2815 Waveland Dr Dr NW · Cedar Rapids, IA 52405

$99,900

3 bd · 1.0 ba · 1,104 sqft · SingleFamily public records · 9 Days on market

Built 1920 0.32 ac lot Est $190k · 47% under ↓ 13% since listing

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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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +7.1/10.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

6/11/26_ Offer accepted, waiting on paperwork before marking SP. Investor opportunity! This ranch home offers 3 bedrooms (one currently used as a laundry room), 1 full bath, and plenty of potential. Situated on a nice-sized lot in an established neighborhood with mature trees, the property also features a detached 2-car garage and a deck overlooking the backyard. The home has structual issues, making it a great option for investors, flippers, or buyers looking to build equity through improvements. It is being sold as-is and priced accordingly. Don't miss the chance to unlock this property's potential.

Key facts

• Mature trees
• 0.32 acre lot
• 2 garage spots

Tags

• DETACHED 2-CAR GARAGE
• DECK OVERLOOKING BACKYARD
• ESTABLISHED NEIGHBORHOOD
• MATURE TREES

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Brick, frame, and stucco construction
• Exterior features: Deck

Interior

• Kitchen: Eat-in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Eat-in kitchen; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 8.9% 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.
• Zoned schools: Madison Elementary School (math 52% / reading 47%, grade D, #514 of 616 statewide, top 85%, 180 students, 60% FRL); Roosevelt Creative Corridor Business Academy (math 36% / reading 47%, grade F, #235 of 246 statewide, top 96%, 510 students, 69% FRL); John F Kennedy High School (math 63% / reading 77%, grade B+, #146 of 336 statewide, top 45%, 1,714 students, 31% FRL).
• Market conditions: Rents rising fast (+12.4%/yr); 149 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.48%
• DSCR: 1.42
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $189,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
631 26th St NW	0.30mi	3/1.0	1,040 (-6%)	11mo	$170,000	$163	67
2630 Westwood Dr NW	0.16mi	2/1.0 (-1)	1,028 (-7%)	12mo	$126,000	$123	66
2604 E Ave NW	0.34mi	3/2.0	1,004 (-9%)	1mo	$169,900	$169	64
1112 Woodlark Lane Ln NW	0.29mi	3/2.0	1,040 (-6%)	13mo	$203,500	$196	62
623 27th St St NW	0.28mi	3/2.0	1,210 (+10%)	6mo	$169,900	$140	62
1632 Elaine Dr NW	0.63mi	3/1.5	1,040 (-6%)	2mo	$167,000	$161	57
1600 23rd St St NW	0.55mi	3/2.0	1,185 (+7%)	1mo	$215,000	$181	57
1637 Elaine Dr NW	0.62mi	3/1.0	1,040 (-6%)	9mo	$224,900	$216	54
361 31st St NW	0.48mi	3/1.5	960 (-13%)	4mo	$189,000	$197	51
1625 South Vw NW	0.58mi	3/1.0	960 (-13%)	1mo	$194,900	$203	50
211 Edgewood Rd NW	0.73mi	3/1.0	960 (-13%)	5mo	$165,000	$172	40
1024 Cheyenne Rd Rd NW	0.72mi	3/2.0	1,246 (+13%)	2mo	$190,000	$152	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 3.8%
• Equity multiple: 1.16×
• Total profit: $4,352
• Equity at exit: $14,895

10-year hold

• IRR: 17.8%
• Equity multiple: 2.83×
• Total profit: $51,299
• Equity at exit: $8,638

Cash invested: $27,972 (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 52405

• Rents YoY: 12.4%
• Active inventory: 149
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,213 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$172 /mo · $2,064/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $221

Break-even live

Break-even rent $934

Max offer price $99,900

Occupancy floor 77%

Sensitivity live

Price	-10% $278	-5% $249	+0% $221	+5% $193	+10% $165
Rent	-10% $125	-5% $173	+0% $221	+5% $269	+10% $317
Rate	-1.0pp $271	-0.5pp $246	base $221	+0.5pp $195	+1.0pp $169

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 30th St NW Unit 1611 6 Cedar Rapids, IA	2.0	1.0	847	$865	$1.02	15d	1	0.46mi
1001 C Ave NW Cedar Rapids, IA	3.0	1.5	1446	$1,500	$1.04	15d	1	1.29mi
417 9th St NW Cedar Rapids, IA	3.0	1.0	1061	$1,300	$1.23	45d	1	1.35mi

Listing history 9 events

1. 2026-06-14
   statusdays on market $99,900 Pending 9 DOM
2. 2026-06-13
   remarks 608-char remark
3. 2026-06-13
   days on market $99,900 Active 8 DOM
4. 2026-06-10
   days on market $99,900 Active 6 DOM
5. 2026-06-09
   days on market $99,900 Active 5 DOM
6. 2026-06-08
   days on market $99,900 Active 4 DOM
7. 2026-06-07
   days on market $99,900 Active 3 DOM
8. 2026-06-05
   remarks 543-char remark
9. 2026-06-05
   listed $99,900 Active 1 DOM

ⓘ 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: $2,064 · $172/mo
• Projected year-2 tax: $2,064 · $172/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 ≥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: $14,561
• − Mortgage interest: −$5,596
• − Property taxes: −$2,064
• − Insurance: −$500
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$2,906
• Taxable income: $1,165
• Est. tax owed @ 24.0%: −$280
• After-tax cash flow: $2,373/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: 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): 26,526
• Household income: $70,123
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 715.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 5% Asian 2%
• Common ancestry: Portuguese 4% Lithuanian 2% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 3% French/Haitian/Cajun 1% 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: ▼ -137.56%
• Current HPI: 201.6053
• Rent YoY: ▲ 12.37%
• 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

-13.1% since first listed

3 events — show timeline

• 2026-06-04 Listed $99,900 CRAAR, CDRMLS
• 2024-01-18 Pending — CRAAR, CDRMLS
• 2024-01-09 Listed $115,000 CRAAR, CDRMLS

Property tax history

+0.9%/yr

Latest (2025): $2,064 · +3.3% YoY. Source: county tax records.