1223 Ottawa Dr Unit OTT1223 · Marion, IA 52302

$42,500

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 94 Days on market

Built 2025 Average condition $35/sqft · 31% below area Est $62k · 31% under

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Why this score? — see what drove the C 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 +15.0/30.0
• ARV discount +15.0/15.0
• Schools +6.6/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a clubhouse, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Basketball court
• Playground

Tags

• PLAYGROUND
• BASKETBALL COURT
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $42k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $42k).
• Recommended offer: $39k (9.0% below list) — sets the bar for market timing.
• Cap rate 37.7% vs local median 2.7% 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: schools A+, crime A+, cost of living 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.
• Market conditions: Rents rising fast (+8.4%/yr); 455 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $294 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $38,675 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 4.19% ✓
• Cap rate: 37.70%
• Cash-on-cash: 112.16%
• DSCR: 5.99
• GRM: 2.0

CMA / ARV

• ARV (median comp): $61,572
• List price: $42,500
• Delta: -30.98%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1307 Denali Dr	0.15mi	3/2.0	1,178 (-3%)	12mo	$65,000	$55	78
1590 Red Fox Way	0.17mi	3/2.0	1,352 (+11%)	22mo	$37,150	$27	55

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: —
• Equity multiple: 7.17×
• Total profit: $73,385
• Equity at exit: $6,337

10-year hold

• IRR: —
• Equity multiple: 17.64×
• Total profit: $198,037
• Equity at exit: $3,675

Cash invested: $11,900 (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: 455
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,780 medium
• Mortgage (P&I): −$223
• Tax est. 1.5%: −$53 /mo · $638/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $1,112

Break-even live

Break-even rent $372

Max offer price $42,500

Occupancy floor 32%

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: $10,625
• Closing costs: $1,275
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6156 Carlson Way Marion, IA	1.0–3.0	1.0–2.0	882	$1,775	$2.01	13d	5	0.30mi
1975 49th St Marion, IA	3.0	2.0	1449	$2,175	$1.50	13d	1	0.44mi
700 35th St Marion, IA	2.0	1.0–2.0	896	$1,224	$1.37	13d	1	0.90mi

Listing history 21 events

1. 2026-06-19
   days on market $42,500 Active 94 DOM
2. 2026-06-18
   days on market $42,500 Active 93 DOM
3. 2026-06-17
   days on market $42,500 Active 92 DOM
4. 2026-06-16
   days on market $42,500 Active 91 DOM
5. 2026-06-15
   days on market $42,500 Active 90 DOM
6. 2026-06-14
   days on market $42,500 Active 88 DOM
7. 2026-06-13
   days on market $42,500 Active 87 DOM
8. 2026-06-10
   days on market $42,500 Active 85 DOM
9. 2026-06-09
   days on market $42,500 Active 84 DOM
10. 2026-06-08
    days on market $42,500 Active 83 DOM
11. 2026-06-07
    days on market $42,500 Active 82 DOM
12. 2026-06-05
    days on market $42,500 Active 79 DOM
13. 2026-06-03
    days on market $42,500 Active 78 DOM
14. 2026-06-02
    days on market $42,500 Active 77 DOM
15. 2026-06-01
    days on market $42,500 Active 76 DOM
16. 2026-05-31
    days on market $42,500 Active 75 DOM
17. 2026-05-30
    days on market $42,500 Active 74 DOM
18. 2026-04-13
    status Active 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a clubhouse, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

19. 2026-04-13
    price $42,500 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a clubhouse, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

20. 2025-11-12
    historical 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a clubhouse, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

21. 2025-10-17
    listed $39,900 Active 399-char remark

    Show marketing remark (399 chars)

    * THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a clubhouse, community events, a playground, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,356
• − Mortgage interest: −$2,381
• − Property taxes: −$638
• − Insurance: −$212
• − Repairs & maintenance: −$1,709
• − Management: −$1,709
• − Depreciation: −$1,236
• Taxable income: $13,472
• Est. tax owed @ 24.0%: −$3,233
• After-tax cash flow: $10,114/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.

Condition & rehab AI · 10 photos

Average 55/100 Moderate rehab

This 3-bedroom, 2-bathroom manufactured home requires moderate repairs and maintenance to improve its condition and value. Key updates include painting interior walls, replacing kitchen cabinets, and repairing exterior siding.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — standard fixtures
• Minor exterior siding — gray siding
• Minor interior walls — neutral paint with some wear

Value-add opportunities

• Resale paint interior walls — fresh paint enhances curb appeal
• Resale replace kitchen cabinets — new cabinets improve functionality and aesthetics
• Resale repair exterior siding — new siding improves curb appeal and durability
• Both landscaping — improved landscaping enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
exterior siding · gray siding	Minor	$500–3,000
interior walls · neutral paint with some wear	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Resale paint interior walls — fresh paint enhances curb appeal ↑
• Resale replace kitchen cabinets — new cabinets improve functionality and aesthetics ↑
• Resale repair exterior siding — new siding improves curb appeal and durability ↑
• Both landscaping — improved landscaping enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+6.5% since first listed

4 events — show timeline

• 2026-04-13 Price Changed $42,500 Zillow
• 2026-04-13 Relisted — Zillow
• 2025-11-12 Delisted — Zillow
• 2025-10-17 Listed $39,900 Zillow