2498 Central Ave · Dubuque, IA 52001

$229,900

4 bd · 3.0 ba · 2,390 sqft · MultiFamily public records · 14 Days on market

Built 1880 Est $182k · 27% over

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Why this score? — see what drove the D+ 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 +20.2/30.0
• DSCR +6.4/10.0
• Schools +5.5/10.0
• 1% rule +4.8/10.0
• Livability +4.5/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Stunning Interior, separate utilities paid by tenant, tenant does yard/sidewalk. Shed and porch in back, room to park 2 cars on grass. Bee Branch alley. Gorgeous rooms high ceilings, gutted and rehabbed. Lower level just finished, will be rented soon. Laundry area on both levels. Beautifully done would be a great owner occupied situation.

Key facts

• Built 1880
• Listed 13 days

Tags

• INCOME PRODUCING DUPLEX
• EXTENSIVELY RENOVATED
• NEW LAMINATE FLOORING
• NEW STAINLESS STEEL APPLIANCES
• NEW KITCHEN PLUMBING FIXTURE
• BRAND NEW REAR COVERED PORCH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive. Per door: $145/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (1.8% below list).
• Recommended offer: $226k (1.8% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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.
• Market conditions: Rents rising fast (+5.6%/yr); 225 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• This rent runs 44% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Dubuque County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $140k; list at $230k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $225,700 (1.8% below list)

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 1880 — 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 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 7.80%
• Cash-on-cash: 5.39%
• DSCR: 1.24
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $181,640
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2138 White St	0.35mi	5/2.0 (+1)	2,304 (-4%)	15mo	$184,000	$80	57
2164 Jackson St	0.33mi	5/2.0 (+1)	2,158 (-10%)	4mo	$155,000	$72	56
2123 Central Ave	0.37mi	5/4.0 (+1)	2,496 (+4%)	15mo	$195,000	$78	54
2412 Central Ave	0.08mi	3/2.0 (-1)	2,128 (-11%)	22mo	$75,000	$35	51
506 W Locust St Unit 508 W Locust	0.62mi	4/2.0	2,520 (+5%)	9mo	$100,000	$40	50
2763 Jackson St	0.39mi	5/2.0 (+1)	2,152 (-10%)	16mo	$184,950	$86	43
2072 N Main St	0.41mi	5/2.0 (+1)	2,216 (-7%)	23mo	$175,000	$79	41
535 W 17th St	0.74mi	4/2.0	2,308 (-3%)	19mo	$175,000	$76	40
431 W 16th St	0.74mi	3/1.0 (-1)	2,338 (-2%)	15mo	$122,500	$52	36
1636 Jackson St	0.69mi	5/2.0 (+1)	2,156 (-10%)	16mo	$160,000	$74	29

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: -5.2%
• Equity multiple: 0.80×
• Total profit: $-12,735
• Equity at exit: $34,279

10-year hold

• IRR: 7.2%
• Equity multiple: 1.61×
• Total profit: $39,069
• Equity at exit: $19,878

Cash invested: $64,372 (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: 225
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $2,257 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$192 /mo · $2,310/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $289

Break-even live

Break-even rent $1,891

Max offer price $229,900

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,258
Total (2 units)			$2,257

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1199 Central Ave Unit 302 Dubuque, IA	4.0	3.0	2339	$2,850	$1.22	44d	1	0.94mi
597 Jefferson St Rm 3 Dubuque, IA	5.0	2.0	1800	$550	$0.31	44d	1	1.10mi
500 Hill St Unit 2 Dubuque, IA	3.0	1.0	1900	$1,910	$1.01	44d	1	1.43mi

Listing history 12 events

1. 2026-06-19
   days on market $229,900 Active 14 DOM
2. 2026-06-18
   days on market $229,900 Active 13 DOM
3. 2026-06-17
   days on market $229,900 Active 12 DOM
4. 2026-06-16
   days on market $229,900 Active 11 DOM
5. 2026-06-15
   days on market $229,900 Active 10 DOM
6. 2026-06-14
   days on market $229,900 Active 8 DOM
7. 2026-06-13
   days on market $229,900 Active 7 DOM
8. 2026-06-10
   days on market $229,900 Active 5 DOM
9. 2026-06-09
   days on market $229,900 Active 4 DOM
10. 2026-06-08
    days on market $229,900 Active 3 DOM
11. 2026-06-07
    remarks 643-char remark
12. 2026-06-07
    listed $229,900 Active 2 DOM

ⓘ 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: $2,310 · $192/mo
• Projected year-2 tax: $2,960 · $247/mo
• Expected delta: +$650/yr (+$54/mo · 28.1%)

ⓘ 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 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: $27,084
• − Mortgage interest: −$12,878
• − Property taxes: −$2,310
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,167
• − Management: −$2,167
• − Depreciation: −$6,688
• Taxable loss: −$275
• Est. tax savings @ 24.0%: +$66
• After-tax cash flow: $3,535/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

+46.0% since first listed

4 events — show timeline

• 2026-06-06 Listed $229,900 FSBO.com
• 2016-10-24 Sold (Public Records) $140,000 Public Records
• 2016-10-21 Sold (MLS) $140,000 ECIMLS
• 2016-08-08 Listed $157,500 ECIMLS

Property tax history

+6.9%/yr

Latest (2025): $2,310 · +2.9% YoY. Source: county tax records.