1512 1st Ave Unit C201s · Coralville, IA 52241

$149,000

3 bd · 2.0 ba · 1,062 sqft · Condo public records · 8 Days on market

Built 1975 $140/sqft · 5% below area Est $157k · 5% under $320/mo HOA · 17% of rent

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Why this score? — see what drove the C 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 +18.2/30.0
• ARV discount +9.8/15.0
• 1% rule +7.6/10.0
• DSCR +5.7/10.0
• Schools +5.7/10.0
• Livability +4.5/5.0
• Rent growth +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the Lakewood Village subdivision , this inviting second-floor condo offers 1,062 square feet of living space featuring 3 bedrooms and 2 full bathrooms. The home boasts a cozy wood-burning fireplace in the living area and a private balcony perfect for relaxing. Recent upgrades include a new dishwasher and water heater. The property includes a detached 1-car garage and access to community amenities such as a pool, clubhouse and workout room. Please note that laundry facilities are located on the lower level of the building. Current owner has paid the special assessment for roof replacement. Water in Building C is shared; therefore, each owner pays a $30 monthly assessment. Electric

Key facts

• Private balcony
• Community amenities
• New water heater

Tags

• WOOD BURNING FIREPLACE
• PRIVATE BALCONY
• NEW DISHWASHER
• NEW WATER HEATER
• COMMUNITY AMENITIES
• POOL

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $3,840 (about $320/month); HOA covers trash, grounds maintenance, sewer, and structure maintenance

Exterior

• Parking: 1 guest parking space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium; Residential property
• Construction: Brick, stucco and frame construction
• Exterior features: Balcony; Community clubhouse; Community pool; Sidewalks; Street lights

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: Master bedroom located downstairs
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Master bedroom on the main level; Wood-burning fireplace in the living room; Smoke detectors installed
• Laundry & utility: No in-unit laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $149k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 7.4% vs local median 2.1% in Coralville — 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 90/100 on livability (#5 in IA, #89 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities C-.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wickham Elementary (math 92% / reading 85%, grade A+, #12 of 616 statewide, top 2%, 383 students, 13% FRL); Northwest Junior High School (math 64% / reading 71%, grade A-, #133 of 246 statewide, top 56%, 730 students, 43% FRL); West Senior High School (math 71% / reading 77%, grade B+, #103 of 336 statewide, top 32%, 1,503 students, 38% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 374 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• This rent runs 32% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $149,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 7.37%
• Cash-on-cash: 3.85%
• DSCR: 1.17
• GRM: 6.6

CMA / ARV

• ARV (median comp): $157,177
• List price: $149,000
• Delta: -5.20%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-9,290
• Equity at exit: $22,216

10-year hold

• IRR: 8.1%
• Equity multiple: 1.73×
• Total profit: $30,492
• Equity at exit: $12,883

Cash invested: $41,720 (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 52241

• Rents YoY: 6.1%
• Active inventory: 374
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,871 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$181 /mo · $2,170/yr
• Insurance: −$62
• HOA: −$320
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $134

Break-even live

Break-even rent $1,702

Max offer price $149,000

Occupancy floor 88%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Russell Slade Blvd Coralville, IA	2.0	2.0	1241	$2,250	$1.81	13d	1	0.44mi
2010 10th St #8 Coralville, IA	3.0	1.5	1320	$1,650	$1.25	20d	1	1.37mi
1650 Foster Rd Iowa City, IA	2.0	2.0	1260	$1,700	$1.35	20d	1	1.37mi
2010 10th St Coralville, IA	3.0	1.5	1320	$1,650	$1.25	13d	1	1.37mi

HOA detail condo

• Monthly dues: $320 · $3,840/yr
• Likely covers: waterelectricpool
• ⚠ Special-assessment mentions:

  …room. Please note that laundry facilities are located on the lower level of the building. Current owner has paid the special assessment for roof replacement. Water in Building C is shared; therefore, each owner pays a $30 monthly assessment. Electric

Listing history 2 events

1. 2026-05-07
   status Pending 885-char remark
2. 2026-04-29
   listed $149,000 Active 885-char remark

ⓘ 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: $2,170 · $181/mo
• Projected year-2 tax: $2,255 · $188/mo
• Expected delta: +$85/yr (+$7/mo · 3.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 16 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: $22,455
• − Mortgage interest: −$8,346
• − Property taxes: −$2,170
• − Insurance: −$745
• − Repairs & maintenance: −$1,796
• − Management: −$1,796
• − HOA: −$3,840
• − Depreciation: −$4,335
• Taxable loss: −$573
• Est. tax savings @ 24.0%: +$138
• After-tax cash flow: $1,746/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — Coralville

• Score: 90/100
• State rank: #5
• US rank: #89

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coralville, IA
• County: Johnson County · 132,710 people
• City population: 23,250
• Metro: Iowa City, IA
• Population (ZIP): 23,250
• Household income: $69,243
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 1220.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 64% Black 15% Asian 10% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 3% Ukrainian 3% Slovak 2%
• Foreign-born: 16% · China, Canada, South Korea
• Languages at home: 78% English-only · Chinese 4% Spanish 4% Other Indo-European 4%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.15%
• Current HPI: 154.7424
• Rent YoY: ▲ 6.14%
• Metro: Iowa City, 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

2 events — show timeline

• 2026-05-07 Pending — ICAARMLS
• 2026-04-29 Listed $149,000 ICAARMLS

Property tax history

+2.3%/yr

Latest (2025): $2,170 · +1.6% YoY. Source: county tax records.