266 24th Ave Ave SW · Cedar Rapids, IA 52404

$107,000

3 bd · 2.0 ba · 2,126 sqft · SingleFamily public records · 30 Days on market

Built 1910 8,712 sqft lot $50/sqft · 42% below area Est $185k · 42% under ↓ 16% since listing

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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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Rent growth +4.7/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lots to love in this SW 2 story within walking distance of Grant and Wilson schools. Original woodwork, charming formal dining room, den, updated kitchen, butler stairs and spacious family room. 2 full bathrooms! Awesome back yard patio with privacy fencing. 2 stall garage plus with a workshop. Inquire today! House is sold "As Is. " Accepted Offer * * Back-up Offers Only * *

Key facts

• 8,712 sq ft lot
• 2 garage spots
• Built 1910

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story
• Construction: Aluminum siding and frame construction
• Exterior features: Fenced yard

Interior

• Kitchen: Dishwasher; Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $107k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• Recommended offer: $105k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% 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 Elementary School (math 37% / reading 32%, grade F, #595 of 616 statewide, top 97%, 320 students, 72% FRL); Wilson Middle School (math 42% / reading 49%, grade D+, #231 of 246 statewide, top 94%, 395 students, 72% FRL) — zoned schools average 72% FRL vs 43% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 40% at this address vs 54% district-wide (-14 pts) — the specific schools serving this property underperform the Cedar Rapids Community School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+8.8%/yr); 415 active listings in the ZIP; 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 $740 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $30k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,395 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.41% ✓
• Cap rate: 10.44%
• Cash-on-cash: 14.82%
• DSCR: 1.66
• GRM: 5.9

CMA / ARV

• ARV (median comp): $185,136
• List price: $107,000
• Delta: -42.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250 Wilson Ave SW	0.08mi	3/1.5	2,007 (-6%)	8mo	$110,000	$55	78
259 27th Ave SW	0.27mi	4/2.0 (+1)	2,025 (-5%)	4mo	$177,000	$87	72
238 Wilson Ave SW	0.15mi	3/1.5	1,924 (-10%)	8mo	$105,000	$55	68
348 24th Ave SW	0.19mi	2/2.0 (-1)	1,846 (-13%)	2mo	$214,900	$116	62
2461 Teresa Dr Dr SW	0.68mi	3/2.0	2,042 (-4%)	3mo	$230,000	$113	59
2937 Southland St SW	0.72mi	3/2.0	2,222 (+4%)	5mo	$212,500	$96	55
2434 Haven Ct Ct	0.43mi	4/2.0 (+1)	2,295 (+8%)	10mo	$265,000	$115	53
2710 Southland St St SW	0.52mi	3/2.0	1,952 (-8%)	13mo	$265,000	$136	52
2819 Southland St SW	0.63mi	3/2.5	2,007 (-6%)	12mo	$250,000	$125	49
73 26th Ave Ave SW	0.39mi	3/2.0	1,839 (-14%)	14mo	$218,000	$119	48
50 27th Avenue Dr SW	0.66mi	3/2.0	1,813 (-15%)	2mo	$222,250	$123	44
1218 1st St SW	0.75mi	3/2.5	1,986 (-7%)	12mo	$200,000	$101	42

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: 11.3%
• Equity multiple: 1.48×
• Total profit: $14,282
• Equity at exit: $15,954

10-year hold

• IRR: 24.3%
• Equity multiple: 3.65×
• Total profit: $79,415
• Equity at exit: $9,251

Cash invested: $29,960 (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: 415
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,511 medium
• Mortgage (P&I): −$561
• Tax from tax record: −$218 /mo · $2,612/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $370

Break-even live

Break-even rent $1,042

Max offer price $107,000

Occupancy floor 71%

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: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-05
   statusdays on market $107,000 Pending 30 DOM
2. 2026-06-03
   days on market $107,000 Active 29 DOM
3. 2026-06-02
   days on market $107,000 Active 28 DOM
4. 2026-06-01
   days on market $107,000 Active 27 DOM
5. 2026-05-31
   days on market $107,000 Active 26 DOM
6. 2026-05-30
   days on market $107,000 Active 25 DOM
7. 2026-05-04
   listed $107,000 Active 1083-char remark
8. 2024-08-19
   price $152,500
9. 2024-07-20
   price $157,500
10. 2018-12-21
    soldstatus $134,000

    Show marketing remark (390 chars)

    Lots to love in this SW 2 story within walking distance of Grant and Wilson schools. Original woodwork, charming formal dining room, den, updated kitchen, butler stairs and spacious family room. 2 full bathrooms! Awesome back yard patio with privacy fencing. 2 stall garage plus with a workshop. Inquire today! House is sold "As Is. " Accepted Offer * * Back-up Offers Only * *

11. 2018-08-09
    listed $135,000

    Show marketing remark (390 chars)

    Lots to love in this SW 2 story within walking distance of Grant and Wilson schools. Original woodwork, charming formal dining room, den, updated kitchen, butler stairs and spacious family room. 2 full bathrooms! Awesome back yard patio with privacy fencing. 2 stall garage plus with a workshop. Inquire today! House is sold "As Is. " Accepted Offer * * Back-up Offers Only * *

12. 2009-05-18
    soldstatus $127,000

ⓘ 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: $2,612 · $218/mo
• Projected year-2 tax: $2,612 · $218/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 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,127
• − Mortgage interest: −$5,994
• − Property taxes: −$2,612
• − Insurance: −$535
• − Repairs & maintenance: −$1,450
• − Management: −$1,450
• − Depreciation: −$3,113
• Taxable income: $2,973
• Est. tax owed @ 24.0%: −$714
• After-tax cash flow: $3,726/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): 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

-15.7% since first listed

7 events — show timeline

• 2026-06-05 Pending — CRAAR, CDRMLS
• 2026-05-04 Listed $107,000 CRAAR, CDRMLS
• 2024-08-19 Price Changed $152,500 CRAAR, CDRMLS
• 2024-07-20 Price Changed $157,500 CRAAR, CDRMLS
• 2018-12-21 Sold (MLS) $134,000 CRAAR, CDRMLS
• 2018-08-09 Listed $135,000 CRAAR, CDRMLS
• 2009-05-18 Sold (Public Records) $127,000 Public Records

Property tax history

+0.1%/yr

Latest (2025): $2,612 · -4.8% YoY. Source: county tax records.