2623 Washington St · Dubuque, IA 52001

$129,900

2 bd · 1.5 ba · 1,326 sqft · SingleFamily public records · 3 Days on market

Built 1924 Est $149k · 13% 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 +18.6/30.0
• ARV discount +13.1/15.0
• DSCR +5.8/10.0
• Schools +5.5/10.0
• Livability +4.5/5.0
• 1% rule +4.3/10.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a charming 3 bedroom, 1 bath home with a fenced in back yard on a quiet street. The home features we maintained woodwork and a good floor plan. The seller is willing to do a carpet allowance upt to $1,000, but there are hardwood floors under the current carpet! Come see this perfect low maintenance started or retiree home. Updates include brand new roof and newer 200 am electrical service. Don't forget to ask your agent about the whole home pre-inspection.

Key facts

• Covered porch
• Fenced in yard
• Built 1924

Tags

• FENCED IN YARD
• COVERED PORCH

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family detached residence; One and one-half stories; Residential zoning
• Construction: Shingle roof; Concrete perimeter foundation; Built above grade finished area: 1,276
• Exterior features: Porch

Interior

• Kitchen: Refrigerator; Range; Microwave
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Window treatments; Full basement
• Laundry & utility: Washer; Dryer; Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (6.8% below list).
• Recommended offer: $121k (6.8% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 3.5% in Dubuque — 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 89/100 on livability (#7 in IA, #119 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-.
• Dubuque Community School District (urban): math 63% / reading 65% proficiency, ranked #205 of 289 in IA (top 71%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Prescott Elementary School (math 27% / reading 27%, grade F, #607 of 616 statewide, top 99%, 370 students, 76% FRL); Hempstead High School (math 64% / reading 71%, grade B, #186 of 336 statewide, top 57%, 1,584 students, 38% FRL) — zoned schools average 57% FRL vs 32% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 47% at this address vs 64% district-wide (-17 pts) — the specific schools serving this property underperform the Dubuque Community School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.6%/yr); 225 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 473 units permitted in Dubuque County in 2024 (319 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Dubuque County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $78k; list at $130k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,045 (6.8% below list)

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.13%
• DSCR: 1.18
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $148,512
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
615 E 24th St	0.37mi	2/1.5	1,304 (-2%)	0mo	$70,000	$54	80
2418 White St	0.29mi	3/1.5 (+1)	1,317 (-1%)	1mo	$150,000	$114	80
2491 Jackson St	0.23mi	3/1.5 (+1)	1,376 (+4%)	0mo	$149,000	$108	78
2687 Central Ave	0.15mi	3/1.0 (+1)	1,264 (-5%)	1mo	$20,000	$16	78
2243 White St	0.47mi	3/2.0 (+1)	1,312 (-1%)	1mo	$143,000	$109	69
2417 Jackson St	0.30mi	3/1.0 (+1)	1,248 (-6%)	1mo	$63,000	$50	68
57 Diagonal St	0.18mi	3/1.0 (+1)	1,524 (+15%)	0mo	$170,000	$112	59
655 Regent St	0.41mi	3/1.0 (+1)	1,176 (-11%)	0mo	$64,000	$54	54
328 Chappel Ct	0.59mi	2/1.5	1,176 (-11%)	0mo	$150,000	$128	54
2878 Timberline St	0.73mi	3/2.0 (+1)	1,400 (+6%)	0mo	$273,000	$195	50
660 Kaufmann Ave	0.60mi	2/2.5	1,176 (-11%)	1mo	$150,000	$128	48
700 Kaufmann Ave	0.63mi	3/2.0 (+1)	1,150 (-13%)	1mo	$212,000	$184	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.73×
• Total profit: $-9,818
• Equity at exit: $19,369

10-year hold

• IRR: 5.3%
• Equity multiple: 1.44×
• Total profit: $15,854
• Equity at exit: $11,231

Cash invested: $36,372 (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 52001

• Rents YoY: 5.6%
• Active inventory: 225
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,210 high
• Mortgage (P&I): −$681
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $125

Break-even live

Break-even rent $1,052

Max offer price $129,900

Occupancy floor 85%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2418 Central Ave Unit 2 Dubuque, IA	2.0	1.0	900	$1,000	$1.11	43d	1	0.31mi
1501 Central Ave Unit 1513-1 Dubuque, IA	3.0	1.0	1374	$1,175	$0.86	43d	1	0.99mi
823 Hawkeye Dr Dubuque, IA	2.0	1.5	1228	$1,550	$1.26	44d	1	1.06mi
333 E 10th St Dubuque, IA	2.0	2.0	1530	$1,750	$1.14	43d	3	1.30mi
571 Jefferson St Unit 3 Dubuque, IA	3.0	1.0	1000	$1,300	$1.30	43d	1	1.36mi

Listing history 6 events

1. 2026-05-21
   status Pending
2. 2026-05-18
   listed $129,900 Active
3. 2016-10-03
   soldstatus $78,000 468-char remark

   Show marketing remark (468 chars)

   This is a charming 3 bedroom, 1 bath home with a fenced in back yard on a quiet street. The home features we maintained woodwork and a good floor plan. The seller is willing to do a carpet allowance upt to $1,000, but there are hardwood floors under the current carpet! Come see this perfect low maintenance started or retiree home. Updates include brand new roof and newer 200 am electrical service. Don't forget to ask your agent about the whole home pre-inspection.

4. 2016-10-03
   soldstatus $78,000

   Show marketing remark (468 chars)

   This is a charming 3 bedroom, 1 bath home with a fenced in back yard on a quiet street. The home features we maintained woodwork and a good floor plan. The seller is willing to do a carpet allowance upt to $1,000, but there are hardwood floors under the current carpet! Come see this perfect low maintenance started or retiree home. Updates include brand new roof and newer 200 am electrical service. Don't forget to ask your agent about the whole home pre-inspection.

5. 2016-06-21
   listed $79,900 468-char remark

   Show marketing remark (468 chars)

   This is a charming 3 bedroom, 1 bath home with a fenced in back yard on a quiet street. The home features we maintained woodwork and a good floor plan. The seller is willing to do a carpet allowance upt to $1,000, but there are hardwood floors under the current carpet! Come see this perfect low maintenance started or retiree home. Updates include brand new roof and newer 200 am electrical service. Don't forget to ask your agent about the whole home pre-inspection.

6. 2008-07-03
   soldstatus $75,000

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $1,595 · $133/mo
• Expected delta: +$445/yr (+$37/mo · 38.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 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: $14,525
• − Mortgage interest: −$7,276
• − Property taxes: −$1,150
• − Insurance: −$650
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − Depreciation: −$3,779
• Taxable loss: −$653
• Est. tax savings @ 24.0%: +$157
• After-tax cash flow: $1,658/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: Dubuque Community School District
• NCES district ID: 1909480
• Math proficiency: 63% ▼ -7.00%
• Reading proficiency: 65% ▼ -1.00%
• Median HH income: $51,237
• Composite: 54.51/100
• National rank: #1345
• State rank: #205 of 289 in IA

Livability — Dubuque

• Score: 89/100
• State rank: #7
• US rank: #119

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dubuque, IA
• County: Dubuque County · 60,106 people
• City population: 60,106
• Metro: Dubuque, IA
• Population (ZIP): 43,101
• Household income: $61,643
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 1940.0

Population outlook (Dubuque County) Hauer SSP2

• Today (2025): 103,359 people
• By 2030: 106,472 · +3.0%
• By 2040: 112,043 · +8.4%
• By 2050: 116,553 · +12.8%
• By 2075: 128,014 · +23.9%
• By 2100: 132,892 · +28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 5% Hispanic / Latino 4% Asian 1% Pacific Islander 1%
• Common ancestry: Portuguese 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Dubuque

• 2024 margin: Lean R (+8.6) · D 45.1% · R 53.7% · Other 1.2%
• 2008→2024 swing: -29.4pp toward R · 2008: 20.8pp · 2024: -8.6pp
• All cycles: 2024: R+8.6 2020: R+2.9 2016: R+1.2 2012: D+14.5 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.36%
• Current HPI: 173.5536
• Rent YoY: ▲ 5.63%
• Metro: Dubuque, 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

+73.2% since first listed

6 events — show timeline

• 2026-05-21 Pending — ECIMLS
• 2026-05-18 Listed $129,900 ECIMLS
• 2016-10-03 Sold (Public Records) $78,000 Public Records
• 2016-10-03 Sold (MLS) $78,000 ECIMLS
• 2016-06-21 Listed $79,900 ECIMLS
• 2008-07-03 Sold (Public Records) $75,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $1,150 · +3.2% YoY. Source: county tax records.