4413 Surrey Ct · Marion, IA 52302

$180,000

3 bd · 1.5 ba · 864 sqft · SingleFamily public records · 25 Days on market

Built 1976 7,405 sqft lot Est $194k · 7% under

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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).

• ARV discount +10.8/15.0
• Cash flow +8.3/30.0
• Schools +6.6/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

Key facts

• Fresh paint
• Radon mitigation
• New carpet

Tags

• NEW CARPET
• FRESH PAINT
• NEWER SIDING
• NEWER GUTTERS
• NEWER HVAC
• RADON MITIGATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-166 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (16.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (25.9% below list).
• Recommended offer: $133k (25.9% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 2.7% in Marion — 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 84/100 on livability (#19 in IA, #633 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Linn-Mar Community School District (suburban): math 75% / reading 76% proficiency, ranked #44 of 289 in IA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Excelsior Middle School (math 71% / reading 72%, grade A, #106 of 246 statewide, top 44%, 617 students, 28% FRL).
• Market conditions: Rents rising fast (+8.4%/yr); 455 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $5k 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 25 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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 $133,418 (25.9% 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.74% ✗
• Cap rate: 5.19%
• Cash-on-cash: -3.95%
• DSCR: 0.82
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $194,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4401 Lantern Ct Ct	0.06mi	3/1.0	988 (+14%)	17mo	$222,500	$225	57

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: -17.6%
• Equity multiple: 0.35×
• Total profit: $-32,691
• Equity at exit: $26,839

10-year hold

• IRR: -2.4%
• Equity multiple: 0.80×
• Total profit: $-9,975
• Equity at exit: $15,563

Cash invested: $50,400 (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 52302

• Rents YoY: 8.4%
• Active inventory: 455
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,334 high
• Mortgage (P&I): −$944
• Tax from tax record: −$201 /mo · $2,414/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $-166

Break-even live

Break-even rent $1,544

Max offer price $150,657

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
700 35th St Marion, IA	2.0	1.0–2.0	896	$1,224	$1.37	13d	1	0.41mi
6156 Carlson Way Marion, IA	1.0–3.0	1.0–2.0	882	$1,775	$2.01	13d	5	0.86mi
2899 5th Ave Unit 2 Marion, IA	2.0	1.0	900	$1,200	$1.33	13d	1	1.09mi
820 27th St Unit 3C Marion, IA	2.0	1.0	756	$1,000	$1.32	13d	1	1.10mi
2615 5th Ave Marion, IA	2.0	1.0	800	$675	$0.84	21d	1	1.17mi
901 18th St Apt 3 Marion, IA	2.0	1.0	800	$975	$1.22	43d	1	1.47mi

Listing history 20 events

1. 2026-01-12
   soldstatus $182,000 Closed 688-char remark

   Show marketing remark (688 chars)

   Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

2. 2026-01-12
   soldstatus $182,000

   Show marketing remark (688 chars)

   Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

3. 2025-12-13
   status Pending
4. 2025-12-12
   status Pending 688-char remark

   Show marketing remark (688 chars)

   Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

5. 2025-12-02
   price $180,000

   Show marketing remark (688 chars)

   Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

6. 2025-12-02
   price $180,000 688-char remark

   Show marketing remark (688 chars)

   Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

7. 2025-11-17
   listed $184,900 Active 688-char remark

   Show marketing remark (688 chars)

   Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

8. 2025-11-17
   listed $184,900 Active

   Show marketing remark (688 chars)

   Welcome to this freshly updated ranch with new carpet, fresh paint, and major upgrades already done for you — including newer siding, gutters, and HVAC. Radon mitigation recently installed as well! The bright living area flows into a finished lower level, offering two additional bedrooms, perfect for a guest space, home office, or your next workout setup. Outside, you’ll love the fully fenced backyard with mature trees, a storage shed, and a covered patio ready for evening hangs or weekend grilling. Easy access to Hwy 13 and all of Marion’s hotspots makes this one a smart move — whether you're starting out or sizing down. Stylish, solid, and move-in ready.

9. 2025-10-12
   status Pending
10. 2025-10-07
    price $185,000
11. 2025-10-07
    price $185,000
12. 2025-10-01
    listed $189,900 Active
13. 2018-07-12
    soldstatus $127,000
14. 2018-06-29
    soldstatus $127,000
15. 2018-06-29
    soldstatus $127,000
16. 2018-05-20
    price $129,900
17. 2018-05-09
    listed $127,000
18. 2018-05-09
    listed $129,900
19. 2009-09-24
    soldstatus $122,000
20. 1992-03-19
    soldstatus $57,000

ⓘ 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: $2,414 · $201/mo
• Projected year-2 tax: $2,620 · $218/mo
• Expected delta: +$206/yr (+$17/mo · 8.5%)

ⓘ 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 1/10 Low
• 🌡 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: $16,010
• − Mortgage interest: −$10,083
• − Property taxes: −$2,414
• − Insurance: −$900
• − Repairs & maintenance: −$1,281
• − Management: −$1,281
• − Depreciation: −$5,236
• Taxable loss: −$5,185
• Est. tax savings @ 24.0%: +$1,244
• After-tax cash flow: $-749/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: Linn-Mar Community School District
• NCES district ID: 1917220
• Math proficiency: 75% ▼ -7.00%
• Reading proficiency: 76% ▼ -5.00%
• Median HH income: $72,473
• Composite: 66.08/100
• National rank: #440
• State rank: #44 of 289 in IA

Livability — Marion

• Score: 84/100
• State rank: #19
• US rank: #633

Category grades

Amenities D- 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: Marion, IA
• County: Linn County · 179,860 people
• City population: 42,706
• Metro: Cedar Rapids, IA
• Population (ZIP): 42,706
• Household income: $87,983
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 940.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Black 3% Asian 2%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% 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: ▼ -144.98%
• Current HPI: 199.2949
• Rent YoY: ▲ 8.37%
• 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

+219.3% since first listed

20 events — show timeline

• 2026-01-12 Sold (Public Records) $182,000 Public Records
• 2026-01-12 Sold (MLS) $182,000 CRAAR, CDRMLS
• 2025-12-13 Pending — ICAARMLS
• 2025-12-12 Pending — CRAAR, CDRMLS
• 2025-12-02 Price Changed $180,000 ICAARMLS
• 2025-12-02 Price Changed $180,000 CRAAR, CDRMLS
• 2025-11-17 Listed $184,900 ICAARMLS
• 2025-11-17 Listed $184,900 CRAAR, CDRMLS
• 2025-10-12 Pending — ICAARMLS
• 2025-10-07 Price Changed $185,000 ICAARMLS
• 2025-10-07 Price Changed $185,000 CRAAR, CDRMLS
• 2025-10-01 Listed $189,900 ICAARMLS
• 2018-07-12 Sold (Public Records) $127,000 Public Records
• 2018-06-29 Sold (MLS) $127,000 CRAAR, CDRMLS
• 2018-06-29 Sold (MLS) $127,000 ICAARMLS
• 2018-05-20 Price Changed $129,900 ICAARMLS
• 2018-05-09 Listed $129,900 CRAAR, CDRMLS
• 2018-05-09 Listed $127,000 ICAARMLS
• 2009-09-24 Sold (Public Records) $122,000 Public Records
• 1992-03-19 Sold (Public Records) $57,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $2,414 · +2.8% YoY. Source: county tax records.