4320 Westchester Dr NE #B Dr · Cedar Rapids, IA 52402

$150,000

2 bd · 2.0 ba · 1,340 sqft · Condo public records · 1 Days on market

Built 1988 $227/mo HOA · 15% 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 +10.0/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• 1% rule +4.9/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brand new carpet and a fresh coat of Paint. This Condo has a huge back yard, that backs up to a church, with a private patio. There is also additional storage under the Stairs. HSA home warranty!

Key facts

• $227 HOA
• Garage
• Built 1988

Property features AI

Finance

• HOA & community: Homeowners association with a $227 monthly fee

Exterior

• Parking: Attached garage with garage door opener (1 car)
• Utilities: Public water; Public sewer
• Home design: Condominium; Residential property
• Construction: Brick, frame, and vinyl siding exterior; Slab foundation
• Exterior features: Patio; Common lot (shared/common area)

Interior

• Kitchen: Range; Dishwasher; Disposal; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: Breakfast bar; Eat-in kitchen; Concrete basement
• Laundry & utility: Washer; Dryer; Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (0.9% below list).
• Recommended offer: $134k (10.7% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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: Pierce Elementary School (math 62% / reading 62%, grade B, #363 of 616 statewide, top 62%, 326 students, 35% FRL); Franklin Middle School (math 49% / reading 59%, grade B-, #206 of 246 statewide, top 84%, 537 students, 56% FRL); John F Kennedy High School (math 63% / reading 77%, grade B+, #146 of 336 statewide, top 45%, 1,714 students, 31% FRL) — zoned schools at 41% FRL track the district average.
• Market conditions: Rents rising fast (+11.0%/yr); 291 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $133,950 (10.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.99% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.47×
• Total profit: $-22,071
• Equity at exit: $22,365

10-year hold

• IRR: 2.6%
• Equity multiple: 1.23×
• Total profit: $9,761
• Equity at exit: $12,969

Cash invested: $42,000 (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 52402

• Rents YoY: 11.0%
• Active inventory: 291
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,487 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$190 /mo · $2,274/yr
• Insurance: −$62
• HOA: −$227
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $-91

Break-even live

Break-even rent $1,602

Max offer price $133,950

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-48	+0% $-91	+5% $-133	+10% $-176
Rent	-10% $-208	-5% $-150	+0% $-91	+5% $-32	+10% $27
Rate	-1.0pp $-15	-0.5pp $-53	base $-91	+0.5pp $-130	+1.0pp $-169

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3421 Blairs Ferry Rd NE Cedar Rapids, IA	3.0	2.0	1152	$1,249	$1.08	15d	1	0.71mi
4025 Sherman St NE Cedar Rapids, IA	1.0–2.0	1.0–1.5	742	$1,083	$1.46	15d	1	1.29mi
419 Cimarron Dr Hiawatha, IA	3.0	2.5	1680	$2,650	$1.58	45d	1	1.45mi

HOA detail condo

• Monthly dues: $227 · $2,724/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-13
   remarks 699-char remark
2. 2026-06-13
   listed $150,000 Pending 1 DOM

ⓘ 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: $2,274 · $190/mo
• Projected year-2 tax: $2,314 · $193/mo
• Expected delta: +$40/yr (+$3/mo · 1.8%)

ⓘ 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,844
• − Mortgage interest: −$8,402
• − Property taxes: −$2,274
• − Insurance: −$750
• − Repairs & maintenance: −$1,428
• − Management: −$1,428
• − HOA: −$2,724
• − Depreciation: −$4,364
• Taxable loss: −$3,525
• Est. tax savings @ 24.0%: +$846
• After-tax cash flow: $-244/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): 42,938
• Household income: $73,439
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 971.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 7% Black 6% Asian 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 4% Lithuanian 2% Iranian 2%
• Foreign-born: 8% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -133.31%
• Current HPI: 201.7061
• Rent YoY: ▲ 10.97%
• 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

+34.5% since first listed

8 events — show timeline

• 2026-06-12 Pending — CRAAR, CDRMLS
• 2026-06-11 Listed $150,000 CRAAR, CDRMLS
• 2015-05-22 Sold (Public Records) $113,500 Public Records
• 2015-05-22 Sold (MLS) $113,400 CRAAR, CDRMLS
• 2015-03-30 Listed $118,900 CRAAR, CDRMLS
• 2008-05-19 Sold (Public Records) $118,000 Public Records
• 2006-06-02 Sold (Public Records) $120,000 Public Records
• 2005-07-08 Sold (Public Records) $111,500 Public Records

Property tax history

+0.5%/yr

Latest (2025): $2,274 · +12.1% YoY. Source: county tax records.