827 W Madison St · Washington, IA 52353

$139,900

4 bd · 2.5 ba · 1,770 sqft · SingleFamily public records · 156 Days on market

Built 1917 9,148 sqft lot $79/sqft · 17% below area Est $168k · 17% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +14.0/30.0
• Schools +4.9/10.0
• 1% rule +4.7/10.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Four-bedroom home with strong potential for remodel or rental investment. The primary bedroom includes a convenient half bath, and laundry is located on the main level. The property offers a functional layout, full basement with usable room, and solid bones ready for updates. Recent improvements include a new roof in 2022 and an updated breaker box in 2023. The home is being sold as is, offering an opportunity for buyers looking to update and add value.

Key facts

• Updated breaker box
• Convenient half bath
• Full basement

Tags

• CONVENIENT HALF BATH
• LAUNDRY ON MAIN LEVEL
• FULL BASEMENT
• NEW ROOF
• UPDATED BREAKER BOX

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $18 ($215/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 $136k (2.6% below list).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% vs local median 3.2% in Washington — 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 (#114 in IA, #2,173 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, commute F.
• Washington Community School District (town): math 53% / reading 62% proficiency, ranked #254 of 289 in IA (top 88%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 69 active listings in the ZIP; 42 units permitted in Washington County in 2024 (12 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Washington County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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 $77k; list at $140k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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 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: 0.97% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 8.6

CMA / ARV

• ARV (median comp): $167,702
• List price: $139,900
• Delta: -16.58%
• 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
827 W Madison St	0.00mi	4/2.0	1,770 (0%)	0mo	$131,000	$74	98
515 W Monroe St	0.28mi	3/2.0 (-1)	1,830 (+3%)	2mo	$209,900	$115	73
527 W Madison St	0.24mi	4/2.5	1,976 (+12%)	0mo	$230,000	$116	69
502 S 2nd Ave	0.65mi	4/2.0	1,728 (-2%)	2mo	$217,500	$126	62
415 S Ave D	0.29mi	4/1.5	1,568 (-11%)	3mo	$163,000	$104	61
221 S Ave. D	0.31mi	4/1.0	1,958 (+11%)	2mo	$100,000	$51	60
308 N Avenue C	0.54mi	4/2.0	1,678 (-5%)	5mo	$91,000	$54	60
618 W Main St	0.30mi	3/1.0 (-1)	1,913 (+8%)	3mo	$157,500	$82	59
515 W Main St	0.34mi	3/1.5 (-1)	1,660 (-6%)	10mo	$250,000	$151	56
839 S Marion Ave	0.60mi	4/1.5	1,664 (-6%)	8mo	$118,000	$71	52
315 W Washington Blvd	0.41mi	3/1.5 (-1)	1,536 (-13%)	5mo	$196,000	$128	45
526 S Marion Ave	0.52mi	3/1.5 (-1)	1,536 (-13%)	9mo	$66,000	$43	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-21,451
• Equity at exit: $20,860

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-16,897
• Equity at exit: $12,096

Cash invested: $39,172 (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 52353

• Home prices YoY: -9.8%
• Active inventory: 69
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,362 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$266 /mo · $3,194/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $18

Break-even live

Break-even rent $1,339

Max offer price $139,900

Occupancy floor 94%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-13
   days on market $139,900 Active 156 DOM
2. 2026-06-12
   days on market $139,900 Active 155 DOM
3. 2026-06-09
   days on market $139,900 Active 152 DOM
4. 2026-06-08
   days on market $139,900 Active 151 DOM
5. 2026-06-07
   days on market $139,900 Active 150 DOM
6. 2026-06-04
   days on market $139,900 Active 146 DOM
7. 2026-06-02
   days on market $139,900 Active 145 DOM
8. 2026-06-01
   days on market $139,900 Active 144 DOM
9. 2026-05-31
   days on market $139,900 Active 143 DOM
10. 2026-05-31
    days on market $139,900 Active 142 DOM
11. 2026-01-08
    listed $139,900 Active 457-char remark

    Show marketing remark (457 chars)

    Four-bedroom home with strong potential for remodel or rental investment. The primary bedroom includes a convenient half bath, and laundry is located on the main level. The property offers a functional layout, full basement with usable room, and solid bones ready for updates. Recent improvements include a new roof in 2022 and an updated breaker box in 2023. The home is being sold as is, offering an opportunity for buyers looking to update and add value.

12. 2012-10-18
    soldstatus $77,000
13. 2012-04-23
    listed $79,900

ⓘ 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: $3,194 · $266/mo
• Projected year-2 tax: $3,194 · $266/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 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: $16,345
• − Mortgage interest: −$7,837
• − Property taxes: −$3,194
• − Insurance: −$700
• − Repairs & maintenance: −$1,308
• − Management: −$1,308
• − Depreciation: −$4,070
• Taxable loss: −$2,070
• Est. tax savings @ 24.0%: +$497
• After-tax cash flow: $712/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: Washington Community School District
• NCES district ID: 1930240
• Math proficiency: 53% ▲ 2.00%
• Reading proficiency: 62% ▲ 3.00%
• Median HH income: $49,190
• Composite: 48.89/100
• National rank: #2078
• State rank: #254 of 289 in IA

Livability — Washington

• Score: 79/100
• State rank: #114
• US rank: #2173

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washington, IA
• City population: 9,072
• Population (ZIP): 9,072

Population outlook (Washington County) Hauer SSP2

• Today (2025): 23,102 people
• By 2030: 23,487 · +1.7%
• By 2040: 24,164 · +4.6%
• By 2050: 24,595 · +6.5%
• By 2075: 25,969 · +12.4%
• By 2100: 24,700 · +6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 12% Two or more races 5%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 3% Portuguese 2% Romanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 7% Chinese 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+24.4) · D 37.2% · R 61.6% · Other 1.2%
• 2008→2024 swing: -23.7pp toward R · 2008: -0.7pp · 2024: -24.4pp
• All cycles: 2024: R+24.4 2020: R+20.5 2016: R+20.6 2012: R+4.2 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.25%
• Current HPI: 231.7933
• 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

+75.1% since first listed

3 events — show timeline

• 2026-01-08 Listed $139,900 ICAARMLS
• 2012-10-18 Sold (Public Records) $77,000 Public Records
• 2012-04-23 Listed $79,900 ICAARMLS

Property tax history

+4.4%/yr

Latest (2025): $3,194 · +2.5% YoY. Source: county tax records.