1240 14th St · Marion, IA 52302

$147,500

3 bd · 2.0 ba · 1,458 sqft · SingleFamily public records · 47 Days on market

Built 1893 0.26 ac lot $101/sqft · 15% below area Est $174k · 15% 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 +26.3/30.0
• ARV discount +14.4/15.0
• DSCR +8.9/10.0
• 1% rule +7.2/10.0
• Schools +5.8/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step back in time while creating your future in this uniquely charming late-1800s home, perfectly blending historic character with wide-open possibilities. Situated on a expansive fenced lot, this property is a rare find for those dreaming of country-style living with city convenience. This is a fantastic opportunity to bring your vision to life in a truly "one-of-a-kind" home. Whether you are looking for a homestead, a gardening paradise, or a historic renovation project, this home offers the perfect canvas.

Key facts

• 0.26 acre lot
• 2 garage spots
• Built 1893

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $143k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: schools A+, crime A+, cost of living 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.
• Market conditions: Rents rising fast (+8.4%/yr); 457 active listings in the ZIP; 7 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 $4k 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 $41k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $71k; list at $148k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $143,075 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1893 — 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 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?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.04%
• DSCR: 1.49
• GRM: 6.8

CMA / ARV

• ARV (median comp): $173,991
• List price: $147,500
• Delta: -15.23%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1480 Henderson Dr	0.12mi	3/2.0	1,479 (+1%)	0mo	$192,000	$130	92
924 10th St St	0.31mi	3/2.0	1,433 (-2%)	3mo	$199,100	$139	80
1405 5th Ave	0.46mi	3/2.0	1,455 (-0%)	2mo	$80,000	$55	77
1436 9th St	0.32mi	4/2.0 (+1)	1,540 (+6%)	1mo	$201,700	$131	70
440 8th St St	0.60mi	3/1.5	1,440 (-1%)	0mo	$193,900	$135	68
1080 7th St	0.42mi	3/—	1,587 (+9%)	2mo	$162,000	$102	64
393 9th Ave Ave	0.65mi	3/2.0	1,512 (+4%)	2mo	$215,500	$143	62
2220 Brockman Ave	0.45mi	3/2.0	1,652 (+13%)	5mo	$219,000	$133	53
975 6th St	0.47mi	3/1.0	1,280 (-12%)	4mo	$189,000	$148	51
180 21st St	0.68mi	4/1.5 (+1)	1,577 (+8%)	2mo	$217,000	$138	46
2765 16th Ave	0.64mi	4/2.0 (+1)	1,620 (+11%)	3mo	$235,000	$145	44
2200 Country Club Dr	0.51mi	4/2.0 (+1)	1,676 (+15%)	4mo	$227,000	$135	43

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: 5.8%
• Equity multiple: 1.24×
• Total profit: $9,851
• Equity at exit: $21,993

10-year hold

• IRR: 19.4%
• Equity multiple: 3.01×
• Total profit: $83,213
• Equity at exit: $12,753

Cash invested: $41,300 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,801 high
• Mortgage (P&I): −$774
• Tax from tax record: −$208 /mo · $2,492/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $380

Break-even live

Break-even rent $1,320

Max offer price $147,500

Occupancy floor 74%

Sensitivity live

Price	-10% $463	-5% $422	+0% $380	+5% $338	+10% $296
Rent	-10% $238	-5% $309	+0% $380	+5% $451	+10% $522
Rate	-1.0pp $454	-0.5pp $417	base $380	+0.5pp $342	+1.0pp $303

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: $36,875
• Closing costs: $4,425
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	0.31mi
2899 5th Ave Unit 2 Marion, IA	2.0	1.0	900	$1,200	$1.33	14d	1	0.81mi
3040 3rd Ave Marion, IA	3.0	2.0	1500	$1,450	$0.97	22d	1	0.96mi
2799 29th Ave Marion, IA	4.0	2.0	1394	$1,995	$1.43	44d	1	1.06mi
345 Marion Blvd Marion, IA	2.0	1.0–2.0	680	$2,600	$3.82	14d	1	1.13mi
700 35th St Marion, IA	2.0	1.0–2.0	896	$1,224	$1.37	14d	1	1.41mi
127 Southview Dr Marion, IA	2.0	1.0	1230	$950	$0.77	44d	1	1.49mi

Listing history 4 events

1. 2026-05-18
   status Pending 524-char remark

   Show marketing remark (524 chars)

   Step back in time while creating your future in this uniquely charming late-1800s home, perfectly blending historic character with wide-open possibilities. Situated on a expansive fenced lot, this property is a rare find for those dreaming of country-style living with city convenience. This is a fantastic opportunity to bring your vision to life in a truly "one-of-a-kind" home. Whether you are looking for a homestead, a gardening paradise, or a historic renovation project, this home offers the perfect canvas.

2. 2026-04-23
   price $147,500 524-char remark

   Show marketing remark (524 chars)

   Step back in time while creating your future in this uniquely charming late-1800s home, perfectly blending historic character with wide-open possibilities. Situated on a expansive fenced lot, this property is a rare find for those dreaming of country-style living with city convenience. This is a fantastic opportunity to bring your vision to life in a truly "one-of-a-kind" home. Whether you are looking for a homestead, a gardening paradise, or a historic renovation project, this home offers the perfect canvas.

3. 2026-03-31
   listed $155,000 Active 524-char remark

   Show marketing remark (524 chars)

   Step back in time while creating your future in this uniquely charming late-1800s home, perfectly blending historic character with wide-open possibilities. Situated on a expansive fenced lot, this property is a rare find for those dreaming of country-style living with city convenience. This is a fantastic opportunity to bring your vision to life in a truly "one-of-a-kind" home. Whether you are looking for a homestead, a gardening paradise, or a historic renovation project, this home offers the perfect canvas.

4. 2015-07-17
   soldstatus $71,000

ⓘ 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: $2,492 · $208/mo
• Projected year-2 tax: $2,492 · $208/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 ≥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: $21,608
• − Mortgage interest: −$8,262
• − Property taxes: −$2,492
• − Insurance: −$738
• − Repairs & maintenance: −$1,729
• − Management: −$1,729
• − Depreciation: −$4,291
• Taxable income: $2,368
• Est. tax owed @ 24.0%: −$568
• After-tax cash flow: $3,990/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

+107.7% since first listed

4 events — show timeline

• 2026-05-18 Pending — CRAAR, CDRMLS
• 2026-04-23 Price Changed $147,500 CRAAR, CDRMLS
• 2026-03-31 Listed $155,000 CRAAR, CDRMLS
• 2015-07-17 Sold (Public Records) $71,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $2,492 · +2.8% YoY. Source: county tax records.