1229 & 1233 Rhomberg Ave · Dubuque, IA 52001

$324,500

4 bd · 2.5 ba · 1,952 sqft · MultiFamily public records · 46 Days on market

Built 1904 $166/sqft · 276% above area Est $228k · 43% over

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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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +6.7/10.0
• Schools +5.5/10.0
• 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 (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Turnkey 4-plex investment opportunity featuring three very spacious residential units and one long-term commercial daycare tenant. This exceptionally maintained solid all-brick building offers solid cash flow and numerous upgrades, including tinted plate glass front windows in the commercial unit. Plus newer boilers and forced air and much more. Features include separate utilities (electric/gas), 3 porches, fenced yard, and 5-car off-street parking. Fully rented and ready for day one cash flow! Excellent investment!!

Key facts

• Separate utilities
• Newer boilers
• Forced air

Tags

• 4-PLEX INVESTMENT OPPORTUNITY
• SPACIOUS RESIDENTIAL UNITS
• SOLID ALL-BRICK BUILDING
• NEWER BOILERS
• FORCED AIR
• SEPARATE UTILITIES

Property features AI

Finance

• Financial info: Reported actual rents: examples include $600, $700, $950, and $1,000 for different units

Exterior

• Parking: Off-street parking
• Home design: Residential income property (quadplex); Two-story building; Lot configured as 25 x 137 (two parcels indicated); Zoned residential and commercial
• Construction: Brick construction; Stone foundation
• Exterior features: Rubber and shingle roofs

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Unit mix includes 4-bedroom, 3-bedroom and 2-bedroom units
• Bathrooms: Units generally have 1 bathroom each
• Heating & cooling: Central air and wall AC units; Forced air and hot water heating; Electric and natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $324k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $324k).
• Recommended offer: $315k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: Marshall Elementary School (math 52% / reading 52%, grade C-, #494 of 616 statewide, top 83%, 330 students, 62% FRL); Dubuque Senior High School (math 63% / reading 74%, grade B, #181 of 336 statewide, top 54%, 1,435 students, 36% FRL) — zoned schools average 49% FRL vs 32% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 225 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 473 units permitted in Dubuque County in 2024 (319 in 5+ unit buildings).
• At $3,787/mo this rent would consume 74% of the median local household income ($62k/yr) (locally 1940% 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 $10k 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 $91k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $314,765 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.17% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.96%
• DSCR: 1.62
• GRM: 7.1

CMA / ARV

• ARV (median comp): $227,567
• List price: $324,500
• Delta: 42.60%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
808 Rhomberg Ave	0.34mi	4/3.0	2,000 (+2%)	2mo	$138,000	$69	76
1255 High Bluff St	0.11mi	4/2.0	1,872 (-4%)	14mo	$148,000	$79	75
2643 Windsor Ave	0.56mi	4/2.0	1,707 (-13%)	11mo	$170,000	$100	42
2164 Jackson St	0.72mi	5/2.0 (+1)	2,158 (+11%)	4mo	$155,000	$72	38

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: 6.8%
• Equity multiple: 1.27×
• Total profit: $24,910
• Equity at exit: $48,384

10-year hold

• IRR: 18.2%
• Equity multiple: 2.68×
• Total profit: $152,406
• Equity at exit: $28,057

Cash invested: $90,860 (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: 28.6×

Monthly cashflow live

• Estimated rent: $3,787 medium
• Mortgage (P&I): −$1,702
• Tax from tax record: −$98 /mo · $1,170/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$795
• Net cashflow: $1,057

Break-even live

Break-even rent $2,449

Max offer price $324,500

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,788
Total (4 units)			$3,787

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: $81,125
• Closing costs: $9,735
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 Central Ave Unit 1513-1 Dubuque, IA	3.0	1.0	1374	$1,175	$0.86	44d	1	1.06mi
1199 Central Ave Unit 302 Dubuque, IA	4.0	3.0	2339	$2,850	$1.22	44d	1	1.21mi

Listing history 18 events

1. 2026-06-19
   days on market $324,500 Active 46 DOM
2. 2026-06-18
   days on market $324,500 Active 45 DOM
3. 2026-06-17
   days on market $324,500 Active 44 DOM
4. 2026-06-16
   days on market $324,500 Active 43 DOM
5. 2026-06-15
   days on market $324,500 Active 42 DOM
6. 2026-06-14
   days on market $324,500 Active 40 DOM
7. 2026-06-13
   days on market $324,500 Active 39 DOM
8. 2026-06-10
   days on market $324,500 Active 37 DOM
9. 2026-06-09
   days on market $324,500 Active 36 DOM
10. 2026-06-08
    days on market $324,500 Active 35 DOM
11. 2026-06-07
    days on market $324,500 Active 34 DOM
12. 2026-06-05
    days on market $324,500 Active 31 DOM
13. 2026-06-03
    days on market $324,500 Active 30 DOM
14. 2026-06-02
    days on market $324,500 Active 29 DOM
15. 2026-06-01
    days on market $324,500 Active 28 DOM
16. 2026-05-31
    days on market $324,500 Active 27 DOM
17. 2026-05-30
    days on market $324,500 Active 26 DOM
18. 2026-05-04
    listed $324,500 Active 523-char remark

ⓘ 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: $1,170 · $98/mo
• Projected year-2 tax: $3,132 · $261/mo
• Expected delta: +$1,962/yr (+$164/mo · 167.7%)

ⓘ 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: $45,444
• − Mortgage interest: −$18,177
• − Property taxes: −$1,170
• − Insurance: −$1,622
• − Repairs & maintenance: −$3,636
• − Management: −$3,636
• − Depreciation: −$9,440
• Taxable income: $7,763
• Est. tax owed @ 24.0%: −$1,863
• After-tax cash flow: $10,824/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

1 event — show timeline

• 2026-05-04 Listed $324,500 ECIMLS

Property tax history

-0.1%/yr

Latest (2025): $1,170 · +3.2% YoY. Source: county tax records.