8 SW 6th Ave · Waukon, IA 52172

$92,000

3 bd · 2.5 ba · 1,506 sqft · MultiFamily public records · 71 Days on market

Built 1893 5,280 sqft lot $61/sqft · 42% below area Est $159k · 42% under

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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 +6.2/10.0
• Appreciation +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This 4-bedroom, 2-bath home is full of potential and ready for your personal touch. With a little TLC, this property offers a fantastic opportunity to create the home you’ve always envisioned. The main floor features a comfortable bedroom with a closet and additional storage space, along with a second, smaller bedroom—perfect for a nursery or home office. The layout provides flexibility to suit a variety of needs. Step outside to enjoy the fenced yard, complete with a partially covered, spacious deck—ideal for relaxing, entertaining, or enjoying the outdoors in any season. With its functional layout, generous outdoor space, and endless possibilities, this home is a great investment for buyers looking to add value and make it their own. Home is selling "as is. "

Key facts

• Fenced yard
• Flexible layout
• Spacious deck

Tags

• FENCED YARD
• SPACIOUS DECK
• FLEXIBLE LAYOUT
• ADDITIONAL STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $92k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Recommended offer: $86k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.3% vs local median 3.8% in Waukon — 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 79/100 on livability (#125 in IA, #2,301 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Allamakee Community School District (town): math 71% / reading 75% proficiency, ranked #103 of 289 in IA (top 36%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 61 units permitted in Allamakee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $184 of equity ($636 loan paydown + $-452 appreciation (-0.5% local appreciation)).
• Allamakee County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.5% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $39k; list at $92k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,480 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1893 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.47% ✓
• Cap rate: 21.35%
• Cash-on-cash: 53.76%
• DSCR: 3.39
• GRM: 3.4

CMA / ARV

• ARV (median comp): $159,412
• List price: $92,000
• Delta: -42.29%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 54.8%
• Equity multiple: 3.67×
• Total profit: $68,746
• Equity at exit: $24,478

10-year hold

• IRR: 57.6%
• Equity multiple: 7.38×
• Total profit: $164,409
• Equity at exit: $27,694

Cash invested: $25,760 (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 52172

• Home prices YoY: -0.2%
• Active inventory: 40
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,273 medium
• Mortgage (P&I): −$482
• Tax from tax record: −$121 /mo · $1,450/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $1,154

Break-even live

Break-even rent $812

Max offer price $92,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,274
Total (2 units)			$2,273

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: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 2nd Ave NW Waukon, IA	3.0	1.5	1950	$1,200	$0.62	2d	1	0.58mi

Listing history 18 events

1. 2026-06-18
   days on market $92,000 Active 71 DOM
2. 2026-06-17
   days on market $92,000 Active 70 DOM
3. 2026-06-16
   days on market $92,000 Active 69 DOM
4. 2026-06-15
   days on market $92,000 Active 68 DOM
5. 2026-06-14
   days on market $92,000 Active 66 DOM
6. 2026-06-10
   days on market $92,000 Active 63 DOM
7. 2026-06-09
   days on market $92,000 Active 62 DOM
8. 2026-06-08
   days on market $92,000 Active 61 DOM
9. 2026-06-07
   days on market $92,000 Active 60 DOM
10. 2026-06-03
    days on market $92,000 Active 56 DOM
11. 2026-06-02
    days on market $92,000 Active 55 DOM
12. 2026-06-01
    days on market $92,000 Active 54 DOM
13. 2026-05-31
    days on market $92,000 Active 53 DOM
14. 2026-05-31
    days on market $92,000 Active 52 DOM
15. 2026-04-20
    status Active 799-char remark

    Show marketing remark (799 chars)

    This 4-bedroom, 2-bath home is full of potential and ready for your personal touch. With a little TLC, this property offers a fantastic opportunity to create the home you’ve always envisioned. The main floor features a comfortable bedroom with a closet and additional storage space, along with a second, smaller bedroom—perfect for a nursery or home office. The layout provides flexibility to suit a variety of needs. Step outside to enjoy the fenced yard, complete with a partially covered, spacious deck—ideal for relaxing, entertaining, or enjoying the outdoors in any season. With its functional layout, generous outdoor space, and endless possibilities, this home is a great investment for buyers looking to add value and make it their own. Home is selling "as is. "

16. 2026-03-30
    status Pending 799-char remark

    Show marketing remark (799 chars)

    This 4-bedroom, 2-bath home is full of potential and ready for your personal touch. With a little TLC, this property offers a fantastic opportunity to create the home you’ve always envisioned. The main floor features a comfortable bedroom with a closet and additional storage space, along with a second, smaller bedroom—perfect for a nursery or home office. The layout provides flexibility to suit a variety of needs. Step outside to enjoy the fenced yard, complete with a partially covered, spacious deck—ideal for relaxing, entertaining, or enjoying the outdoors in any season. With its functional layout, generous outdoor space, and endless possibilities, this home is a great investment for buyers looking to add value and make it their own. Home is selling "as is. "

17. 2026-03-18
    listed $96,000 Active 799-char remark

    Show marketing remark (799 chars)

    This 4-bedroom, 2-bath home is full of potential and ready for your personal touch. With a little TLC, this property offers a fantastic opportunity to create the home you’ve always envisioned. The main floor features a comfortable bedroom with a closet and additional storage space, along with a second, smaller bedroom—perfect for a nursery or home office. The layout provides flexibility to suit a variety of needs. Step outside to enjoy the fenced yard, complete with a partially covered, spacious deck—ideal for relaxing, entertaining, or enjoying the outdoors in any season. With its functional layout, generous outdoor space, and endless possibilities, this home is a great investment for buyers looking to add value and make it their own. Home is selling "as is. "

18. 2014-07-29
    soldstatus $39,000

ⓘ 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: $1,450 · $121/mo
• Projected year-2 tax: $1,450 · $121/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,276
• − Mortgage interest: −$5,153
• − Property taxes: −$1,450
• − Insurance: −$460
• − Repairs & maintenance: −$2,182
• − Management: −$2,182
• − Depreciation: −$2,676
• Taxable income: $13,172
• Est. tax owed @ 24.0%: −$3,161
• After-tax cash flow: $10,687/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: Allamakee Community School District
• NCES district ID: 1903390
• Math proficiency: 71% ▼ -4.00%
• Reading proficiency: 75% ▲ 2.00%
• Median HH income: $48,705
• Composite: 61.72/100
• National rank: #738
• State rank: #103 of 289 in IA

Livability — Waukon

• Score: 79/100
• State rank: #125
• US rank: #2301

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waukon, IA
• City population: 5,986
• Population (ZIP): 5,986

Population outlook (Allamakee County) Hauer SSP2

• Today (2025): 12,814 people
• By 2030: 12,146 · -5.2%
• By 2040: 10,750 · -16.1%
• By 2050: 9,506 · -25.8%
• By 2075: 7,779 · -39.3%
• By 2100: 6,870 · -46.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Portuguese 16% Lithuanian 1% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 3% German/W. Germanic 3% Other Indo-European 2%

Political lean MEDSL · Allamakee

• 2024 margin: Solid R (+34.3) · D 32.2% · R 66.5% · Other 1.3%
• 2008→2024 swing: -48.6pp toward R · 2008: 14.2pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+29.1 2016: R+24.3 2012: D+4.1 2008: D+14.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.49%
• Current HPI: 236.5413
• 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

+146.2% since first listed

4 events — show timeline

• 2026-04-20 Relisted — NEIRBR as distributed by MLS GRID
• 2026-03-30 Pending — NEIRBR as distributed by MLS GRID
• 2026-03-18 Listed $96,000 NEIRBR as distributed by MLS GRID
• 2014-07-29 Sold (Public Records) $39,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,450 · +5.7% YoY. Source: county tax records.