1389 Cardinal Dr · Fairfax, IA 52228

$495,000

5 bd · 3.0 ba · 1,565 sqft · Other public records · 27 Days on market

Built 2022 0.33 ac lot $316/sqft · 53% above area Est $550k · 10% 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 +12.0/15.0
• Appreciation +10.0/10.0
• Schools +5.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

Key facts

• Custom wet bar
• Soft close cabinetry
• Spacious bedrooms

Tags

• OPEN CONCEPT FLOOR PLAN
• KITCHEN WITH QUARTZ SURFACES
• SOFT CLOSE CABINETRY
• CUSTOM WET BAR
• SPACIOUS BEDROOMS
• MASSIVE CLOSETS

Property features AI

Finance

• Other: Pets allowed

Exterior

• Parking: Attached garage with 3 spaces; Garage door opener; Guest parking; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Brick, frame, and vinyl siding construction
• Exterior features: Deck; Patio; Fenced yard; Public maintained road access

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Disposal; Electric water heater
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Wired for sound; Electric fireplace in family room and living room; Full basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath other listed at $495k.

Deal economics

• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (65.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (58.7% below list).
• Recommended offer: $172k (65.2% below list) — sets the bar for cash-flow.
• Cap rate 1.9% vs local median 2.6% in Fairfax — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 74/100 on livability (#232 in IA, #4,402 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, 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.
• Market conditions: 42 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).

Forward outlook

• In year one you build about $53k of equity ($3k loan paydown + $50k appreciation (10.0% local appreciation)).
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$85k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($488k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.

Recommended offer $172,241 (65.2% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.41% ✗
• Cap rate: 1.86%
• Cash-on-cash: -15.82%
• DSCR: 0.30
• GRM: 20.2

CMA / ARV

• ARV (median comp): $549,724
• List price: $495,000
• Delta: -9.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 2.11×
• Total profit: $153,268
• Equity at exit: $445,935

10-year hold

• IRR: 13.5%
• Equity multiple: 4.92×
• Total profit: $542,946
• Equity at exit: $961,676

Cash invested: $138,600 (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 52228

• Home prices YoY: 4.7%
• Active inventory: 42
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $2,045 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$641 /mo · $7,690/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-1,827

Break-even live

Break-even rent $4,358

Max offer price $172,241

Occupancy floor —

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-13
   status $495,000 Pending 27 DOM
2. 2026-06-10
   days on market $495,000 Active 27 DOM
3. 2026-06-09
   days on market $495,000 Active 26 DOM
4. 2026-06-08
   days on market $495,000 Active 25 DOM
5. 2026-06-07
   days on market $495,000 Active 24 DOM
6. 2026-06-02
   days on market $495,000 Active 19 DOM
7. 2026-06-01
   days on market $495,000 Active 18 DOM
8. 2026-05-31
   days on market $495,000 Active 17 DOM
9. 2026-05-30
   days on market $495,000 Active 16 DOM
10. 2026-05-14
    listed $495,000 Active 1940-char remark
11. 2026-04-21
    price $495,000
12. 2026-04-01
    price $515,000
13. 2026-03-02
    price $439,900

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

14. 2026-02-28
    price $524,900
15. 2026-02-13
    price $529,900
16. 2022-10-03
    soldstatus $457,050 Closed

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

17. 2022-10-03
    soldstatus $457,050 Closed

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

18. 2022-05-12
    historical

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

19. 2022-05-12
    price $457,050

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

20. 2022-05-12
    historical

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

21. 2022-03-29
    listed $439,900

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

22. 2022-03-29
    listed $439,900

    Show marketing remark (401 chars)

    Under Construction with a completion date of late summer 2022. Ask our sales team for plans, specs and options. Ranch home in College Community schools. Located in popular Heartland Heights subdivision. Quality home built by BStickley Homes. 5 bedroom, 3 bath with a finished basement. Basement is stubbed for a wet bar. 9 foot ceilings, open concept. Stainless appliances, granite tops and much more.

ⓘ 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: $7,690 · $641/mo
• Projected year-2 tax: $7,731 · $644/mo
• Expected delta: +$41/yr (+$3/mo · 0.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $24,545
• − Mortgage interest: −$27,728
• − Property taxes: −$7,690
• − Insurance: −$2,475
• − Repairs & maintenance: −$1,964
• − Management: −$1,964
• − Depreciation: −$14,400
• Taxable loss: −$31,675
• Est. tax savings @ 24.0%: +$7,602
• After-tax cash flow: $-14,323/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 — Fairfax

• Score: 74/100
• State rank: #232
• US rank: #4402

Category grades

Amenities F Commute F Cost of living A- Crime A+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairfax, IA
• Population (ZIP): 3,865

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 (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Black 2%
• Common ancestry: Portuguese 3% Iranian 2% English 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Other Asian/Pacific 1% Spanish 1% French/Haitian/Cajun 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: ▲ 12.59%
• Current HPI: 280.74
• Rent YoY: —
• Metro: —
• 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

+12.5% since first listed

14 events — show timeline

• 2026-06-10 Pending — CRAAR, CDRMLS
• 2026-05-14 Listed $495,000 CRAAR, CDRMLS
• 2026-04-21 Price Changed $495,000 CRAAR, CDRMLS
• 2026-04-01 Price Changed $515,000 CRAAR, CDRMLS
• 2026-03-02 Price Changed $439,900 ICAARMLS
• 2026-02-28 Price Changed $524,900 CRAAR, CDRMLS
• 2026-02-13 Price Changed $529,900 CRAAR, CDRMLS
• 2022-10-03 Sold (MLS) $457,050 CRAAR, CDRMLS
• 2022-10-03 Sold (MLS) $457,050 ICAARMLS
• 2022-05-12 Delisted — CRAAR, CDRMLS
• 2022-05-12 Price Changed $457,050 ICAARMLS
• 2022-05-12 Delisted — ICAARMLS
• 2022-03-29 Listed $439,900 CRAAR, CDRMLS
• 2022-03-29 Listed $439,900 ICAARMLS

Property tax history

+81.6%/yr

Latest (2025): $7,690 · +2.3% YoY. Source: county tax records.