1216 5th St NW · Cedar Rapids, IA 52405

$179,450

4 bd · 2.0 ba · 1,694 sqft · MultiFamily public records · 19 Days on market

Built 1890 6,403 sqft lot $106/sqft · 30% above area Est $139k · 30% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Remarks This is a multi/family property with an upper and a lower unit, the current lower units lease is until 12-31-26 and rent is $875 a month, the upper units lease is until 10-31-26 and rent is $850 a month. Neither unit has access to 3 stall garage the current owner used it for his personal use. Each tenant has a one stall garage under the units for their use. Tenants need 24 hr notice for all showings. There is a separate laundry room that is coin operated for tenants to use. Mowing is taken care of by owner not tenants, the tenants also pay for utilities.

Key facts

• 6,403 sq ft lot
• Garage
• Built 1890

Property features AI

Exterior

• Parking: Attached garage; Detached garage; Garage door opener; Off-street parking; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two-story
• Construction: Frame construction with vinyl siding
• Exterior features: Private maintained road; Pets allowed (with number limit)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Natural gas forced air heating
• Interior features: Breakfast bar
• Laundry & utility: Dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: Harrison Elementary School (math 37% / reading 42%, grade F, #579 of 616 statewide, top 95%, 285 students, 78% FRL); Roosevelt Creative Corridor Business Academy (math 36% / reading 47%, grade F, #235 of 246 statewide, top 96%, 510 students, 69% 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 average 59% FRL vs 43% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+12.4%/yr); 148 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($177k) 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.
• Current owner paid $55k; list at $179k implies a 226% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,758 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.46% ✓
• Cap rate: 12.06%
• Cash-on-cash: 20.59%
• DSCR: 1.92
• GRM: 5.7

CMA / ARV

• ARV (median comp): $138,508
• List price: $179,450
• Delta: 29.56%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.21×
• Total profit: $10,665
• Equity at exit: $26,757

10-year hold

• IRR: 19.5%
• Equity multiple: 3.12×
• Total profit: $106,549
• Equity at exit: $15,516

Cash invested: $50,246 (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 52405

• Rents YoY: 12.4%
• Active inventory: 148
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,623 medium
• Mortgage (P&I): −$941
• Tax from tax record: −$194 /mo · $2,332/yr
• Insurance: −$75
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $402

Break-even live

Break-even rent $2,115

Max offer price $179,450

Occupancy floor 80%

Sensitivity live

Price	-10% $503	-5% $452	+0% $402	+5% $351	+10% $300
Rent	-10% $194	-5% $298	+0% $402	+5% $505	+10% $609
Rate	-1.0pp $492	-0.5pp $447	base $402	+0.5pp $355	+1.0pp $308

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,624
Total (2 units)			$2,623

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: $44,862
• Closing costs: $5,384
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
417 9th St NW Cedar Rapids, IA	3.0	1.0	1061	$1,300	$1.23	45d	1	0.62mi
1001 C Ave NW Cedar Rapids, IA	3.0	1.5	1446	$1,500	$1.04	15d	1	0.71mi

Listing history 5 events

1. 2026-05-12
   status Pending 560-char remark

   Show marketing remark (569 chars)

   Remarks This is a multi/family property with an upper and a lower unit, the current lower units lease is until 12-31-26 and rent is $875 a month, the upper units lease is until 10-31-26 and rent is $850 a month. Neither unit has access to 3 stall garage the current owner used it for his personal use. Each tenant has a one stall garage under the units for their use. Tenants need 24 hr notice for all showings. There is a separate laundry room that is coin operated for tenants to use. Mowing is taken care of by owner not tenants, the tenants also pay for utilities.

2. 2026-05-12
   status Pending 569-char remark

   Show marketing remark (569 chars)

   Remarks This is a multi/family property with an upper and a lower unit, the current lower units lease is until 12-31-26 and rent is $875 a month, the upper units lease is until 10-31-26 and rent is $850 a month. Neither unit has access to 3 stall garage the current owner used it for his personal use. Each tenant has a one stall garage under the units for their use. Tenants need 24 hr notice for all showings. There is a separate laundry room that is coin operated for tenants to use. Mowing is taken care of by owner not tenants, the tenants also pay for utilities.

3. 2026-04-27
   listed $179,450 Active 569-char remark

   Show marketing remark (569 chars)

   Remarks This is a multi/family property with an upper and a lower unit, the current lower units lease is until 12-31-26 and rent is $875 a month, the upper units lease is until 10-31-26 and rent is $850 a month. Neither unit has access to 3 stall garage the current owner used it for his personal use. Each tenant has a one stall garage under the units for their use. Tenants need 24 hr notice for all showings. There is a separate laundry room that is coin operated for tenants to use. Mowing is taken care of by owner not tenants, the tenants also pay for utilities.

4. 2026-04-23
   listed $179,450 Active 560-char remark
5. 2005-01-26
   soldstatus $55,000

ⓘ 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: $2,332 · $194/mo
• Projected year-2 tax: $2,575 · $215/mo
• Expected delta: +$243/yr (+$20/mo · 10.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 71% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $31,476
• − Mortgage interest: −$10,052
• − Property taxes: −$2,332
• − Insurance: −$6,422
• − Repairs & maintenance: −$2,518
• − Management: −$2,518
• − Depreciation: −$5,220
• Taxable income: $2,413
• Est. tax owed @ 24.0%: −$579
• After-tax cash flow: $4,240/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): 26,526
• Household income: $70,123
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 715.0

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 (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 7% Hispanic / Latino 5% Asian 2%
• Common ancestry: Portuguese 4% Lithuanian 2% Iranian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 3% French/Haitian/Cajun 1% 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: ▼ -137.56%
• Current HPI: 201.6053
• Rent YoY: ▲ 12.37%
• 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

+226.3% since first listed

5 events — show timeline

• 2026-05-12 Pending — CRAAR, CDRMLS
• 2026-05-12 Pending — CRAAR, CDRMLS
• 2026-04-27 Listed $179,450 CRAAR, CDRMLS
• 2026-04-23 Listed $179,450 CRAAR, CDRMLS
• 2005-01-26 Sold (Public Records) $55,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $2,332 · +11.5% YoY. Source: county tax records.