultiFamily · 181 Days on market

Built 1958 Fair condition $154/sqft · 29% above area Est $1454k · 29% over

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Why this score? — see what drove the C- 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 +22.3/30.0
• DSCR +7.2/10.0
• 1% rule +5.8/10.0
• Schools +5.7/10.0
• Livability +4.3/5.0
• Rent growth +4.1/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Two well-maintained brick buildings on 0.40 acres of land located directly across from the VA Hospital and just a short walk to the UI Dental College and UIHC. This prime campus-area location offers dependable rental demand and exceptional long-term redevelopment potential. Building 1 has 9 studio units with approx 500 SF. Building 2 has 8 charming 2 BR / 1 BA apartments, each approx 800 SF. Both buildings have laundry rooms on site. Plenty of off-street parking including garages. Ideal as a stable income property with the added benefit of future high-end condo redevelopment in an irreplaceable Iowa City location close to hospitals, academics, transit & campus services. Please allow 48 hours' notice for tenants.

Key facts

• Iowa city location
• Off-street parking
• 0.40 acres of land

Tags

• 0.40 ACRES OF LAND
• LAUNDRY ROOMS ON SITE
• OFF-STREET PARKING
• IOWA CITY LOCATION

What this means for you Summary

Snapshot

• This is a ?-bed/4.0-bath multifamily listed at $1.88M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.88M).
• Recommended offer: $1.65M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.7% in Iowa City — 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 86/100 on livability (#13 in IA, #450 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.3%/yr); 260 active listings in the ZIP; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• At $20,323/mo this rent would consume 460% of the median local household income ($53k/yr) (locally 2852% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $56k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $525k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($1.65M) 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 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,650,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.08%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

• ARV (median comp): $1,454,294
• List price: $1,875,000
• Delta: 28.93%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-36,099
• Equity at exit: $279,569

10-year hold

• IRR: 11.2%
• Equity multiple: 2.01×
• Total profit: $532,030
• Equity at exit: $162,116

Cash invested: $525,000 (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 52240

• Rents YoY: 6.3%
• Active inventory: 260
• Price-to-rent: 130.9×

Monthly cashflow live

• Estimated rent: $20,323 high
• Mortgage (P&I): −$9,833
• Tax est. 1.5%: −$2,344 /mo · $28,125/yr
• Insurance: −$781
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,268
• Net cashflow: $3,097

Break-even live

Break-even rent $16,402

Max offer price $1,875,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$10,746
▸ 8× units	2	1	$9,576
Total (17 units)			$20,323

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: $468,750
• Closing costs: $56,250
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $1,875,000 Active 181 DOM
2. 2026-06-18
   days on market $1,875,000 Active 180 DOM
3. 2026-06-17
   days on market $1,875,000 Active 179 DOM
4. 2026-06-16
   days on market $1,875,000 Active 178 DOM
5. 2026-06-15
   days on market $1,875,000 Active 177 DOM
6. 2026-06-14
   days on market $1,875,000 Active 175 DOM
7. 2026-06-13
   days on market $1,875,000 Active 174 DOM
8. 2026-06-10
   days on market $1,875,000 Active 172 DOM
9. 2026-06-09
   days on market $1,875,000 Active 171 DOM
10. 2026-06-08
    days on market $1,875,000 Active 170 DOM
11. 2026-06-07
    days on market $1,875,000 Active 169 DOM
12. 2026-06-05
    days on market $1,875,000 Active 166 DOM
13. 2026-06-03
    days on market $1,875,000 Active 165 DOM
14. 2026-06-02
    days on market $1,875,000 Active 164 DOM
15. 2026-06-01
    days on market $1,875,000 Active 163 DOM
16. 2026-05-31
    days on market $1,875,000 Active 162 DOM
17. 2026-05-30
    days on market $1,875,000 Active 161 DOM
18. 2026-02-05
    status Active 727-char remark

    Show marketing remark (727 chars)

    Two well-maintained brick buildings on 0.40 acres of land located directly across from the VA Hospital and just a short walk to the UI Dental College and UIHC. This prime campus-area location offers dependable rental demand and exceptional long-term redevelopment potential. Building 1 has 9 studio units with approx 500 SF. Building 2 has 8 charming 2 BR / 1 BA apartments, each approx 800 SF. Both buildings have laundry rooms on site. Plenty of off-street parking including garages. Ideal as a stable income property with the added benefit of future high-end condo redevelopment in an irreplaceable Iowa City location close to hospitals, academics, transit & campus services. Please allow 48 hours' notice for tenants.

19. 2026-01-20
    status Pending 727-char remark

    Show marketing remark (727 chars)

    Two well-maintained brick buildings on 0.40 acres of land located directly across from the VA Hospital and just a short walk to the UI Dental College and UIHC. This prime campus-area location offers dependable rental demand and exceptional long-term redevelopment potential. Building 1 has 9 studio units with approx 500 SF. Building 2 has 8 charming 2 BR / 1 BA apartments, each approx 800 SF. Both buildings have laundry rooms on site. Plenty of off-street parking including garages. Ideal as a stable income property with the added benefit of future high-end condo redevelopment in an irreplaceable Iowa City location close to hospitals, academics, transit & campus services. Please allow 48 hours' notice for tenants.

20. 2025-12-04
    listed $1,875,000 Active 727-char remark

    Show marketing remark (727 chars)

    Two well-maintained brick buildings on 0.40 acres of land located directly across from the VA Hospital and just a short walk to the UI Dental College and UIHC. This prime campus-area location offers dependable rental demand and exceptional long-term redevelopment potential. Building 1 has 9 studio units with approx 500 SF. Building 2 has 8 charming 2 BR / 1 BA apartments, each approx 800 SF. Both buildings have laundry rooms on site. Plenty of off-street parking including garages. Ideal as a stable income property with the added benefit of future high-end condo redevelopment in an irreplaceable Iowa City location close to hospitals, academics, transit & campus services. Please allow 48 hours' notice for tenants.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $243,876
• − Mortgage interest: −$105,029
• − Property taxes: −$28,125
• − Insurance: −$9,375
• − Repairs & maintenance: −$19,510
• − Management: −$19,510
• − Depreciation: −$54,545
• Taxable income: $7,781
• Est. tax owed @ 24.0%: −$1,867
• After-tax cash flow: $35,302/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 · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance to improve its curb appeal and overall condition, which could increase its resale and rental value.

Repairs flagged

• Moderate Exterior paint — Paint appears faded and needs touch-up
• Moderate Landscaping — Sparse landscaping could benefit from improvement

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Landscaping — Improves curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior paint · Paint appears faded and needs touch-up	Moderate	$3,000–15,000
Landscaping · Sparse landscaping could benefit from improvement	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Landscaping — Improves curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — Iowa City

• Score: 86/100
• State rank: #13
• US rank: #450

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa City, IA
• County: Johnson County · 132,710 people
• City population: 80,235
• Metro: Iowa City, IA
• Population (ZIP): 35,074
• Household income: $52,960
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 2852.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 11% Black 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Portuguese 3% Romanian 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 81% English-only · Spanish 8% French/Haitian/Cajun 2% Arabic 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.53%
• Current HPI: 170.7491
• Rent YoY: ▲ 6.32%
• Metro: Iowa City, IA
• 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

3 events — show timeline

• 2026-02-05 Relisted — ICAARMLS
• 2026-01-20 Pending — ICAARMLS
• 2025-12-04 Listed $1,875,000 ICAARMLS