1538-1542 W 3rd St · Davenport, IA 52802

$359,000

31 bd · 29.0 ba · 2,240 sqft · MultiFamily public records · 11 Days on market

Built 1900 0.31 ac lot

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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 +20.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Incredible investment opportunity on a single parcel featuring 3 separate buildings totaling 9 units! The property breakdown consists of: 1538 W 3rd St (3 units), 1540 W 3rd St (2 units), and 1542 W 3rd St (4 units). Excellent addition to any portfolio with steady rental potential. A strict DO NOT DISTURB TENANTS policy is in effect. A minimum of a 24-hour notice is required for all showings. Schedule your showing today!

Key facts

• 0.31 acre lot
• Built 1900
• Listed 11 days

Property features AI

Finance

• Other: Reported expenses include water/sewer, electric, trash, and insurance
• Financial info: Gross annual income reported at $66,060; Total monthly income reported at $5,505; Reported annual tax amount (information omitted from details per instructions)

Exterior

• Utilities: Water/sewer expenses reported; Electric expense reported
• Home design: Multi-family building (5+ units); Total of 9 units in the building; Built before 1978
• Construction: Parcel identifier: K000623A
• Exterior features: Lot dimensions approximately 90 x 150; Zoned for multi-family

Interior

• Bedrooms: Three units with 5 bedrooms (total for that unit type); Two units with 2 bedrooms (total for that unit type); Four units with 3 bedrooms (total for that unit type)
• Bathrooms: Three full baths (for the 5-bed unit type); Two full baths (for the 2-bed unit type); Four full baths (for the 3-bed unit type)
• Heating & cooling: Gas and steam heating/ventilation
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive. Per door: $162/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $342k (4.8% below list).
• Recommended offer: $342k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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.

Location & tenants

• 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: Monroe Elementary School (math 26% / reading 23%, grade F, #613 of 616 statewide, top 100%, 381 students, 68% FRL); Frank L Smart Intermediate (math 27% / reading 30%, grade F, #246 of 246 statewide, top 100%, 313 students, 71% FRL); West High School (math 38% / reading 53%, grade D-, #323 of 336 statewide, top 96%, 1,469 students, 54% FRL).
• Zoned-school proficiency averages 33% at this address vs 46% district-wide (-14 pts) — the specific schools serving this property underperform the Davenport Community School District average; the district grade overstates school quality for this exact location.
• Market conditions: 67 active listings in the ZIP; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).
• At $3,418/mo this rent would consume 75% of the median local household income ($54k/yr) (locally 244% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $164k; list at $359k implies a 119% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $341,800 (4.8% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.95% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.82%
• DSCR: 1.26
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.3%
• Equity multiple: 0.73×
• Total profit: $-27,261
• Equity at exit: $53,528

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $15,753
• Equity at exit: $31,040

Cash invested: $100,520 (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 52802

• Home prices YoY: -28.3%
• Active inventory: 67
• Price-to-rent: 26.3×

Monthly cashflow live

• Estimated rent: $3,418 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$181 /mo · $2,170/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$718
• Net cashflow: $487

Break-even live

Break-even rent $2,801

Max offer price $359,000

Occupancy floor 81%

Sensitivity live

Price	-10% $690	-5% $589	+0% $487	+5% $386	+10% $284
Rent	-10% $217	-5% $352	+0% $487	+5% $622	+10% $757
Rate	-1.0pp $668	-0.5pp $578	base $487	+0.5pp $394	+1.0pp $299

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$3,417
Total (3 units)			$3,418

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $359,000 Active 11 DOM
2. 2026-06-18
   days on market $359,000 Active 8 DOM
3. 2026-06-17
   days on market $359,000 Active 7 DOM
4. 2026-06-16
   days on market $359,000 Active 6 DOM
5. 2026-06-15
   days on market $359,000 Active 5 DOM
6. 2026-06-14
   days on market $359,000 Active 3 DOM
7. 2026-06-13
   remarks 424-char remark
8. 2026-06-13
   listed $359,000 Active 2 DOM

ⓘ 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: $2,170 · $181/mo
• Projected year-2 tax: $3,903 · $325/mo
• Expected delta: +$1,733/yr (+$144/mo · 79.8%)

ⓘ 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 ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,016
• − Mortgage interest: −$20,110
• − Property taxes: −$2,170
• − Insurance: −$1,795
• − Repairs & maintenance: −$3,281
• − Management: −$3,281
• − Depreciation: −$10,444
• Taxable loss: −$65
• Est. tax savings @ 24.0%: +$16
• After-tax cash flow: $5,861/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: Davenport Community School District
• NCES district ID: 1908580
• Math proficiency: 43% ▼ -11.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $46,157
• Composite: 39.49/100
• National rank: #3951
• State rank: #288 of 289 in IA

Livability — Davenport

• Score: 79/100
• State rank: #126
• US rank: #2312

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Davenport, IA
• County: Scott County · 144,583 people
• City population: 103,319
• Metro: Davenport-Moline-Rock Island, IA-IL
• Population (ZIP): 9,466
• Household income: $54,380
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 244.0

Population outlook (Scott County) Hauer SSP2

• Today (2025): 188,878 people
• By 2030: 196,648 · +4.1%
• By 2040: 210,860 · +11.6%
• By 2050: 224,359 · +18.8%
• By 2075: 258,884 · +37.1%
• By 2100: 286,447 · +51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 10% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Scott

• 2024 margin: Toss-up / Even · D 47.3% · R 51.2% · Other 1.4%
• 2008→2024 swing: -18.4pp toward R · 2008: 14.6pp · 2024: -3.9pp
• All cycles: 2024: R+3.9 2020: D+3.5 2016: D+1.4 2012: D+13.8 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.59%
• Current HPI: 151.2076
• Rent YoY: —
• Metro: Davenport-Moline-Rock Island, IA-IL
• 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

+132.4% since first listed

7 events — show timeline

• 2026-06-10 Listed $359,000 MRED as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2021-08-06 Listing Removed — RMLSA as Distributed by MLS Grid
• 2018-07-31 Sold (MLS) $164,200 MRED as Distributed by MLS Grid
• 2018-05-29 Listed $179,900 MRED as Distributed by MLS Grid
• 2006-10-28 Listing Removed — MRED as Distributed by MLS Grid
• 2005-11-14 Sold (Public Records) $154,500 Public Records