411 Johnson Dr · Hiawatha, IA 52341

$150,000

3 bd · 1.0 ba · 1,352 sqft · SingleFamily public records · 52 Days on market

Built 1900 2,614 sqft lot $111/sqft · 23% below area Est $194k · 23% 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).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• Schools +6.0/10.0
• Appreciation +5.8/10.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This affordable, updated home is just minutes from Cedar Rapids It has 3 bedrooms, a full bath and Laundry on the main level for convenience. Large kitchen for a busy family or for the chef in the family. Enjoy the brand new refrigerator and dishwasher! The primary bedroom has a large walk in closet and the detached garage works great for parking out of the weather or for a hobby workshop! Looking for your first home? Ready to down-size or purchase an investment property? This is the house for you!

Key facts

• Updated home
• Large walk in closet
• Detached garage

Tags

• UPDATED HOME
• LAUNDRY ON THE MAIN LEVEL
• LARGE WALK IN CLOSET
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $18 ($213/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (15.7% below list).
• Recommended offer: $126k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• Alburnett Community School District (rural): math 66% / reading 71% proficiency, ranked #129 of 289 in IA (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 6 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.6% local appreciation)).
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.6% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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 $128k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,440 (15.7% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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: 0.84% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

• ARV (median comp): $194,447
• List price: $150,000
• Delta: -22.86%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 Johnson Dr	0.03mi	2/1.0 (-1)	1,152 (-15%)	11mo	$185,000	$161	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.6%
• Equity multiple: 1.19×
• Total profit: $7,965
• Equity at exit: $55,510

10-year hold

• IRR: 7.7%
• Equity multiple: 1.99×
• Total profit: $41,595
• Equity at exit: $77,217

Cash invested: $42,000 (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 52341

• Home prices YoY: 0.9%
• Active inventory: 6
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,264 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$132 /mo · $1,584/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $18

Break-even live

Break-even rent $1,242

Max offer price $150,000

Occupancy floor 94%

Sensitivity live

Price	-10% $103	-5% $60	+0% $18	+5% $-25	+10% $-67
Rent	-10% $-82	-5% $-32	+0% $18	+5% $68	+10% $118
Rate	-1.0pp $93	-0.5pp $56	base $18	+0.5pp $-21	+1.0pp $-61

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $150,000 Active 52 DOM
2. 2026-06-18
   days on market $150,000 Active 51 DOM
3. 2026-06-17
   days on market $150,000 Active 50 DOM
4. 2026-06-16
   days on market $150,000 Active 49 DOM
5. 2026-06-15
   days on market $150,000 Active 48 DOM
6. 2026-06-14
   days on market $150,000 Active 46 DOM
7. 2026-06-13
   days on market $150,000 Active 45 DOM
8. 2026-06-10
   days on market $150,000 Active 43 DOM
9. 2026-06-09
   days on market $150,000 Active 42 DOM
10. 2026-06-08
    days on market $150,000 Active 41 DOM
11. 2026-06-07
    days on market $150,000 Active 40 DOM
12. 2026-06-02
    days on market $150,000 Active 35 DOM
13. 2026-06-01
    days on market $150,000 Active 34 DOM
14. 2026-05-31
    days on market $150,000 Active 33 DOM
15. 2026-05-30
    days on market $150,000 Active 32 DOM
16. 2026-05-06
    status Pending 503-char remark

    Show marketing remark (503 chars)

    This affordable, updated home is just minutes from Cedar Rapids It has 3 bedrooms, a full bath and Laundry on the main level for convenience. Large kitchen for a busy family or for the chef in the family. Enjoy the brand new refrigerator and dishwasher! The primary bedroom has a large walk in closet and the detached garage works great for parking out of the weather or for a hobby workshop! Looking for your first home? Ready to down-size or purchase an investment property? This is the house for you!

17. 2026-05-06
    status Pending 503-char remark

    Show marketing remark (503 chars)

    This affordable, updated home is just minutes from Cedar Rapids It has 3 bedrooms, a full bath and Laundry on the main level for convenience. Large kitchen for a busy family or for the chef in the family. Enjoy the brand new refrigerator and dishwasher! The primary bedroom has a large walk in closet and the detached garage works great for parking out of the weather or for a hobby workshop! Looking for your first home? Ready to down-size or purchase an investment property? This is the house for you!

18. 2026-04-16
    listed $150,000 Active 503-char remark

    Show marketing remark (503 chars)

    This affordable, updated home is just minutes from Cedar Rapids It has 3 bedrooms, a full bath and Laundry on the main level for convenience. Large kitchen for a busy family or for the chef in the family. Enjoy the brand new refrigerator and dishwasher! The primary bedroom has a large walk in closet and the detached garage works great for parking out of the weather or for a hobby workshop! Looking for your first home? Ready to down-size or purchase an investment property? This is the house for you!

19. 2026-04-15
    listed $150,000 Active 503-char remark

    Show marketing remark (503 chars)

    This affordable, updated home is just minutes from Cedar Rapids It has 3 bedrooms, a full bath and Laundry on the main level for convenience. Large kitchen for a busy family or for the chef in the family. Enjoy the brand new refrigerator and dishwasher! The primary bedroom has a large walk in closet and the detached garage works great for parking out of the weather or for a hobby workshop! Looking for your first home? Ready to down-size or purchase an investment property? This is the house for you!

20. 2022-03-04
    soldstatus $127,500
21. 2022-03-02
    soldstatus $127,500
22. 2022-01-10
    listed $124,900
23. 2021-10-21
    listed $124,900
24. 2018-12-05
    soldstatus $94,500
25. 2018-11-30
    soldstatus $94,500
26. 2018-06-11
    listed $94,500

ⓘ 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: $1,584 · $132/mo
• Projected year-2 tax: $1,970 · $164/mo
• Expected delta: +$386/yr (+$32/mo · 24.3%)

ⓘ 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 5/10 Major
• 🌡 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: $15,173
• − Mortgage interest: −$8,402
• − Property taxes: −$1,584
• − Insurance: −$750
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$4,364
• Taxable loss: −$2,355
• Est. tax savings @ 24.0%: +$565
• After-tax cash flow: $778/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: Alburnett Community School District
• NCES district ID: 1903300
• Math proficiency: 66% ▼ -13.00%
• Reading proficiency: 71% ▲ 2.00%
• Median HH income: $72,244
• Composite: 60.24/100
• National rank: #859
• State rank: #129 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

• City population: 7,008
• Population (ZIP): 1,372

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 (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Italian 2% Portuguese 1% Hungarian 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: ▲ 1.55%
• Current HPI: 180.2814
• 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

+58.7% since first listed

11 events — show timeline

• 2026-05-06 Pending — ICAARMLS
• 2026-05-06 Pending — CRAAR, CDRMLS
• 2026-04-16 Listed $150,000 ICAARMLS
• 2026-04-15 Listed $150,000 CRAAR, CDRMLS
• 2022-03-04 Sold (Public Records) $127,500 Public Records
• 2022-03-02 Sold (MLS) $127,500 CRAAR, CDRMLS
• 2022-01-10 Listed $124,900 CRAAR, CDRMLS
• 2021-10-21 Listed $124,900 CRAAR, CDRMLS
• 2018-12-05 Sold (Public Records) $94,500 Public Records
• 2018-11-30 Sold (MLS) $94,500 CRAAR, CDRMLS
• 2018-06-11 Listed $94,500 CRAAR, CDRMLS

Property tax history

+4.3%/yr

Latest (2025): $1,584 · +4.2% YoY. Source: county tax records.