615 Mulberry Ave · Muscatine, IA 52761

$179,900

3 bd · 2.5 ba · 1,407 sqft · SingleFamily public records · 147 Days on market

Built 1900 4,792 sqft lot

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Why this score? — see what drove the F 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 +8.8/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully renovated 3-bedroom, 2-full-bath home, fully rehabbed from top to bottom. Updates include brand-new electrical, plumbing, HVAC, central AC, and windows. The upper level offers convenient laundry access near the bedrooms. The main floor provides flexible living space with room for a formal dining area, a main level bedroom, plus an additional living space or non-conforming bedroom--perfect for a home office or guest room.

Key facts

• Central ac
• Renovated
• New plumbing

Tags

• RENOVATED
• NEW ELECTRICAL
• NEW PLUMBING
• NEW HVAC
• CENTRAL AC
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $154k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (36.3% below list).
• Recommended offer: $115k (36.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#358 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D+, amenities F, commute F.
• Muscatine Community School District (town): math 55% / reading 59% proficiency, ranked #257 of 289 in IA (top 89%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Jefferson Elementary School (math 55% / reading 51%, grade C, #493 of 616 statewide, top 80%, 434 students, 72% FRL); Susan Clark Junior High (math 52% / reading 57%, grade B-, #204 of 246 statewide, top 83%, 662 students, 53% FRL); Muscatine High School (math 54% / reading 64%, grade C+, #273 of 336 statewide, top 81%, 1,539 students, 47% FRL).
• Market conditions: 191 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 65 units permitted in Muscatine County in 2024 (45 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 $5k of value loss. Plan a longer hold.
• Muscatine County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $24k; list at $180k implies a 666% 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 $114,528 (36.3% 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. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.64% ✗
• Cap rate: 5.30%
• Cash-on-cash: -3.56%
• DSCR: 0.84
• GRM: 13.1

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: -22.3%
• Equity multiple: 0.23×
• Total profit: $-38,758
• Equity at exit: $26,824

10-year hold

• IRR: -16.6%
• Equity multiple: 0.08×
• Total profit: $-46,393
• Equity at exit: $15,554

Cash invested: $50,372 (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 52761

• Active inventory: 191
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,145 high
• Mortgage (P&I): −$943
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $-149

Break-even live

Break-even rent $1,334

Max offer price $153,531

Occupancy floor —

Sensitivity live

Price	-10% $-47	-5% $-98	+0% $-149	+5% $-200	+10% $-251
Rent	-10% $-240	-5% $-195	+0% $-149	+5% $-104	+10% $-59
Rate	-1.0pp $-59	-0.5pp $-104	base $-149	+0.5pp $-196	+1.0pp $-243

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 W 3rd St Unit A Muscatine, IA	2.0	1.0	935	$800	$0.86	15d	1	0.54mi
611 W 7th St Muscatine, IA	3.0	1.5	964	$1,250	$1.30	45d	1	0.71mi
609 W 3rd St Muscatine, IA	3.0	2.0	1672	$1,350	$0.81	15d	1	0.74mi
1203 Sunrise Cir Muscatine, IA	3.0	2.0	1830	$1,545	$0.84	45d	1	1.05mi
400 Grandview Ave Unit 2 Muscatine, IA	2.0	1.0	896	$700	$0.78	45d	1	1.39mi

Listing history 21 events

1. 2026-06-22
   days on market $179,900 Active 147 DOM
2. 2026-06-21
   days on market $179,900 Active 146 DOM
3. 2026-06-21
   days on market $179,900 Active 145 DOM
4. 2026-06-18
   days on market $179,900 Active 143 DOM
5. 2026-06-17
   days on market $179,900 Active 142 DOM
6. 2026-06-16
   days on market $179,900 Active 141 DOM
7. 2026-06-15
   days on market $179,900 Active 140 DOM
8. 2026-06-13
   days on market $179,900 Active 138 DOM
9. 2026-06-12
   days on market $179,900 Active 137 DOM
10. 2026-06-09
    days on market $179,900 Active 134 DOM
11. 2026-06-08
    days on market $179,900 Active 133 DOM
12. 2026-06-07
    days on market $179,900 Active 132 DOM
13. 2026-06-07
    days on market $179,900 Active 131 DOM
14. 2026-06-04
    days on market $179,900 Active 128 DOM
15. 2026-06-02
    days on market $179,900 Active 127 DOM
16. 2026-06-01
    days on market $179,900 Active 126 DOM
17. 2026-05-31
    days on market $179,900 Active 125 DOM
18. 2026-05-31
    days on market $179,900 Active 124 DOM
19. 2026-01-26
    listed $189,900 Active 436-char remark

    Show marketing remark (436 chars)

    Beautifully renovated 3-bedroom, 2-full-bath home, fully rehabbed from top to bottom. Updates include brand-new electrical, plumbing, HVAC, central AC, and windows. The upper level offers convenient laundry access near the bedrooms. The main floor provides flexible living space with room for a formal dining area, a main level bedroom, plus an additional living space or non-conforming bedroom--perfect for a home office or guest room.

20. 2025-09-26
    soldstatus $23,500
21. 1996-05-29
    soldstatus $18,150

ⓘ 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: $428 · $36/mo
• Projected year-2 tax: $1,626 · $136/mo
• Expected delta: +$1,198/yr (+$100/mo · 280.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,743
• − Mortgage interest: −$10,077
• − Property taxes: −$428
• − Insurance: −$900
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − Depreciation: −$5,233
• Taxable loss: −$5,094
• Est. tax savings @ 24.0%: +$1,222
• After-tax cash flow: $-569/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: Muscatine Community School District
• NCES district ID: 1920130
• Math proficiency: 55% ▼ -7.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $50,193
• Composite: 48.6/100
• National rank: #2110
• State rank: #257 of 289 in IA

Livability — Muscatine

• Score: 70/100
• State rank: #358
• US rank: #7508

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muscatine, IA
• City population: 29,800
• Population (ZIP): 29,800

Population outlook (Muscatine County) Hauer SSP2

• Today (2025): 44,820 people
• By 2030: 45,461 · +1.4%
• By 2040: 46,765 · +4.3%
• By 2050: 48,609 · +8.5%
• By 2075: 56,014 · +25.0%
• By 2100: 63,513 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 17% Two or more races 5% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 2% Romanian 2% Iranian 2%
• Foreign-born: 7% · Canada
• Languages at home: 86% English-only · Spanish 11% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Muscatine

• 2024 margin: R (+14.9) · D 41.7% · R 56.6% · Other 1.7%
• 2008→2024 swing: -30.6pp toward R · 2008: 15.7pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+7.0 2016: R+6.6 2012: D+15.5 2008: D+15.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.30%
• Current HPI: 182.4493
• Rent YoY: —
• Metro: —
• 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

+946.3% since first listed

3 events — show timeline

• 2026-01-26 Listed $189,900 Muscatine BOR
• 2025-09-26 Sold (Public Records) $23,500 Public Records
• 1996-05-29 Sold (Public Records) $18,150 Public Records

Property tax history

-5.4%/yr

Latest (2024): $428 · -81.7% YoY. Source: county tax records.