22 SE 3rd Ave · Waukon, IA 52172

$125,000

2 bd · 3.0 ba · 1,214 sqft · SingleFamily public records · 3 Days on market

Built 1936 5,688 sqft lot Est $151k · 17% under

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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 +16.7/30.0
• ARV discount +15.0/15.0
• Schools +6.2/10.0
• DSCR +5.2/10.0
• Appreciation +4.8/10.0
• 1% rule +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Move-In Ready Gem Near Downtown Waukon! This well-kept 2-bedroom home offers the ideal mix of comfort and convenience. The upper level is highlighted by original hardwood floors across both bedrooms and a full bath. On the main floor, enjoy a seamless flow between the cozy living room (featuring newer carpet) and the functional kitchen/dining areas, which boast durable vinyl plank flooring for easy maintenance. Key Features Include: Character: Beautiful stained-glass window in the foyer. Flex Space: Partially finished basement ready for your personal touch. Convenience: Attached garage and a great location close to downtown Waukon. Outdoor Space: A lovely backyard ready for relaxing and ent

Key facts

• Stained-glass window
• Attached garage
• Lovely backyard

Tags

• ORIGINAL HARDWOOD FLOORS
• STAINED-GLASS WINDOW
• PARTIALLY FINISHED BASEMENT
• ATTACHED GARAGE
• LOVELY BACKYARD

Property features AI

Exterior

• Parking: Attached garage; Carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; R-1 zoning
• Construction: Vinyl siding; Asphalt roof; Below-grade finished area
• Exterior features: Concrete road frontage

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Partially finished basement; No fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $78 ($941/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 $115k (8.2% below list).
• Recommended offer: $115k (8.2% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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; 2 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $67k; list at $125k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,707 (8.2% below list)

Questions for the listing agent

1. Built in 1936 — 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 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?
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.05%
• Cash-on-cash: 2.69%
• DSCR: 1.12
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $150,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 SE 3rd Ave	0.00mi	2/1.5	1,256 (+4%)	0mo	$120,000	$96	88
303 SW 5 St	0.43mi	3/1.5 (+1)	1,203 (-1%)	0mo	$126,000	$105	67
15 NE 5 Ave	0.19mi	3/1.5 (+1)	1,258 (+4%)	17mo	$175,000	$139	60
208 NW 2nd St	0.42mi	3/1.0 (+1)	1,249 (+3%)	13mo	$142,000	$114	52
22 3 Avenue Ave SW	0.16mi	2/2.0	1,382 (+14%)	18mo	$205,000	$148	50
107 SW 5 Ave	0.25mi	3/2.0 (+1)	1,346 (+11%)	14mo	$238,000	$177	49
210 NW 8 Ave	0.73mi	3/2.0 (+1)	1,225 (+1%)	8mo	$189,000	$154	49
102 SW 5th Avenue Ave	0.25mi	2/2.0	1,048 (-14%)	18mo	$72,000	$69	47
107 SW 5 St	0.43mi	3/1.0 (+1)	1,321 (+9%)	9mo	$155,000	$117	45
308 SE 1st Ave	0.32mi	2/2.0	1,369 (+13%)	19mo	$187,000	$137	44
306 NW 3rd Ave	0.47mi	3/1.0 (+1)	1,339 (+10%)	10mo	$117,000	$87	40
406 2nd Street N.w. St	0.52mi	2/1.0	1,073 (-12%)	14mo	$133,000	$124	37

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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,523
• Equity at exit: $33,258

10-year hold

• IRR: 5.1%
• Equity multiple: 1.52×
• Total profit: $18,329
• 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: 9.1×

Monthly cashflow live

• Estimated rent: $1,147 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$120 /mo · $1,442/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $78

Break-even live

Break-even rent $1,048

Max offer price $125,000

Occupancy floor 88%

Sensitivity live

Price	-10% $149	-5% $114	+0% $78	+5% $43	+10% $8
Rent	-10% $-12	-5% $33	+0% $78	+5% $124	+10% $169
Rate	-1.0pp $141	-0.5pp $110	base $78	+0.5pp $46	+1.0pp $13

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 2 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	15d	1	0.42mi
102 8th Ave SW Waukon, IA	1.0	1.0	714	$1,075	$1.51	15d	1	0.44mi

Listing history 7 events

1. 2026-04-30
   status Pending
2. 2026-04-27
   status Active
3. 2026-04-17
   status Pending
4. 2026-04-16
   listed $125,000 Active
5. 2019-04-26
   soldstatus $67,375
6. 2013-03-11
   soldstatus $59,500
7. 2012-06-08
   soldstatus $49,000

ⓘ 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: $1,442 · $120/mo
• Projected year-2 tax: $1,702 · $142/mo
• Expected delta: +$260/yr (+$22/mo · 18.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $13,765
• − Mortgage interest: −$7,002
• − Property taxes: −$1,442
• − Insurance: −$625
• − Repairs & maintenance: −$1,101
• − Management: −$1,101
• − Depreciation: −$3,636
• Taxable loss: −$1,143
• Est. tax savings @ 24.0%: +$274
• After-tax cash flow: $1,215/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

+155.1% since first listed

7 events — show timeline

• 2026-04-30 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-27 Relisted — NEIRBR as distributed by MLS GRID
• 2026-04-17 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-16 Listed $125,000 NEIRBR as distributed by MLS GRID
• 2019-04-26 Sold (Public Records) $67,375 Public Records
• 2013-03-11 Sold (Public Records) $59,500 Public Records
• 2012-06-08 Sold (Public Records) $49,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,442 · +6.0% YoY. Source: county tax records.