400 1st St SE #410 · Cedar Rapids, IA 52401

$91,900

2 bd · 1.5 ba · 1,189 sqft · Condo public records · 263 Days on market

Built 1990 $150/mo HOA · 11% of rent

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Why this score? — see what drove the B 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 +25.8/30.0
• 1% rule +9.6/10.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Key facts

• $150 HOA
• Built 1990
• Listed 263 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $92k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $81k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: Grant Wood Elementary School (math 47% / reading 52%, grade D, #514 of 616 statewide, top 85%, 361 students, 64% 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).
• Market conditions: 13 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).
• At $1,342/mo this rent would consume 46% of the median local household income ($35k/yr) (locally 324% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($635 loan paydown + $4k appreciation (4.1% local appreciation)).
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.1% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 263 days — a 12% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $7k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $80,872 (12.0% below list)

Questions for the listing agent

1. It's been on market 263 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.46% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.34%
• DSCR: 1.46
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.14% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 2.21×
• Total profit: $31,035
• Equity at exit: $47,376

10-year hold

• IRR: 20.3%
• Equity multiple: 4.27×
• Total profit: $84,207
• Equity at exit: $78,118

Cash invested: $25,732 (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 52401

• Home prices YoY: 2.2%
• Active inventory: 13
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,342 high
• Mortgage (P&I): −$482
• Tax from tax record: −$168 /mo · $2,022/yr
• Insurance: −$38
• HOA: −$150
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $222

Break-even live

Break-even rent $1,062

Max offer price $91,900

Occupancy floor 78%

Sensitivity live

Price	-10% $274	-5% $248	+0% $222	+5% $196	+10% $170
Rent	-10% $116	-5% $169	+0% $222	+5% $275	+10% $328
Rate	-1.0pp $268	-0.5pp $245	base $222	+0.5pp $198	+1.0pp $174

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: $22,975
• Closing costs: $2,757
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 3rd Ave SW Cedar Rapids, IA	1.0	1.5	1400	$1,495	$1.07	14d	1	0.35mi
906 10th St SE Cedar Rapids, IA	1.0–2.0	1.0–2.0	890	$1,300	$1.46	14d	6	0.76mi
417 9th St NW Cedar Rapids, IA	3.0	1.0	1061	$1,300	$1.23	44d	1	0.89mi
1001 C Ave NW Cedar Rapids, IA	3.0	1.5	1446	$1,500	$1.04	14d	1	0.98mi
730 Wellington St SE Cedar Rapids, IA	3.0	1.0	1366	$1,325	$0.97	21d	1	1.17mi
1017 19th St SE Cedar Rapids, IA	3.0	1.0	946	$1,100	$1.16	44d	1	1.27mi

HOA detail condo

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

Listing history 9 events

1. 2026-03-26
   soldstatus $88,000
2. 2026-03-02
   status Pending
3. 2025-12-10
   price $91,900
4. 2025-06-12
   listed $98,900 Active
5. 2024-10-04
   price $99,000
6. 2023-07-21
   listed $116,500 Active
7. 2021-01-26
   soldstatus $261,000
8. 2018-03-06
   listed $115,000
9. 2015-08-21
   soldstatus $492,000

ⓘ 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: $2,022 · $168/mo
• Projected year-2 tax: $2,022 · $168/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $16,110
• − Mortgage interest: −$5,148
• − Property taxes: −$2,022
• − Insurance: −$460
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − HOA: −$1,800
• − Depreciation: −$2,673
• Taxable income: $1,429
• Est. tax owed @ 24.0%: −$343
• After-tax cash flow: $2,319/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): 2,181
• Household income: $35,060
• Rent vs Own: 90.1% rent · 9.9% own
• Severe rent burden: 324.0

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 (66%)
• Race & ethnicity: White 66% Black 19% Hispanic / Latino 7% Two or more races 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 3% Portuguese 2% Lithuanian 2%
• Foreign-born: 12% · Canada, China
• Languages at home: 85% English-only · Spanish 4% Other Indo-European 3% French/Haitian/Cajun 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: ▲ 4.14%
• Current HPI: 194.6053
• Rent YoY: —
• 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

-82.1% since first listed

9 events — show timeline

• 2026-03-26 Sold (Public Records) $88,000 Public Records
• 2026-03-02 Pending — CRAAR, CDRMLS
• 2025-12-10 Price Changed $91,900 CRAAR, CDRMLS
• 2025-06-12 Listed $98,900 CRAAR, CDRMLS
• 2024-10-04 Price Changed $99,000 CRAAR, CDRMLS
• 2023-07-21 Listed $116,500 CRAAR, CDRMLS
• 2021-01-26 Sold (Public Records) $261,000 Public Records
• 2018-03-06 Listed $115,000 CRAAR, CDRMLS
• 2015-08-21 Sold (Public Records) $492,000 Public Records

Property tax history

-0.4%/yr

Latest (2025): $2,022 · +2.4% YoY. Source: county tax records.