2005 Washington Ave SE · Cedar Rapids, IA 52403

$124,900

3 bd · 1.0 ba · 1,154 sqft · SingleFamily public records · 56 Days on market

Built 1917 2,831 sqft lot Est $118k · 6% over ↓ 21% since listing

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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 +23.1/30.0
• DSCR +7.4/10.0
• 1% rule +6.2/10.0
• Rent growth +5.0/5.0
• ARV discount +4.8/15.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this delightful 3-bedroom, 1-bath home nestled in a great neighborhood! From the moment you walk in, you’ll appreciate the smart, functional layout that offers comfortable living and plenty of usable space throughout. The spacious bedrooms provide room to relax and unwind, while the primary bedroom stands out with two closets for extra storage and organization. Step outside to enjoy the cute back patio area—perfect for morning coffee, evening gatherings, or simply soaking up some fresh air. Located close to parks, shopping, dining, and everyday amenities, this home offers both convenience and community. Whether you’re a first-time buyer or looking to downsi

Key facts

• Back patio area
• Close to parks
• Two closets

Tags

• TWO CLOSETS
• BACK PATIO AREA
• CLOSE TO PARKS
• CLOSE TO SHOPPING
• CLOSE TO DINING
• CLOSE TO AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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: Johnson Steam Academy School (math 32% / reading 37%, grade F, #595 of 616 statewide, top 97%, 346 students, 74% FRL); Mckinley Steam Academy (math 45% / reading 55%, grade C, #216 of 246 statewide, top 88%, 448 students, 52% FRL); George Washington High School (math 44% / reading 62%, grade C-, #296 of 336 statewide, top 88%, 1,291 students, 49% FRL) — zoned schools average 59% FRL vs 43% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+14.7%/yr); 236 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $864 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — 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. 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 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: 1.12% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.72%
• DSCR: 1.34
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $117,708
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2005 Washington Ave SE	0.00mi	3/1.0	1,154 (0%)	1mo	$110,000	$95	99
2039 Park Ave SE	0.10mi	2/1.5 (-1)	1,221 (+6%)	0mo	$95,000	$78	79
375 SE Meadowbrook Ter	0.14mi	2/1.0 (-1)	1,080 (-6%)	4mo	$38,000	$35	75
1741 4th Ave Ave SE	0.28mi	3/1.0	1,272 (+10%)	3mo	$130,000	$102	68
1442 4th Ave SE	0.56mi	3/1.0	1,232 (+7%)	1mo	$138,000	$112	62
1121 23rd St St SE	0.74mi	3/1.0	1,170 (+1%)	3mo	$175,000	$150	61
1529 6th Ave SE	0.54mi	3/1.0	1,248 (+8%)	1mo	$60,000	$48	60
1751 Higley Ave Ave SE	0.54mi	2/1.0 (-1)	1,232 (+7%)	1mo	$117,500	$95	58
2253 Meadowbrook Dr Dr SE	0.29mi	3/2.0	1,325 (+15%)	1mo	$204,000	$154	57
1431 5th Ave SE	0.59mi	3/1.5	1,274 (+10%)	2mo	$125,000	$98	52
1516 8th Ave SE	0.63mi	2/1.0 (-1)	1,047 (-9%)	2mo	$137,500	$131	48
1506 8th Ave SE	0.64mi	2/1.5 (-1)	1,047 (-9%)	0mo	$113,400	$108	47

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: 1.1%
• Equity multiple: 1.04×
• Total profit: $1,489
• Equity at exit: $18,623

10-year hold

• IRR: 15.2%
• Equity multiple: 2.53×
• Total profit: $53,395
• Equity at exit: $10,799

Cash invested: $34,972 (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 52403

• Rents YoY: 14.7%
• Active inventory: 236
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,394 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$169 /mo · $2,028/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $225

Break-even live

Break-even rent $1,109

Max offer price $124,900

Occupancy floor 79%

Sensitivity live

Price	-10% $296	-5% $260	+0% $225	+5% $190	+10% $154
Rent	-10% $115	-5% $170	+0% $225	+5% $280	+10% $335
Rate	-1.0pp $288	-0.5pp $257	base $225	+0.5pp $193	+1.0pp $160

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
730 Wellington St SE Cedar Rapids, IA	3.0	1.0	1366	$1,325	$0.97	21d	1	0.47mi
1017 19th St SE Cedar Rapids, IA	3.0	1.0	946	$1,100	$1.16	44d	1	0.67mi
906 10th St SE Cedar Rapids, IA	1.0–2.0	1.0–2.0	890	$1,300	$1.46	14d	6	0.84mi
511 23rd St NE Cedar Rapids, IA	2.0	1.0	888	$1,500	$1.69	44d	1	1.06mi

Listing history 7 events

1. 2026-04-10
   status Pending
2. 2026-04-02
   price $124,900
3. 2026-03-21
   price $129,900
4. 2026-03-19
   price $139,900
5. 2026-03-06
   price $149,900
6. 2026-03-02
   price $154,900
7. 2026-02-13
   listed $157,500 Active

ⓘ 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: $2,028 · $169/mo
• Projected year-2 tax: $2,028 · $169/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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,725
• − Mortgage interest: −$6,996
• − Property taxes: −$2,028
• − Insurance: −$624
• − Repairs & maintenance: −$1,338
• − Management: −$1,338
• − Depreciation: −$3,633
• Taxable income: $767
• Est. tax owed @ 24.0%: −$184
• After-tax cash flow: $2,517/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): 22,551
• Household income: $74,703
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 452.0

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 (85%)
• Race & ethnicity: White 85% Black 7% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 3% Slovak 3% Portuguese 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -170.15%
• Current HPI: 196.1114
• Rent YoY: ▲ 14.67%
• 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

-20.7% since first listed

7 events — show timeline

• 2026-04-10 Pending — CRAAR, CDRMLS
• 2026-04-02 Price Changed $124,900 CRAAR, CDRMLS
• 2026-03-21 Price Changed $129,900 CRAAR, CDRMLS
• 2026-03-19 Price Changed $139,900 CRAAR, CDRMLS
• 2026-03-06 Price Changed $149,900 CRAAR, CDRMLS
• 2026-03-02 Price Changed $154,900 CRAAR, CDRMLS
• 2026-02-13 Listed $157,500 CRAAR, CDRMLS

Property tax history

+1.3%/yr

Latest (2025): $2,028 · +1.4% YoY. Source: county tax records.