427 E Washington St · Washington, IA 52353

$67,000

2 bd · 2.0 ba · 2,108 sqft · SingleFamily public records · 21 Days on market

Built 1890

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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 +4.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity for an experienced flipper to restore a single family house with a lot of maintenance issues. Needs a lot of repairs, replacements, all new paint, flooring replacement in many rooms, and needs a new AC/heat system. Has WD hookups but will need new appliances and kitchen remodeled, 2nd full bathroom is partially remodeled but project was abandoned.

Key facts

• Built 1890
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $67k.

Deal economics

• At list price, monthly cash flow is $296 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $66k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.2% in Washington — 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 (#114 in IA, #2,173 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, commute F.
• Washington Community School District (town): math 53% / reading 62% proficiency, ranked #254 of 289 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 69 active listings in the ZIP; 42 units permitted in Washington County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $463 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Washington County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($66k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,995 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.66% ✓
• Cap rate: 11.60%
• Cash-on-cash: 18.94%
• DSCR: 1.84
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $242,420
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
626 E Washington St	0.09mi	3/2.0 (+1)	2,312 (+10%)	4mo	$192,500	$83	71
433 E Washington St	0.01mi	3/3.0 (+1)	1,874 (-11%)	6mo	$230,000	$123	67
321 E 2nd St	0.16mi	3/1.5 (+1)	1,832 (-13%)	9mo	$61,000	$33	56
219 W Harrison St	0.66mi	3/3.0 (+1)	2,141 (+2%)	3mo	$265,000	$124	56
704 W Washington Blvd	0.69mi	2/2.0	1,925 (-9%)	3mo	$275,000	$143	50
904 S 11th Ave	0.65mi	3/2.0 (+1)	2,296 (+9%)	3mo	$255,000	$111	47
515 W Monroe St	0.59mi	3/2.0 (+1)	1,830 (-13%)	2mo	$209,900	$115	44
618 W Main St	0.64mi	3/1.0 (+1)	1,913 (-9%)	3mo	$157,500	$82	43
806 S Ave C	0.61mi	3/2.0 (+1)	2,382 (+13%)	6mo	$185,000	$78	40
4 Circle	0.55mi	3/3.0 (+1)	2,293 (+9%)	15mo	$245,000	$107	38
102 S 15th Ave	0.64mi	3/2.0 (+1)	1,795 (-15%)	10mo	$257,000	$143	32
904 S 12th Ave	0.70mi	3/— (+1)	1,812 (-14%)	13mo	$300,000	$166	28

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: 10.9%
• Equity multiple: 1.43×
• Total profit: $8,094
• Equity at exit: $9,990

10-year hold

• IRR: 20.0%
• Equity multiple: 2.69×
• Total profit: $31,703
• Equity at exit: $5,793

Cash invested: $18,760 (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 52353

• Home prices YoY: -9.8%
• Active inventory: 69
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,114 medium
• Mortgage (P&I): −$351
• Tax from tax record: −$204 /mo · $2,452/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $296

Break-even live

Break-even rent $739

Max offer price $67,000

Occupancy floor 68%

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: $16,750
• Closing costs: $2,010
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-16
   days on market $67,000 Active 21 DOM
2. 2026-06-15
   days on market $67,000 Active 20 DOM
3. 2026-06-13
   days on market $67,000 Active 18 DOM
4. 2026-06-12
   days on market $67,000 Active 17 DOM
5. 2026-06-09
   days on market $67,000 Active 14 DOM
6. 2026-06-08
   days on market $67,000 Active 13 DOM
7. 2026-06-07
   days on market $67,000 Active 12 DOM
8. 2026-06-04
   days on market $67,000 Active 8 DOM
9. 2026-06-02
   days on market $67,000 Active 7 DOM
10. 2026-06-01
    days on market $67,000 Active 6 DOM
11. 2026-05-31
    days on market $67,000 Active 5 DOM
12. 2026-05-31
    days on market $67,000 Active 4 DOM
13. 2026-05-26
    listed $67,000 Active

ⓘ 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: $2,452 · $204/mo
• Projected year-2 tax: $2,452 · $204/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 ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,363
• − Mortgage interest: −$3,753
• − Property taxes: −$2,452
• − Insurance: −$335
• − Repairs & maintenance: −$1,069
• − Management: −$1,069
• − Depreciation: −$1,949
• Taxable income: $2,736
• Est. tax owed @ 24.0%: −$657
• After-tax cash flow: $2,897/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: Washington Community School District
• NCES district ID: 1930240
• Math proficiency: 53% ▲ 2.00%
• Reading proficiency: 62% ▲ 3.00%
• Median HH income: $49,190
• Composite: 48.89/100
• National rank: #2078
• State rank: #254 of 289 in IA

Livability — Washington

• Score: 79/100
• State rank: #114
• US rank: #2173

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, IA
• City population: 9,072
• Population (ZIP): 9,072

Population outlook (Washington County) Hauer SSP2

• Today (2025): 23,102 people
• By 2030: 23,487 · +1.7%
• By 2040: 24,164 · +4.6%
• By 2050: 24,595 · +6.5%
• By 2075: 25,969 · +12.4%
• By 2100: 24,700 · +6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 12% Two or more races 5%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 3% Portuguese 2% Romanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 7% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+24.4) · D 37.2% · R 61.6% · Other 1.2%
• 2008→2024 swing: -23.7pp toward R · 2008: -0.7pp · 2024: -24.4pp
• All cycles: 2024: R+24.4 2020: R+20.5 2016: R+20.6 2012: R+4.2 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.25%
• Current HPI: 231.7933
• 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

1 event — show timeline

• 2026-05-26 Listed $67,000 FSBO.com

Property tax history

+2.5%/yr

Latest (2025): $2,452 · +2.3% YoY. Source: county tax records.