1224 Litchfield Dr Unit B · Hiawatha, IA 52233

$244,900

2 bd · 2.0 ba · 1,759 sqft · Condo public records · 17 Days on market

Built 1997 ↓ 4% since listing

---

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 +17.9/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• DSCR +5.6/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautifully updated 3-bedroom, 2-bath condo offers comfort, convenience, and modern style. Enjoy all-new flooring throughout, a large kitchen with pantry, and a spacious dining area perfect for everyday living or entertaining. The inviting living room features a gas fireplace and opens to a private deck through sliding glass doors, creating a great indoor-outdoor flow. Additional highlights include a 2-car attached garage and a highly desirable location just minutes from shopping, restaurants, parks, schools, the interstate, Boyson Road, and Blairs Ferry Road. A perfect blend of space, updates, and location—this condo is move-in ready.

Key facts

• Private deck
• Gas fireplace
• Large kitchen

Tags

• UPDATED FLOORING
• LARGE KITCHEN
• PRIVATE DECK
• GAS FIREPLACE
• HIGHLY DESIRABLE LOCATION

Property features AI

Finance

• Other: Zoning: R
• HOA & community: HOA fees billed annually

Exterior

• Parking: Attached garage; 2 parking spaces total; Guest parking / off-street parking available
• Utilities: Public water; Public sewer
• Home design: Condominium (residential); Single-level entry
• Construction: Vinyl siding, frame and stone exterior; Slab foundation
• Exterior features: No community amenities listed; Directions: On Litchfield Dr.

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Natural gas forced air heating
• Interior features: Fireplace in family room (gas); Other interior features

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $241k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 2.0% in Hiawatha — 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 79/100 on livability (#93 in IA, #1,983 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities 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: Hiawatha Elementary School (math 52% / reading 57%, grade C, #462 of 616 statewide, top 79%, 328 students, 54% FRL); Harding Middle School (math 61% / reading 69%, grade A-, #154 of 246 statewide, top 63%, 713 students, 43% FRL); John F Kennedy High School (math 63% / reading 77%, grade B+, #146 of 336 statewide, top 45%, 1,714 students, 31% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 136 active listings in the ZIP; 1 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 $2k of loan paydown is wiped out by about $7k 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 17 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $241,226 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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 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: 1.08% ✓
• Cap rate: 7.30%
• Cash-on-cash: 3.60%
• DSCR: 1.16
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.61×
• Total profit: $-26,414
• Equity at exit: $36,515

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-5,470
• Equity at exit: $21,174

Cash invested: $68,572 (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 52233

• Home prices YoY: -28.1%
• Active inventory: 136
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,650 medium
• Mortgage (P&I): −$1,284
• Tax from tax record: −$311 /mo · $3,736/yr
• Insurance: −$102
• HOA est. from 1 same-building comp: −$190
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $206

Break-even live

Break-even rent $2,389

Max offer price $244,900

Occupancy floor 87%

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 Cimarron Dr Hiawatha, IA	3.0	2.5	1680	$2,650	$1.58	43d	1	1.14mi

HOA detail condo

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

Listing history 6 events

1. 2026-05-01
   status Pending

   Show marketing remark (654 chars)

   This beautifully updated 3-bedroom, 2-bath condo offers comfort, convenience, and modern style. Enjoy all-new flooring throughout, a large kitchen with pantry, and a spacious dining area perfect for everyday living or entertaining. The inviting living room features a gas fireplace and opens to a private deck through sliding glass doors, creating a great indoor-outdoor flow. Additional highlights include a 2-car attached garage and a highly desirable location just minutes from shopping, restaurants, parks, schools, the interstate, Boyson Road, and Blairs Ferry Road. A perfect blend of space, updates, and location—this condo is move-in ready.

2. 2026-05-01
   status Pending 654-char remark

   Show marketing remark (654 chars)

   This beautifully updated 3-bedroom, 2-bath condo offers comfort, convenience, and modern style. Enjoy all-new flooring throughout, a large kitchen with pantry, and a spacious dining area perfect for everyday living or entertaining. The inviting living room features a gas fireplace and opens to a private deck through sliding glass doors, creating a great indoor-outdoor flow. Additional highlights include a 2-car attached garage and a highly desirable location just minutes from shopping, restaurants, parks, schools, the interstate, Boyson Road, and Blairs Ferry Road. A perfect blend of space, updates, and location—this condo is move-in ready.

3. 2026-04-14
   listed $244,900 Active

   Show marketing remark (654 chars)

   This beautifully updated 3-bedroom, 2-bath condo offers comfort, convenience, and modern style. Enjoy all-new flooring throughout, a large kitchen with pantry, and a spacious dining area perfect for everyday living or entertaining. The inviting living room features a gas fireplace and opens to a private deck through sliding glass doors, creating a great indoor-outdoor flow. Additional highlights include a 2-car attached garage and a highly desirable location just minutes from shopping, restaurants, parks, schools, the interstate, Boyson Road, and Blairs Ferry Road. A perfect blend of space, updates, and location—this condo is move-in ready.

4. 2026-04-14
   listed $244,900 Active 654-char remark

   Show marketing remark (654 chars)

   This beautifully updated 3-bedroom, 2-bath condo offers comfort, convenience, and modern style. Enjoy all-new flooring throughout, a large kitchen with pantry, and a spacious dining area perfect for everyday living or entertaining. The inviting living room features a gas fireplace and opens to a private deck through sliding glass doors, creating a great indoor-outdoor flow. Additional highlights include a 2-car attached garage and a highly desirable location just minutes from shopping, restaurants, parks, schools, the interstate, Boyson Road, and Blairs Ferry Road. A perfect blend of space, updates, and location—this condo is move-in ready.

5. 2026-03-25
   price $249,900
6. 2026-02-03
   price $254,900

ⓘ 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: $3,736 · $311/mo
• Projected year-2 tax: $3,790 · $316/mo
• Expected delta: +$54/yr (+$5/mo · 1.5%)

ⓘ 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: $31,800
• − Mortgage interest: −$13,718
• − Property taxes: −$3,736
• − Insurance: −$1,224
• − Repairs & maintenance: −$2,544
• − Management: −$2,544
• − HOA: −$2,280
• − Depreciation: −$7,124
• Taxable loss: −$1,371
• Est. tax savings @ 24.0%: +$329
• After-tax cash flow: $2,799/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 — Hiawatha

• Score: 79/100
• State rank: #93
• US rank: #1983

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hiawatha, IA
• City population: 7,008
• Population (ZIP): 7,008

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 (80%)
• Race & ethnicity: White 80% Asian 6% Two or more races 5% Black 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Scottish 3% Iranian 1%
• Foreign-born: 6% · China, Canada
• Languages at home: 90% English-only · Other Indo-European 6% Spanish 3%

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: ▼ -78.12%
• Current HPI: 199.6054
• Rent YoY: —
• Metro: —
• 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

-3.9% since first listed

6 events — show timeline

• 2026-05-01 Pending — ICAARMLS
• 2026-05-01 Pending — CRAAR, CDRMLS
• 2026-04-14 Listed $244,900 CRAAR, CDRMLS
• 2026-04-14 Listed $244,900 ICAARMLS
• 2026-03-25 Price Changed $249,900 CRAAR, CDRMLS
• 2026-02-03 Price Changed $254,900 CRAAR, CDRMLS

Property tax history

+1.7%/yr

Latest (2025): $3,736 · +4.4% YoY. Source: county tax records.