1603 Lucas St · Muscatine, IA 52761

$34,000

3 bd · 1.0 ba · 1,272 sqft · SingleFamily public records

Built 1900 0.50 ac 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 +4.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a charming starter home in a nice location! Offering 3 bedrooms, 1 bath, newer siding, vinyl windows, new carpet, new vinyl flooring, paint, countertop & all appliances stay! Brand new central air and furnace in 2014! Off street parking with room for 4 cars. Fenced backyard and a ready made garden. This is a great little home and is a must see. Will not last!

Key facts

• 0.5 acre lot
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $34k.

Deal economics

• At list price, monthly cash flow is $623 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).

Location & tenants

• Location reads 70/100 on livability (#358 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety D+, amenities F, commute F.
• Muscatine Community School District (town): math 55% / reading 59% proficiency, ranked #257 of 289 in IA (top 89%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Franklin Elementary School (math 47% / reading 47%, grade D-, #530 of 616 statewide, top 88%, 265 students, 72% FRL); Muscatine High School (math 54% / reading 64%, grade C+, #273 of 336 statewide, top 81%, 1,539 students, 47% FRL).
• Market conditions: 191 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 65 units permitted in Muscatine County in 2024 (45 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $235 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Muscatine County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $16k; list at $34k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,000

Questions for the listing agent

1. Built in 1900 — 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. 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.
4. 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.
5. 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: 3.19% ✓
• Cap rate: 28.27%
• Cash-on-cash: 78.48%
• DSCR: 4.49
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 78.6%
• Equity multiple: 4.59×
• Total profit: $34,160
• Equity at exit: $5,070

10-year hold

• IRR: 82.1%
• Equity multiple: 9.49×
• Total profit: $80,872
• Equity at exit: $2,940

Cash invested: $9,520 (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 52761

• Active inventory: 191
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,086 high
• Mortgage (P&I): −$178
• Tax est. 1.5%: −$42 /mo · $510/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $623

Break-even live

Break-even rent $297

Max offer price $34,000

Occupancy floor 38%

Sensitivity live

Price	-10% $646	-5% $634	+0% $623	+5% $611	+10% $599
Rent	-10% $537	-5% $580	+0% $623	+5% $665	+10% $708
Rate	-1.0pp $640	-0.5pp $631	base $623	+0.5pp $614	+1.0pp $605

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: $8,500
• Closing costs: $1,020
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 W 7th St Muscatine, IA	3.0	1.5	964	$1,250	$1.30	44d	1	0.29mi
609 W 3rd St Muscatine, IA	3.0	2.0	1672	$1,350	$0.81	14d	1	0.44mi
400 Grandview Ave Unit 2 Muscatine, IA	2.0	1.0	896	$700	$0.78	44d	1	0.59mi
307 W 3rd St Unit A Muscatine, IA	2.0	1.0	935	$800	$0.86	14d	1	0.62mi
2715 Lucas St Muscatine, IA	3.0	1.0	1000	$1,000	$1.00	21d	1	0.87mi

Listing history 18 events

1. 2026-05-24
   status Pending
2. 2026-05-24
   status Pending
3. 2026-05-22
   status Pending
4. 2026-01-16
   soldstatus $16,500 Closed
5. 2026-01-16
   soldstatus $16,500 Closed
6. 2026-01-16
   soldstatus $16,500 Closed
7. 2026-01-16
   soldstatus $16,500 Closed
8. 2026-01-08
   status Pending
9. 2026-01-05
   historical
10. 2025-10-22
    status Pending
11. 2025-10-22
    historical
12. 2025-10-22
    historical
13. 2025-09-30
    listed $34,000
14. 2025-09-30
    listed Active
15. 2016-01-21
    soldstatus $94,500
16. 2016-01-19
    soldstatus $94,500 375-char remark

    Show marketing remark (375 chars)

    This is a charming starter home in a nice location! Offering 3 bedrooms, 1 bath, newer siding, vinyl windows, new carpet, new vinyl flooring, paint, countertop & all appliances stay! Brand new central air and furnace in 2014! Off street parking with room for 4 cars. Fenced backyard and a ready made garden. This is a great little home and is a must see. Will not last!

17. 2015-12-07
    listed $94,500 375-char remark

    Show marketing remark (375 chars)

    This is a charming starter home in a nice location! Offering 3 bedrooms, 1 bath, newer siding, vinyl windows, new carpet, new vinyl flooring, paint, countertop & all appliances stay! Brand new central air and furnace in 2014! Off street parking with room for 4 cars. Fenced backyard and a ready made garden. This is a great little home and is a must see. Will not last!

18. 1993-11-01
    soldstatus $59,500

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $13,026
• − Mortgage interest: −$1,905
• − Property taxes: −$510
• − Insurance: −$170
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$989
• Taxable income: $7,368
• Est. tax owed @ 24.0%: −$1,768
• After-tax cash flow: $5,703/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: Muscatine Community School District
• NCES district ID: 1920130
• Math proficiency: 55% ▼ -7.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $50,193
• Composite: 48.6/100
• National rank: #2110
• State rank: #257 of 289 in IA

Livability — Muscatine

• Score: 70/100
• State rank: #358
• US rank: #7508

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muscatine, IA
• City population: 29,800
• Population (ZIP): 29,800

Population outlook (Muscatine County) Hauer SSP2

• Today (2025): 44,820 people
• By 2030: 45,461 · +1.4%
• By 2040: 46,765 · +4.3%
• By 2050: 48,609 · +8.5%
• By 2075: 56,014 · +25.0%
• By 2100: 63,513 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 17% Two or more races 5% Black 4%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 2% Romanian 2% Iranian 2%
• Foreign-born: 7% · Canada
• Languages at home: 86% English-only · Spanish 11% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Muscatine

• 2024 margin: R (+14.9) · D 41.7% · R 56.6% · Other 1.7%
• 2008→2024 swing: -30.6pp toward R · 2008: 15.7pp · 2024: -14.9pp
• All cycles: 2024: R+14.9 2020: R+7.0 2016: R+6.6 2012: D+15.5 2008: D+15.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -130.30%
• Current HPI: 182.4493
• 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

-72.3% since first listed

18 events — show timeline

• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-24 Pending — MRED as Distributed by MLS Grid
• 2026-05-22 Pending — MRED as Distributed by MLS Grid
• 2026-01-16 Sold (MLS) $16,500 MRED as Distributed by MLS Grid
• 2026-01-16 Sold (MLS) $16,500 MRED as Distributed by MLS Grid
• 2026-01-16 Sold (MLS) $16,500 MRED as Distributed by MLS Grid
• 2026-01-16 Sold (MLS) $16,500 MRED as Distributed by MLS Grid
• 2026-01-08 Pending — MRED as Distributed by MLS Grid
• 2026-01-05 Listing Removed — MRED as Distributed by MLS Grid
• 2025-10-22 Pending — RMLSA as Distributed by MLS Grid
• 2025-10-22 Listing Removed — RMLSA as Distributed by MLS Grid
• 2025-10-22 Listing Removed — MRED as Distributed by MLS Grid
• 2025-09-30 Listed — RMLSA as Distributed by MLS Grid
• 2025-09-30 Listed $34,000 MRED as Distributed by MLS Grid
• 2016-01-21 Sold (Public Records) $94,500 Public Records
• 2016-01-19 Sold (MLS) $94,500 Muscatine BOR
• 2015-12-07 Listed $94,500 Muscatine BOR
• 1993-11-01 Sold (Public Records) $59,500 Public Records

Property tax history

+4.6%/yr

Latest (2025): $2,513 · -18.4% YoY. Source: county tax records.