2939 SW 12th Ave · Cedar Rapids, IA 52404

$3,300,000

None bd · 5.0 ba · 40,000 sqft · MultiFamily · 95 Days on market

Built 1975 Poor condition ↓ 4% since listing

---

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 +4.7/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great opportunity to acquire Creekside Apartments. This property, located just off Williams Blvd SW and 16th Ave SW in Cedar Rapids, Iowa, consists of 76 residential apartment units. Unit makeup consists of 17 Studios, 38 1Bd/1Ba, 16 1Bd/1Ba (2 lvl), 4 2Bd/1Ba, and 1 3Bd/2Ba. The sale also includes 13 attached garage units. The property sits on approximately 2.006 Acres of ground and contains 92 surface parking stalls and a common-area laundry room.

Key facts

• 4 parking spots
• Built 1975
• Listed 94 days

What this means for you Summary

Snapshot

• This is a ?-bed/5.0-bath multifamily listed at $3.30M. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $32k ($382k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($69k rent vs $3.30M).
• Recommended offer: $3.00M (9.0% below list) — sets the bar for market timing.
• Cap rate 17.9% 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.
• Market conditions: Rents rising fast (+8.8%/yr); 415 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).
• At $69,212/mo this rent would consume 1342% of the median local household income ($62k/yr) (locally 1041% 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 $23k of loan paydown is wiped out by about $99k 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 $924k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($3.00M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $3,003,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.10% ✓
• Cap rate: 17.88%
• Cash-on-cash: 41.39%
• DSCR: 2.84
• 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: 43.6%
• Equity multiple: 3.02×
• Total profit: $1,862,012
• Equity at exit: $492,041

10-year hold

• IRR: 51.8%
• Equity multiple: 7.39×
• Total profit: $5,904,288
• Equity at exit: $285,324

Cash invested: $924,000 (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 52404

• Rents YoY: 8.8%
• Active inventory: 415
• Price-to-rent: 308.0×

Monthly cashflow live

• Estimated rent: $69,212 medium
• Mortgage (P&I): −$17,306
• Tax est. 1.5%: −$4,125 /mo · $49,500/yr
• Insurance: −$1,375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$14,535
• Net cashflow: $31,872

Break-even live

Break-even rent $28,868

Max offer price $3,300,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 17× units	0	1	$15,181
▸ 54× units	1	1	$48,816
▸ 4× units	2	1	$4,052
1× unit	3	2	$1,166
Total (76 units)			$69,212

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: $825,000
• Closing costs: $99,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $3,300,000 Active 95 DOM
2. 2026-06-18
   days on market $3,300,000 Active 94 DOM
3. 2026-06-17
   days on market $3,300,000 Active 93 DOM
4. 2026-06-16
   days on market $3,300,000 Active 92 DOM
5. 2026-06-15
   days on market $3,300,000 Active 91 DOM
6. 2026-06-14
   days on market $3,300,000 Active 89 DOM
7. 2026-06-13
   days on market $3,300,000 Active 88 DOM
8. 2026-06-10
   days on market $3,300,000 Active 86 DOM
9. 2026-06-09
   days on market $3,300,000 Active 85 DOM
10. 2026-06-08
    days on market $3,300,000 Active 84 DOM
11. 2026-06-07
    days on market $3,300,000 Active 83 DOM
12. 2026-06-05
    days on market $3,300,000 Active 80 DOM
13. 2026-06-03
    days on market $3,300,000 Active 79 DOM
14. 2026-06-02
    days on market $3,300,000 Active 78 DOM
15. 2026-06-01
    days on market $3,300,000 Active 77 DOM
16. 2026-05-31
    days on market $3,300,000 Active 76 DOM
17. 2026-05-30
    days on market $3,300,000 Active 75 DOM
18. 2026-05-19
    price $3,175,000 453-char remark

    Show marketing remark (453 chars)

    Great opportunity to acquire Creekside Apartments. This property, located just off Williams Blvd SW and 16th Ave SW in Cedar Rapids, Iowa, consists of 76 residential apartment units. Unit makeup consists of 17 Studios, 38 1Bd/1Ba, 16 1Bd/1Ba (2 lvl), 4 2Bd/1Ba, and 1 3Bd/2Ba. The sale also includes 13 attached garage units. The property sits on approximately 2.006 Acres of ground and contains 92 surface parking stalls and a common-area laundry room.

19. 2026-03-17
    listed $3,300,000 Active 453-char remark

    Show marketing remark (453 chars)

    Great opportunity to acquire Creekside Apartments. This property, located just off Williams Blvd SW and 16th Ave SW in Cedar Rapids, Iowa, consists of 76 residential apartment units. Unit makeup consists of 17 Studios, 38 1Bd/1Ba, 16 1Bd/1Ba (2 lvl), 4 2Bd/1Ba, and 1 3Bd/2Ba. The sale also includes 13 attached garage units. The property sits on approximately 2.006 Acres of ground and contains 92 surface parking stalls and a common-area laundry room.

20. 2026-03-16
    listed $3,300,000 Active 428-char remark

    Show marketing remark (428 chars)

    Great opportunity to acquire Creekside Apartments. This property, located just off Williams Blvd SW and 16th Ave SW in Cedar Rapids, Iowa, consists of 76 residential apartment units. Unit makeup consists of 17 studio apartments, 38 1Bd/1Ba, 16 1Bd/1Ba (2-lvl), 4 2Bd/1Ba, and 1 3Bd/2Ba. The sale also includes 13 attached garage units. The property sits on approximately 2 Acres of ground and contains 92 surface parking stalls.

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $830,544
• − Mortgage interest: −$184,851
• − Property taxes: −$49,500
• − Insurance: −$16,500
• − Repairs & maintenance: −$66,444
• − Management: −$66,444
• − Depreciation: −$96,000
• Taxable income: $350,806
• Est. tax owed @ 24.0%: −$84,193
• After-tax cash flow: $298,270/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 · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to its exterior, roof, flooring, and interior walls, significantly impacting its value. Significant investment is needed to bring it up to a fair condition.

Repairs flagged

• Major exterior siding — Severe weathering and damage
• Major roof — Significant wear and potential leaks
• Major flooring — Severe wear and tear
• Major interior walls/paint — Peeling and chipping paint

Value-add opportunities

• Both exterior siding and roof replacement — Improves curb appeal and structural integrity
• Both flooring replacement — Enhances living space and rental appeal
• Both interior paint and updates — Enhances living space and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering and damage	Major	$15,000–50,000
roof · Significant wear and potential leaks	Major	$15,000–50,000
flooring · Severe wear and tear	Major	$15,000–50,000
interior walls/paint · Peeling and chipping paint	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior siding and roof replacement — Improves curb appeal and structural integrity ↑
• Both flooring replacement — Enhances living space and rental appeal ↑
• Both interior paint and updates — Enhances living space and rental 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): 42,958
• Household income: $61,870
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1041.0

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 (74%)
• Race & ethnicity: White 74% Black 10% Two or more races 10% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 2% Romanian 2%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 2% Other Asian/Pacific 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: ▼ -154.96%
• Current HPI: 241.81
• Rent YoY: ▲ 8.79%
• 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

-3.8% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $3,175,000 CRAAR, CDRMLS
• 2026-03-17 Listed $3,300,000 CRAAR, CDRMLS
• 2026-03-16 Listed $3,300,000 ICAARMLS