508 16th ST St SE · Marion, IA 52302

$125,000

3 bd · 1.0 ba · 1,302 sqft · SingleFamily · 14 Days on market

Built 1936 Good condition 2,004 sqft lot Est $182k · 31% under

---

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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Schools +5.8/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Completely renovated while preserving its timeless charm, this inviting 2-story home offers the perfect blend of character and modern convenience. Featuring 3 bedrooms, 1 full bath, and over 1,300 square feet of finished living space, you'll appreciate the thoughtful updates throughout without sacrificing the warmth of a classic home. The spacious main floor includes a convenient main floor laundry area, an eat-in kitchen, and comfortable living and dining spaces that make everyday living easy. Upstairs, you'll find three nicely sized bedrooms, providing plenty of room for family, guests, or a home office. Located in the heart of southeast Cedar Rapids, this move-in ready home is ideal for

Key facts

• Historic appeal
• Eat-in kitchen
• 2,004 sq ft lot

Tags

• MAIN FLOOR LAUNDRY AREA
• EAT-IN KITCHEN
• LIVING AND DINING SPACES
• HISTORIC APPEAL

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels / Two-story
• Construction: Frame construction with wood siding
• Exterior features: Pets allowed; On-street parking

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Eat-in kitchen; Full basement
• Laundry & utility: Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 10.1% vs local median 2.7% in Marion — 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 84/100 on livability (#19 in IA, #633 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities D-, commute F.
• Marion Independent School District (suburban): math 68% / reading 70% proficiency, ranked #158 of 289 in IA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 455 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $864 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1936 — 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 A-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: 1.28% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.66%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $182,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1568 5th Ave	0.01mi	3/1.0	1,369 (+5%)	6mo	$155,020	$113	86
2095 3rd Ave	0.19mi	3/1.5	1,233 (-5%)	4mo	$172,500	$140	77
1055 17th St	0.36mi	3/2.0	1,318 (+1%)	5mo	$204,500	$155	73
1405 5th Ave	0.08mi	3/2.0	1,455 (+12%)	2mo	$80,000	$55	72
975 6th St	0.63mi	3/1.0	1,280 (-2%)	4mo	$189,000	$148	65
1645 A Ave	0.38mi	3/2.0	1,184 (-9%)	2mo	$230,000	$194	61
440 8th St St	0.46mi	3/1.5	1,440 (+11%)	0mo	$193,900	$135	59
924 10th St St	0.42mi	3/2.0	1,433 (+10%)	3mo	$199,100	$139	57
1550 Maplecrest Dr	0.64mi	3/3.0	1,324 (+2%)	7mo	$174,900	$132	53
3015 4th Ave	0.65mi	4/2.0 (+1)	1,370 (+5%)	1mo	$205,000	$150	51
1480 Henderson Dr	0.56mi	3/2.0	1,479 (+14%)	0mo	$192,000	$130	47
705 Deerfield Dr	0.73mi	3/4.5	1,414 (+9%)	4mo	$276,000	$195	35

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: 9.3%
• Equity multiple: 1.39×
• Total profit: $13,598
• Equity at exit: $18,638

10-year hold

• IRR: 22.3%
• Equity multiple: 3.37×
• Total profit: $83,062
• Equity at exit: $10,808

Cash invested: $35,000 (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 52302

• Rents YoY: 8.4%
• Active inventory: 455
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,598 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $399

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 70%

Sensitivity live

Price	-10% $485	-5% $442	+0% $399	+5% $355	+10% $312
Rent	-10% $272	-5% $335	+0% $399	+5% $462	+10% $525
Rate	-1.0pp $462	-0.5pp $430	base $399	+0.5pp $366	+1.0pp $333

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2899 5th Ave Unit 2 Marion, IA	2.0	1.0	900	$1,200	$1.33	14d	1	0.56mi
3040 3rd Ave Marion, IA	3.0	2.0	1500	$1,450	$0.97	21d	1	0.70mi
1330 Brockman Ave Marion, IA	4.0	2.0	1590	$2,400	$1.51	14d	1	0.73mi
345 Marion Blvd Marion, IA	2.0	1.0–2.0	680	$2,600	$3.82	14d	1	1.07mi
700 35th St Marion, IA	2.0	1.0–2.0	896	$1,224	$1.37	14d	1	1.27mi
2799 29th Ave Marion, IA	4.0	2.0	1394	$1,995	$1.43	44d	1	1.37mi
127 Southview Dr Marion, IA	2.0	1.0	1230	$950	$0.77	44d	1	1.47mi

Listing history 12 events

1. 2026-06-19
   days on market $125,000 Active 14 DOM
2. 2026-06-18
   days on market $125,000 Active 13 DOM
3. 2026-06-17
   days on market $125,000 Active 12 DOM
4. 2026-06-16
   days on market $125,000 Active 11 DOM
5. 2026-06-15
   days on market $125,000 Active 10 DOM
6. 2026-06-14
   days on market $125,000 Active 8 DOM
7. 2026-06-13
   days on market $125,000 Active 7 DOM
8. 2026-06-10
   days on market $125,000 Active 5 DOM
9. 2026-06-09
   days on market $125,000 Active 4 DOM
10. 2026-06-08
    days on market $125,000 Active 3 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $125,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥104°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: $19,176
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − Depreciation: −$3,636
• Taxable income: $2,969
• Est. tax owed @ 24.0%: −$713
• After-tax cash flow: $4,070/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This move-in ready, 2-story home has been completely renovated while preserving its timeless charm. The updated kitchen and bathrooms, along with fresh paint and landscaping, make it an attractive option for both buyers and renters.

Value-add opportunities

• Both Painting the exterior — Fresh paint can enhance curb appeal and value
• Both Landscaping improvements — A well-maintained lawn and garden can increase curb appeal and rental value
• Both Upgrading light fixtures — Modern light fixtures can improve the home's curb appeal and functionality
• Both Adding smart home features — Smart home features can increase the home's appeal and value, especially for renters

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Fresh paint can enhance curb appeal and value ↑
• Both Landscaping improvements — A well-maintained lawn and garden can increase curb appeal and rental value ↑
• Both Upgrading light fixtures — Modern light fixtures can improve the home's curb appeal and functionality ↑
• Both Adding smart home features — Smart home features can increase the home's appeal and value, especially for renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Marion Independent School District
• NCES district ID: 1918690
• Math proficiency: 68% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $49,541
• Composite: 58.49/100
• National rank: #997
• State rank: #158 of 289 in IA

Livability — Marion

• Score: 84/100
• State rank: #19
• US rank: #633

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, IA
• County: Linn County · 179,860 people
• City population: 42,706
• Metro: Cedar Rapids, IA
• Population (ZIP): 42,706
• Household income: $87,983
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 940.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Black 3% Asian 2%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% 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: ▼ -144.98%
• Current HPI: 199.2949
• Rent YoY: ▲ 8.37%
• 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

1 event — show timeline

• 2026-06-05 Listed $125,000 CRAAR, CDRMLS