6629 Preston Terrace Ct SW #2 · Cedar Rapids, IA 52404

$105,000

2 bd · 1.0 ba · 972 sqft · Other public records · 2 Days on market

Built 1978 $220/mo HOA · 19% 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 +10.1/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +5.7/10.0
• Rent growth +4.7/5.0
• Livability +3.9/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

More affordable than renting! This lower level, walkout condo has 2 bedrooms, 1 bath. Just a walk across the street from Kirkwood or a quick drive to College Community Schools and the interstate. Security entrance, 2 stall garage. 2 sliding glass doors from living room and dining area that lead to a huge deck/patio with a storage closet. Open the deck fence gate to walk your pet, run over for a coffee across the yard or head out to classes. All appliances stay, immediate possession. HOA dues cover water, trash, snow removal, lawn care, maintenance and upkeep of common areas. Additional bi-annual assessment of $40 for garage and forest reserve to the south of condo development. No rentals allowed. 2 pets allowed w/ weight limit of 25 lbs. Call for more info today!

Key facts

• Oak cabinets
• Ample green space
• Private patio

Tags

• STONE FIREPLACE
• PRIVATE PATIO
• AMPLE GREEN SPACE
• EASY-CARE COUNTERTOPS
• OAK CABINETS
• WALL PANTRY

Property features AI

Finance

• HOA & community: Homeowners association with a $220 monthly fee

Exterior

• Parking: Detached garage with automatic garage door opener (2 car)
• Utilities: Public water; Public sewer
• Home design: Residential condominium
• Construction: Frame construction with vinyl siding
• Exterior features: Deck; Patio; Fenced yard; Pets allowed (number and size limits apply)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator; Gas water heater
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; Central air conditioning
• Interior features: See remarks; Wood-burning fireplace with an insert located in the great room
• Laundry & utility: Washer and dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $105k.

Deal economics

• At list price, monthly cash flow is $-61 ($-733/yr) — negative.
• To cash-flow at today's rent, offer at most $94k (10.3% below list).
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $94k (10.3% 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.
• 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; 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 $726 of loan paydown is wiped out by about $3k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $85k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $94,202 (10.3% 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 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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: 1.08% ✓
• Cap rate: 5.59%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• GRM: 7.7

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: -13.2%
• Equity multiple: 0.50×
• Total profit: $-14,782
• Equity at exit: $15,656

10-year hold

• IRR: 3.6%
• Equity multiple: 1.34×
• Total profit: $9,920
• Equity at exit: $9,078

Cash invested: $29,400 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,129 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$139 /mo · $1,668/yr
• Insurance: −$44
• HOA: −$220
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $-61

Break-even live

Break-even rent $1,207

Max offer price $94,202

Occupancy floor —

Sensitivity live

Price	-10% $-2	-5% $-31	+0% $-61	+5% $-91	+10% $-121
Rent	-10% $-150	-5% $-106	+0% $-61	+5% $-17	+10% $28
Rate	-1.0pp $-8	-0.5pp $-34	base $-61	+0.5pp $-88	+1.0pp $-116

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5502 Kirkwood Blvd SW Unit 4 Cedar Rapids, IA	2.0	1.0	910	$850	$0.93	45d	1	0.56mi
8520 Prairie View Ln SW Cedar Rapids, IA	1.0	1.0	750	$1,150	$1.53	15d	6	1.26mi
8621 Prairie View Ln SW Cedar Rapids, IA	2.0	2.0–2.5	1227	$1,825	$1.49	15d	1	1.44mi

HOA detail

• Monthly dues: $220 · $2,640/yr
• Likely covers: watertrashlandscapingsnow removalsecurity

Listing history 7 events

1. 2026-05-31
   status $105,000 Pending 2 DOM
2. 2026-05-30
   days on market $105,000 Active 2 DOM
3. 2026-05-28
   listed $105,000 Active
4. 2022-12-19
   soldstatus $85,000
5. 2022-12-16
   soldstatus $85,000 Closed 773-char remark

   Show marketing remark (773 chars)

   More affordable than renting! This lower level, walkout condo has 2 bedrooms, 1 bath. Just a walk across the street from Kirkwood or a quick drive to College Community Schools and the interstate. Security entrance, 2 stall garage. 2 sliding glass doors from living room and dining area that lead to a huge deck/patio with a storage closet. Open the deck fence gate to walk your pet, run over for a coffee across the yard or head out to classes. All appliances stay, immediate possession. HOA dues cover water, trash, snow removal, lawn care, maintenance and upkeep of common areas. Additional bi-annual assessment of $40 for garage and forest reserve to the south of condo development. No rentals allowed. 2 pets allowed w/ weight limit of 25 lbs. Call for more info today!

6. 2022-11-15
   status Pending 773-char remark

   Show marketing remark (773 chars)

   More affordable than renting! This lower level, walkout condo has 2 bedrooms, 1 bath. Just a walk across the street from Kirkwood or a quick drive to College Community Schools and the interstate. Security entrance, 2 stall garage. 2 sliding glass doors from living room and dining area that lead to a huge deck/patio with a storage closet. Open the deck fence gate to walk your pet, run over for a coffee across the yard or head out to classes. All appliances stay, immediate possession. HOA dues cover water, trash, snow removal, lawn care, maintenance and upkeep of common areas. Additional bi-annual assessment of $40 for garage and forest reserve to the south of condo development. No rentals allowed. 2 pets allowed w/ weight limit of 25 lbs. Call for more info today!

7. 2022-11-04
   listed $94,500 Active 773-char remark

   Show marketing remark (773 chars)

   More affordable than renting! This lower level, walkout condo has 2 bedrooms, 1 bath. Just a walk across the street from Kirkwood or a quick drive to College Community Schools and the interstate. Security entrance, 2 stall garage. 2 sliding glass doors from living room and dining area that lead to a huge deck/patio with a storage closet. Open the deck fence gate to walk your pet, run over for a coffee across the yard or head out to classes. All appliances stay, immediate possession. HOA dues cover water, trash, snow removal, lawn care, maintenance and upkeep of common areas. Additional bi-annual assessment of $40 for garage and forest reserve to the south of condo development. No rentals allowed. 2 pets allowed w/ weight limit of 25 lbs. Call for more info today!

ⓘ 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: $1,668 · $139/mo
• Projected year-2 tax: $1,668 · $139/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $13,553
• − Mortgage interest: −$5,882
• − Property taxes: −$1,668
• − Insurance: −$525
• − Repairs & maintenance: −$1,084
• − Management: −$1,084
• − HOA: −$2,640
• − Depreciation: −$3,055
• Taxable loss: −$2,384
• Est. tax savings @ 24.0%: +$572
• After-tax cash flow: $-161/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

+11.1% since first listed

5 events — show timeline

• 2026-05-28 Listed $105,000 CRAAR, CDRMLS
• 2022-12-19 Sold (Public Records) $85,000 Public Records
• 2022-12-16 Sold (MLS) $85,000 CRAAR, CDRMLS
• 2022-11-15 Pending — CRAAR, CDRMLS
• 2022-11-04 Listed $94,500 CRAAR, CDRMLS

Property tax history

+2.9%/yr

Latest (2025): $1,668 · +3.0% YoY. Source: county tax records.