4019 Summerfield Ln Ln NE Unit D · Cedar Rapids, IA 52402

$129,500

2 bd · 1.0 ba · 1,022 sqft · Condo public records · 16 Days on market

Built 1979 $175/mo HOA · 14% of rent

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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).

• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience the perfect blend of comfort and convenience in this well maintained 2-bedroom, 2-bathroom condo located in the peaceful Lexington Green community. This move-in-ready home is bathed in abundant natural light, creating a warm and inviting atmosphere throughout. The thoughtful layout includes oversized bedrooms with ample closet space, the added benefit of in-unit laundry, and an attached one-car garage that provides seamless access from both inside and out. The living space extends outdoors to a private patio and deck, where you can unwind while overlooking lush green space. Storage is never an issue here, as the property boasts significant in-unit capacity along with its own private additional storage unit. Best of all, you can enjoy a truly low-maintenance lifestyle; the HOA handles all snow removal and lawn care, allowing you to focus on the quiet tranquility of your surroundings. This is a rare opportunity to enjoy all the comforts of a place to call home with none of the outdoor hassle

Key facts

• Private patio
• In unit laundry
• $175 HOA

Tags

• IN UNIT LAUNDRY
• PRIVATE PATIO
• ATTACHED ONE CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (6.0% below list).
• Recommended offer: $106k (17.9% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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.
• Market conditions: Rents rising fast (+11.0%/yr); 286 active listings in the ZIP; 2 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 $895 of loan paydown is wiped out by about $4k 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 16 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.

Recommended offer $106,278 (17.9% 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. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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 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: 0.94% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.35%
• DSCR: 0.81
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.37×
• Total profit: $-22,780
• Equity at exit: $19,309

10-year hold

• IRR: -0.2%
• Equity multiple: 0.98×
• Total profit: $-753
• Equity at exit: $11,197

Cash invested: $36,260 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,218 medium
• Mortgage (P&I): −$679
• Tax from tax record: −$186 /mo · $2,226/yr
• Insurance: −$54
• HOA: −$175
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-131

Break-even live

Break-even rent $1,384

Max offer price $106,278

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: $32,375
• Closing costs: $3,885
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3421 Blairs Ferry Rd NE Cedar Rapids, IA	3.0	2.0	1152	$1,249	$1.08	13d	1	0.87mi
1400 Blairs Ferry Rd Hiawatha, IA	1.0–2.0	1.0	651	$950	$1.46	13d	1	1.05mi

HOA detail condo

• Monthly dues: $175 · $2,100/yr
• Likely covers: landscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-05-07
   status Pending 1015-char remark

   Show marketing remark (1015 chars)

   Experience the perfect blend of comfort and convenience in this well maintained 2-bedroom, 2-bathroom condo located in the peaceful Lexington Green community. This move-in-ready home is bathed in abundant natural light, creating a warm and inviting atmosphere throughout. The thoughtful layout includes oversized bedrooms with ample closet space, the added benefit of in-unit laundry, and an attached one-car garage that provides seamless access from both inside and out. The living space extends outdoors to a private patio and deck, where you can unwind while overlooking lush green space. Storage is never an issue here, as the property boasts significant in-unit capacity along with its own private additional storage unit. Best of all, you can enjoy a truly low-maintenance lifestyle; the HOA handles all snow removal and lawn care, allowing you to focus on the quiet tranquility of your surroundings. This is a rare opportunity to enjoy all the comforts of a place to call home with none of the outdoor hassle

2. 2026-04-21
   listed $129,500 Active 1015-char remark

   Show marketing remark (1015 chars)

   Experience the perfect blend of comfort and convenience in this well maintained 2-bedroom, 2-bathroom condo located in the peaceful Lexington Green community. This move-in-ready home is bathed in abundant natural light, creating a warm and inviting atmosphere throughout. The thoughtful layout includes oversized bedrooms with ample closet space, the added benefit of in-unit laundry, and an attached one-car garage that provides seamless access from both inside and out. The living space extends outdoors to a private patio and deck, where you can unwind while overlooking lush green space. Storage is never an issue here, as the property boasts significant in-unit capacity along with its own private additional storage unit. Best of all, you can enjoy a truly low-maintenance lifestyle; the HOA handles all snow removal and lawn care, allowing you to focus on the quiet tranquility of your surroundings. This is a rare opportunity to enjoy all the comforts of a place to call home with none of the outdoor hassle

3. 2025-07-23
   soldstatus $126,500
4. 2025-06-27
   soldstatus $126,500 Closed 570-char remark

   Show marketing remark (570 chars)

   Welcome to your new spacious, sunny, and clean one-level condo across from Twin Pines Golf Course. Close to grocery shopping, restaurants, trails, and parks. NEW in 2025 - Exterior garage door, and Sliding glass door which leads to the patio balcony. Lovely views of greenery and morning sun make this the perfect spot for your morning coffee. PLENTY of storage including: Large step-in pantry, Walk-in closet in Primary BR, linen and coat closets, and an 8x10 secured storage room right outside the unit. You will love living in this quiet and established neighborhood!

5. 2025-05-26
   status Pending 570-char remark

   Show marketing remark (570 chars)

   Welcome to your new spacious, sunny, and clean one-level condo across from Twin Pines Golf Course. Close to grocery shopping, restaurants, trails, and parks. NEW in 2025 - Exterior garage door, and Sliding glass door which leads to the patio balcony. Lovely views of greenery and morning sun make this the perfect spot for your morning coffee. PLENTY of storage including: Large step-in pantry, Walk-in closet in Primary BR, linen and coat closets, and an 8x10 secured storage room right outside the unit. You will love living in this quiet and established neighborhood!

6. 2025-05-13
   price $129,500 570-char remark

   Show marketing remark (570 chars)

   Welcome to your new spacious, sunny, and clean one-level condo across from Twin Pines Golf Course. Close to grocery shopping, restaurants, trails, and parks. NEW in 2025 - Exterior garage door, and Sliding glass door which leads to the patio balcony. Lovely views of greenery and morning sun make this the perfect spot for your morning coffee. PLENTY of storage including: Large step-in pantry, Walk-in closet in Primary BR, linen and coat closets, and an 8x10 secured storage room right outside the unit. You will love living in this quiet and established neighborhood!

7. 2025-04-26
   listed $132,000 Active 570-char remark

   Show marketing remark (570 chars)

   Welcome to your new spacious, sunny, and clean one-level condo across from Twin Pines Golf Course. Close to grocery shopping, restaurants, trails, and parks. NEW in 2025 - Exterior garage door, and Sliding glass door which leads to the patio balcony. Lovely views of greenery and morning sun make this the perfect spot for your morning coffee. PLENTY of storage including: Large step-in pantry, Walk-in closet in Primary BR, linen and coat closets, and an 8x10 secured storage room right outside the unit. You will love living in this quiet and established neighborhood!

8. 2024-04-04
   soldstatus $122,500
9. 2024-03-28
   soldstatus $122,500 Closed
10. 2024-03-05
    status Pending
11. 2024-03-05
    listed $122,500 Active
12. 2020-05-20
    soldstatus $95,000
13. 2020-03-26
    listed $95,000

ⓘ 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: $2,226 · $186/mo
• Projected year-2 tax: $2,226 · $186/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 ≥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: $14,614
• − Mortgage interest: −$7,254
• − Property taxes: −$2,226
• − Insurance: −$648
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − HOA: −$2,100
• − Depreciation: −$3,767
• Taxable loss: −$3,719
• Est. tax savings @ 24.0%: +$892
• After-tax cash flow: $-685/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

+36.3% since first listed

13 events — show timeline

• 2026-05-07 Pending — CRAAR, CDRMLS
• 2026-04-21 Listed $129,500 CRAAR, CDRMLS
• 2025-07-23 Sold (Public Records) $126,500 Public Records
• 2025-06-27 Sold (MLS) $126,500 CRAAR, CDRMLS
• 2025-05-26 Pending — CRAAR, CDRMLS
• 2025-05-13 Price Changed $129,500 CRAAR, CDRMLS
• 2025-04-26 Listed $132,000 CRAAR, CDRMLS
• 2024-04-04 Sold (Public Records) $122,500 Public Records
• 2024-03-28 Sold (MLS) $122,500 CRAAR, CDRMLS
• 2024-03-05 Pending — CRAAR, CDRMLS
• 2024-03-05 Listed $122,500 CRAAR, CDRMLS
• 2020-05-20 Sold (MLS) $95,000 CRAAR, CDRMLS
• 2020-03-26 Listed $95,000 CRAAR, CDRMLS

Property tax history

+3.8%/yr

Latest (2025): $2,226 · +3.2% YoY. Source: county tax records.