434 29th St Dr SE #10 · Cedar Rapids, IA 52403

$135,000

3 bd · 2.0 ba · 1,503 sqft · Condo public records · 4 Days on market

Built 1975 $270/mo HOA · 21% 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).

• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

MAIN FLOOR-3-BEDROOM 2-BATH condo alert! This spacious and well-maintained main-floor condo is located in a solid all-brick building, offering over 1,500 sq. ft. of comfortable living space.  BONUS: As an end unit, this property has more windows and light than the interior units. The property features three generously sized bedrooms and two updated bathrooms, along with a large living room complete with a gas fireplace. The updated kitchen includes modern countertops, a tile backsplash, a deep-bowl sink with a high-arch faucet,  and under-cabinet lighting.  Some of the features to note: All windows and the sliding glass door were replaced in 2023. The entire space

Key facts

• End unit
• Gas fireplace
• Updated kitchen

Tags

• MAIN FLOOR
• END UNIT
• GAS FIREPLACE
• UPDATED KITCHEN
• MODERN COUNTERTOPS
• TILE BACKSPLASH

Property features AI

Finance

• HOA & community: Homeowners association with a $270 monthly fee

Exterior

• Parking: Detached garage with garage door opener (1 car)
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Single-story living (all finished area on one level)
• Construction: Brick and frame construction; Slab foundation; Built using conventional materials
• Exterior features: Patio; Pets allowed

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator; Disposal; Electric water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Central air conditioning
• Interior features: Breakfast bar; Gas fireplace with insert in the living room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (4.7% below list).
• Recommended offer: $102k (24.2% below list) — sets the bar for cash-flow.
• Cap rate 4.7% 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: Franklin Middle School (math 49% / reading 59%, grade B-, #206 of 246 statewide, top 84%, 537 students, 56% FRL); George Washington High School (math 44% / reading 62%, grade C-, #296 of 336 statewide, top 88%, 1,291 students, 49% FRL).
• Market conditions: Rents rising fast (+14.7%/yr); 236 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $933 of loan paydown is wiped out by about $4k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $102,357 (24.2% 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 1975 — 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. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.95% ✗
• Cap rate: 4.65%
• Cash-on-cash: -5.87%
• DSCR: 0.74
• GRM: 8.7

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: -19.1%
• Equity multiple: 0.29×
• Total profit: $-26,659
• Equity at exit: $20,129

10-year hold

• IRR: -2.0%
• Equity multiple: 0.82×
• Total profit: $-6,662
• Equity at exit: $11,672

Cash invested: $37,800 (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 52403

• Rents YoY: 14.7%
• Active inventory: 236
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,287 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$167 /mo · $2,008/yr
• Insurance: −$56
• HOA: −$270
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-185

Break-even live

Break-even rent $1,521

Max offer price $102,357

Occupancy floor —

Sensitivity live

Price	-10% $-108	-5% $-147	+0% $-185	+5% $-223	+10% $-261
Rent	-10% $-286	-5% $-236	+0% $-185	+5% $-134	+10% $-83
Rate	-1.0pp $-117	-0.5pp $-150	base $-185	+0.5pp $-220	+1.0pp $-255

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
306 29th Street Dr SE Cedar Rapids, IA	2.0	1.0	1100	$850	$0.77	21d	1	0.24mi
1127 34th St NE Cedar Rapids, IA	3.0	2.0	1152	$1,385	$1.20	44d	1	1.35mi

HOA detail condo

• Monthly dues: $270 · $3,240/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-04
   status Pending 1231-char remark
2. 2026-04-30
   listed $135,000 Active 1231-char remark
3. 2005-08-18
   soldstatus $91,500

ⓘ 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: $2,008 · $167/mo
• Projected year-2 tax: $2,064 · $172/mo
• Expected delta: +$56/yr (+$5/mo · 2.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 23% 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: $15,444
• − Mortgage interest: −$7,562
• − Property taxes: −$2,008
• − Insurance: −$675
• − Repairs & maintenance: −$1,236
• − Management: −$1,236
• − HOA: −$3,240
• − Depreciation: −$3,927
• Taxable loss: −$4,439
• Est. tax savings @ 24.0%: +$1,065
• After-tax cash flow: $-1,152/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): 22,551
• Household income: $74,703
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 452.0

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 (85%)
• Race & ethnicity: White 85% Black 7% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 3% Slovak 3% Portuguese 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -170.15%
• Current HPI: 196.1114
• Rent YoY: ▲ 14.67%
• 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

+47.5% since first listed

5 events — show timeline

• 2026-06-05 Sold (Public Records) $135,000 Public Records
• 2026-06-05 Sold (MLS) $135,000 CRAAR, CDRMLS
• 2026-05-04 Pending — CRAAR, CDRMLS
• 2026-04-30 Listed $135,000 CRAAR, CDRMLS
• 2005-08-18 Sold (Public Records) $91,500 Public Records

Property tax history

+1.3%/yr

Latest (2025): $2,008 · +2.6% YoY. Source: county tax records.