3256 Prairie Bend Cir · Marion, IA 52302

$257,900

3 bd · 3.0 ba · 1,277 sqft · Condo public records · 26 Days on market

Built 2008

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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 +9.0/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• 1% rule +2.6/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Back on Market due to Buyer's Job situation. Showings start Wednesday 10/5/2022. Let someone else scoop the snow and mow the yard. Find your home in this well maintained and spacious three bedroom, three bathroom ranch Condo. Newer flooring and fresh paint throughout first floor. Main floor laundry. Extra large deck. Finished basement complete with bedroom, full bathroom and wet bar. Beautiful established landscaping. Features a double garage and lots of storage space in the basement. This is a great neighborhood in the Linn Mar district and within walking distance of Boulder Peak Intermediate.

Key facts

• Vaulted ceiling
• Main level laundry
• Walk in closet

Tags

• MAIN LEVEL LAUNDRY
• BRIGHT WELL EQUIPPED KITCHEN
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• VAULTED CEILING
• WALK IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $258k.

Deal economics

• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (14.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (23.5% below list).
• Recommended offer: $197k (23.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 2.8% in Marion — 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 84/100 on livability (#19 in IA, #633 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Linn-Mar Community School District (suburban): math 75% / reading 76% proficiency, ranked #44 of 289 in IA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Linn-Mar High School (math 73% / reading 78%, grade A-, #79 of 336 statewide, top 25%, 2,271 students, 23% FRL).
• Market conditions: Rents rising fast (+8.4%/yr); 461 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); solid renter incomes; 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 $2k of loan paydown is wiped out by about $8k 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

• It's been on market 26 days — a 2% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $197,182 (23.5% 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. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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 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: 0.76% ✗
• Cap rate: 5.34%
• Cash-on-cash: -3.39%
• DSCR: 0.85
• GRM: 10.9

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: -16.6%
• Equity multiple: 0.39×
• Total profit: $-44,336
• Equity at exit: $38,454

10-year hold

• IRR: -1.3%
• Equity multiple: 0.89×
• Total profit: $-7,827
• Equity at exit: $22,298

Cash invested: $72,212 (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 52302

• Rents YoY: 8.4%
• Active inventory: 461
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,972 medium
• Mortgage (P&I): −$1,352
• Tax from tax record: −$302 /mo · $3,620/yr
• Insurance: −$107
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $-204

Break-even live

Break-even rent $2,230

Max offer price $221,890

Occupancy floor —

Sensitivity live

Price	-10% $-58	-5% $-131	+0% $-204	+5% $-277	+10% $-350
Rent	-10% $-360	-5% $-282	+0% $-204	+5% $-126	+10% $-48
Rate	-1.0pp $-74	-0.5pp $-138	base $-204	+0.5pp $-271	+1.0pp $-339

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: $64,475
• Closing costs: $7,737
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2799 29th Ave Marion, IA	4.0	2.0	1394	$1,995	$1.43	45d	1	0.49mi
1330 Brockman Ave Marion, IA	4.0	2.0	1590	$2,400	$1.51	15d	1	1.34mi
1975 49th St Marion, IA	3.0	2.0	1449	$2,175	$1.50	15d	1	1.35mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $257,900 Active 26 DOM
2. 2026-06-19
   days on market $257,900 Active 24 DOM
3. 2026-06-18
   days on market $257,900 Active 23 DOM
4. 2026-06-17
   days on market $257,900 Active 22 DOM
5. 2026-06-16
   days on market $257,900 Active 21 DOM
6. 2026-06-15
   days on market $257,900 Active 20 DOM
7. 2026-06-14
   days on market $257,900 Active 18 DOM
8. 2026-06-13
   days on market $257,900 Active 17 DOM
9. 2026-06-10
   days on market $257,900 Active 15 DOM
10. 2026-06-09
    days on market $257,900 Active 14 DOM
11. 2026-06-08
    days on market $257,900 Active 13 DOM
12. 2026-06-07
    days on market $257,900 Active 12 DOM
13. 2026-06-05
    days on market $257,900 Active 9 DOM
14. 2026-06-03
    days on market $257,900 Active 8 DOM
15. 2026-06-02
    days on market $257,900 Active 7 DOM
16. 2026-06-01
    days on market $257,900 Active 6 DOM
17. 2026-05-31
    days on market $257,900 Active 5 DOM
18. 2026-05-30
    days on market $257,900 Active 4 DOM
19. 2026-05-26
    listed $257,900 Active
20. 2022-11-15
    soldstatus $225,000
21. 2022-11-01
    soldstatus $225,000 Closed 601-char remark

    Show marketing remark (601 chars)

    Back on Market due to Buyer's Job situation. Showings start Wednesday 10/5/2022. Let someone else scoop the snow and mow the yard. Find your home in this well maintained and spacious three bedroom, three bathroom ranch Condo. Newer flooring and fresh paint throughout first floor. Main floor laundry. Extra large deck. Finished basement complete with bedroom, full bathroom and wet bar. Beautiful established landscaping. Features a double garage and lots of storage space in the basement. This is a great neighborhood in the Linn Mar district and within walking distance of Boulder Peak Intermediate.

22. 2022-10-06
    status Pending 601-char remark

    Show marketing remark (601 chars)

    Back on Market due to Buyer's Job situation. Showings start Wednesday 10/5/2022. Let someone else scoop the snow and mow the yard. Find your home in this well maintained and spacious three bedroom, three bathroom ranch Condo. Newer flooring and fresh paint throughout first floor. Main floor laundry. Extra large deck. Finished basement complete with bedroom, full bathroom and wet bar. Beautiful established landscaping. Features a double garage and lots of storage space in the basement. This is a great neighborhood in the Linn Mar district and within walking distance of Boulder Peak Intermediate.

23. 2022-10-03
    status Active 601-char remark

    Show marketing remark (601 chars)

    Back on Market due to Buyer's Job situation. Showings start Wednesday 10/5/2022. Let someone else scoop the snow and mow the yard. Find your home in this well maintained and spacious three bedroom, three bathroom ranch Condo. Newer flooring and fresh paint throughout first floor. Main floor laundry. Extra large deck. Finished basement complete with bedroom, full bathroom and wet bar. Beautiful established landscaping. Features a double garage and lots of storage space in the basement. This is a great neighborhood in the Linn Mar district and within walking distance of Boulder Peak Intermediate.

24. 2022-09-20
    status Pending 601-char remark

    Show marketing remark (601 chars)

    Back on Market due to Buyer's Job situation. Showings start Wednesday 10/5/2022. Let someone else scoop the snow and mow the yard. Find your home in this well maintained and spacious three bedroom, three bathroom ranch Condo. Newer flooring and fresh paint throughout first floor. Main floor laundry. Extra large deck. Finished basement complete with bedroom, full bathroom and wet bar. Beautiful established landscaping. Features a double garage and lots of storage space in the basement. This is a great neighborhood in the Linn Mar district and within walking distance of Boulder Peak Intermediate.

25. 2022-09-16
    listed $225,000 Active 601-char remark

    Show marketing remark (601 chars)

    Back on Market due to Buyer's Job situation. Showings start Wednesday 10/5/2022. Let someone else scoop the snow and mow the yard. Find your home in this well maintained and spacious three bedroom, three bathroom ranch Condo. Newer flooring and fresh paint throughout first floor. Main floor laundry. Extra large deck. Finished basement complete with bedroom, full bathroom and wet bar. Beautiful established landscaping. Features a double garage and lots of storage space in the basement. This is a great neighborhood in the Linn Mar district and within walking distance of Boulder Peak Intermediate.

26. 2018-07-17
    soldstatus $190,000
27. 2018-07-16
    soldstatus $189,900 633-char remark

    Show marketing remark (633 chars)

    * Sale Pending as of 6/3/18 * This custom condo will "WOW" you! From the curb to the lower level, you'll be impressed around every corner. Step inside and admire the 10+ ft ceilings, transom windows, gas fireplace, oversized/upgraded cabinetry, formal dining area, master suite with double vanity, walk-in closet, and vaulted ceilings. The decked out lower level features plank flooring, wet bar, and 3rd bedroom suite with tile shower and walk-in closet. Tons of storage in the unfinished area. Enjoy late nights on the enlarged deck with gorgeous landscaping and tons of green-space! Call today to make this condo yours!

28. 2018-05-25
    listed $189,900 633-char remark

    Show marketing remark (633 chars)

    * Sale Pending as of 6/3/18 * This custom condo will "WOW" you! From the curb to the lower level, you'll be impressed around every corner. Step inside and admire the 10+ ft ceilings, transom windows, gas fireplace, oversized/upgraded cabinetry, formal dining area, master suite with double vanity, walk-in closet, and vaulted ceilings. The decked out lower level features plank flooring, wet bar, and 3rd bedroom suite with tile shower and walk-in closet. Tons of storage in the unfinished area. Enjoy late nights on the enlarged deck with gorgeous landscaping and tons of green-space! Call today to make this condo yours!

ⓘ 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: $3,620 · $302/mo
• Projected year-2 tax: $3,835 · $320/mo
• Expected delta: +$215/yr (+$18/mo · 5.9%)

ⓘ 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 ≥104°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: $23,662
• − Mortgage interest: −$14,446
• − Property taxes: −$3,620
• − Insurance: −$1,290
• − Repairs & maintenance: −$1,893
• − Management: −$1,893
• − Depreciation: −$7,503
• Taxable loss: −$6,983
• Est. tax savings @ 24.0%: +$1,676
• After-tax cash flow: $-770/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: Linn-Mar Community School District
• NCES district ID: 1917220
• Math proficiency: 75% ▼ -7.00%
• Reading proficiency: 76% ▼ -5.00%
• Median HH income: $72,473
• Composite: 66.08/100
• National rank: #440
• State rank: #44 of 289 in IA

Livability — Marion

• Score: 84/100
• State rank: #19
• US rank: #633

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, IA
• County: Linn County · 179,860 people
• City population: 42,706
• Metro: Cedar Rapids, IA
• Population (ZIP): 42,706
• Household income: $87,983
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 940.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Black 3% Asian 2%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 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: ▼ -144.98%
• Current HPI: 199.2949
• Rent YoY: ▲ 8.37%
• 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

+35.8% since first listed

10 events — show timeline

• 2026-05-26 Listed $257,900 FSBO.com
• 2022-11-15 Sold (Public Records) $225,000 Public Records
• 2022-11-01 Sold (MLS) $225,000 CRAAR, CDRMLS
• 2022-10-06 Pending — CRAAR, CDRMLS
• 2022-10-03 Relisted — CRAAR, CDRMLS
• 2022-09-20 Pending — CRAAR, CDRMLS
• 2022-09-16 Listed $225,000 CRAAR, CDRMLS
• 2018-07-17 Sold (Public Records) $190,000 Public Records
• 2018-07-16 Sold (MLS) $189,900 CRAAR, CDRMLS
• 2018-05-25 Listed $189,900 CRAAR, CDRMLS

Property tax history

+2.7%/yr

Latest (2025): $3,620 · -0.7% YoY. Source: county tax records.