246 Whirlaway Ln · Fairfax, IA 52228

$210,000

2 bd · 2.0 ba · 1,110 sqft · Condo public records · 3 Days on market

Built 2006 $150/mo HOA · 8% of rent

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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 +12.6/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• 1% rule +4.0/10.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to this well-maintained 2-bedroom, 2-bath condo offering comfort, convenience, and low-maintenance living. The open-concept layout features a spacious living area, functional kitchen, and deck perfect for relaxing. The primary suite includes a private bath and nice closet space. Additional highlights include a nice corner lot, fresh paint, newer appliances, and in-unit laundry. Conveniently located near shopping and dining, and easy access to main highways.

Key facts

• Functional kitchen
• Private bath
• In-unit laundry

Tags

• OPEN-CONCEPT LAYOUT
• FUNCTIONAL KITCHEN
• PRIVATE BATH
• IN-UNIT LAUNDRY
• CORNER LOT
• EASY ACCESS TO MAIN HIGHWAYS

Property features AI

Finance

• Other: Pets allowed with size limit
• HOA & community: Homeowners association with $150 monthly fee

Exterior

• Parking: Attached garage with garage door opener; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Residential condominium
• Construction: Frame construction; Vinyl siding
• Exterior features: Deck

Interior

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

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $-27 ($-321/yr) — negative.
• To cash-flow at today's rent, offer at most $205k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (10.3% below list).
• Recommended offer: $188k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.6% in Fairfax — 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 74/100 on livability (#232 in IA, #4,402 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, commute F.
• College Community School District (urban): math 62% / reading 70% proficiency, ranked #173 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 42 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 $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

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

Recommended offer $188,276 (10.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 0.90% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.55%
• DSCR: 0.98
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.92×
• Total profit: $112,737
• Equity at exit: $189,185

10-year hold

• IRR: 21.2%
• Equity multiple: 6.67×
• Total profit: $333,463
• Equity at exit: $407,984

Cash invested: $58,800 (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 52228

• Home prices YoY: 4.7%
• Active inventory: 42
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,883 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$175 /mo · $2,104/yr
• Insurance: −$88
• HOA: −$150
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $-27

Break-even live

Break-even rent $1,917

Max offer price $205,281

Occupancy floor 96%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-04
   status Pending 469-char remark
2. 2026-05-01
   listed $210,000 Active 469-char remark

ⓘ 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: $2,104 · $175/mo
• Projected year-2 tax: $2,700 · $225/mo
• Expected delta: +$596/yr (+$50/mo · 28.4%)

ⓘ 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) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $22,593
• − Mortgage interest: −$11,763
• − Property taxes: −$2,104
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,807
• − Management: −$1,807
• − HOA: −$1,800
• − Depreciation: −$6,109
• Taxable loss: −$3,848
• Est. tax savings @ 24.0%: +$924
• After-tax cash flow: $603/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: College Community School District
• NCES district ID: 1907860
• Math proficiency: 62% ▼ -2.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $63,575
• Composite: 57.32/100
• National rank: #1086
• State rank: #173 of 289 in IA

Livability — Fairfax

• Score: 74/100
• State rank: #232
• US rank: #4402

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairfax, IA
• Population (ZIP): 3,865

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 (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Black 2%
• Common ancestry: Portuguese 3% Iranian 2% English 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Other Asian/Pacific 1% Spanish 1% French/Haitian/Cajun 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: ▲ 12.59%
• Current HPI: 280.74
• 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

+0.0% since first listed

4 events — show timeline

• 2026-06-03 Sold (Public Records) $210,000 Public Records
• 2026-05-28 Sold (MLS) $210,000 CRAAR, CDRMLS
• 2026-05-04 Pending — CRAAR, CDRMLS
• 2026-05-01 Listed $210,000 CRAAR, CDRMLS

Property tax history

+1.2%/yr

Latest (2025): $2,104 · -2.2% YoY. Source: county tax records.