198 Forest Dr Dr SE · Cedar Rapids, IA 52403

$215,000

3 bd · 2.0 ba · 1,834 sqft · SingleFamily public records · 114 Days on market

Built 1938 5,663 sqft lot $117/sqft · 19% below area Est $266k · 19% under

---

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 +15.0/15.0
• Cash flow +7.0/30.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

Key facts

• Walk-in closet
• Main-floor living
• Finished lower level

Tags

• PRIVATE PRIMARY SUITE
• WALK-IN CLOSET
• MAIN-FLOOR LIVING
• FINISHED LOWER LEVEL
• VALUABLE BONUS SPACE
• WELL-ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-316 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (25.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (30.8% below list).
• Recommended offer: $149k (30.8% below list) — sets the bar for 1% rule.
• Cap rate 4.5% vs local median 3.5% in Cedar Rapids — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Market conditions: Rents rising fast (+14.7%/yr); 236 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 4 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 $145k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,815 (30.8% 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. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 4.53%
• Cash-on-cash: -6.29%
• DSCR: 0.72
• GRM: 12.0

CMA / ARV

• ARV (median comp): $265,703
• List price: $215,000
• Delta: -19.08%
• 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
122 20th St NE	0.46mi	4/1.5 (+1)	1,844 (+0%)	3mo	$176,500	$96	68
2159 Linden Dr Dr SE	0.20mi	4/2.5 (+1)	2,002 (+9%)	1mo	$226,000	$113	67
2009 Blake Blvd SE	0.41mi	3/1.5	1,720 (-6%)	2mo	$305,000	$177	67
2226 5th Ave SE	0.69mi	3/2.5	1,820 (-1%)	0mo	$256,000	$141	64
1704 Park Ave SE	0.73mi	3/2.0	1,807 (-2%)	2mo	$125,000	$69	62
2026 Bever Ave SE	0.59mi	3/1.5	1,678 (-8%)	1mo	$210,000	$125	56
1812 Park Ave Ave SE	0.64mi	4/1.5 (+1)	1,916 (+4%)	0mo	$179,000	$93	55
136 24th St Dr SE	0.58mi	3/1.0	1,683 (-8%)	0mo	$135,000	$80	55
2323 Upland Dr SE	0.71mi	4/2.0 (+1)	1,957 (+7%)	1mo	$243,000	$124	50
2416 B Ave NE	0.73mi	4/2.0 (+1)	1,976 (+8%)	2mo	$262,000	$133	46
1711 Blake Blvd SE	0.66mi	3/2.0	1,592 (-13%)	3mo	$199,000	$125	45
435 20th St NE	0.70mi	3/2.0	1,597 (-13%)	3mo	$211,000	$132	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: -21.7%
• Equity multiple: 0.22×
• Total profit: $-47,060
• Equity at exit: $32,057

10-year hold

• IRR: -6.6%
• Equity multiple: 0.49×
• Total profit: $-30,975
• Equity at exit: $18,589

Cash invested: $60,200 (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 52403

• Rents YoY: 14.7%
• Active inventory: 236
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,488 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$274 /mo · $3,292/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $-316

Break-even live

Break-even rent $1,888

Max offer price $159,219

Occupancy floor —

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	1.04mi

Listing history 29 events

1. 2026-06-19
   days on market $215,000 Active 114 DOM
2. 2026-06-18
   days on market $215,000 Active 113 DOM
3. 2026-06-17
   days on market $215,000 Active 112 DOM
4. 2026-06-16
   days on market $215,000 Active 111 DOM
5. 2026-06-15
   days on market $215,000 Active 110 DOM
6. 2026-06-14
   days on market $215,000 Active 108 DOM
7. 2026-06-13
   days on market $215,000 Active 107 DOM
8. 2026-06-10
   days on market $215,000 Active 105 DOM
9. 2026-06-09
   days on market $215,000 Active 104 DOM
10. 2026-06-08
    days on market $215,000 Active 103 DOM
11. 2026-06-07
    days on market $215,000 Active 102 DOM
12. 2026-06-05
    days on market $215,000 Active 99 DOM
13. 2026-06-03
    days on market $215,000 Active 98 DOM
14. 2026-06-02
    days on market $215,000 Active 97 DOM
15. 2026-06-01
    days on market $215,000 Active 96 DOM
16. 2026-05-31
    days on market $215,000 Active 95 DOM
17. 2026-05-30
    days on market $215,000 Active 94 DOM
18. 2026-03-27
    status Pending 1033-char remark

    Show marketing remark (1033 chars)

    This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

19. 2026-03-18
    price $215,000 1033-char remark

    Show marketing remark (1033 chars)

    This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

20. 2026-03-18
    price $215,000 1033-char remark

    Show marketing remark (1033 chars)

    This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

21. 2026-03-10
    price $217,900 1033-char remark

    Show marketing remark (1033 chars)

    This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

22. 2026-03-10
    price $217,900 1033-char remark

    Show marketing remark (1033 chars)

    This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

23. 2026-02-25
    listed $219,900 Active 1033-char remark

    Show marketing remark (1033 chars)

    This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

24. 2026-02-25
    listed $219,900 Active 1033-char remark

    Show marketing remark (1033 chars)

    This home beautifully blends storybook charm with everyday comfort, offering character-rich architecture, original details, and inviting spaces with personality. The Tudor-inspired exterior and cottage-style interior create a warm, welcoming first impression that sets this property apart from more typical designs. The upper level features a private primary suite with a full bath and a walk-in closet—an uncommon and highly desirable combination for a home of this era. Two main-level bedrooms and a full bath provide flexible options for main-floor living, while the cozy family room offers a comfortable spot to relax. The finished lower level adds valuable bonus space, ideal for game nights, movie marathons, or overnight guests. Located in a well-established, highly desirable neighborhood, this home is just steps from Brucemore Mansion and conveniently close to outdoor concerts, parks, trails, schools, shopping, and everyday amenities—offering both charm and convenience in a sought-after Cedar Rapids setting.

25. 2018-05-22
    soldstatus $145,000
26. 2018-05-15
    soldstatus $144,900
27. 2018-03-14
    listed $144,900
28. 2015-10-13
    listed $127,000
29. 2008-10-06
    soldstatus $121,000

ⓘ 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: $3,292 · $274/mo
• Projected year-2 tax: $3,334 · $278/mo
• Expected delta: +$42/yr (+$3/mo · 1.3%)

ⓘ 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 3/10 Moderate
• 🌡 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,858
• − Mortgage interest: −$12,043
• − Property taxes: −$3,292
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,429
• − Management: −$1,429
• − Depreciation: −$6,255
• Taxable loss: −$7,664
• Est. tax savings @ 24.0%: +$1,839
• After-tax cash flow: $-1,950/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): 22,551
• Household income: $74,703
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 452.0

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 (85%)
• Race & ethnicity: White 85% Black 7% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 3% Slovak 3% Portuguese 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -170.15%
• Current HPI: 196.1114
• Rent YoY: ▲ 14.67%
• 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

+77.7% since first listed

12 events — show timeline

• 2026-03-27 Pending — CRAAR, CDRMLS
• 2026-03-18 Price Changed $215,000 ICAARMLS
• 2026-03-18 Price Changed $215,000 CRAAR, CDRMLS
• 2026-03-10 Price Changed $217,900 ICAARMLS
• 2026-03-10 Price Changed $217,900 CRAAR, CDRMLS
• 2026-02-25 Listed $219,900 CRAAR, CDRMLS
• 2026-02-25 Listed $219,900 ICAARMLS
• 2018-05-22 Sold (Public Records) $145,000 Public Records
• 2018-05-15 Sold (MLS) $144,900 CRAAR, CDRMLS
• 2018-03-14 Listed $144,900 CRAAR, CDRMLS
• 2015-10-13 Listed $127,000 CRAAR, CDRMLS
• 2008-10-06 Sold (Public Records) $121,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $3,292 · +2.3% YoY. Source: county tax records.