Pending

Price cut: $20.6K (4/27)

$399,900

1237 Melrose Ave, Iowa City, IA 52246

4beds

1,540sqft

Get pre-qualified

Single Family Residence, Residential

Built in 1954

6,969 Square Feet Lot

$391,100 Zestimate^®

$260/sqft

$-- HOA

What's special

Updates throughout the homeFunctional layout

Prime Iowa City investment opportunity 3 blocks from the University of Iowa & UI Hospitals & Clinics. This versatile property offers strong rental appeal with a functional layout and key updates already completed. The main level features 3 bedrooms, while the lower level includes a 4th bedroom or flexible family room option, ideal for maximizing rental income or accommodating multiple living arrangements. Updates throughout the home, giving it a refreshed feel. Major improvement includes a newly updated foundation completed in 2025, offering peace of mind for investors looking for a solid, low-maintenance asset. The location alone checks all the boxes with consistent demand from students, medical professionals, & university staff. Whether you’re adding to your portfolio or looking for a property in one of Iowa City’s most reliable rental corridors, this Melrose Ave home is a smart move with built-in demand and flexibility.

188 days

420

16

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 4
Bathrooms: 1
Full bathrooms: 1

Heating

Electric, Steam

Cooling

Central Air

Appliances

Included: Dryer, Range Or Oven, Refrigerator, Washer

Features

Other
Basement: Block,Finished
Has fireplace: No
Fireplace features: None

Interior area

Total structure area: 1,540
Total interior livable area: 1,540 sqft
Finished area above ground: 1,040
Finished area below ground: 500

Property

Parking

Total spaces: 1
Parking features: Garage - Attached
Has attached garage: Yes

Features

Patio & porch: Deck

Lot

Size: 6,969 Square Feet
Dimensions: 60 x 125
Features: Less Than Half Acre

Details

Parcel number: 1016229005
Zoning: Residential
Special conditions: Standard

Construction

Type & style

Home type: SingleFamily
Property subtype: Single Family Residence, Residential

Materials

Aluminum Siding, Frame

Condition

Year built: 1954

Utilities & green energy

Sewer: Public Sewer
Water: Public

Community & HOA

Community

Features: None
Subdivision: No

Location

Region: Iowa City

Financial & listing details

Price per square foot: $260/sqft
Tax assessed value: $276,000
Annual tax amount: $4,451
Date on market: 1/9/2026
Listing terms: Cash,Contract,Conventional

Estimated market value

$391,100

$372,000 - $411,000

$1,998/mo

Price history

Date	Event	Price
6/15/2026	Pending sale	$399,900$260/sqft
Source: CRAAR, CDRMLS #2600132 Report a problem
4/27/2026	Price change	$399,900-4.9%$260/sqft
Source: CRAAR, CDRMLS #2600132 Report a problem
4/8/2026	Price change	$420,500-2.2%$273/sqft
Source: CRAAR, CDRMLS #2600132 Report a problem
3/20/2026	Price change	$429,924-3.2%$279/sqft
Source: CRAAR, CDRMLS #2600132 Report a problem
1/23/2026	Price change	$444,111-1.3%$288/sqft
Source: CRAAR, CDRMLS #2600132 Report a problem
1/9/2026	Listing removed	$3,450$2/sqft
Source: Zillow Rentals Report a problem
1/6/2026	Listed for sale	$450,000+109.3%$292/sqft
Source: CRAAR, CDRMLS #2600132 Report a problem
12/8/2025	Price change	$3,450-11.5%$2/sqft
Source: Zillow Rentals Report a problem
10/9/2025	Listed for rent	$3,900+143.8%$3/sqft
Source: Zillow Rentals Report a problem
3/24/2021	Listing removed	--
Source: Owner Report a problem
6/18/2013	Listing removed	$215,000$140/sqft
Source: Owner Report a problem
5/7/2013	Pending sale	$215,000$140/sqft
Source: Owner Report a problem
5/7/2013	Listed for sale	$215,000$140/sqft
Source: Owner Report a problem
4/24/2013	Listing removed	$1,600$1/sqft
Source: Owner Report a problem
2/23/2013	Listed for rent	$1,600$1/sqft
Source: Owner Report a problem

Public tax history

Year	Property taxes	Tax assessment
2025	$4,282 -6.3%	$276,000 +2.9%
2024	$4,569 +0.6%	$268,100
2023	$4,542 +5.1%	$268,100 +15.6%
2022	$4,320 +2.5%	$231,900
2021	$4,216 +3.6%	$231,900
2020	$4,070 +15.6%	--
2019	$3,522	--
2018	$3,522 +2%	$191,700
2017	$3,452 +7.4%	$191,700 +7.2%
2016	$3,214 +0.7%	$178,900 -1.2%
2015	$3,192 -1%	$181,000 -0.7%
2014	$3,224	$182,300 +4.5%
2012	--	$174,380
2011	--	$174,380 +16.4%
2009	--	$149,800
2008	--	$149,800 +40.9%
2005	$1,598 +2.4%	$106,350
2004	$1,560 +1.7%	$106,350 +7.8%
2003	$1,534 +3%	$98,690 -0.5%
2002	$1,490 +6%	$99,190 +9.4%
2001	$1,406	$90,690

Find assessor info on the county website

Monthly payment

Est. payment

Payment breakdown

Explore the cost of this home by adjusting the details. Changes won't be saved.

Principal & interest
$1,547
Mortgage insurance
$0
Property taxes
$170
Home insurance
$105
HOA fees
$0
Utilities
Not included

All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.

HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.

Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.

See how much you could borrow to make a competitive offer.

Get pre-qualified

Climate risks

Neighborhood: 52246

Getting around

39 / 100

Car-Dependent

48 / 100

Some Transit

65 / 100

Bikeable

Nearby schools

GreatSchools rating

5/10
Ernest Horn Elementary School
Grades: PK-5Distance: 0.5 mi
5/10
Northwest Junior High School
Grades: 6-8Distance: 2.3 mi
8/10
West Senior High School
Grades: 9-12Distance: 1.2 mi

Schools provided by the listing agent

Elementary: Horn
Middle: Northwest
High: West

Source: Iowa City Area AOR. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.