1303-1305 Tracy Ln · Iowa City, IA 52240

$218,500

None bd · 4.0 ba · 1,120 sqft · MultiFamily · 8 Days on market

Built 1969 10,368 sqft lot

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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 +24.7/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +5.7/10.0
• Livability +4.3/5.0
• Rent growth +4.1/5.0
• 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: 2 units. confirmed

Listing remarks

3 bdrm/ 1 bath duplex with both sides rented until July 2027. 1 car garage and washer/dryer in each unit. This is an estate sale and being sold as is. Inspections are for buyer's information only. Must give at least 24 hour notice.

Key facts

• 0.24 acre lot
• Garage
• Built 1969

Property features AI

Finance

• Other: Property listed as multi-family residential
• Financial info: Units show rental amounts: one unit at $1,005 and another at $925 (investor/rental income indicated)
• HOA & community: Association fee charged annually

Exterior

• Parking: Attached garage; 1 total parking space
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential multi-family property; 2-story building; Entry level information not specified; Facing direction not specified
• Construction: Frame construction; Slab foundation; Built area above grade: 1,120 (unit measurement not repeated per instructions)
• Exterior features: Sidewalks on the property; Lot dimensions approximately 81 x 128; Zoned residential

Interior

• Kitchen: Refrigerator included
• Bedrooms: Bedroom information not provided
• Flooring: Vinyl flooring throughout listed areas
• Bathrooms: Each listed unit includes 1 bathroom
• Heating & cooling: Central air conditioning; Additional/other cooling; Forced air heating
• Interior features: Living room in each unit; Refrigerator; Washer; Dryer; Vinyl flooring; No fireplace
• Laundry & utility: Laundry located on lower level; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $218k.

Deal economics

• At list price, monthly cash flow is $458 ($5k/yr) — positive. Per door: $229/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $218k).
• Cap rate 8.8% vs local median 2.7% in Iowa City — 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 86/100 on livability (#13 in IA, #450 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southeast Junior High School (math 64% / reading 68%, grade A-, #152 of 246 statewide, top 62%, 812 students, 50% FRL); Iowa City High School (math 62% / reading 73%, grade B, #186 of 336 statewide, top 57%, 1,599 students, 40% FRL).
• Market conditions: Rents rising fast (+6.3%/yr); 260 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• At $2,491/mo this rent would consume 56% of the median local household income ($53k/yr) (locally 2852% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $61k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $218,500

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.14% ✓
• Cap rate: 8.81%
• Cash-on-cash: 8.98%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.32% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,392
• Equity at exit: $32,579

10-year hold

• IRR: 13.7%
• Equity multiple: 2.27×
• Total profit: $77,563
• Equity at exit: $18,892

Cash invested: $61,180 (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 52240

• Rents YoY: 6.3%
• Active inventory: 260
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,491 medium
• Mortgage (P&I): −$1,146
• Tax est. 1.5%: −$273 /mo · $3,278/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $458

Break-even live

Break-even rent $1,911

Max offer price $218,500

Occupancy floor 77%

Sensitivity live

Price	-10% $609	-5% $533	+0% $458	+5% $382	+10% $307
Rent	-10% $261	-5% $359	+0% $458	+5% $556	+10% $655
Rate	-1.0pp $568	-0.5pp $513	base $458	+0.5pp $401	+1.0pp $344

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,490
Total (2 units)			$2,491

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: $54,625
• Closing costs: $6,555
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2001 Keokuk St Iowa City, IA	2.0	2.0	870	$1,200	$1.38	13d	1	0.49mi
704 Bowery St Iowa City, IA	3.0	1.5	1400	$1,500	$1.07	44d	1	1.14mi
426 S Johnson St Iowa City, IA	3.0	2.0	1000	$1,350	$1.35	44d	1	1.29mi
1165 S Riverside Dr Iowa City, IA	2.0	1.0	500	$1,375	$2.75	13d	6	1.30mi
413 S Johnson St Iowa City, IA	2.0	1.0	700	$1,200	$1.71	21d	1	1.31mi
2300 Catskill Ct Iowa City, IA	3.0	2.0	1456	$1,850	$1.27	44d	1	1.43mi

Listing history 8 events

1. 2026-06-19
   days on market $218,500 Active 8 DOM
2. 2026-06-18
   days on market $218,500 Active 7 DOM
3. 2026-06-17
   days on market $218,500 Active 6 DOM
4. 2026-06-16
   days on market $218,500 Active 5 DOM
5. 2026-06-15
   days on market $218,500 Active 4 DOM
6. 2026-06-14
   days on market $218,500 Active 2 DOM
7. 2026-06-13
   remarks 232-char remark
8. 2026-06-13
   listed $218,500 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 (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥105°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,892
• − Mortgage interest: −$12,239
• − Property taxes: −$3,278
• − Insurance: −$1,092
• − Repairs & maintenance: −$2,391
• − Management: −$2,391
• − Depreciation: −$6,356
• Taxable income: $2,144
• Est. tax owed @ 24.0%: −$514
• After-tax cash flow: $4,980/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — Iowa City

• Score: 86/100
• State rank: #13
• US rank: #450

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iowa City, IA
• County: Johnson County · 132,710 people
• City population: 80,235
• Metro: Iowa City, IA
• Population (ZIP): 35,074
• Household income: $52,960
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 2852.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 11% Black 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Portuguese 3% Romanian 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 81% English-only · Spanish 8% French/Haitian/Cajun 2% Arabic 2%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -202.53%
• Current HPI: 170.7491
• Rent YoY: ▲ 6.32%
• Metro: Iowa City, 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

1 event — show timeline

• 2026-06-08 Listed $218,500 ICAARMLS