2687 Central Ave · Dubuque, IA 52001

$40,000

3 bd · 1.0 ba · 1,264 sqft · SingleFamily public records · 33 Days on market

Built 1880 $32/sqft · 70% below area

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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 +5.5/10.0
• Livability +4.5/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors and renovation enthusiasts…2687 Central is a full project property priced at just $40,000. This home will require significant work, but offers a great opportunity to reimagine the space and build equity. Located in a central area with strong potential, this is the perfect canvas for your next flip or rebuild. Bring your vision…and your toolbox.

Key facts

• Built 1880
• Listed 33 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.1% vs local median 3.5% in Dubuque — 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 89/100 on livability (#7 in IA, #119 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-.
• Dubuque Community School District (urban): math 63% / reading 65% proficiency, ranked #205 of 289 in IA (top 71%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fulton Elementary School (math 27% / reading 22%); Eleanor Roosevelt Middle School (math 72% / reading 76%, grade A, #83 of 246 statewide, top 34%, 1,093 students, 31% FRL); Dubuque Senior High School (math 63% / reading 74%, grade B, #181 of 336 statewide, top 54%, 1,435 students, 36% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents rising fast (+5.6%/yr); 234 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 473 units permitted in Dubuque County in 2024 (319 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Dubuque County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 3.28% ✓
• Cap rate: 28.10%
• Cash-on-cash: 77.87%
• DSCR: 4.46
• GRM: 2.5

CMA / ARV

• ARV (median comp): $133,525
• List price: $40,000
• Delta: -70.04%
• 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
2687 Central Ave	0.00mi	3/1.0	1,264 (0%)	1mo	$20,000	$16	99
2417 Jackson St	0.37mi	3/1.0	1,248 (-1%)	1mo	$63,000	$50	80
2641 Fulton St	0.23mi	3/1.5	1,318 (+4%)	2mo	$200,000	$152	79
2418 White St	0.35mi	3/1.5	1,317 (+4%)	1mo	$150,000	$114	74
2491 Jackson St	0.30mi	3/1.5	1,376 (+9%)	1mo	$149,000	$108	69
2243 White St	0.51mi	3/2.0	1,312 (+4%)	1mo	$143,000	$109	65
615 E 24th St	0.49mi	2/1.5 (-1)	1,304 (+3%)	0mo	$70,000	$54	64
655 Regent St	0.53mi	3/1.0	1,176 (-7%)	1mo	$64,000	$54	63
700 Kaufmann Ave	0.49mi	3/2.0	1,150 (-9%)	1mo	$212,000	$184	57
660 Kaufmann Ave	0.46mi	2/2.5 (-1)	1,176 (-7%)	1mo	$150,000	$128	55
328 Chappel Ct	0.57mi	2/1.5 (-1)	1,176 (-7%)	0mo	$150,000	$128	55
2878 Timberline St	0.59mi	3/2.0	1,400 (+11%)	0mo	$273,000	$195	50

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 · 5.63% rent growth · sell at horizon

5-year hold

• IRR: 81.0%
• Equity multiple: 4.88×
• Total profit: $43,410
• Equity at exit: $5,964

10-year hold

• IRR: 85.1%
• Equity multiple: 11.09×
• Total profit: $112,994
• Equity at exit: $3,458

Cash invested: $11,200 (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 52001

• Rents YoY: 5.6%
• Active inventory: 234
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,311 high
• Mortgage (P&I): −$210
• Tax from tax record: −$83 /mo · $994/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $727

Break-even live

Break-even rent $391

Max offer price $40,000

Occupancy floor 40%

Sensitivity live

Price	-10% $749	-5% $738	+0% $727	+5% $715	+10% $704
Rent	-10% $623	-5% $675	+0% $727	+5% $779	+10% $830
Rate	-1.0pp $747	-0.5pp $737	base $727	+0.5pp $716	+1.0pp $706

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2418 Central Ave Unit 2 Dubuque, IA	2.0	1.0	900	$1,000	$1.11	45d	1	0.37mi
1501 Central Ave Unit 1513-1 Dubuque, IA	3.0	1.0	1374	$1,175	$0.86	45d	1	1.04mi
823 Hawkeye Dr Dubuque, IA	2.0	1.5	1228	$1,550	$1.26	46d	1	1.06mi
571 Jefferson St Unit 3 Dubuque, IA	3.0	1.0	1000	$1,300	$1.30	45d	1	1.37mi
333 E 10th St Dubuque, IA	2.0	2.0	1530	$1,750	$1.14	45d	3	1.37mi

Listing history 2 events

1. 2026-05-16
   status Pending 382-char remark

   Show marketing remark (382 chars)

   Calling all investors and renovation enthusiasts…2687 Central is a full project property priced at just $40,000. This home will require significant work, but offers a great opportunity to reimagine the space and build equity. Located in a central area with strong potential, this is the perfect canvas for your next flip or rebuild. Bring your vision…and your toolbox.

2. 2026-04-13
   listed $40,000 Active 382-char remark

   Show marketing remark (382 chars)

   Calling all investors and renovation enthusiasts…2687 Central is a full project property priced at just $40,000. This home will require significant work, but offers a great opportunity to reimagine the space and build equity. Located in a central area with strong potential, this is the perfect canvas for your next flip or rebuild. Bring your vision…and your toolbox.

ⓘ 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: $994 · $83/mo
• Projected year-2 tax: $994 · $83/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 ≥102°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: $15,738
• − Mortgage interest: −$2,241
• − Property taxes: −$994
• − Insurance: −$200
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$1,164
• Taxable income: $8,621
• Est. tax owed @ 24.0%: −$2,069
• After-tax cash flow: $6,652/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: Dubuque Community School District
• NCES district ID: 1909480
• Math proficiency: 63% ▼ -7.00%
• Reading proficiency: 65% ▼ -1.00%
• Median HH income: $51,237
• Composite: 54.51/100
• National rank: #1345
• State rank: #205 of 289 in IA

Livability — Dubuque

• Score: 89/100
• State rank: #7
• US rank: #119

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dubuque, IA
• County: Dubuque County · 60,106 people
• City population: 60,106
• Metro: Dubuque, IA
• Population (ZIP): 43,101
• Household income: $61,643
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 1940.0

Population outlook (Dubuque County) Hauer SSP2

• Today (2025): 103,359 people
• By 2030: 106,472 · +3.0%
• By 2040: 112,043 · +8.4%
• By 2050: 116,553 · +12.8%
• By 2075: 128,014 · +23.9%
• By 2100: 132,892 · +28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 5% Hispanic / Latino 4% Asian 1% Pacific Islander 1%
• Common ancestry: Portuguese 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3% Tagalog/Filipino 1% Other Asian/Pacific 1%

Political lean MEDSL · Dubuque

• 2024 margin: Lean R (+8.6) · D 45.1% · R 53.7% · Other 1.2%
• 2008→2024 swing: -29.4pp toward R · 2008: 20.8pp · 2024: -8.6pp
• All cycles: 2024: R+8.6 2020: R+2.9 2016: R+1.2 2012: D+14.5 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.36%
• Current HPI: 173.5536
• Rent YoY: ▲ 5.63%
• Metro: Dubuque, 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

2 events — show timeline

• 2026-05-16 Pending — ECIMLS
• 2026-04-13 Listed $40,000 ECIMLS

Property tax history

+0.3%/yr

Latest (2025): $994 · +3.1% YoY. Source: county tax records.