415 W Cedar St

Cedar Rapids, NE 68627

$25,000C-

3 bd · 1.0 ba · 1,268 sqft · Built 1905 · SingleFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,129/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$21
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $740/mo
• Annual: $8,875/yr
• Cap rate: 41.79%
• Cash-on-cash: 126.79%
• DSCR: 6.64
• 1% rule: 4.51%
• Cash to close: $7,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $25k.
• At list price, monthly cash flow is $740 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 81 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• In year one you build about $923 of equity ($173 loan paydown + $750 appreciation (3.0% local appreciation)).
• Location reads 68/100 on livability (#266 in NE) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Zoned schools: Riverside Middle School (math 57% / reading 57%, grade B, #25 of 128 statewide, top 20%, 48 students, 62% FRL); Riverside High School (math 50% / reading 70%, grade C+, #49 of 261 statewide, top 26%, 72 students, 43% FRL).
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 2 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• Boone County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y 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 $17k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.