2004 W 2nd St · Davenport, IA 52802

$99,000

4 bd · 3.0 ba · 1,688 sqft · MultiFamily public records · 123 Days on market

Built 1910 5,400 sqft lot Est $117k · 16% under

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Why this score? — see what drove the B+ 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 +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Nice Duplex available in Davenport. Fully occupied with paying tenants.

Key facts

• 5,400 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $671 ($8k/yr) — positive. Per door: $336/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 4.4% in Davenport — 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 (#126 in IA, #2,312 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F.
• Davenport Community School District (urban): math 43% / reading 50% proficiency, ranked #288 of 289 in IA (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monroe Elementary School (math 26% / reading 23%, grade F, #613 of 616 statewide, top 100%, 381 students, 68% FRL); Frank L Smart Intermediate (math 27% / reading 30%, grade F, #246 of 246 statewide, top 100%, 313 students, 71% FRL); West High School (math 38% / reading 53%, grade D-, #323 of 336 statewide, top 96%, 1,469 students, 54% FRL).
• Zoned-school proficiency averages 33% at this address vs 46% district-wide (-14 pts) — the specific schools serving this property underperform the Davenport Community School District average; the district grade overstates school quality for this exact location.
• Market conditions: 67 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 805 units permitted in Scott County in 2024 (479 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Scott County population projected at +19% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y 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 $13k; list at $99k implies a 662% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 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. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.77% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.07%
• DSCR: 2.29
• GRM: 4.7

CMA / ARV

• ARV (median comp): $117,194
• List price: $99,000
• Delta: -15.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 23.5%
• Equity multiple: 1.97×
• Total profit: $26,769
• Equity at exit: $14,761

10-year hold

• IRR: 31.4%
• Equity multiple: 3.83×
• Total profit: $78,566
• Equity at exit: $8,560

Cash invested: $27,720 (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 52802

• Home prices YoY: -28.3%
• Active inventory: 67
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,757 high
• Mortgage (P&I): −$519
• Tax from tax record: −$156 /mo · $1,874/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $671

Break-even live

Break-even rent $907

Max offer price $99,000

Occupancy floor 57%

Sensitivity live

Price	-10% $727	-5% $699	+0% $671	+5% $643	+10% $615
Rent	-10% $533	-5% $602	+0% $671	+5% $741	+10% $810
Rate	-1.0pp $721	-0.5pp $697	base $671	+0.5pp $646	+1.0pp $620

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,756
Total (2 units)			$1,757

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1912 Dixwell St Davenport, IA	4.0	2.0	1116	$1,300	$1.16	45d	1	0.15mi
2424 Telegraph Rd Davenport, IA	4.0	2.0	2000	$1,750	$0.88	45d	1	0.51mi
301 S Thornwood Ave Davenport, IA	3.0	1.0	1242	$1,395	$1.12	15d	1	0.51mi
1716 W 7th St Davenport, IA	4.0	1.0	1278	$1,712	$1.34	15d	1	0.53mi
1723 W Locust St Davenport, IA	3.0	1.0	1690	$1,395	$0.83	45d	1	1.20mi
915 W 14th St Davenport, IA	3.0	1.0	1390	$900	$0.65	45d	1	1.38mi
1315 Brown St Unit 2 Davenport, IA	3.0	1.0	1300	$1,250	$0.96	22d	1	1.47mi

Listing history 21 events

1. 2026-06-21
   days on market $99,000 Active 123 DOM
2. 2026-06-18
   days on market $99,000 Active 120 DOM
3. 2026-06-17
   days on market $99,000 Active 119 DOM
4. 2026-06-16
   days on market $99,000 Active 118 DOM
5. 2026-06-15
   days on market $99,000 Active 117 DOM
6. 2026-06-14
   days on market $99,000 Active 115 DOM
7. 2026-06-13
   days on market $99,000 Active 114 DOM
8. 2026-06-10
   days on market $99,000 Active 112 DOM
9. 2026-06-09
   days on market $99,000 Active 111 DOM
10. 2026-06-08
    days on market $99,000 Active 110 DOM
11. 2026-06-07
    days on market $99,000 Active 109 DOM
12. 2026-06-03
    days on market $99,000 Active 105 DOM
13. 2026-06-02
    days on market $99,000 Active 104 DOM
14. 2026-06-01
    days on market $99,000 Active 103 DOM
15. 2026-05-31
    days on market $99,000 Active 102 DOM
16. 2026-05-30
    days on market $99,000 Active 101 DOM
17. 2026-02-18
    listed $99,000 Active 71-char remark

    Show marketing remark (71 chars)

    Nice Duplex available in Davenport. Fully occupied with paying tenants.

18. 2009-11-30
    soldstatus $13,000 215-char remark

    Show marketing remark (215 chars)

    LARGE 4 BEDROOM HOME ON A CORNER LOT WITH AN ATTACHED GARAGE. PRESENTLY A SINGLE FAMILY HOME, BUT WITH OUTSIDE & INSIDE ACCEESS TO THE 2ND FLOOR AND THE 2ND FLOOR KITCHEN. IT COULD BE A TWO UNIT RENTAL PROPERTY.

19. 2009-11-30
    soldstatus $13,000 215-char remark

    Show marketing remark (215 chars)

    LARGE 4 BEDROOM HOME ON A CORNER LOT WITH AN ATTACHED GARAGE. PRESENTLY A SINGLE FAMILY HOME, BUT WITH OUTSIDE & INSIDE ACCEESS TO THE 2ND FLOOR AND THE 2ND FLOOR KITCHEN. IT COULD BE A TWO UNIT RENTAL PROPERTY.

20. 2009-01-08
    listed $21,500 215-char remark

    Show marketing remark (215 chars)

    LARGE 4 BEDROOM HOME ON A CORNER LOT WITH AN ATTACHED GARAGE. PRESENTLY A SINGLE FAMILY HOME, BUT WITH OUTSIDE & INSIDE ACCEESS TO THE 2ND FLOOR AND THE 2ND FLOOR KITCHEN. IT COULD BE A TWO UNIT RENTAL PROPERTY.

21. 2009-01-08
    listed $21,500 215-char remark

    Show marketing remark (215 chars)

    LARGE 4 BEDROOM HOME ON A CORNER LOT WITH AN ATTACHED GARAGE. PRESENTLY A SINGLE FAMILY HOME, BUT WITH OUTSIDE & INSIDE ACCEESS TO THE 2ND FLOOR AND THE 2ND FLOOR KITCHEN. IT COULD BE A TWO UNIT RENTAL PROPERTY.

ⓘ 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: $1,874 · $156/mo
• Projected year-2 tax: $1,874 · $156/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,084
• − Mortgage interest: −$5,546
• − Property taxes: −$1,874
• − Insurance: −$495
• − Repairs & maintenance: −$1,687
• − Management: −$1,687
• − Depreciation: −$2,880
• Taxable income: $6,916
• Est. tax owed @ 24.0%: −$1,660
• After-tax cash flow: $6,398/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: Davenport Community School District
• NCES district ID: 1908580
• Math proficiency: 43% ▼ -11.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $46,157
• Composite: 39.49/100
• National rank: #3951
• State rank: #288 of 289 in IA

Livability — Davenport

• Score: 79/100
• State rank: #126
• US rank: #2312

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Davenport, IA
• County: Scott County · 144,583 people
• City population: 103,319
• Metro: Davenport-Moline-Rock Island, IA-IL
• Population (ZIP): 9,466
• Household income: $54,380
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 244.0

Population outlook (Scott County) Hauer SSP2

• Today (2025): 188,878 people
• By 2030: 196,648 · +4.1%
• By 2040: 210,860 · +11.6%
• By 2050: 224,359 · +18.8%
• By 2075: 258,884 · +37.1%
• By 2100: 286,447 · +51.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 14% Two or more races 10% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Scott

• 2024 margin: Toss-up / Even · D 47.3% · R 51.2% · Other 1.4%
• 2008→2024 swing: -18.4pp toward R · 2008: 14.6pp · 2024: -3.9pp
• All cycles: 2024: R+3.9 2020: D+3.5 2016: D+1.4 2012: D+13.8 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.59%
• Current HPI: 151.2076
• Rent YoY: —
• Metro: Davenport-Moline-Rock Island, IA-IL
• 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

+360.5% since first listed

5 events — show timeline

• 2026-02-18 Listed $99,000 MRED as Distributed by MLS Grid
• 2009-11-30 Sold (MLS) $13,000 MRED as Distributed by MLS Grid
• 2009-11-30 Sold (MLS) $13,000 RMLSA as Distributed by MLS Grid
• 2009-01-08 Listed $21,500 MRED as Distributed by MLS Grid
• 2009-01-08 Listed $21,500 RMLSA as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $1,874 · +39.2% YoY. Source: county tax records.