909 28th St SE · Cedar Rapids, IA 52403

$180,000

None bd · None ba · 3,390 sqft · MultiFamily

Built 1967 Poor condition 6,970 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Opportunity knocks on this sixplex. All units nicely updated in the last five years, including kitchens, windows, floor coverings and roof. Five units currently rented. Completely electric building. Tenants pay electric service for their apartments. All electric heat, tenant paid. Landlord pays water, trash and common area electric. REPO property. Sold AS IS. All offers must be accompanied by a preapproval letter. Six One bedroom units. Coin op laundry on site. Recently passed city of Cedar Rapids rental inspection. Certificate attached.

Key facts

• 6,970 sq ft lot
• Built 1967

What this means for you Summary

Snapshot

• This is a multifamily listed at $180k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $180k).
• Cap rate 17.6% vs local median 3.5% in Cedar Rapids — 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 78/100 on livability (#134 in IA, #2,474 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, commute F.
• Cedar Rapids Community School District (urban): math 50% / reading 59% proficiency, ranked #265 of 289 in IA (top 92%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Erskine Elementary School (math 52% / reading 52%, grade C-, #494 of 616 statewide, top 83%, 293 students, 0% FRL); Mckinley Steam Academy (math 45% / reading 55%, grade C, #216 of 246 statewide, top 88%, 448 students, 52% FRL); George Washington High School (math 44% / reading 62%, grade C-, #296 of 336 statewide, top 88%, 1,291 students, 49% FRL).
• Market conditions: Rents rising fast (+14.7%/yr); 236 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).
• At $3,725/mo this rent would consume 60% of the median local household income ($75k/yr) (locally 452% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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 $125k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $180,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.07% ✓
• Cap rate: 17.62%
• Cash-on-cash: 40.45%
• DSCR: 2.80
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 42.5%
• Equity multiple: 2.96×
• Total profit: $98,772
• Equity at exit: $26,839

10-year hold

• IRR: 50.9%
• Equity multiple: 7.25×
• Total profit: $315,158
• Equity at exit: $15,563

Cash invested: $50,400 (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 52403

• Rents YoY: 14.7%
• Active inventory: 236
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $3,725 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$782
• Net cashflow: $1,699

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,726
Total (3 units)			$3,725

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-21
   historical
2. 2026-05-20
   listed $180,000
3. 2014-11-28
   soldstatus $125,000 543-char remark

   Show marketing remark (543 chars)

   Opportunity knocks on this sixplex. All units nicely updated in the last five years, including kitchens, windows, floor coverings and roof. Five units currently rented. Completely electric building. Tenants pay electric service for their apartments. All electric heat, tenant paid. Landlord pays water, trash and common area electric. REPO property. Sold AS IS. All offers must be accompanied by a preapproval letter. Six One bedroom units. Coin op laundry on site. Recently passed city of Cedar Rapids rental inspection. Certificate attached.

4. 2014-04-01
   listed $139,950 543-char remark

   Show marketing remark (543 chars)

   Opportunity knocks on this sixplex. All units nicely updated in the last five years, including kitchens, windows, floor coverings and roof. Five units currently rented. Completely electric building. Tenants pay electric service for their apartments. All electric heat, tenant paid. Landlord pays water, trash and common area electric. REPO property. Sold AS IS. All offers must be accompanied by a preapproval letter. Six One bedroom units. Coin op laundry on site. Recently passed city of Cedar Rapids rental inspection. Certificate attached.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $44,700
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$3,576
• − Management: −$3,576
• − Depreciation: −$5,236
• Taxable income: $18,629
• Est. tax owed @ 24.0%: −$4,471
• After-tax cash flow: $15,915/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.

Condition & rehab AI · 6 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to bring it up to current standards, significantly impacting its resale and rental value.

Repairs flagged

• Major exterior siding — Significant damage
• Major interior walls — Peeling paint
• Major kitchen appliances — Basic and outdated
• Major bathroom fixtures — No visible updates

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet — Freshens interior and improves comfort
• Both Upgrade kitchen appliances — Modernizes space and attracts buyers
• Both Install new bathroom fixtures — Enhances functionality and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant damage	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
kitchen appliances · Basic and outdated	Major	$15,000–50,000
bathroom fixtures · No visible updates	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet — Freshens interior and improves comfort ↑
• Both Upgrade kitchen appliances — Modernizes space and attracts buyers ↑
• Both Install new bathroom fixtures — Enhances functionality and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Cedar Rapids Community School District
• NCES district ID: 1906540
• Math proficiency: 50% ▼ -12.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $53,568
• Composite: 46.82/100
• National rank: #2378
• State rank: #265 of 289 in IA

Livability — Cedar Rapids

• Score: 78/100
• State rank: #134
• US rank: #2474

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Rapids, IA
• County: Linn County · 179,860 people
• City population: 137,154
• Metro: Cedar Rapids, IA
• Population (ZIP): 22,551
• Household income: $74,703
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 452.0

Population outlook (Linn County) Hauer SSP2

• Today (2025): 239,589 people
• By 2030: 248,587 · +3.8%
• By 2040: 264,817 · +10.5%
• By 2050: 278,685 · +16.3%
• By 2075: 311,754 · +30.1%
• By 2100: 336,773 · +40.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 7% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 3% Slovak 3% Portuguese 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Linn

• 2024 margin: Lean D (+9.9) · D 54.2% · R 44.3% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 21.5pp · 2024: 9.9pp
• All cycles: 2024: D+9.9 2020: D+13.7 2016: D+9.0 2012: D+17.6 2008: D+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.15%
• Current HPI: 196.1114
• Rent YoY: ▲ 14.67%
• Metro: Cedar Rapids, 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

+28.6% since first listed

4 events — show timeline

• 2026-05-21 Delisted — CRAAR, CDRMLS
• 2026-05-20 Listed $180,000 CRAAR, CDRMLS
• 2014-11-28 Sold (MLS) $125,000 CRAAR, CDRMLS
• 2014-04-01 Listed $139,950 CRAAR, CDRMLS