505 Penn Ct #12 · North Liberty, IA 52317

$132,000

2 bd · 1.0 ba · 842 sqft · Condo public records · 1 Days on market

Built 2002 $140/mo HOA · 9% of rent

---

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 +21.3/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +6.8/10.0
• Schools +6.4/10.0
• 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

Look no further! Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit. This 2 BR, 1 BA unit boasts vaulted ceilings, oak cabinetry, a gas fireplace, and some fresh paint. The newer washer and dryer (replaced just last year) stay, plus the garbage disposal and water heater were replaced in 2013. Located in the heart of the corridor and close to I-380, this one won't last long!

Key facts

• $140 HOA
• Parking
• Built 2002

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $1,680 (about $140/month); HOA covers grounds and structure maintenance

Exterior

• Parking: Off-street parking (1 space)
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Single-story unit (condominium)
• Construction: Vinyl siding with frame construction
• Exterior features: Deck; Sidewalks (community)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Pantry
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Vaulted ceilings; Pantry; Gas fireplace in the living room (factory built)
• Laundry & utility: Washer and dryer located in a laundry closet in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $132k.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Cap rate 8.0% 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: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Clear Creek Amana Community School District (rural): math 73% / reading 75% proficiency, ranked #72 of 289 in IA (top 25%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.6%/yr); 343 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $913 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 $37k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y 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 $113k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $132,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
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. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.24%
• DSCR: 1.28
• GRM: 6.8

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,186
• Equity at exit: $19,682

10-year hold

• IRR: 13.7%
• Equity multiple: 2.37×
• Total profit: $50,634
• Equity at exit: $11,413

Cash invested: $36,960 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,611 medium
• Mortgage (P&I): −$692
• Tax from tax record: −$194 /mo · $2,322/yr
• Insurance: −$55
• HOA: −$140
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $192

Break-even live

Break-even rent $1,368

Max offer price $132,000

Occupancy floor 83%

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
560 Madison Ave North Liberty, IA	1.0–2.0	1.0–2.0	1007	$1,700	$1.69	13d	2	0.09mi
1735 N Jones Blvd North Liberty, IA	2.0	2.0	928	$1,595	$1.72	43d	1	1.24mi
115 Sugar Creek Ln Unit 01 North Liberty, IA	2.0	1.0	675	$995	$1.47	21d	1	1.39mi

HOA detail condo

• Monthly dues: $140 · $1,680/yr
• Likely covers: watertrashgas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-05-07
   status Pending
2. 2026-05-07
   listed $132,000 Active
3. 2026-03-02
   price $103,900 436-char remark

   Show marketing remark (436 chars)

   Look no further! Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit. This 2 BR, 1 BA unit boasts vaulted ceilings, oak cabinetry, a gas fireplace, and some fresh paint. The newer washer and dryer (replaced just last year) stay, plus the garbage disposal and water heater were replaced in 2013. Located in the heart of the corridor and close to I-380, this one won't last long!

4. 2024-04-05
   price $113,000 477-char remark

   Show marketing remark (477 chars)

   Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit! This 2 BR, 1 BA unit features new stainless steel kitchen appliances and sink, brand new carpet, oak cabinetry, and a gas fireplace. The unit is light, bright, & airy with vaulted ceilings and neutral colors throughout. Plus, the newer washer & dryer stay. It is move-in ready and located in the heart of the corridor and close to I-380 - don't miss out!

5. 2020-11-03
   soldstatus $113,000
6. 2020-10-02
   soldstatus $113,000 477-char remark

   Show marketing remark (477 chars)

   Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit! This 2 BR, 1 BA unit features new stainless steel kitchen appliances and sink, brand new carpet, oak cabinetry, and a gas fireplace. The unit is light, bright, & airy with vaulted ceilings and neutral colors throughout. Plus, the newer washer & dryer stay. It is move-in ready and located in the heart of the corridor and close to I-380 - don't miss out!

7. 2020-10-02
   soldstatus $113,000

   Show marketing remark (477 chars)

   Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit! This 2 BR, 1 BA unit features new stainless steel kitchen appliances and sink, brand new carpet, oak cabinetry, and a gas fireplace. The unit is light, bright, & airy with vaulted ceilings and neutral colors throughout. Plus, the newer washer & dryer stay. It is move-in ready and located in the heart of the corridor and close to I-380 - don't miss out!

8. 2020-09-18
   price $115,000 477-char remark

   Show marketing remark (477 chars)

   Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit! This 2 BR, 1 BA unit features new stainless steel kitchen appliances and sink, brand new carpet, oak cabinetry, and a gas fireplace. The unit is light, bright, & airy with vaulted ceilings and neutral colors throughout. Plus, the newer washer & dryer stay. It is move-in ready and located in the heart of the corridor and close to I-380 - don't miss out!

9. 2020-08-28
   listed $115,000 477-char remark

   Show marketing remark (477 chars)

   Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit! This 2 BR, 1 BA unit features new stainless steel kitchen appliances and sink, brand new carpet, oak cabinetry, and a gas fireplace. The unit is light, bright, & airy with vaulted ceilings and neutral colors throughout. Plus, the newer washer & dryer stay. It is move-in ready and located in the heart of the corridor and close to I-380 - don't miss out!

10. 2020-08-28
    listed $115,000

    Show marketing remark (477 chars)

    Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit! This 2 BR, 1 BA unit features new stainless steel kitchen appliances and sink, brand new carpet, oak cabinetry, and a gas fireplace. The unit is light, bright, & airy with vaulted ceilings and neutral colors throughout. Plus, the newer washer & dryer stay. It is move-in ready and located in the heart of the corridor and close to I-380 - don't miss out!

11. 2017-10-06
    soldstatus $105,000
12. 2017-10-02
    soldstatus $105,000 436-char remark

    Show marketing remark (436 chars)

    Look no further! Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit. This 2 BR, 1 BA unit boasts vaulted ceilings, oak cabinetry, a gas fireplace, and some fresh paint. The newer washer and dryer (replaced just last year) stay, plus the garbage disposal and water heater were replaced in 2013. Located in the heart of the corridor and close to I-380, this one won't last long!

13. 2017-10-02
    soldstatus $105,000

    Show marketing remark (436 chars)

    Look no further! Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit. This 2 BR, 1 BA unit boasts vaulted ceilings, oak cabinetry, a gas fireplace, and some fresh paint. The newer washer and dryer (replaced just last year) stay, plus the garbage disposal and water heater were replaced in 2013. Located in the heart of the corridor and close to I-380, this one won't last long!

14. 2017-08-29
    listed $105,000 436-char remark

    Show marketing remark (436 chars)

    Look no further! Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit. This 2 BR, 1 BA unit boasts vaulted ceilings, oak cabinetry, a gas fireplace, and some fresh paint. The newer washer and dryer (replaced just last year) stay, plus the garbage disposal and water heater were replaced in 2013. Located in the heart of the corridor and close to I-380, this one won't last long!

15. 2017-08-29
    listed $103,900

    Show marketing remark (436 chars)

    Look no further! Whether you're an investor or just looking for low-maintenance living, this top floor condo is the perfect fit. This 2 BR, 1 BA unit boasts vaulted ceilings, oak cabinetry, a gas fireplace, and some fresh paint. The newer washer and dryer (replaced just last year) stay, plus the garbage disposal and water heater were replaced in 2013. Located in the heart of the corridor and close to I-380, this one won't last long!

ⓘ 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: $2,322 · $194/mo
• Projected year-2 tax: $2,322 · $194/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 1/10 Low
• 🌡 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: $19,335
• − Mortgage interest: −$7,394
• − Property taxes: −$2,322
• − Insurance: −$660
• − Repairs & maintenance: −$1,547
• − Management: −$1,547
• − HOA: −$1,680
• − Depreciation: −$3,840
• Taxable income: $345
• Est. tax owed @ 24.0%: −$83
• After-tax cash flow: $2,223/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: Clear Creek Amana Community School District
• NCES district ID: 1907590
• Math proficiency: 73% ▼ -6.00%
• Reading proficiency: 75% ▼ -1.00%
• Median HH income: $62,915
• Composite: 63.92/100
• National rank: #586
• State rank: #72 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

+25.7% since first listed

15 events — show timeline

• 2026-05-07 Pending — ICAARMLS
• 2026-05-07 Listed $132,000 ICAARMLS
• 2026-03-02 Price Changed $103,900 ICAARMLS
• 2024-04-05 Price Changed $113,000 ICAARMLS
• 2020-11-03 Sold (Public Records) $113,000 Public Records
• 2020-10-02 Sold (MLS) $113,000 CRAAR, CDRMLS
• 2020-10-02 Sold (MLS) $113,000 ICAARMLS
• 2020-09-18 Price Changed $115,000 ICAARMLS
• 2020-08-28 Listed $115,000 CRAAR, CDRMLS
• 2020-08-28 Listed $115,000 ICAARMLS
• 2017-10-06 Sold (Public Records) $105,000 Public Records
• 2017-10-02 Sold (MLS) $105,000 CRAAR, CDRMLS
• 2017-10-02 Sold (MLS) $105,000 ICAARMLS
• 2017-08-29 Listed $103,900 CRAAR, CDRMLS
• 2017-08-29 Listed $105,000 ICAARMLS

Property tax history

+3.9%/yr

Latest (2025): $2,322 · +4.1% YoY. Source: county tax records.