120 Shannon Dr #10 · North Liberty, IA 52317

$122,000

2 bd · 1.0 ba · 838 sqft · Condo public records · 12 Days on market

Built 1996 $150/mo HOA · 11% 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 +18.5/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• DSCR +5.8/10.0
• Schools +5.7/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Accepted offer on 10/9/22. Taking back up offers. Less expensive to own vs renting in the area. Located on 3rd floor (top floor), 2 bed and 1 bath condo. New appliances will remain in the condo. New LVT in living area. Fireplace and covered deck. Washer/Dryer in Condo. Security doors at entrance. 2 pets allowed. Owner occupied units only. Professionally management company for condo. The location is key to this condo. Great access to I-380/I-80/Hwy 218 (S). Walking distance to shopping & restaurants. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

Key facts

• In unit laundry
• Convenient location
• Dedicated parking

Tags

• IN UNIT LAUNDRY
• DEDICATED PARKING
• LOW MAINTENANCE LIVING
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: Homeowners association with a $150 monthly fee; Pets allowed with a number limit

Exterior

• Parking: 1-car garage with garage door opener
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Above-grade finished living area reported
• Construction: Frame construction
• Exterior features: Deck; Public maintained road

Interior

• Kitchen: Dishwasher; Disposal; Gas range; Microwave; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Breakfast bar; Fireplace with gas insert in the living room
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $122k.

Deal economics

• At list price, monthly cash flow is $49 ($583/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $122k).
• Cap rate 7.4% vs local median 3.1% in North Liberty — 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 85/100 on livability (#18 in IA, #596 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James Van Allen Elementary School (math 73% / reading 66%, grade A-, #224 of 616 statewide, top 42%, 432 students, 27% FRL); North Central Junior High School (math 72% / reading 75%, grade A, #86 of 246 statewide, top 35%, 622 students, 24% FRL); Liberty High School (math 71% / reading 80%, grade A-, #79 of 336 statewide, top 25%, 1,167 students, 25% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: Rents rising fast (+7.6%/yr); 343 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• This rent is only 16% of the median local income ($105k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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 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: 1.14% ✓
• Cap rate: 7.42%
• Cash-on-cash: 4.04%
• DSCR: 1.18
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.62% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.71×
• Total profit: $-9,752
• Equity at exit: $18,191

10-year hold

• IRR: 8.2%
• Equity multiple: 1.78×
• Total profit: $26,680
• Equity at exit: $10,548

Cash invested: $34,160 (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 52317

• Home prices YoY: -29.8%
• Rents YoY: 7.6%
• Active inventory: 343
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,392 medium
• Mortgage (P&I): −$640
• Tax from tax record: −$144 /mo · $1,730/yr
• Insurance: −$51
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$150
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $49

Break-even live

Break-even rent $1,331

Max offer price $122,000

Occupancy floor 92%

Sensitivity live

Price	-10% $118	-5% $83	+0% $49	+5% $14	+10% $-20
Rent	-10% $-61	-5% $-6	+0% $49	+5% $104	+10% $159
Rate	-1.0pp $110	-0.5pp $80	base $49	+0.5pp $17	+1.0pp $-15

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
835 Blue Sky Dr #201 North Liberty, IA	2.0	2.0	1025	$1,450	$1.41	44d	1	0.32mi
115 Sugar Creek Ln Unit 01 North Liberty, IA	2.0	1.0	675	$995	$1.47	21d	1	0.46mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-03
   days on market $122,000 Active 12 DOM
2. 2026-06-02
   days on market $122,000 Active 11 DOM
3. 2026-06-01
   days on market $122,000 Active 10 DOM
4. 2026-05-31
   days on market $122,000 Active 9 DOM
5. 2026-05-30
   days on market $122,000 Active 8 DOM
6. 2026-05-22
   listed $122,000 Active
7. 2026-03-02
   price $106,000 785-char remark

   Show marketing remark (785 chars)

   Accepted offer on 10/9/22. Taking back up offers. Less expensive to own vs renting in the area. Located on 3rd floor (top floor), 2 bed and 1 bath condo. New appliances will remain in the condo. New LVT in living area. Fireplace and covered deck. Washer/Dryer in Condo. Security doors at entrance. 2 pets allowed. Owner occupied units only. Professionally management company for condo. The location is key to this condo. Great access to I-380/I-80/Hwy 218 (S). Walking distance to shopping & restaurants. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

8. 2022-12-01
   soldstatus $107,575 Closed 785-char remark

   Show marketing remark (721 chars)

   Accepted offer on 10/9/22. Taking backup offers. 3rd floor unit (top floor), 2 bed and 1 bath condo. Newer appliances will remain in the condo. Newer LVT in living area. Fireplace and covered deck. Security doors at entrance. 2 pets allowed. Owner occupied unit only. Professionally management company for condo. The location is key to this condo. Great Access to I-380/I-80/Hwy 218. Walking distance to shopping & restaurants & golf. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

9. 2022-12-01
   soldstatus $107,575 Closed 721-char remark

   Show marketing remark (721 chars)

   Accepted offer on 10/9/22. Taking backup offers. 3rd floor unit (top floor), 2 bed and 1 bath condo. Newer appliances will remain in the condo. Newer LVT in living area. Fireplace and covered deck. Security doors at entrance. 2 pets allowed. Owner occupied unit only. Professionally management company for condo. The location is key to this condo. Great Access to I-380/I-80/Hwy 218. Walking distance to shopping & restaurants & golf. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

10. 2022-12-01
    soldstatus $108,000

    Show marketing remark (721 chars)

    Accepted offer on 10/9/22. Taking backup offers. 3rd floor unit (top floor), 2 bed and 1 bath condo. Newer appliances will remain in the condo. Newer LVT in living area. Fireplace and covered deck. Security doors at entrance. 2 pets allowed. Owner occupied unit only. Professionally management company for condo. The location is key to this condo. Great Access to I-380/I-80/Hwy 218. Walking distance to shopping & restaurants & golf. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

11. 2022-10-27
    status Pending 721-char remark

    Show marketing remark (785 chars)

    Accepted offer on 10/9/22. Taking back up offers. Less expensive to own vs renting in the area. Located on 3rd floor (top floor), 2 bed and 1 bath condo. New appliances will remain in the condo. New LVT in living area. Fireplace and covered deck. Washer/Dryer in Condo. Security doors at entrance. 2 pets allowed. Owner occupied units only. Professionally management company for condo. The location is key to this condo. Great access to I-380/I-80/Hwy 218 (S). Walking distance to shopping & restaurants. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

12. 2022-10-27
    historical Active Under Contract 785-char remark

    Show marketing remark (785 chars)

    Accepted offer on 10/9/22. Taking back up offers. Less expensive to own vs renting in the area. Located on 3rd floor (top floor), 2 bed and 1 bath condo. New appliances will remain in the condo. New LVT in living area. Fireplace and covered deck. Washer/Dryer in Condo. Security doors at entrance. 2 pets allowed. Owner occupied units only. Professionally management company for condo. The location is key to this condo. Great access to I-380/I-80/Hwy 218 (S). Walking distance to shopping & restaurants. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

13. 2022-10-09
    price $107,575 785-char remark

    Show marketing remark (785 chars)

    Accepted offer on 10/9/22. Taking back up offers. Less expensive to own vs renting in the area. Located on 3rd floor (top floor), 2 bed and 1 bath condo. New appliances will remain in the condo. New LVT in living area. Fireplace and covered deck. Washer/Dryer in Condo. Security doors at entrance. 2 pets allowed. Owner occupied units only. Professionally management company for condo. The location is key to this condo. Great access to I-380/I-80/Hwy 218 (S). Walking distance to shopping & restaurants. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

14. 2022-09-22
    listed $106,000 Active 785-char remark

    Show marketing remark (721 chars)

    Accepted offer on 10/9/22. Taking backup offers. 3rd floor unit (top floor), 2 bed and 1 bath condo. Newer appliances will remain in the condo. Newer LVT in living area. Fireplace and covered deck. Security doors at entrance. 2 pets allowed. Owner occupied unit only. Professionally management company for condo. The location is key to this condo. Great Access to I-380/I-80/Hwy 218. Walking distance to shopping & restaurants & golf. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

15. 2022-09-22
    listed $106,000 Active 721-char remark

    Show marketing remark (721 chars)

    Accepted offer on 10/9/22. Taking backup offers. 3rd floor unit (top floor), 2 bed and 1 bath condo. Newer appliances will remain in the condo. Newer LVT in living area. Fireplace and covered deck. Security doors at entrance. 2 pets allowed. Owner occupied unit only. Professionally management company for condo. The location is key to this condo. Great Access to I-380/I-80/Hwy 218. Walking distance to shopping & restaurants & golf. Bike path near condo. Community Center, Library, Fitness Center & pool minutes away. The new hospital (being built) is 1 mile away. Seller to provide $1,000 allowance at closing for new flooring. Selling "AS IS". Home inspections for informational purposes.

ⓘ 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: $1,730 · $144/mo
• Projected year-2 tax: $1,823 · $152/mo
• Expected delta: +$93/yr (+$8/mo · 5.4%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 16 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: $16,707
• − Mortgage interest: −$6,834
• − Property taxes: −$1,730
• − Insurance: −$1,408
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − HOA: −$1,800
• − Depreciation: −$3,549
• Taxable loss: −$1,287
• Est. tax savings @ 24.0%: +$309
• After-tax cash flow: $892/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — North Liberty

• Score: 85/100
• State rank: #18
• US rank: #596

Category grades

Amenities F 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: North Liberty, IA
• County: Johnson County · 132,710 people
• City population: 23,097
• Metro: Iowa City, IA
• Population (ZIP): 23,097
• Household income: $105,318
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 432.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 8% Hispanic / Latino 5% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 7% Italian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.37%
• Current HPI: 170.8165
• Rent YoY: ▲ 7.62%
• Metro: Iowa City, 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

+15.1% since first listed

10 events — show timeline

• 2026-05-22 Listed $122,000 CRAAR, CDRMLS
• 2026-03-02 Price Changed $106,000 ICAARMLS
• 2022-12-01 Sold (Public Records) $108,000 Public Records
• 2022-12-01 Sold (MLS) $107,575 CRAAR, CDRMLS
• 2022-12-01 Sold (MLS) $107,575 ICAARMLS
• 2022-10-27 Pending — CRAAR, CDRMLS
• 2022-10-27 Contingent — ICAARMLS
• 2022-10-09 Price Changed $107,575 ICAARMLS
• 2022-09-22 Listed $106,000 CRAAR, CDRMLS
• 2022-09-22 Listed $106,000 ICAARMLS

Property tax history

+3.3%/yr

Latest (2025): $1,730 · +2.6% YoY. Source: county tax records.