903 E Burlington St · Iowa City, IA 52240

$324,900

4 bd · 2.0 ba · 1,936 sqft · MultiFamily public records · 134 Days on market

Built 1900 2,178 sqft lot $168/sqft · 9% below area Est $357k · 9% under

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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 +19.1/30.0
• ARV discount +11.6/15.0
• DSCR +6.0/10.0
• Schools +5.7/10.0
• 1% rule +5.4/10.0
• Livability +4.3/5.0
• Rent growth +4.1/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor alert. Prime University of Iowa location within walking distance to downtown Iowa City. This property features an updated kitchen, new appliances, fresh paint, and updated flooring throughout. Currently leased through July 23, 2027 at $3,000 per month, with tenants responsible for all utilities and snow removal. Landlord handles lawn care. The driveway is shared with the neighboring property at 905 E Burlington Street. Property is being sold as is.

Key facts

• Fresh paint
• New appliances
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEW APPLIANCES
• FRESH PAINT
• UPDATED FLOORING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $325k).
• Recommended offer: $286k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• At $3,395/mo this rent would consume 77% 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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 7y 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 $260k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $285,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 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 1900 — 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 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: 1.04% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.57%
• DSCR: 1.20
• GRM: 8.0

CMA / ARV

• ARV (median comp): $357,500
• List price: $324,900
• Delta: -9.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.3%
• Equity multiple: 0.79×
• Total profit: $-18,742
• Equity at exit: $48,444

10-year hold

• IRR: 8.0%
• Equity multiple: 1.70×
• Total profit: $64,030
• Equity at exit: $28,091

Cash invested: $90,972 (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: 23.9×

Monthly cashflow live

• Estimated rent: $3,395 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$496 /mo · $5,954/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$713
• Net cashflow: $347

Break-even live

Break-even rent $2,956

Max offer price $324,900

Occupancy floor 85%

Sensitivity live

Price	-10% $531	-5% $439	+0% $347	+5% $255	+10% $163
Rent	-10% $78	-5% $213	+0% $347	+5% $481	+10% $615
Rate	-1.0pp $510	-0.5pp $429	base $347	+0.5pp $263	+1.0pp $177

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,396
Total (3 units)			$3,395

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: $81,225
• Closing costs: $9,747
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 Bowery St Iowa City, IA	3.0	1.5	1400	$1,500	$1.07	44d	1	0.29mi
520 Church St Iowa City, IA	3.0	1.5	1359	$2,250	$1.66	44d	1	0.74mi
909 N Governor St Iowa City, IA	4.0	1.0	1484	$2,400	$1.62	44d	1	0.93mi
215 Melrose Ct Iowa City, IA	3.0	1.0	1400	$2,400	$1.71	44d	1	1.24mi
2300 Catskill Ct Iowa City, IA	3.0	2.0	1456	$1,850	$1.27	44d	1	1.47mi

Listing history 47 events

1. 2026-06-19
   days on market $324,900 Active 134 DOM
2. 2026-06-18
   days on market $324,900 Active 133 DOM
3. 2026-06-17
   days on market $324,900 Active 132 DOM
4. 2026-06-16
   days on market $324,900 Active 131 DOM
5. 2026-06-15
   days on market $324,900 Active 130 DOM
6. 2026-06-14
   days on market $324,900 Active 128 DOM
7. 2026-06-13
   days on market $324,900 Active 127 DOM
8. 2026-06-10
   days on market $324,900 Active 125 DOM
9. 2026-06-09
   days on market $324,900 Active 124 DOM
10. 2026-06-08
    days on market $324,900 Active 123 DOM
11. 2026-06-07
    days on market $324,900 Active 122 DOM
12. 2026-06-05
    days on market $324,900 Active 119 DOM
13. 2026-06-03
    days on market $324,900 Active 118 DOM
14. 2026-06-02
    days on market $324,900 Active 117 DOM
15. 2026-06-01
    days on market $324,900 Active 116 DOM
16. 2026-05-31
    days on market $324,900 Active 115 DOM
17. 2026-05-30
    days on market $324,900 Active 114 DOM
18. 2026-05-08
    price $324,900 461-char remark

    Show marketing remark (461 chars)

    Investor alert. Prime University of Iowa location within walking distance to downtown Iowa City. This property features an updated kitchen, new appliances, fresh paint, and updated flooring throughout. Currently leased through July 23, 2027 at $3,000 per month, with tenants responsible for all utilities and snow removal. Landlord handles lawn care. The driveway is shared with the neighboring property at 905 E Burlington Street. Property is being sold as is.

19. 2026-05-08
    price $324,900 461-char remark

    Show marketing remark (461 chars)

    Investor alert. Prime University of Iowa location within walking distance to downtown Iowa City. This property features an updated kitchen, new appliances, fresh paint, and updated flooring throughout. Currently leased through July 23, 2027 at $3,000 per month, with tenants responsible for all utilities and snow removal. Landlord handles lawn care. The driveway is shared with the neighboring property at 905 E Burlington Street. Property is being sold as is.

20. 2026-02-05
    listed $329,900 Active 461-char remark

    Show marketing remark (461 chars)

    Investor alert. Prime University of Iowa location within walking distance to downtown Iowa City. This property features an updated kitchen, new appliances, fresh paint, and updated flooring throughout. Currently leased through July 23, 2027 at $3,000 per month, with tenants responsible for all utilities and snow removal. Landlord handles lawn care. The driveway is shared with the neighboring property at 905 E Burlington Street. Property is being sold as is.

21. 2026-02-05
    listed $329,900 Active 461-char remark

    Show marketing remark (461 chars)

    Investor alert. Prime University of Iowa location within walking distance to downtown Iowa City. This property features an updated kitchen, new appliances, fresh paint, and updated flooring throughout. Currently leased through July 23, 2027 at $3,000 per month, with tenants responsible for all utilities and snow removal. Landlord handles lawn care. The driveway is shared with the neighboring property at 905 E Burlington Street. Property is being sold as is.

22. 2026-01-06
    price $329,900
23. 2026-01-06
    listed $360,000 Active
24. 2026-01-06
    listed $329,900 Active
25. 2025-11-12
    price $340,000
26. 2025-09-29
    listed $350,000 Active
27. 2025-04-24
    price $329,900
28. 2025-04-24
    price $329,900
29. 2025-03-24
    listed $355,000 Active
30. 2025-03-24
    listed $355,000 Active
31. 2025-03-21
    price $360,000
32. 2025-01-09
    listed $385,000 Active
33. 2024-12-09
    historical $2,800
34. 2024-11-13
    listed $2,800
35. 2024-06-24
    price $385,000
36. 2024-05-13
    listed $395,000 Active
37. 2023-08-24
    listed $350,000 Active
38. 2023-06-21
    price $350,000
39. 2023-06-13
    listed $375,000 Active
40. 2023-05-03
    status Active
41. 2023-04-18
    status Active
42. 2023-04-18
    listed $375,000 Active
43. 2023-02-14
    listed $375,000 Active
44. 2022-06-22
    price $2,700
45. 2019-08-02
    soldstatus $260,000
46. 2019-08-02
    listed $260,000
47. 2007-06-15
    soldstatus $225,000

ⓘ 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: $5,954 · $496/mo
• Projected year-2 tax: $5,954 · $496/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,740
• − Mortgage interest: −$18,199
• − Property taxes: −$5,954
• − Insurance: −$1,624
• − Repairs & maintenance: −$3,259
• − Management: −$3,259
• − Depreciation: −$9,452
• Taxable loss: −$1,008
• Est. tax savings @ 24.0%: +$242
• After-tax cash flow: $4,402/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: 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

+44.4% since first listed

30 events — show timeline

• 2026-05-08 Price Changed $324,900 CRAAR, CDRMLS
• 2026-05-08 Price Changed $324,900 ICAARMLS
• 2026-02-05 Listed $329,900 CRAAR, CDRMLS
• 2026-02-05 Listed $329,900 ICAARMLS
• 2026-01-06 Price Changed $329,900 ICAARMLS
• 2026-01-06 Listed $329,900 ICAARMLS
• 2026-01-06 Listed $360,000 ICAARMLS
• 2025-11-12 Price Changed $340,000 ICAARMLS
• 2025-09-29 Listed $350,000 ICAARMLS
• 2025-04-24 Price Changed $329,900 ICAARMLS
• 2025-04-24 Price Changed $329,900 ICAARMLS
• 2025-03-24 Listed $355,000 ICAARMLS
• 2025-03-24 Listed $355,000 ICAARMLS
• 2025-03-21 Price Changed $360,000 ICAARMLS
• 2025-01-09 Listed $385,000 ICAARMLS
• 2024-12-09 Rental Removed $2,800 REDFIN
• 2024-11-13 Listed for Rent $2,800 REDFIN
• 2024-06-24 Price Changed $385,000 ICAARMLS
• 2024-05-13 Listed $395,000 ICAARMLS
• 2023-08-24 Listed $350,000 ICAARMLS
• 2023-06-21 Price Changed $350,000 ICAARMLS
• 2023-06-13 Listed $375,000 ICAARMLS
• 2023-05-03 Relisted — ICAARMLS
• 2023-04-18 Relisted — ICAARMLS
• 2023-04-18 Listed $375,000 ICAARMLS
• 2023-02-14 Listed $375,000 ICAARMLS
• 2022-06-22 Price Changed $2,700 RENT.
• 2019-08-02 Listed $260,000 ICAARMLS
• 2019-08-02 Sold (MLS) $260,000 ICAARMLS
• 2007-06-15 Sold (Public Records) $225,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $5,954 · +1.3% YoY. Source: county tax records.