415 Daws RD Rd Unit 415-417 · Hiawatha, IA 52233

$160,000

None bd · None ba · 2,880 sqft · MultiFamily · 3 Days on market

Built 1977 Fair condition 8,059 sqft lot Est $219k · 27% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

IF YOUR LOOKING FOR A PROJECT THAT HAS LOTS OF POTENTIAL, THIS ONE MAY BE FOR YOU. THIS PROPERTY IS SET UP AS A DUPLEX BUT COULD BE CONVERTED TO A TRIPLEX. IT HAS A 2 BED WITH 1 BATH, AND A 5 BED WITH 2 BATH. WITH PROJECTED RENTAL INCOME BETWEEN 2500-3000K. PROPERTY SOLD IN AS-IS CONDITION. OWNER IS A LICENSED REALTOR IN IOWA.

Key facts

• Duplex
• 8,059 sq ft lot
• 5 parking spots

Tags

• DUPLEX
• CONVERTIBLE TO TRIPLEX

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $160k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• Cap rate 22.9% vs local median 2.0% in Hiawatha — 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 79/100 on livability (#93 in IA, #1,983 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities 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: Nixon Elementary School (math 52% / reading 57%, grade C, #462 of 616 statewide, top 79%, 289 students, 67% FRL); Harding Middle School (math 61% / reading 69%, grade A-, #154 of 246 statewide, top 63%, 713 students, 43% FRL); John F Kennedy High School (math 63% / reading 77%, grade B+, #146 of 336 statewide, top 45%, 1,714 students, 31% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 138 active listings in the ZIP; 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 $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 + 3.0% rent growth), your $45k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $160,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.62% ✓
• Cap rate: 22.87%
• Cash-on-cash: 59.19%
• DSCR: 3.63
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $218,880
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
58 Northwood Dr Unit 1,2,3,4	0.48mi	—/—	2,880 (0%)	12mo	$220,000	$76	67
780 Ryan Ave Ave	0.40mi	—/—	3,100 (+8%)	4mo	$225,000	$73	65

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 57.9%
• Equity multiple: 3.56×
• Total profit: $114,887
• Equity at exit: $23,857

10-year hold

• IRR: 62.7%
• Equity multiple: 7.28×
• Total profit: $281,537
• Equity at exit: $13,834

Cash invested: $44,800 (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 52233

• Home prices YoY: -28.1%
• Active inventory: 138
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $4,197 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$881
• Net cashflow: $2,210

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 42%

Sensitivity live

Price	-10% $2,320	-5% $2,265	+0% $2,210	+5% $2,155	+10% $2,099
Rent	-10% $1,878	-5% $2,044	+0% $2,210	+5% $2,376	+10% $2,541
Rate	-1.0pp $2,290	-0.5pp $2,251	base $2,210	+0.5pp $2,168	+1.0pp $2,126

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$4,196
Total (2 units)			$4,197

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-11
   soldstatus $161,500 Closed
2. 2026-03-08
   status Pending
3. 2026-03-05
   listed $160,000 Active

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 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: $50,364
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$4,029
• − Management: −$4,029
• − Depreciation: −$4,655
• Taxable income: $25,489
• Est. tax owed @ 24.0%: −$6,117
• After-tax cash flow: $20,402/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 · 8 photos

Fair 45/100 Moderate rehab

This multi-family property requires extensive repairs and maintenance, including a new roof, exterior painting and staining, and landscaping and fencing repair. The home is in fair condition and has potential for significant value increase with these improvements.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Moderate exterior siding — The siding is in fair condition, with some discoloration and minor damage.
• Major landscaping — The landscaping is overgrown and in need of trimming.
• Moderate fencing — The fencing is in fair condition, with some wear and tear.

Value-add opportunities

• Both roof replacement — A new roof will significantly improve the home's appearance and increase its value for both resale and rental.
• Both exterior painting and staining — Painting and staining the exterior will improve the home's curb appeal and increase its value for both resale and rental.
• Both landscaping and fencing repair — Trimming the landscaping and repairing the fencing will improve the home's curb appeal and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
exterior siding · The siding is in fair condition, with some discoloration and minor damage.	Moderate	$3,000–15,000
landscaping · The landscaping is overgrown and in need of trimming.	Major	$15,000–50,000
fencing · The fencing is in fair condition, with some wear and tear.	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$36,000–130,000

Value-add ROI direction

• Both roof replacement — A new roof will significantly improve the home's appearance and increase its value for both resale and rental. ↑
• Both exterior painting and staining — Painting and staining the exterior will improve the home's curb appeal and increase its value for both resale and rental. ↑
• Both landscaping and fencing repair — Trimming the landscaping and repairing the fencing will improve the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ 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 — Hiawatha

• Score: 79/100
• State rank: #93
• US rank: #1983

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hiawatha, IA
• City population: 7,008
• Population (ZIP): 7,008

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 (80%)
• Race & ethnicity: White 80% Asian 6% Two or more races 5% Black 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Scottish 3% Iranian 1%
• Foreign-born: 6% · China, Canada
• Languages at home: 90% English-only · Other Indo-European 6% Spanish 3%

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: ▼ -78.12%
• Current HPI: 199.6054
• Rent YoY: —
• Metro: —
• 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

+0.9% since first listed

3 events — show timeline

• 2026-05-11 Sold (MLS) $161,500 CRAAR, CDRMLS
• 2026-03-08 Pending — CRAAR, CDRMLS
• 2026-03-05 Listed $160,000 CRAAR, CDRMLS