651 Caledonia Pl Unit 653 Caledonia Place · Dubuque, IA 52001

$144,000

6 bd · 2.0 ba · 2,940 sqft · MultiFamily · 121 Days on market

Built 1898 Fair condition $49/sqft · 23% below area Est $188k · 23% under ↓ 10% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Livability +4.5/5.0
• Rent growth +3.9/5.0
• Condition / age +2.2/5.0
• 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 MLS

Well-maintained two-unit duplex that is fully rented and generating steady cash flow. Both units are currently occupied, providing immediate income for the next owner. A great investment opportunity with strong rental demand. Ideal for investors looking to expand or start their portfolio.

Key facts

• Built 1898
• Listed 120 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $144k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $590/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $144k).
• Recommended offer: $127k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.1% 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.
• Market conditions: Rents rising fast (+5.6%/yr); 225 active listings in the ZIP; 473 units permitted in Dubuque County in 2024 (319 in 5+ unit buildings).
• At $2,753/mo this rent would consume 54% of the median local household income ($62k/yr) (locally 1940% 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 $996 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $40k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.91% ✓
• Cap rate: 16.12%
• Cash-on-cash: 35.11%
• DSCR: 2.56
• GRM: 4.4

CMA / ARV

• ARV (median comp): $187,966
• List price: $144,000
• Delta: -23.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
850 Alpine St	0.29mi	6/2.0	2,840 (-3%)	3mo	$272,500	$96	79
460 Loras Blvd	0.50mi	6/2.0	2,921 (-1%)	3mo	$191,000	$65	73
800 W 5th St	0.09mi	7/3.0 (+1)	3,129 (+6%)	4mo	$185,000	$59	72
935 W 5th St	0.13mi	6/2.0	2,638 (-10%)	12mo	$210,000	$80	67
25-27 W 15th St	0.72mi	6/2.0	2,636 (-10%)	2mo	$205,000	$78	48

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: 33.6%
• Equity multiple: 2.47×
• Total profit: $59,320
• Equity at exit: $21,471

10-year hold

• IRR: 42.0%
• Equity multiple: 5.49×
• Total profit: $180,954
• Equity at exit: $12,450

Cash invested: $40,320 (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: 8.7×

Monthly cashflow live

• Estimated rent: $2,753 high
• Mortgage (P&I): −$755
• Tax est. 1.5%: −$180 /mo · $2,160/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $1,180

Break-even live

Break-even rent $1,260

Max offer price $144,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,754
Total (2 units)			$2,753

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $144,000 Active 121 DOM
2. 2026-06-18
   days on market $144,000 Active 120 DOM
3. 2026-06-17
   days on market $144,000 Active 119 DOM
4. 2026-06-16
   days on market $144,000 Active 118 DOM
5. 2026-06-15
   days on market $144,000 Active 117 DOM
6. 2026-06-14
   days on market $144,000 Active 115 DOM
7. 2026-06-13
   days on market $144,000 Active 114 DOM
8. 2026-06-10
   days on market $144,000 Active 112 DOM
9. 2026-06-09
   days on market $144,000 Active 111 DOM
10. 2026-06-08
    days on market $144,000 Active 110 DOM
11. 2026-06-07
    days on market $144,000 Active 109 DOM
12. 2026-06-05
    days on market $144,000 Active 106 DOM
13. 2026-06-03
    days on market $144,000 Active 105 DOM
14. 2026-06-02
    days on market $144,000 Active 104 DOM
15. 2026-06-01
    days on market $144,000 Active 103 DOM
16. 2026-05-31
    days on market $144,000 Active 102 DOM
17. 2026-05-30
    days on market $144,000 Active 101 DOM
18. 2026-04-23
    price $144,000 289-char remark

    Show marketing remark (289 chars)

    Well-maintained two-unit duplex that is fully rented and generating steady cash flow. Both units are currently occupied, providing immediate income for the next owner. A great investment opportunity with strong rental demand. Ideal for investors looking to expand or start their portfolio.

19. 2026-02-17
    listed $160,000 Active 289-char remark

    Show marketing remark (289 chars)

    Well-maintained two-unit duplex that is fully rented and generating steady cash flow. Both units are currently occupied, providing immediate income for the next owner. A great investment opportunity with strong rental demand. Ideal for investors looking to expand or start their portfolio.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥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: $33,036
• − Mortgage interest: −$8,066
• − Property taxes: −$2,160
• − Insurance: −$720
• − Repairs & maintenance: −$2,643
• − Management: −$2,643
• − Depreciation: −$4,189
• Taxable income: $12,615
• Est. tax owed @ 24.0%: −$3,028
• After-tax cash flow: $11,129/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This two-unit duplex requires significant exterior repairs and maintenance to improve its condition and value. Immediate attention to the exterior and roof is recommended.

Repairs flagged

• Major Exterior siding — Significant wear and dirt
• Major Roof — Appears aged
• Major Flooring — No visible flooring, but exterior suggests older materials
• Major Interior walls/paint — No visible interior, but exterior suggests older paint
• Major Windows — No visible windows, but exterior suggests older windows
• Major HVAC/mechanicals — No visible systems, but exterior suggests older systems
• Major Landscaping — Minimal landscaping, with snow and dirt

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Clean exterior — Improves curb appeal and value
• Both Inspect roof for leaks — Prevents costly repairs and improves value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Significant wear and dirt	Major	$15,000–50,000
Roof · Appears aged	Major	$15,000–50,000
Flooring · No visible flooring, but exterior suggests older materials	Major	$15,000–50,000
Interior walls/paint · No visible interior, but exterior suggests older paint	Major	$15,000–50,000
Windows · No visible windows, but exterior suggests older windows	Major	$15,000–50,000
HVAC/mechanicals · No visible systems, but exterior suggests older systems	Major	$15,000–50,000
Landscaping · Minimal landscaping, with snow and dirt	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean exterior — Improves curb appeal and value ↑
• Both Inspect roof for leaks — Prevents costly repairs and improves value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-10.0% since first listed

2 events — show timeline

• 2026-04-23 Price Changed $144,000 ECIMLS
• 2026-02-17 Listed $160,000 ECIMLS