611 S 7th Ave · Iowa City, IA 52240

$275,000

5 bd · 3.0 ba · 1,512 sqft · MultiFamily public records · 11 Days on market

Built 1936 0.26 ac lot

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Why this score? — see what drove the D 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 +10.8/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.3/5.0
• Rent growth +4.1/5.0
• 1% rule +3.3/10.0
• DSCR +3.1/10.0
• 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: 2 units. confirmed

Listing remarks

Welcome to your opportunity to get an amazing duplex in the Dearborn Street Conservation District/Longfellow School Area. Both sides are currently rented through July of 2027, one side is rented at $1190/mo and the other side is $1390/mo. There is room for 4 cars total in the back of the house. These sweet units have harwood floors throughout and wonderful character features such as arched doorways and cute little nooks. They are each 2 beds and 1 bath and so cute. The basements are unfinished and offer great storage/work space. The bus stops right on Muscatine, very easy access to downtown, U of I and Towncrest. Built by Mr. Moffit himself, you are getting an incredible piece of history. E

Key facts

• Great storage
• Arched doorways
• Hardwood floors

Tags

• LONGFELLOW SCHOOL AREA
• HARDWOOD FLOORS
• ARCHED DOORWAYS
• GREAT STORAGE
• EASY ACCESS TO DOWNTOWN
• FIREPLACE

Property features AI

Finance

• Financial info: Rental units with listed rents (examples): $1,390 and $1,190
• HOA & community: Association fee paid annually; Community features include sidewalks and street lights

Exterior

• Parking: Off-street parking; Total of 4 parking spaces (includes alley/around-the-corner parking)
• Security: Smoke detectors; Contaminant control for indoor air quality
• Utilities: Public water; Public sewer
• Home design: Residential multi-family property; Single-story building; Located in Rundell Addition subdivision; Zoned Residential RS8
• Construction: Wood siding and frame construction; Other construction materials; Built with a full foundation
• Exterior features: Level lot; Lot dimensions approximately 194 x 59; Sidewalks and street lights in the neighborhood

Interior

• Kitchen: Refrigerator
• Bedrooms: Units include living rooms; some units also include dining rooms
• Flooring: Wood flooring; Vinyl flooring
• Bathrooms: Each listed unit has 1 bathroom (no half or 3/4 baths)
• Heating & cooling: Central air conditioning; Natural gas heating with forced air
• Interior features: Other interior features; Fireplace (other type)
• Laundry & utility: Washer; Dryer; Laundry located in basement; Full unfinished concrete basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $-127 ($-2k/yr) — negative. Per door: $-63/mo.
• To cash-flow at today's rent, offer at most $253k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $227k (17.4% below list).
• Recommended offer: $227k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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.
• Zoned schools: Longfellow Elementary School (math 60% / reading 62%, grade B, #385 of 616 statewide, top 63%, 385 students, 57% FRL); Southeast Junior High School (math 64% / reading 68%, grade A-, #152 of 246 statewide, top 62%, 812 students, 50% FRL); Iowa City High School (math 62% / reading 73%, grade B, #186 of 336 statewide, top 57%, 1,599 students, 40% FRL) — zoned schools average 49% FRL vs 30% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.3%/yr); 260 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $2,272/mo this rent would consume 51% 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 $8k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $227,200 (17.4% below list)

Questions for the listing agent

1. 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?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.83% ✗
• Cap rate: 5.74%
• Cash-on-cash: -1.97%
• DSCR: 0.91
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.9%
• Equity multiple: 0.42×
• Total profit: $-44,740
• Equity at exit: $41,003

10-year hold

• IRR: -2.5%
• Equity multiple: 0.81×
• Total profit: $-14,701
• Equity at exit: $23,777

Cash invested: $77,000 (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: 20.2×

Monthly cashflow live

• Estimated rent: $2,272 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$365 /mo · $4,378/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $-127

Break-even live

Break-even rent $2,432

Max offer price $252,624

Occupancy floor —

Sensitivity live

Price	-10% $29	-5% $-49	+0% $-127	+5% $-205	+10% $-282
Rent	-10% $-306	-5% $-216	+0% $-127	+5% $-37	+10% $53
Rate	-1.0pp $12	-0.5pp $-57	base $-127	+0.5pp $-198	+1.0pp $-270

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,272
Total (2 units)			$2,272

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12 N Dodge St Iowa City, IA	4.0	2.0	1120	$2,695	$2.41	45d	1	0.88mi
2111 Palmer Cir Iowa City, IA	4.0	2.0	1275	$2,000	$1.57	22d	1	1.27mi
909 N Governor St Iowa City, IA	4.0	1.0	1484	$2,400	$1.62	45d	1	1.33mi

Listing history 4 events

1. 2026-06-01
   statusdays on market $275,000 Pending 11 DOM
2. 2026-05-31
   days on market $275,000 Active 10 DOM
3. 2026-05-30
   days on market $275,000 Active 9 DOM
4. 2026-05-22
   listed $275,000 Active

ⓘ 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: $4,378 · $365/mo
• Projected year-2 tax: $4,378 · $365/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: $27,264
• − Mortgage interest: −$15,404
• − Property taxes: −$4,378
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,181
• − Management: −$2,181
• − Depreciation: −$8,000
• Taxable loss: −$6,256
• Est. tax savings @ 24.0%: +$1,501
• After-tax cash flow: $-19/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

1 event — show timeline

• 2026-05-22 Listed $275,000 ICAARMLS

Property tax history

+2.9%/yr

Latest (2025): $4,378 · +1.3% YoY. Source: county tax records.