326 3rd Ave S · Clinton, IA 52732

$119,000

2 bd · 2.0 ba · — sqft · MultiFamily · 7 Days on market

Built 1899 6,969 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

So many possibilities...currently a 2 bedroom upper apartment with laundry. Large eat-in kitchen, new carpet & windows. Lower unit is set up as a professional office with many rooms and a restroom with laundry and is very nicely finished. Lower unit could easily be converted back to a 2 or 3 bedroom apartment. Property has 3 car garage, deck, and a fenced backyard. This property could also be used as a single family home. Located near the downtown and new brewery. New house roof 2022, new garage roof and doors 2018. Large lighted sign on front of building. Garage already has wall dividing it into a 1 car and a 2 car with separate overhead doors making it great for tenants or for renting garage space for additional income.

Key facts

• Private offices
• Unfinished basement
• Backyard

Tags

• COMMERCIAL UNIT
• RECEPTION AREA
• PRIVATE OFFICES
• LAUNDRY
• UNFINISHED BASEMENT
• BACKYARD

Property features AI

Finance

• Other: Property type: Two to four units; Lot dimensions approximately 50 x 140 (less than 0.25 acre); Roof and construction details consistent with an older masonry and vinyl-clad building
• Financial info: Gross annual income: $22,440; Listed water/sewer expense (owner projection): $900; Electric expense: $2,580; Insurance expense: $1,557

Exterior

• Parking: Detached garage with garage door opener (3 garage spaces total); 3 total parking spaces
• Utilities: Public water; Public sewer
• Home design: Two- to four-unit building (2 units); Over 100 years old; Built before 1978
• Construction: Vinyl siding and brick exterior; Asphalt roof; Brick/mortar and stone foundation
• Exterior features: Deck and porch; Park nearby

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: Second-floor unit has 2 bedrooms
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning in second-floor unit
• Interior features: Unfinished full basement with exterior entry; Accessible entrance; Internet fiber available; Gas water heater
• Laundry & utility: Washer and dryer in both units; Laundry hook-ups

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $836 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Cap rate 14.7% vs local median 6.7% in Clinton — 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 75/100 on livability (#222 in IA, #4,192 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, crime D, employment D.
• Clinton Community School District (town): math 52% / reading 56% proficiency, ranked #273 of 289 in IA (top 94%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Jefferson Elementary School (math 57% / reading 47%, grade C-, #494 of 616 statewide, top 83%, 343 students, 79% FRL); Clinton Middle School (math 49% / reading 53%, grade C, #210 of 246 statewide, top 87%, 749 students, 59% FRL); Clinton High School (math 43% / reading 57%, grade D+, #313 of 336 statewide, top 93%, 981 students, 49% FRL).
• Market conditions: 246 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 116 units permitted in Clinton County in 2024 (50 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clinton County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 26y 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 $80k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,000

Questions for the listing agent

1. Built in 1899 — 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. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 1.76% ✓
• Cap rate: 14.72%
• Cash-on-cash: 30.10%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
708 7th Ave S	0.61mi	3/3.0 (+1)	2,328	18mo	$75,000	$32	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.7%
• Equity multiple: 2.02×
• Total profit: $33,983
• Equity at exit: $17,743

10-year hold

• IRR: 32.5%
• Equity multiple: 3.95×
• Total profit: $98,268
• Equity at exit: $10,289

Cash invested: $33,320 (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 52732

• Home prices YoY: -34.9%
• Active inventory: 246
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,099 high
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $836

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 55%

Sensitivity live

Price	-10% $918	-5% $877	+0% $836	+5% $795	+10% $754
Rent	-10% $670	-5% $753	+0% $836	+5% $919	+10% $1,002
Rate	-1.0pp $896	-0.5pp $866	base $836	+0.5pp $805	+1.0pp $774

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,100
Total (2 units)			$2,099

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 2nd Ave S Unit 2 Clinton, IA	2.0	1.0	1082	$750	$0.69	45d	1	0.24mi
416 7th Ave S Unit C Clinton, IA	1.0	1.0	773	$700	$0.91	45d	1	0.35mi
1002 S 4th St Clinton, IA	3.0	2.5	1467	$1,750	$1.19	45d	1	0.62mi
1004 S 4th St Clinton, IA	3.0	2.5	1467	$1,700	$1.16	45d	1	0.63mi
1006 S 4th St Clinton, IA	3.0	2.5	1467	$1,700	$1.16	45d	1	0.63mi
1008 S 4th St Clinton, IA	3.0	2.5	1467	$1,750	$1.19	45d	1	0.63mi
806 15th Ave S Clinton, IA	3.0	1.0	—	$975	—	45d	1	1.13mi
1216 9th Ave S Clinton, IA	2.0	1.0	804	$1,000	$1.24	45d	1	1.28mi

Listing history 7 events

1. 2026-06-19
   days on market $119,000 Active 7 DOM
2. 2026-06-18
   days on market $119,000 Active 6 DOM
3. 2026-06-17
   days on market $119,000 Active 5 DOM
4. 2026-06-16
   days on market $119,000 Active 4 DOM
5. 2026-06-15
   days on market $119,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $119,000 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X · 73% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $25,188
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$2,015
• − Management: −$2,015
• − Depreciation: −$3,462
• Taxable income: $8,650
• Est. tax owed @ 24.0%: −$2,076
• After-tax cash flow: $7,954/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: Clinton Community School District
• NCES district ID: 1907710
• Math proficiency: 52% ▼ -13.00%
• Reading proficiency: 56% ▼ -8.00%
• Median HH income: $40,900
• Composite: 45.22/100
• National rank: #2666
• State rank: #273 of 289 in IA

Livability — Clinton

• Score: 75/100
• State rank: #222
• US rank: #4192

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clinton, IA
• County: Clinton County · 25,880 people
• City population: 25,880
• Metro: Clinton, IA
• Population (ZIP): 25,880
• Household income: $61,105
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 889.0

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 44,817 people
• By 2030: 43,090 · -3.9%
• By 2040: 39,513 · -11.8%
• By 2050: 36,209 · -19.2%
• By 2075: 31,888 · -28.8%
• By 2100: 30,382 · -32.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 5% Black 4%
• Common ancestry: Iranian 4% Portuguese 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Clinton

• 2024 margin: R (+18.9) · D 39.8% · R 58.6% · Other 1.6%
• 2008→2024 swing: -41.9pp toward R · 2008: 23.0pp · 2024: -18.9pp
• All cycles: 2024: R+18.9 2020: R+10.3 2016: R+5.1 2012: D+22.9 2008: D+23.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.23%
• Current HPI: 155.3426
• Rent YoY: —
• Metro: Clinton, 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

+40.2% since first listed

11 events — show timeline

• 2026-06-12 Listed $119,000 MRED as Distributed by MLS Grid
• 2023-06-23 Sold (MLS) $80,000 MRED as Distributed by MLS Grid
• 2023-06-23 Sold (MLS) $80,000 RMLSA as Distributed by MLS Grid
• 2023-05-03 Pending — RMLSA as Distributed by MLS Grid
• 2023-04-10 Price Changed $94,900 RMLSA as Distributed by MLS Grid
• 2023-02-27 Listed $94,900 MRED as Distributed by MLS Grid
• 2023-02-27 Listed $99,900 RMLSA as Distributed by MLS Grid
• 2001-05-08 Sold (MLS) $90,500 RMLSA as Distributed by MLS Grid
• 2001-02-17 Listed $91,500 RMLSA as Distributed by MLS Grid
• 2000-09-29 Sold (MLS) $83,500 RMLSA as Distributed by MLS Grid
• 2000-08-03 Listed $84,900 RMLSA as Distributed by MLS Grid