1480 Henderson Dr · Marion, IA 52302

$184,900

3 bd · 1.5 ba · 1,414 sqft · SingleFamily public records · 3 Days on market

Built 1956 6,839 sqft lot Est $197k · 6% under

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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 +21.9/30.0
• ARV discount +10.2/15.0
• DSCR +7.0/10.0
• Schools +5.8/10.0
• 1% rule +5.5/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great Marion location! This well built home has 3 bedrooms and 2 baths. Large living room with coved ceilings. Nice kitchen and 3 bedrooms complete the main level. There is aprox 445 sq ft finished in the lower level, a rec room and bonus room along with the second bath. A nice level fenced backyard and a one car attached garage. Newer roof. Orangeburg has been replaced. This is a very nice home just in need of your finishing touches.

Key facts

• 6,839 sq ft lot
• Garage
• Built 1956

Property features AI

Exterior

• Parking: Attached garage with garage door opener (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Aluminum siding and frame construction; Above-grade finished area and additional finished space below grade
• Exterior features: Deck; Fenced yard; Lot roughly 65 x 105 (about 0.157 acres)

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Eat-in kitchen; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Cap rate 8.2% vs local median 2.7% in Marion — 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 84/100 on livability (#19 in IA, #633 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Marion Independent School District (suburban): math 68% / reading 70% proficiency, ranked #158 of 289 in IA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Longfellow Elementary (318 students, 38% FRL); Vernon Middle School (math 66% / reading 65%, grade A-, #153 of 246 statewide, top 62%, 668 students, 40% FRL); Marion High School (math 69% / reading 80%, grade B+, #89 of 336 statewide, top 30%, 722 students, 28% FRL).
• Market conditions: Rents rising fast (+8.4%/yr); 457 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $6k 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 $52k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $87k; list at $185k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,900

Questions for the listing agent

1. Built in 1956 — 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 A-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: 1.05% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $196,546
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1480 Henderson Dr	0.00mi	3/2.0	1,479 (+5%)	0mo	$192,000	$130	90
924 10th St St	0.41mi	3/2.0	1,433 (+1%)	3mo	$199,100	$139	74
1405 5th Ave	0.58mi	3/2.0	1,455 (+3%)	2mo	$80,000	$55	65
440 8th St St	0.72mi	3/1.5	1,440 (+2%)	0mo	$193,900	$135	63
1436 9th St	0.34mi	4/2.0 (+1)	1,540 (+9%)	1mo	$201,700	$131	62
1080 7th St	0.49mi	3/—	1,587 (+12%)	2mo	$162,000	$102	56
3075 14th Ave	0.75mi	3/1.5	1,477 (+4%)	3mo	$240,000	$162	55
975 6th St	0.54mi	3/1.0	1,280 (-10%)	4mo	$189,000	$148	54
393 9th Ave Ave	0.73mi	3/2.0	1,512 (+7%)	2mo	$215,500	$143	50
2860 Mcgowan Blvd Blvd	0.68mi	3/2.0	1,578 (+12%)	3mo	$251,000	$159	44
2475 26th Ave	0.71mi	2/2.0 (-1)	1,574 (+11%)	1mo	$212,000	$135	40
2765 16th Ave	0.58mi	4/2.0 (+1)	1,620 (+15%)	3mo	$235,000	$145	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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,168
• Equity at exit: $27,569

10-year hold

• IRR: 13.7%
• Equity multiple: 2.34×
• Total profit: $69,471
• Equity at exit: $15,987

Cash invested: $51,772 (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 52302

• Rents YoY: 8.4%
• Active inventory: 457
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,936 high
• Mortgage (P&I): −$970
• Tax from tax record: −$192 /mo · $2,300/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $291

Break-even live

Break-even rent $1,568

Max offer price $184,900

Occupancy floor 80%

Sensitivity live

Price	-10% $396	-5% $344	+0% $291	+5% $239	+10% $187
Rent	-10% $138	-5% $215	+0% $291	+5% $368	+10% $444
Rate	-1.0pp $384	-0.5pp $338	base $291	+0.5pp $243	+1.0pp $195

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1330 Brockman Ave Marion, IA	4.0	2.0	1590	$2,400	$1.51	14d	1	0.18mi
2899 5th Ave Unit 2 Marion, IA	2.0	1.0	900	$1,200	$1.33	14d	1	0.86mi
2799 29th Ave Marion, IA	4.0	2.0	1394	$1,995	$1.43	44d	1	0.92mi
3040 3rd Ave Marion, IA	3.0	2.0	1500	$1,450	$0.97	22d	1	1.01mi
345 Marion Blvd Marion, IA	2.0	1.0–2.0	680	$2,600	$3.82	14d	1	1.25mi
700 35th St Marion, IA	2.0	1.0–2.0	896	$1,224	$1.37	14d	1	1.39mi

Listing history 3 events

1. 2026-05-14
   status Pending
2. 2026-05-11
   listed $184,900 Active
3. 1996-01-11
   soldstatus $87,000

ⓘ 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: $2,300 · $192/mo
• Projected year-2 tax: $2,601 · $217/mo
• Expected delta: +$301/yr (+$25/mo · 13.1%)

ⓘ 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 ≥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: $23,236
• − Mortgage interest: −$10,357
• − Property taxes: −$2,300
• − Insurance: −$924
• − Repairs & maintenance: −$1,859
• − Management: −$1,859
• − Depreciation: −$5,379
• Taxable income: $557
• Est. tax owed @ 24.0%: −$134
• After-tax cash flow: $3,362/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: Marion Independent School District
• NCES district ID: 1918690
• Math proficiency: 68% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $49,541
• Composite: 58.49/100
• National rank: #997
• State rank: #158 of 289 in IA

Livability — Marion

• Score: 84/100
• State rank: #19
• US rank: #633

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, IA
• County: Linn County · 179,860 people
• City population: 42,706
• Metro: Cedar Rapids, IA
• Population (ZIP): 42,706
• Household income: $87,983
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 940.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Black 3% Asian 2%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% 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: ▼ -144.98%
• Current HPI: 199.2949
• Rent YoY: ▲ 8.37%
• 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

+112.5% since first listed

3 events — show timeline

• 2026-05-14 Pending — CRAAR, CDRMLS
• 2026-05-11 Listed $184,900 CRAAR, CDRMLS
• 1996-01-11 Sold (Public Records) $87,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,300 · -2.4% YoY. Source: county tax records.