3203 Tamara Drive Dr SW · Cedar Rapids, IA 52404

$185,000

3 bd · 2.0 ba · 1,294 sqft · SingleFamily public records

Built 1974 7,200 sqft lot Est $185k · at est.

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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 +12.0/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Rent growth +4.7/5.0
• Livability +3.9/5.0
• DSCR +3.5/10.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pre-sold

Key facts

• 7,200 sq ft lot
• Garage
• Built 1974

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-45 ($-540/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (18.2% below list).
• Recommended offer: $151k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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.
• College Community School District (urban): math 62% / reading 70% proficiency, ranked #173 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Prairie Hill Elementary School (math 62% / reading 52%, grade C+, #436 of 616 statewide, top 74%, 467 students, 34% FRL); Prairie Point (math 62% / reading 74%, grade A-, #131 of 246 statewide, top 53%, 1,324 students, 34% FRL); Prairie High School (math 62% / reading 78%, grade B+, #146 of 336 statewide, top 45%, 1,298 students, 31% FRL).
• Market conditions: Rents rising fast (+8.8%/yr); 419 active listings in the ZIP; 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 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $151,322 (18.2% 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 1974 — 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: 0.82% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.04%
• DSCR: 0.95
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $185,042
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3203 Tamara Drive Dr SW	0.00mi	3/2.0	1,294 (0%)	1mo	$185,000	$143	99
42 Park Village Ave Ave SW	0.05mi	3/1.0	1,128 (-13%)	5mo	$170,000	$151	68
2601 Teresa Dr Dr SW	0.45mi	3/1.5	1,210 (-6%)	1mo	$195,000	$161	65
28 SW 29th Ave	0.29mi	2/1.0 (-1)	1,393 (+8%)	1mo	$197,500	$142	64
110 27th Ave Dr SW	0.42mi	3/1.5	1,388 (+7%)	3mo	$215,000	$155	63
205 26th Ave SW	0.67mi	2/1.5 (-1)	1,298 (+0%)	0mo	$190,000	$146	61
148 33rd Ave SW	0.51mi	2/1.5 (-1)	1,340 (+4%)	5mo	$159,900	$119	59
3114 Outlook DR Dr SW	0.35mi	3/1.0	1,445 (+12%)	3mo	$190,000	$131	58
2324 Deborah Dr SW	0.66mi	3/1.0	1,202 (-7%)	4mo	$155,000	$129	50
2418 Victoria Dr	0.59mi	3/2.0	1,124 (-13%)	6mo	$218,000	$194	46
233 26th Ave SW	0.71mi	2/1.0 (-1)	1,363 (+5%)	8mo	$119,085	$87	42
2448 2nd St SW	0.73mi	2/2.0 (-1)	1,463 (+13%)	5mo	$180,501	$123	35

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: -12.7%
• Equity multiple: 0.52×
• Total profit: $-24,845
• Equity at exit: $27,584

10-year hold

• IRR: 2.5%
• Equity multiple: 1.21×
• Total profit: $11,073
• Equity at exit: $15,995

Cash invested: $51,800 (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 52404

• Rents YoY: 8.8%
• Active inventory: 419
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,513 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$193 /mo · $2,318/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $-45

Break-even live

Break-even rent $1,570

Max offer price $177,057

Occupancy floor 98%

Sensitivity live

Price	-10% $60	-5% $7	+0% $-45	+5% $-97	+10% $-150
Rent	-10% $-165	-5% $-105	+0% $-45	+5% $15	+10% $75
Rate	-1.0pp $48	-0.5pp $2	base $-45	+0.5pp $-93	+1.0pp $-142

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-03
   listed $185,000

   Show marketing remark (8 chars)

   Pre-sold

2. 2026-05-03
   historical

   Show marketing remark (8 chars)

   Pre-sold

3. 2026-05-03
   listed $185,000 8-char remark

   Show marketing remark (8 chars)

   Pre-sold

4. 2026-05-03
   historical 8-char remark

   Show marketing remark (8 chars)

   Pre-sold

ⓘ 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: $2,318 · $193/mo
• Projected year-2 tax: $2,611 · $218/mo
• Expected delta: +$293/yr (+$24/mo · 12.7%)

ⓘ 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: $18,159
• − Mortgage interest: −$10,363
• − Property taxes: −$2,318
• − Insurance: −$925
• − Repairs & maintenance: −$1,453
• − Management: −$1,453
• − Depreciation: −$5,382
• Taxable loss: −$3,734
• Est. tax savings @ 24.0%: +$896
• After-tax cash flow: $357/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: College Community School District
• NCES district ID: 1907860
• Math proficiency: 62% ▼ -2.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $63,575
• Composite: 57.32/100
• National rank: #1086
• State rank: #173 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): 42,958
• Household income: $61,870
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1041.0

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 (74%)
• Race & ethnicity: White 74% Black 10% Two or more races 10% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 2% Romanian 2%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 2% 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: ▼ -154.96%
• Current HPI: 241.81
• Rent YoY: ▲ 8.79%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-03 Delisted — CRAAR, CDRMLS
• 2026-05-03 Listed $185,000 CRAAR, CDRMLS
• 2026-05-03 Delisted — ICAARMLS
• 2026-05-03 Listed $185,000 ICAARMLS

Property tax history

+1.1%/yr

Latest (2025): $2,318 · -2.3% YoY. Source: county tax records.