1123 E Washington St · Iowa City, IA 52245

$300,000

5 bd · 3.0 ba · 2,133 sqft · MultiFamily public records · 135 Days on market

Built 1930 8,000 sqft lot $141/sqft · 10% above area Est $362k · 17% under

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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 +18.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.7/10.0
• Schools +5.7/10.0
• Livability +4.3/5.0
• Rent growth +4.0/5.0
• 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 MLS

IOWA CITY INVESTMENT OPPORTUNITY Ideally located 2-unit home near Downtown and UI Campus. Features up/down units with hardwood flooring and a strong rental history. Includes rare off-street parking plus street access. Perfect for investors seeking stability and upside in a premier rental market. Act fast—properties this close to campus are rarely available! * 24 hour notice to show

Key facts

• Hardwood flooring
• Off street parking
• Near downtown

Tags

• 2 UNIT HOME
• HARDWOOD FLOORING
• OFF STREET PARKING
• STRONG RENTAL HISTORY
• NEAR DOWNTOWN
• UI CAMPUS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive. Per door: $154/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• Market conditions: Rents rising fast (+6.0%/yr); 204 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• At $3,205/mo this rent would consume 49% of the median local household income ($78k/yr) (locally 1268% 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 $9k 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.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $264,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.39%
• DSCR: 1.20
• GRM: 7.8

CMA / ARV

• ARV (median comp): $361,710
• List price: $300,000
• Delta: -17.06%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.97% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.77×
• Total profit: $-19,032
• Equity at exit: $44,731

10-year hold

• IRR: 7.2%
• Equity multiple: 1.62×
• Total profit: $52,225
• Equity at exit: $25,939

Cash invested: $84,000 (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 52245

• Rents YoY: 6.0%
• Active inventory: 204
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $3,205 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$526 /mo · $6,316/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$673
• Net cashflow: $307

Break-even live

Break-even rent $2,816

Max offer price $300,000

Occupancy floor 85%

Sensitivity live

Price	-10% $477	-5% $392	+0% $307	+5% $222	+10% $138
Rent	-10% $54	-5% $181	+0% $307	+5% $434	+10% $561
Rate	-1.0pp $458	-0.5pp $384	base $307	+0.5pp $230	+1.0pp $151

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,204
Total (2 units)			$3,205

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
909 N Governor St Iowa City, IA	4.0	1.0	1484	$2,400	$1.62	45d	1	0.83mi

Listing history 22 events

1. 2026-06-19
   days on market $300,000 Active 135 DOM
2. 2026-06-18
   days on market $300,000 Active 134 DOM
3. 2026-06-17
   days on market $300,000 Active 133 DOM
4. 2026-06-16
   days on market $300,000 Active 132 DOM
5. 2026-06-15
   days on market $300,000 Active 131 DOM
6. 2026-06-14
   days on market $300,000 Active 129 DOM
7. 2026-06-13
   days on market $300,000 Active 128 DOM
8. 2026-06-10
   days on market $300,000 Active 126 DOM
9. 2026-06-09
   days on market $300,000 Active 125 DOM
10. 2026-06-08
    days on market $300,000 Active 124 DOM
11. 2026-06-07
    days on market $300,000 Active 123 DOM
12. 2026-06-05
    days on market $300,000 Active 120 DOM
13. 2026-06-03
    days on market $300,000 Active 119 DOM
14. 2026-06-02
    days on market $300,000 Active 118 DOM
15. 2026-06-01
    days on market $300,000 Active 117 DOM
16. 2026-05-31
    days on market $300,000 Active 116 DOM
17. 2026-05-30
    days on market $300,000 Active 115 DOM
18. 2026-04-11
    price $300,000 390-char remark

    Show marketing remark (390 chars)

    IOWA CITY INVESTMENT OPPORTUNITY Ideally located 2-unit home near Downtown and UI Campus. Features up/down units with hardwood flooring and a strong rental history. Includes rare off-street parking plus street access. Perfect for investors seeking stability and upside in a premier rental market. Act fast—properties this close to campus are rarely available! * 24 hour notice to show

19. 2026-02-03
    listed $315,000 Active 390-char remark

    Show marketing remark (390 chars)

    IOWA CITY INVESTMENT OPPORTUNITY Ideally located 2-unit home near Downtown and UI Campus. Features up/down units with hardwood flooring and a strong rental history. Includes rare off-street parking plus street access. Perfect for investors seeking stability and upside in a premier rental market. Act fast—properties this close to campus are rarely available! * 24 hour notice to show

20. 2024-04-10
    historical $1,350
21. 2024-03-13
    listed $1,350
22. 2022-05-23
    price $1,200

ⓘ 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: $6,316 · $526/mo
• Projected year-2 tax: $6,316 · $526/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 ≥105°F today · 16 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: $38,460
• − Mortgage interest: −$16,805
• − Property taxes: −$6,316
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,077
• − Management: −$3,077
• − Depreciation: −$8,727
• Taxable loss: −$1,042
• Est. tax savings @ 24.0%: +$250
• After-tax cash flow: $3,939/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): 22,853
• Household income: $78,020
• Rent vs Own: 40.4% rent · 59.6% own
• Severe rent burden: 1268.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 5% Asian 4% Two or more races 4% Black 3%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Romanian 3% Italian 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 3% Chinese 1% Other Indo-European 1%

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: ▼ -205.41%
• Current HPI: 164.751
• Rent YoY: ▲ 5.97%
• 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

+24900.0% since first listed

5 events — show timeline

• 2026-04-11 Price Changed $300,000 ICAARMLS
• 2026-02-03 Listed $315,000 ICAARMLS
• 2024-04-10 Rental Removed $1,350 APPFOLIO
• 2024-03-13 Listed for Rent $1,350 APPFOLIO
• 2022-05-23 Price Changed $1,200 APPFOLIO

Property tax history

+2.5%/yr

Latest (2025): $6,316 · +1.3% YoY. Source: county tax records.