1645 D Ave NE · Cedar Rapids, IA 52402

$165,000

3 bd · 1.5 ba · 1,578 sqft · SingleFamily public records · 19 Days on market

Built 1890 7,275 sqft lot Est $197k · 16% under

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Why this score? — see what drove the D+ 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).

• ARV discount +14.9/15.0
• Cash flow +12.0/30.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic opportunity for a first time home buyer or investor. Get peace of mind with roof, furnace, central air and water heater all replaced within the last 8 years. Some TLC needed to make it home. Main floor bedroom plus additional room that would make a great office, play room or 4th bedroom. Lots of possibilities.

Key facts

• Covered front porch
• Brand new kitchen
• Hvac system

Tags

• COVERED FRONT PORCH
• DETACHED OVER SIZED GARAGE
• BRAND NEW KITCHEN
• NEW ROOF
• HVAC SYSTEM
• NEW AC

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-40 ($-475/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (19.4% below list).
• Recommended offer: $133k (19.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: Franklin Middle School (math 49% / reading 59%, grade B-, #206 of 246 statewide, top 84%, 537 students, 56% FRL); George Washington High School (math 44% / reading 62%, grade C-, #296 of 336 statewide, top 88%, 1,291 students, 49% FRL).
• Market conditions: Rents rising fast (+11.0%/yr); 286 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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.
• Current owner paid $36k; list at $165k implies a 359% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $133,069 (19.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.81% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.03%
• DSCR: 0.95
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $197,250
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1645 D Ave NE	0.00mi	3/1.0	1,578 (0%)	0mo	$170,000	$108	98
507 19th St NE	0.28mi	3/2.0	1,658 (+5%)	2mo	$136,600	$82	74
335 18th St SE	0.51mi	3/1.5	1,529 (-3%)	1mo	$189,000	$124	70
526 Longwood Dr NE	0.38mi	3/1.5	1,691 (+7%)	1mo	$210,000	$124	70
409 20th St NE	0.51mi	3/2.0	1,508 (-4%)	3mo	$210,000	$139	65
1047 Daniels St NE	0.62mi	4/1.5 (+1)	1,568 (-1%)	2mo	$180,500	$115	63
419 21st St NE	0.60mi	4/2.0 (+1)	1,547 (-2%)	1mo	$205,000	$133	61
336 21st St NE	0.64mi	4/1.0 (+1)	1,524 (-3%)	1mo	$191,000	$125	56
311 22nd St St NE	0.70mi	4/2.0 (+1)	1,510 (-4%)	1mo	$205,000	$136	52
642 Prairie Dr NE	0.63mi	4/2.0 (+1)	1,469 (-7%)	1mo	$210,000	$143	52
2009 Blake Blvd SE	0.72mi	3/1.5	1,720 (+9%)	2mo	$305,000	$177	50
1704 Park Ave SE	0.55mi	3/2.0	1,807 (+14%)	2mo	$125,000	$69	47

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: -12.8%
• Equity multiple: 0.52×
• Total profit: $-22,238
• Equity at exit: $24,602

10-year hold

• IRR: 2.3%
• Equity multiple: 1.20×
• Total profit: $9,352
• Equity at exit: $14,266

Cash invested: $46,200 (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 52402

• Rents YoY: 11.0%
• Active inventory: 286
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$865
• Tax from tax record: −$157 /mo · $1,882/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $-40

Break-even live

Break-even rent $1,381

Max offer price $158,002

Occupancy floor 98%

Sensitivity live

Price	-10% $54	-5% $7	+0% $-40	+5% $-86	+10% $-133
Rent	-10% $-145	-5% $-92	+0% $-40	+5% $13	+10% $66
Rate	-1.0pp $43	-0.5pp $2	base $-40	+0.5pp $-82	+1.0pp $-126

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
730 Wellington St SE Cedar Rapids, IA	3.0	1.0	1366	$1,325	$0.97	21d	1	1.01mi
1220 Sierra Dr NE Cedar Rapids, IA	1.0–2.0	1.0–2.0	985	$1,000	$1.02	44d	1	1.07mi
906 10th St SE Cedar Rapids, IA	1.0–2.0	1.0–2.0	890	$1,300	$1.46	14d	6	1.10mi
1127 34th St NE Cedar Rapids, IA	3.0	2.0	1152	$1,385	$1.20	44d	1	1.36mi
306 29th Street Dr SE Cedar Rapids, IA	2.0	1.0	1100	$850	$0.77	21d	1	1.40mi

Listing history 5 events

1. 2026-04-15
   status Pending
2. 2026-03-27
   listed $165,000 Active
3. 2015-12-30
   soldstatus $35,950 321-char remark

   Show marketing remark (321 chars)

   Fantastic opportunity for a first time home buyer or investor. Get peace of mind with roof, furnace, central air and water heater all replaced within the last 8 years. Some TLC needed to make it home. Main floor bedroom plus additional room that would make a great office, play room or 4th bedroom. Lots of possibilities.

4. 2015-11-23
   listed $39,950 321-char remark

   Show marketing remark (321 chars)

   Fantastic opportunity for a first time home buyer or investor. Get peace of mind with roof, furnace, central air and water heater all replaced within the last 8 years. Some TLC needed to make it home. Main floor bedroom plus additional room that would make a great office, play room or 4th bedroom. Lots of possibilities.

5. 2012-01-18
   soldstatus $60,001

ⓘ 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: $1,882 · $157/mo
• Projected year-2 tax: $2,236 · $186/mo
• Expected delta: +$354/yr (+$30/mo · 18.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,968
• − Mortgage interest: −$9,243
• − Property taxes: −$1,882
• − Insurance: −$825
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$4,800
• Taxable loss: −$3,336
• Est. tax savings @ 24.0%: +$801
• After-tax cash flow: $325/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): 42,938
• Household income: $73,439
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 971.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 7% Black 6% Asian 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 4% Lithuanian 2% Iranian 2%
• Foreign-born: 8% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -133.31%
• Current HPI: 201.7061
• Rent YoY: ▲ 10.97%
• 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

+175.0% since first listed

5 events — show timeline

• 2026-04-15 Pending — CRAAR, CDRMLS
• 2026-03-27 Listed $165,000 CRAAR, CDRMLS
• 2015-12-30 Sold (MLS) $35,950 CRAAR, CDRMLS
• 2015-11-23 Listed $39,950 CRAAR, CDRMLS
• 2012-01-18 Sold (Public Records) $60,001 Public Records

Property tax history

+2.0%/yr

Latest (2025): $1,882 · +9.2% YoY. Source: county tax records.