439 Peterson St · Iowa City, IA 52245

$149,900

2 bd · 2.0 ba · 1,026 sqft · Condo public records · 14 Days on market

Built 1972 $300/mo HOA · 19% of rent

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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 +9.3/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• 1% rule +5.6/10.0
• Livability +4.3/5.0
• Rent growth +4.0/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a great East Side condo. Brand new LVP flooring, updated bath with tile surround, eat-in kitchen, large living room and large bedrooms. There are sliding doors to a privacy fenced patio off the living room. The lower level has a family room and 1/2 bath and walks out to covered parking spaces and a common green space. All appliances stay including washer and dryer. Updated HVAC. Convenient location and move-in ready!

Key facts

• Eat-in kitchen
• Updated hvac
• Privacy fenced patio

Tags

• PRIVACY FENCED PATIO
• EAT-IN KITCHEN
• COMMON GREEN SPACE
• UPDATED HVAC

Property features AI

Finance

• HOA & community: Homeowners association with $300 monthly fee; HOA includes trash, grounds maintenance, and structure maintenance

Exterior

• Parking: Carport; 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Common interest: Condominium
• Construction: Vinyl siding; Unknown construction material
• Exterior features: Patio; Sidewalks

Interior

• Kitchen: Dishwasher; Refrigerator
• Flooring: Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling
• Interior features: Other interior features
• Laundry & utility: Washer and dryer; Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-165 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (19.5% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $121k (19.5% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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: Robert Lucas Elementary School (math 52% / reading 57%, grade C, #462 of 616 statewide, top 79%, 285 students, 44% 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).
• Market conditions: Rents rising fast (+6.0%/yr); 204 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y 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 $126k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,701 (19.5% 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. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.06% ✓
• Cap rate: 5.41%
• Cash-on-cash: -3.14%
• DSCR: 0.86
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.97% rent growth · sell at horizon

5-year hold

• IRR: -19.5%
• Equity multiple: 0.29×
• Total profit: $-29,647
• Equity at exit: $22,351

10-year hold

• IRR: -5.2%
• Equity multiple: 0.60×
• Total profit: $-16,896
• Equity at exit: $12,961

Cash invested: $41,972 (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 52245

• Rents YoY: 6.0%
• Active inventory: 204
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,595 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$221 /mo · $2,654/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$300
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $-165

Break-even live

Break-even rent $1,804

Max offer price $120,701

Occupancy floor —

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3432 Eastbrook St Iowa City, IA	3.0	2.0–2.5	1874	$2,000	$1.07	13d	1	0.40mi
49 Arbor Hill Cir #23 Iowa City, IA	2.0	2.0	1128	$1,215	$1.08	43d	1	0.69mi
2300 Catskill Ct Iowa City, IA	3.0	2.0	1456	$1,850	$1.27	43d	1	0.71mi
2100 S Scott Blvd Unit 66 Iowa City, IA	3.0	2.0	1216	$1,199	$0.99	21d	1	1.21mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-05-01
   status Pending

   Show marketing remark (428 chars)

   This is a great East Side condo. Brand new LVP flooring, updated bath with tile surround, eat-in kitchen, large living room and large bedrooms. There are sliding doors to a privacy fenced patio off the living room. The lower level has a family room and 1/2 bath and walks out to covered parking spaces and a common green space. All appliances stay including washer and dryer. Updated HVAC. Convenient location and move-in ready!

2. 2026-05-01
   status Pending 428-char remark

   Show marketing remark (428 chars)

   This is a great East Side condo. Brand new LVP flooring, updated bath with tile surround, eat-in kitchen, large living room and large bedrooms. There are sliding doors to a privacy fenced patio off the living room. The lower level has a family room and 1/2 bath and walks out to covered parking spaces and a common green space. All appliances stay including washer and dryer. Updated HVAC. Convenient location and move-in ready!

3. 2026-04-23
   price $149,900

   Show marketing remark (428 chars)

   This is a great East Side condo. Brand new LVP flooring, updated bath with tile surround, eat-in kitchen, large living room and large bedrooms. There are sliding doors to a privacy fenced patio off the living room. The lower level has a family room and 1/2 bath and walks out to covered parking spaces and a common green space. All appliances stay including washer and dryer. Updated HVAC. Convenient location and move-in ready!

4. 2026-04-23
   price $149,900 428-char remark

   Show marketing remark (428 chars)

   This is a great East Side condo. Brand new LVP flooring, updated bath with tile surround, eat-in kitchen, large living room and large bedrooms. There are sliding doors to a privacy fenced patio off the living room. The lower level has a family room and 1/2 bath and walks out to covered parking spaces and a common green space. All appliances stay including washer and dryer. Updated HVAC. Convenient location and move-in ready!

5. 2026-04-16
   listed $154,900 Active 428-char remark

   Show marketing remark (428 chars)

   This is a great East Side condo. Brand new LVP flooring, updated bath with tile surround, eat-in kitchen, large living room and large bedrooms. There are sliding doors to a privacy fenced patio off the living room. The lower level has a family room and 1/2 bath and walks out to covered parking spaces and a common green space. All appliances stay including washer and dryer. Updated HVAC. Convenient location and move-in ready!

6. 2026-04-16
   listed $154,900 Active

   Show marketing remark (428 chars)

   This is a great East Side condo. Brand new LVP flooring, updated bath with tile surround, eat-in kitchen, large living room and large bedrooms. There are sliding doors to a privacy fenced patio off the living room. The lower level has a family room and 1/2 bath and walks out to covered parking spaces and a common green space. All appliances stay including washer and dryer. Updated HVAC. Convenient location and move-in ready!

7. 2026-03-02
   price $125,000 545-char remark

   Show marketing remark (545 chars)

   Lovely 2 bdrm condo. Updates: HOA replaced siding, gutters, windows. Owner: New Ext. doors & storm doors (main floor & basement) Front porch light. New ceiling fans & new trim on upper floor. New vanity, sink, lighting in Bath. Flooring, fixtures, & vanity 1/2 bath. New dryer '18 New laminate kit. counter, & garbage disposal. Finished basement family room '16 (insulation, drywall, ceiling, flooring, paint, lighting & trim). New custom blinds '18. Fresh paint throughout the house. Patio. Brightly lit house!

8. 2019-06-11
   soldstatus $126,000
9. 2019-06-11
   soldstatus $126,000
10. 2019-06-03
    soldstatus $126,000 545-char remark

    Show marketing remark (545 chars)

    Lovely 2 bdrm condo. Updates: HOA replaced siding, gutters, windows. Owner: New Ext. doors & storm doors (main floor & basement) Front porch light. New ceiling fans & new trim on upper floor. New vanity, sink, lighting in Bath. Flooring, fixtures, & vanity 1/2 bath. New dryer '18 New laminate kit. counter, & garbage disposal. Finished basement family room '16 (insulation, drywall, ceiling, flooring, paint, lighting & trim). New custom blinds '18. Fresh paint throughout the house. Patio. Brightly lit house!

11. 2019-03-07
    price $126,000 545-char remark

    Show marketing remark (545 chars)

    Lovely 2 bdrm condo. Updates: HOA replaced siding, gutters, windows. Owner: New Ext. doors & storm doors (main floor & basement) Front porch light. New ceiling fans & new trim on upper floor. New vanity, sink, lighting in Bath. Flooring, fixtures, & vanity 1/2 bath. New dryer '18 New laminate kit. counter, & garbage disposal. Finished basement family room '16 (insulation, drywall, ceiling, flooring, paint, lighting & trim). New custom blinds '18. Fresh paint throughout the house. Patio. Brightly lit house!

12. 2019-03-04
    listed $125,000 545-char remark

    Show marketing remark (545 chars)

    Lovely 2 bdrm condo. Updates: HOA replaced siding, gutters, windows. Owner: New Ext. doors & storm doors (main floor & basement) Front porch light. New ceiling fans & new trim on upper floor. New vanity, sink, lighting in Bath. Flooring, fixtures, & vanity 1/2 bath. New dryer '18 New laminate kit. counter, & garbage disposal. Finished basement family room '16 (insulation, drywall, ceiling, flooring, paint, lighting & trim). New custom blinds '18. Fresh paint throughout the house. Patio. Brightly lit house!

13. 2016-05-26
    soldstatus $99,000
14. 2016-05-26
    soldstatus $99,000
15. 2016-05-13
    soldstatus $99,000
16. 2016-04-19
    price $99,900
17. 2016-03-21
    listed $99,000
18. 2007-07-02
    soldstatus $97,000
19. 2007-07-02
    soldstatus $97,000
20. 2004-08-06
    soldstatus $90,500

ⓘ 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: $2,654 · $221/mo
• Projected year-2 tax: $2,654 · $221/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 8/10 Severe FEMA zone X (unshaded) · 98% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $19,139
• − Mortgage interest: −$8,397
• − Property taxes: −$2,654
• − Insurance: −$1,416
• − Repairs & maintenance: −$1,531
• − Management: −$1,531
• − HOA: −$3,600
• − Depreciation: −$4,361
• Taxable loss: −$4,351
• Est. tax savings @ 24.0%: +$1,044
• After-tax cash flow: $-939/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): 22,853
• Household income: $78,020
• Rent vs Own: 40.4% rent · 59.6% own
• Severe rent burden: 1268.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 5% Asian 4% Two or more races 4% Black 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Romanian 3% Italian 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 3% Chinese 1% Other Indo-European 1%

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: ▼ -205.41%
• Current HPI: 164.751
• Rent YoY: ▲ 5.97%
• 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

+65.6% since first listed

20 events — show timeline

• 2026-05-01 Pending — ICAARMLS
• 2026-05-01 Pending — Muscatine BOR
• 2026-04-23 Price Changed $149,900 ICAARMLS
• 2026-04-23 Price Changed $149,900 Muscatine BOR
• 2026-04-16 Listed $154,900 Muscatine BOR
• 2026-04-16 Listed $154,900 ICAARMLS
• 2026-03-02 Price Changed $125,000 ICAARMLS
• 2019-06-11 Sold (Public Records) $126,000 Public Records
• 2019-06-11 Sold (Public Records) $126,000 Public Records
• 2019-06-03 Sold (MLS) $126,000 ICAARMLS
• 2019-03-07 Price Changed $126,000 ICAARMLS
• 2019-03-04 Listed $125,000 ICAARMLS
• 2016-05-26 Sold (Public Records) $99,000 Public Records
• 2016-05-26 Sold (Public Records) $99,000 Public Records
• 2016-05-13 Sold (MLS) $99,000 ICAARMLS
• 2016-04-19 Price Changed $99,900 ICAARMLS
• 2016-03-21 Listed $99,000 ICAARMLS
• 2007-07-02 Sold (Public Records) $97,000 Public Records
• 2007-07-02 Sold (Public Records) $97,000 Public Records
• 2004-08-06 Sold (Public Records) $90,500 Public Records

Property tax history

+3.2%/yr

Latest (2025): $2,654 · +1.2% YoY. Source: county tax records.