179 Lenora Dr NW · Cedar Rapids, IA 52405

$200,000

4 bd · 1.0 ba · 1,562 sqft · SingleFamily public records · 1 Days on market

Built 1970 6,534 sqft lot Est $233k · 14% 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 +13.8/15.0
• Cash flow +12.4/30.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Walk into this updated and move in ready ranch home on the NW side! New roof in 2014, basement finished in 2016. Newer hard wood flooring on the main level leads you to 3 large bedrooms and an updated bathroom. The kitchen has been worked on as well, newer counter tops, hardware on the re-finished cabinets, and a cozy eat in area. The basement has been recently finished with a large family room and large bedroom in the basement. Need a large 2 car garage? This one is the perfect one for you then! And finally a big fenced in yard for summer fun.

Key facts

• Deck
• Patio
• Spacious rec room

Tags

• FINISHED LOWER LEVEL
• SPACIOUS REC ROOM
• DETACHED 2 CAR GARAGE
• FULLY FENCED YARD
• DECK
• PATIO

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-35 ($-415/yr) — negative.
• To cash-flow at today's rent, offer at most $194k (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (14.0% below list).
• Recommended offer: $172k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Zoned schools: Hoover Elementary School (math 37% / reading 42%, grade F, #579 of 616 statewide, top 95%, 387 students, 80% FRL); Roosevelt Creative Corridor Business Academy (math 36% / reading 47%, grade F, #235 of 246 statewide, top 96%, 510 students, 69% FRL); Thomas Jefferson High School (math 41% / reading 62%, grade D+, #307 of 336 statewide, top 91%, 1,543 students, 56% FRL) — zoned schools average 68% FRL vs 43% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+12.4%/yr); 149 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 $1k of loan paydown is wiped out by about $6k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $152k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $172,012 (14.0% 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 1970 — 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 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?
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: 0.86% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.74%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $232,738
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4324 Midway Dr NW	0.20mi	4/1.5	1,659 (+6%)	1mo	$221,000	$133	78
142 Harbet Ave NW	0.32mi	3/2.0 (-1)	1,654 (+6%)	1mo	$260,000	$157	66
408 Jacolyn Dr NW	0.42mi	3/1.5 (-1)	1,480 (-5%)	4mo	$207,000	$140	61
3500 Sue Ln NW	0.64mi	4/1.5	1,484 (-5%)	4mo	$212,000	$143	56
332 Carter St NW	0.63mi	3/1.5 (-1)	1,509 (-3%)	3mo	$192,000	$127	55
5434 Gordon Ave NW	0.60mi	3/1.0 (-1)	1,410 (-10%)	1mo	$219,000	$155	50
3815 1st Ave SW	0.48mi	3/3.0 (-1)	1,680 (+8%)	3mo	$253,000	$151	50
650 Olive Dr NW	0.52mi	3/1.5 (-1)	1,368 (-12%)	2mo	$240,000	$175	46
441 Day St NW	0.70mi	3/2.0 (-1)	1,450 (-7%)	2mo	$215,000	$148	45
5517 D Ave NW	0.74mi	3/1.0 (-1)	1,433 (-8%)	2mo	$198,000	$138	45
116 Edgewood Rd Rd NW	0.70mi	3/2.0 (-1)	1,440 (-8%)	1mo	$215,000	$149	45
448 Day St St NW	0.73mi	3/1.5 (-1)	1,397 (-11%)	2mo	$222,000	$159	40

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: -12.0%
• Equity multiple: 0.54×
• Total profit: $-25,489
• Equity at exit: $29,821

10-year hold

• IRR: 3.3%
• Equity multiple: 1.29×
• Total profit: $16,476
• Equity at exit: $17,292

Cash invested: $56,000 (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 52405

• Rents YoY: 12.4%
• Active inventory: 149
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,720 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$261 /mo · $3,136/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $-35

Break-even live

Break-even rent $1,764

Max offer price $193,889

Occupancy floor 97%

Sensitivity live

Price	-10% $79	-5% $22	+0% $-35	+5% $-91	+10% $-148
Rent	-10% $-170	-5% $-103	+0% $-35	+5% $33	+10% $101
Rate	-1.0pp $66	-0.5pp $16	base $-35	+0.5pp $-86	+1.0pp $-139

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5006 Spencer Dr SW Cedar Rapids, IA	3.0	2.5	1498	$1,700	$1.13	15d	1	0.48mi
1834 Gretchen Dr SW Cedar Rapids, IA	3.0	2.0	1568	$1,589	$1.01	15d	1	1.30mi

Listing history 7 events

1. 2026-04-21
   status Pending
2. 2026-04-21
   listed $200,000 Active
3. 2020-08-25
   soldstatus $152,500
4. 2020-07-30
   soldstatus $152,500 550-char remark

   Show marketing remark (550 chars)

   Walk into this updated and move in ready ranch home on the NW side! New roof in 2014, basement finished in 2016. Newer hard wood flooring on the main level leads you to 3 large bedrooms and an updated bathroom. The kitchen has been worked on as well, newer counter tops, hardware on the re-finished cabinets, and a cozy eat in area. The basement has been recently finished with a large family room and large bedroom in the basement. Need a large 2 car garage? This one is the perfect one for you then! And finally a big fenced in yard for summer fun.

5. 2020-05-17
   listed $153,400 550-char remark

   Show marketing remark (550 chars)

   Walk into this updated and move in ready ranch home on the NW side! New roof in 2014, basement finished in 2016. Newer hard wood flooring on the main level leads you to 3 large bedrooms and an updated bathroom. The kitchen has been worked on as well, newer counter tops, hardware on the re-finished cabinets, and a cozy eat in area. The basement has been recently finished with a large family room and large bedroom in the basement. Need a large 2 car garage? This one is the perfect one for you then! And finally a big fenced in yard for summer fun.

6. 2013-11-04
   soldstatus $100,000
7. 2008-07-29
   soldstatus $109,000

ⓘ 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: $3,136 · $261/mo
• Projected year-2 tax: $3,138 · $262/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ 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 2/10 Low
• 🌡 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: $20,641
• − Mortgage interest: −$11,203
• − Property taxes: −$3,136
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$5,818
• Taxable loss: −$3,818
• Est. tax savings @ 24.0%: +$916
• After-tax cash flow: $501/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): 26,526
• Household income: $70,123
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 715.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 5% Asian 2%
• Common ancestry: Portuguese 4% Lithuanian 2% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 3% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -137.56%
• Current HPI: 201.6053
• Rent YoY: ▲ 12.37%
• 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

+83.5% since first listed

7 events — show timeline

• 2026-04-21 Pending — CRAAR, CDRMLS
• 2026-04-21 Listed $200,000 CRAAR, CDRMLS
• 2020-08-25 Sold (Public Records) $152,500 Public Records
• 2020-07-30 Sold (MLS) $152,500 CRAAR, CDRMLS
• 2020-05-17 Listed $153,400 CRAAR, CDRMLS
• 2013-11-04 Sold (Public Records) $100,000 Public Records
• 2008-07-29 Sold (Public Records) $109,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $3,136 · +12.7% YoY. Source: county tax records.