140 Shannon Dr #6 · North Liberty, IA 52317

$132,500

2 bd · 1.0 ba · 838 sqft · Condo public records · 67 Days on market

Built 1996 $158/sqft · at area comps Est $127k · at est. $150/mo HOA · 11% of rent

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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).

• Cash flow +13.7/30.0
• Schools +5.7/10.0
• ARV discount +5.5/15.0
• 1% rule +5.3/10.0
• Rent growth +4.4/5.0
• DSCR +4.2/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this move-in-ready 2nd floor condo offering a perfect blend of comfort and convenience. The inviting open-concept living area features a cozy gas fireplace, creating a warm focal point for relaxing evenings. The functional kitchen is designed for efficiency with a handy breakfast bar, dedicated pantry, and all appliances included, plus a stackable washer and dryer tucked away in a closet for easy main-level laundry. Both bedrooms are well-sized with ample closet space, and the full bathroom is conveniently located. Enjoy your morning coffee on the private balcony deck. This unit also includes a detached one-car garage for extra storage and protection from the elements. Ideally located near Highway 965, you are just minutes from local shopping, dining, and North Liberty parks.

Key facts

• Gas fireplace
• Dedicated pantry
• Private balcony deck

Tags

• OPEN-CONCEPT LIVING AREA
• GAS FIREPLACE
• BREAKFAST BAR
• DEDICATED PANTRY
• PRIVATE BALCONY DECK
• DETACHED ONE-CAR GARAGE

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 $-56 ($-667/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (7.4% below list).
• Meets the 1% rule at list price ($1k rent vs $132k).
• Recommended offer: $123k (7.4% below list) — sets the bar for cash-flow.
• Cap rate 6.4% vs local median 3.2% 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: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James Van Allen Elementary School (math 73% / reading 66%, grade A-, #224 of 616 statewide, top 42%, 432 students, 27% FRL); North Central Junior High School (math 72% / reading 75%, grade A, #86 of 246 statewide, top 35%, 622 students, 24% FRL); West Senior High School (math 71% / reading 77%, grade B+, #103 of 336 statewide, top 32%, 1,503 students, 38% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+7.6%/yr); 345 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• This rent is only 16% of the median local income ($105k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $916 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.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($125k) is reasonable based on typical stale-listing flexibility.
• 4 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 $105k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,683 (7.4% 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. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.03% ✓
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 8.1

CMA / ARV

• ARV (median comp): $126,727
• List price: $132,500
• Delta: 4.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.62% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.51×
• Total profit: $-18,191
• Equity at exit: $19,756

10-year hold

• IRR: 3.1%
• Equity multiple: 1.28×
• Total profit: $10,322
• Equity at exit: $11,456

Cash invested: $37,100 (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: 345
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,370 medium
• Mortgage (P&I): −$695
• Tax from tax record: −$171 /mo · $2,052/yr
• Insurance: −$55
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$150
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $-56

Break-even live

Break-even rent $1,440

Max offer price $122,683

Occupancy floor 99%

Sensitivity live

Price	-10% $19	-5% $-18	+0% $-56	+5% $-93	+10% $-131
Rent	-10% $-164	-5% $-110	+0% $-56	+5% $-1	+10% $53
Rate	-1.0pp $11	-0.5pp $-22	base $-56	+0.5pp $-90	+1.0pp $-125

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: $33,125
• Closing costs: $3,975
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Sugar Creek Ln Unit 01 North Liberty, IA	2.0	1.0	675	$995	$1.47	23d	1	0.38mi
835 Blue Sky Dr #201 North Liberty, IA	2.0	2.0	1025	$1,450	$1.41	45d	1	0.40mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-08
   status $132,500 Pending 67 DOM
2. 2026-06-07
   days on market $132,500 Active 67 DOM
3. 2026-06-05
   days on market $132,500 Active 64 DOM
4. 2026-06-03
   days on market $132,500 Active 63 DOM
5. 2026-06-02
   days on market $132,500 Active 62 DOM
6. 2026-06-01
   days on market $132,500 Active 61 DOM
7. 2026-05-31
   days on market $132,500 Active 60 DOM
8. 2026-05-30
   days on market $132,500 Active 59 DOM
9. 2026-04-01
   listed $132,500 Active 797-char remark

   Show marketing remark (797 chars)

   Welcome to this move-in-ready 2nd floor condo offering a perfect blend of comfort and convenience. The inviting open-concept living area features a cozy gas fireplace, creating a warm focal point for relaxing evenings. The functional kitchen is designed for efficiency with a handy breakfast bar, dedicated pantry, and all appliances included, plus a stackable washer and dryer tucked away in a closet for easy main-level laundry. Both bedrooms are well-sized with ample closet space, and the full bathroom is conveniently located. Enjoy your morning coffee on the private balcony deck. This unit also includes a detached one-car garage for extra storage and protection from the elements. Ideally located near Highway 965, you are just minutes from local shopping, dining, and North Liberty parks.

10. 2026-04-01
    listed $132,500 Active 797-char remark

    Show marketing remark (797 chars)

    Welcome to this move-in-ready 2nd floor condo offering a perfect blend of comfort and convenience. The inviting open-concept living area features a cozy gas fireplace, creating a warm focal point for relaxing evenings. The functional kitchen is designed for efficiency with a handy breakfast bar, dedicated pantry, and all appliances included, plus a stackable washer and dryer tucked away in a closet for easy main-level laundry. Both bedrooms are well-sized with ample closet space, and the full bathroom is conveniently located. Enjoy your morning coffee on the private balcony deck. This unit also includes a detached one-car garage for extra storage and protection from the elements. Ideally located near Highway 965, you are just minutes from local shopping, dining, and North Liberty parks.

11. 2021-10-15
    soldstatus $105,000
12. 2021-10-15
    soldstatus $105,000
13. 2021-10-12
    soldstatus $104,900
14. 2021-09-17
    listed $104,900
15. 2020-03-07
    listed $96,500

ⓘ 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: $2,052 · $171/mo
• Projected year-2 tax: $2,066 · $172/mo
• Expected delta: +$14/yr (+$1/mo · 0.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $16,434
• − Mortgage interest: −$7,422
• − Property taxes: −$2,052
• − Insurance: −$1,460
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − HOA: −$1,800
• − Depreciation: −$3,855
• Taxable loss: −$2,784
• Est. tax savings @ 24.0%: +$668
• After-tax cash flow: $1/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 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

+37.3% since first listed

7 events — show timeline

• 2026-04-01 Listed $132,500 CRAAR, CDRMLS
• 2026-04-01 Listed $132,500 ICAARMLS
• 2021-10-15 Sold (Public Records) $105,000 Public Records
• 2021-10-15 Sold (Public Records) $105,000 Public Records
• 2021-10-12 Sold (MLS) $104,900 ICAARMLS
• 2021-09-17 Listed $104,900 ICAARMLS
• 2020-03-07 Listed $96,500 ICAARMLS

Property tax history

+4.5%/yr

Latest (2025): $2,052 · +2.2% YoY. Source: county tax records.