Selling Occupied SFR Home in Davenport IA - Rented at $1,300 a month

[Sean L.]

I have owned a SFR in Davenport IA since late 2020. I purchased it from a turnkey operator / Property manager who admittedly doesn't have the best reputation but such is life. Property is a 3 bed, 1.5 bath, an unfinished basement with laundry hook-ups, and on street parking. Address and Zillow Link at the bottom of the post. Entertaining all offers.

After initially shuffling around to a few different PM companies it has largely been occupied over the last 5 years. It is in fine condition but may require some modest work in the future and I don't want to misrepresent anything. I just put money into the property to fix things up after a tenant left end of 2024. I have just signed up a quality tenant at $1,300 a month rent who is moving in on June 1, 2025. I received multiple applications and lots of interest rental interest in the property but set a relatively high bar from a tenant screening perspective. I received applications at an initial rental price of ~$1,450 a month but most of them didn't pass the smell test (credit quality, criminal records) so I opted to lower the rent to $1,300 and lease to a higher credit quality tenant. But, depending on your personal risk tolerance, there is likely the ability to re-lease at a higher rate next year.

I wanted to fully disclose the backstory and context above so people have the full history. In short, the property is now stabilized at a healthy rental level and ready for its next owner. I am selling because I don't live in the area and this has become to much of a time sink relative to the small dollars at work. I just want to exit the asset and have my time back. As everyone on this forum knows, out of state property management, even with a PM company in place, still requires time/work and I am ready to move on. The team managing it now are great.

I currently have a mortgage in place but it is not assumable. 

Accepting any and all offers. Happy to trade a bit on price for certainty of closing / no contingencies but obviously you're welcome to do a walkthrough to decide if you actually want it.

Address: 520 South Clark Street, Davenport IA 52802

Zillow: 520 South Clark Street, Davenport IA (Zillow)