210 Northgate Ave · Waukon, IA 52172

$125,000

3 bd · 2.5 ba · 1,440 sqft · SingleFamily public records · 139 Days on market

Built 1969 10,004 sqft lot $87/sqft · 24% below area Est $165k · 24% under ↓ 11% since listing

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Why this score? — see what drove the C+ 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 +19.1/30.0
• ARV discount +15.0/15.0
• Schools +6.2/10.0
• DSCR +6.0/10.0
• Appreciation +4.8/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Affordable one-level home in Northgate with a partially finished lower level. Located on a private shared drive allowing privacy and away from through traffic. The main floor features a spacious open-concept living and kitchen area, along with a full bath and three bedrooms. The lower level offers an additional living room with a bar area, ample storage, and a non-conforming bedroom. Adjacent to the laundry area is a convenient workshop space.

Key facts

• Workshop space
• Bar area
• Open-concept living

Tags

• OPEN-CONCEPT LIVING
• BAR AREA
• WORKSHOP SPACE
• PARTIALLY FINISHED LOWER LEVEL

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $132 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (4.0% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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 $250 of equity ($864 loan paydown + $-614 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 $35k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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 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: 0.96% ✗
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.7

CMA / ARV

• ARV (median comp): $164,608
• List price: $125,000
• Delta: -24.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 NW 5th Ave	0.23mi	3/2.0	1,594 (+11%)	5mo	$55,000	$35	65
210 NW 8 Ave	0.06mi	3/2.0	1,225 (-15%)	8mo	$189,000	$154	64
315 NW 4 Ave	0.29mi	3/1.5	1,604 (+11%)	6mo	$245,000	$153	58
306 NW 3rd Ave	0.37mi	3/1.0	1,339 (-7%)	10mo	$117,000	$87	57
306 2nd Ave Ave SW	0.68mi	4/1.0 (+1)	1,445 (+0%)	2mo	$219,000	$152	55
503 1st St Ave SW	0.61mi	3/1.5	1,510 (+5%)	9mo	$175,000	$116	52
208 SW 4th St	0.71mi	3/2.0	1,508 (+5%)	6mo	$149,000	$99	52
25 3rd Ave. Ave NW	0.37mi	3/2.0	1,632 (+13%)	9mo	$280,000	$172	51
208 NE 4th Ave	0.53mi	3/1.0	1,596 (+11%)	9mo	$160,000	$100	44
208 NW 2nd St	0.38mi	3/1.0	1,249 (-13%)	13mo	$142,000	$114	44
107 SW 5 St	0.66mi	3/1.0	1,321 (-8%)	9mo	$155,000	$117	42
104 11th St. St NW	0.73mi	2/2.0 (-1)	1,536 (+7%)	12mo	$186,000	$121	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $1,856
• Equity at exit: $33,258

10-year hold

• IRR: 7.1%
• Equity multiple: 1.73×
• Total profit: $25,605
• Equity at exit: $37,627

Cash invested: $35,000 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$109 /mo · $1,306/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $132

Break-even live

Break-even rent $1,033

Max offer price $125,000

Occupancy floor 84%

Sensitivity live

Price	-10% $202	-5% $167	+0% $132	+5% $96	+10% $61
Rent	-10% $37	-5% $84	+0% $132	+5% $179	+10% $226
Rate	-1.0pp $195	-0.5pp $163	base $132	+0.5pp $99	+1.0pp $66

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11 8th Ave SW Unit 11 Waukon, IA	2.0	1.0	925	$1,200	$1.30	14d	1	1.14mi

Listing history 18 events

1. 2026-06-18
   days on market $125,000 Active 139 DOM
2. 2026-06-17
   days on market $125,000 Active 138 DOM
3. 2026-06-16
   days on market $125,000 Active 137 DOM
4. 2026-06-15
   days on market $125,000 Active 136 DOM
5. 2026-06-14
   days on market $125,000 Active 134 DOM
6. 2026-06-10
   days on market $125,000 Active 131 DOM
7. 2026-06-09
   days on market $125,000 Active 130 DOM
8. 2026-06-08
   days on market $125,000 Active 129 DOM
9. 2026-06-07
   days on market $125,000 Active 128 DOM
10. 2026-06-03
    days on market $125,000 Active 124 DOM
11. 2026-06-02
    days on market $125,000 Active 123 DOM
12. 2026-06-01
    days on market $125,000 Active 122 DOM
13. 2026-05-31
    days on market $125,000 Active 121 DOM
14. 2026-05-31
    days on market $125,000 Active 120 DOM
15. 2026-05-09
    price $125,000 447-char remark

    Show marketing remark (447 chars)

    Affordable one-level home in Northgate with a partially finished lower level. Located on a private shared drive allowing privacy and away from through traffic. The main floor features a spacious open-concept living and kitchen area, along with a full bath and three bedrooms. The lower level offers an additional living room with a bar area, ample storage, and a non-conforming bedroom. Adjacent to the laundry area is a convenient workshop space.

16. 2026-02-24
    status Active 447-char remark

    Show marketing remark (447 chars)

    Affordable one-level home in Northgate with a partially finished lower level. Located on a private shared drive allowing privacy and away from through traffic. The main floor features a spacious open-concept living and kitchen area, along with a full bath and three bedrooms. The lower level offers an additional living room with a bar area, ample storage, and a non-conforming bedroom. Adjacent to the laundry area is a convenient workshop space.

17. 2025-12-10
    status Pending 447-char remark

    Show marketing remark (447 chars)

    Affordable one-level home in Northgate with a partially finished lower level. Located on a private shared drive allowing privacy and away from through traffic. The main floor features a spacious open-concept living and kitchen area, along with a full bath and three bedrooms. The lower level offers an additional living room with a bar area, ample storage, and a non-conforming bedroom. Adjacent to the laundry area is a convenient workshop space.

18. 2025-11-14
    listed $140,000 Active 447-char remark

    Show marketing remark (447 chars)

    Affordable one-level home in Northgate with a partially finished lower level. Located on a private shared drive allowing privacy and away from through traffic. The main floor features a spacious open-concept living and kitchen area, along with a full bath and three bedrooms. The lower level offers an additional living room with a bar area, ample storage, and a non-conforming bedroom. Adjacent to the laundry area is a convenient workshop space.

ⓘ 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: $1,306 · $109/mo
• Projected year-2 tax: $1,634 · $136/mo
• Expected delta: +$328/yr (+$27/mo · 25.1%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $14,400
• − Mortgage interest: −$7,002
• − Property taxes: −$1,306
• − Insurance: −$625
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$3,636
• Taxable loss: −$473
• Est. tax savings @ 24.0%: +$114
• After-tax cash flow: $1,692/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

-10.7% since first listed

4 events — show timeline

• 2026-05-09 Price Changed $125,000 NEIRBR as distributed by MLS GRID
• 2026-02-24 Relisted — NEIRBR as distributed by MLS GRID
• 2025-12-10 Pending — NEIRBR as distributed by MLS GRID
• 2025-11-14 Listed $140,000 NEIRBR as distributed by MLS GRID

Property tax history

+4.6%/yr

Latest (2025): $1,306 · -2.7% YoY. Source: county tax records.