655 36th St NE · Cedar Rapids, IA 52402

$105,000

3 bd · 1.0 ba · 883 sqft · SingleFamily public records · 1 Days on market

Built 1949 1,002 sqft lot Est $149k · 30% 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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +6.6/10.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 1,002 sq ft lot
• Built 1949

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Metal siding and frame construction; Slab foundation; Home warranty in place
• Exterior features: Small lot (approximately 0.023 acre)

Interior

• Kitchen: Eat-in kitchen layout; Gas water heater (serves kitchen)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Fireplace in the living room (electric); Gas water heater
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $208 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 8.7% vs local median 3.5% in Cedar Rapids — 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 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.
• Zoned schools: Kenwood Leadership Academy School (math 52% / reading 57%, grade C, #462 of 616 statewide, top 79%, 414 students, 62% FRL); Franklin Middle School (math 49% / reading 59%, grade B-, #206 of 246 statewide, top 84%, 537 students, 56% FRL); George Washington High School (math 44% / reading 62%, grade C-, #296 of 336 statewide, top 88%, 1,291 students, 49% FRL).
• Market conditions: Rents rising fast (+11.0%/yr); 286 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $726 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $82k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,000

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.48%
• DSCR: 1.38
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $149,227
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3735 Kencrest Dr NE	0.17mi	3/1.0	864 (-2%)	2mo	$131,000	$152	87
3723 Kencrest Dr	0.15mi	3/1.0	864 (-2%)	4mo	$143,000	$166	86
415 38th Street St NE	0.28mi	3/1.0	836 (-5%)	1mo	$118,000	$141	77
734 34th St St NE	0.14mi	3/1.0	983 (+11%)	3mo	$161,000	$164	72
721 36th St NE	0.06mi	2/1.0 (-1)	780 (-12%)	1mo	$150,000	$192	72
3730 H Ave NE	0.26mi	3/1.0	960 (+9%)	2mo	$160,000	$167	72
634 33rd St NE	0.21mi	3/1.0	995 (+13%)	2mo	$179,000	$180	67
308 34th St NE	0.32mi	2/1.0 (-1)	972 (+10%)	2mo	$164,523	$169	61
1051 Clifton St St NE	0.69mi	3/1.0	920 (+4%)	1mo	$169,900	$185	60
1101 Clifton St St NE	0.70mi	2/1.0 (-1)	920 (+4%)	1mo	$194,900	$212	54
616 25th St St NE	0.71mi	3/1.5	972 (+10%)	1mo	$199,500	$205	47
232 31st St	0.47mi	2/1.0 (-1)	760 (-14%)	4mo	$115,000	$151	47

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: 2.3%
• Equity multiple: 1.09×
• Total profit: $2,687
• Equity at exit: $15,656

10-year hold

• IRR: 16.3%
• Equity multiple: 2.66×
• Total profit: $48,803
• Equity at exit: $9,078

Cash invested: $29,400 (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 52402

• Rents YoY: 11.0%
• Active inventory: 286
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,217 high
• Mortgage (P&I): −$551
• Tax from tax record: −$160 /mo · $1,914/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $208

Break-even live

Break-even rent $954

Max offer price $105,000

Occupancy floor 78%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
253 38th Street Dr SE Cedar Rapids, IA	2.0	1.0	757	$799	$1.06	44d	1	0.66mi
306 29th Street Dr SE Cedar Rapids, IA	2.0	1.0	1100	$850	$0.77	21d	1	0.78mi
4341 1st Ave SE Cedar Rapids, IA	2.0	1.0	610	$1,000	$1.64	44d	1	0.91mi
511 23rd St NE Cedar Rapids, IA	2.0	1.0	888	$1,500	$1.69	44d	1	0.95mi
4025 Sherman St NE Cedar Rapids, IA	1.0–2.0	1.0–1.5	742	$1,083	$1.46	13d	1	1.03mi
4521 Rushmore Dr NE Unit D Cedar Rapids, IA	2.0	1.5	700	$895	$1.28	44d	1	1.21mi
400 Lindale Dr Marion, IA	3.0	2.0	942	$1,092	$1.16	13d	1	1.47mi

Listing history 1 events

1. 2026-06-13
   listed $105,000 Pending 1 DOM

ⓘ 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: $1,914 · $160/mo
• Projected year-2 tax: $1,914 · $160/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 3/10 Moderate
• 🌡 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: $14,607
• − Mortgage interest: −$5,882
• − Property taxes: −$1,914
• − Insurance: −$525
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$3,055
• Taxable income: $895
• Est. tax owed @ 24.0%: −$215
• After-tax cash flow: $2,278/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): 42,938
• Household income: $73,439
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 971.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 7% Black 6% Asian 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 4% Lithuanian 2% Iranian 2%
• Foreign-born: 8% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -133.31%
• Current HPI: 201.7061
• Rent YoY: ▲ 10.97%
• 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

+101.9% since first listed

9 events — show timeline

• 2026-06-11 Pending — CRAAR, CDRMLS
• 2026-06-11 Listed $105,000 CRAAR, CDRMLS
• 2026-01-10 Rental Removed $1,150 BUILDIUM
• 2025-11-01 Listed for Rent $1,150 BUILDIUM
• 2017-01-19 Sold (MLS) $82,000 CRAAR, CDRMLS
• 2016-12-19 Listed $83,500 CRAAR, CDRMLS
• 2015-01-02 Sold (Public Records) $83,000 Public Records
• 2010-05-14 Sold (Public Records) $83,000 Public Records
• 2006-12-15 Sold (Public Records) $52,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,914 · +12.3% YoY. Source: county tax records.