264 35th Street Dr SE · Cedar Rapids, IA 52403

$109,000

3 bd · 1.0 ba · 1,380 sqft · SingleFamily public records · 31 Days on market

Built 1910 0.25 ac lot Est $174k · 37% under

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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 +23.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.5/10.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Brought back to what it could be, this should be a 170-180k home. That will take some dollars and love. Some great original work, hardwood floors on the main that look they have been recently refinished, and a bathroom where the tub has been swapped out for an easy entry shower. Large lot, over a quarter of an acre. Family believes that owner at one point obtained a loan for some foundation work, but we don't have documentation on exactly what was done. If you have some skills, or know the right people, check this one out.

Key facts

• Easy entry shower
• Large lot
• Hardwood floors

Tags

• HARDWOOD FLOORS
• EASY ENTRY SHOWER
• LARGE LOT

Property features AI

Exterior

• Parking: Off-street parking; no garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half level; 1 story (total)
• Construction: Frame construction with vinyl siding
• Exterior features: Patio

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Appliances include dryer, washer, range, and refrigerator; Gas water heater; Full basement
• Laundry & utility: Washer and dryer present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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: Kenwood Leadership Academy School (math 52% / reading 57%, grade C, #462 of 616 statewide, top 79%, 414 students, 62% FRL); 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; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $754 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 $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.15% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.32%
• DSCR: 1.37
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $173,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3000 Carroll DR Dr SE	0.46mi	3/2.0	1,358 (-2%)	5mo	$235,000	$173	67
229 28th St Dr Dr SE	0.61mi	3/1.5	1,428 (+4%)	2mo	$105,000	$74	62
628 33rd St NE	0.64mi	3/1.0	1,296 (-6%)	6mo	$170,000	$131	55
410 41st St NE	0.67mi	3/2.0	1,325 (-4%)	5mo	$140,000	$106	54
231 32nd St St NE	0.48mi	4/1.5 (+1)	1,550 (+12%)	1mo	$195,000	$126	50
413 34th St NE	0.47mi	3/1.5	1,554 (+13%)	7mo	$193,000	$124	49
703 34th ST NE St NE	0.70mi	3/1.0	1,271 (-8%)	9mo	$144,500	$114	47
3022 Adel St SE	0.58mi	3/2.0	1,540 (+12%)	7mo	$239,900	$156	44
441 42nd St St NE	0.75mi	2/1.0 (-1)	1,314 (-5%)	12mo	$164,000	$125	42
530 37th St NE	0.58mi	2/1.5 (-1)	1,200 (-13%)	4mo	$189,900	$158	41
638 36th St St NE	0.64mi	2/2.0 (-1)	1,468 (+6%)	13mo	$215,000	$146	40
3841 Lennox Ave NE	0.69mi	2/1.5 (-1)	1,500 (+9%)	12mo	$180,000	$120	36

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $2,461
• Equity at exit: $16,252

10-year hold

• IRR: 16.1%
• Equity multiple: 2.63×
• Total profit: $49,733
• Equity at exit: $9,424

Cash invested: $30,520 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,251 high
• Mortgage (P&I): −$572
• Tax from tax record: −$160 /mo · $1,920/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $212

Break-even live

Break-even rent $984

Max offer price $109,000

Occupancy floor 78%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	0.53mi
1127 34th St NE Cedar Rapids, IA	3.0	2.0	1152	$1,385	$1.20	43d	1	1.12mi
127 Southview Dr Marion, IA	2.0	1.0	1230	$950	$0.77	43d	1	1.12mi
511 23rd St NE Cedar Rapids, IA	2.0	1.0	888	$1,500	$1.69	43d	1	1.15mi
400 Lindale Dr Marion, IA	3.0	2.0	942	$1,092	$1.16	13d	1	1.18mi
345 Marion Blvd Marion, IA	2.0	1.0–2.0	680	$2,600	$3.82	13d	1	1.34mi

Listing history 18 events

1. 2026-06-19
   days on market $109,000 Active 31 DOM
2. 2026-06-18
   days on market $109,000 Active 30 DOM
3. 2026-06-17
   days on market $109,000 Active 29 DOM
4. 2026-06-16
   days on market $109,000 Active 28 DOM
5. 2026-06-15
   days on market $109,000 Active 27 DOM
6. 2026-06-14
   days on market $109,000 Active 25 DOM
7. 2026-06-13
   days on market $109,000 Active 24 DOM
8. 2026-06-10
   days on market $109,000 Active 22 DOM
9. 2026-06-09
   days on market $109,000 Active 21 DOM
10. 2026-06-08
    days on market $109,000 Active 20 DOM
11. 2026-06-07
    days on market $109,000 Active 19 DOM
12. 2026-06-05
    days on market $109,000 Active 16 DOM
13. 2026-06-03
    days on market $109,000 Active 15 DOM
14. 2026-06-02
    pricedays on market $109,000 Active 14 DOM
15. 2026-06-01
    days on market $117,500 Active 13 DOM
16. 2026-05-31
    days on market $117,500 Active 12 DOM
17. 2026-05-30
    days on market $117,500 Active 11 DOM
18. 2026-05-19
    listed $117,500 Active

ⓘ 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: $1,920 · $160/mo
• Projected year-2 tax: $1,920 · $160/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 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,017
• − Mortgage interest: −$6,106
• − Property taxes: −$1,920
• − Insurance: −$545
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$3,171
• Taxable income: $873
• Est. tax owed @ 24.0%: −$209
• After-tax cash flow: $2,330/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

1 event — show timeline

• 2026-05-19 Listed $117,500 CRAAR, CDRMLS

Property tax history

+1.9%/yr

Latest (2025): $1,920 · -3.5% YoY. Source: county tax records.