4960 Lucore Rd · Marion, IA 52302

$245,000

3 bd · 2.0 ba · 1,651 sqft · Condo public records · 108 Days on market

Built 1996 $148/sqft · 25% below area Est $326k · 25% under $225/mo HOA · 14% 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 +15.0/15.0
• Schools +6.6/10.0
• Rent growth +4.6/5.0
• Cash flow +4.4/30.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover easy living at 4960 Lucore Rd in Marion, a beautifully refreshed 3-bedroom, 2-bath condo tucked just behind Hunter’s Ridge Golf Course. Step inside and you’ll immediately notice the fresh feel created by new carpet and paint throughout, giving the home a clean, move-in ready atmosphere. The spacious layout offers comfortable living and entertaining space while large windows bring in natural light and peaceful views. The kitchen comes fully equipped with all appliances included, making your transition simple and stress-free. Enjoy the convenience of a 2-car garage, low-maintenance condo living, and a location that places you just minutes from golf, parks, shopping, and dining. If you’ve been looking for a home that combines comfort, convenience, and a sought-after Marion location, this is the one worth seeing first. Schedule your showing today before someone else claims it.

Key facts

• $225 HOA
• 2 garage spots
• Built 1996

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $-646 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (46.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $162k (33.7% below list).
• Recommended offer: $131k (46.6% below list) — sets the bar for cash-flow.

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.
• Linn-Mar Community School District (suburban): math 75% / reading 76% proficiency, ranked #44 of 289 in IA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+8.4%/yr); 455 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $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 108 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $140k; list at $245k implies a 76% gain — meaningful room to come down on a strong offer.

Recommended offer $130,793 (46.6% 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. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.66% ✗
• Cap rate: 3.13%
• Cash-on-cash: -11.31%
• DSCR: 0.50
• GRM: 12.6

CMA / ARV

• ARV (median comp): $325,602
• List price: $245,000
• Delta: -24.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -30.5%
• Equity multiple: -0.05×
• Total profit: $-72,127
• Equity at exit: $36,530

10-year hold

• IRR: -16.1%
• Equity multiple: -0.11×
• Total profit: $-76,089
• Equity at exit: $21,183

Cash invested: $68,600 (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: 12.6×

Monthly cashflow live

• Estimated rent: $1,623 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$317 /mo · $3,806/yr
• Insurance: −$102
• HOA: −$225
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-646

Break-even live

Break-even rent $2,442

Max offer price $130,793

Occupancy floor —

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2799 29th Ave Marion, IA	4.0	2.0	1394	$1,995	$1.43	43d	1	1.43mi

HOA detail condo

• Monthly dues: $225 · $2,700/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-19
   days on market $245,000 Active 108 DOM
2. 2026-06-18
   days on market $245,000 Active 107 DOM
3. 2026-06-17
   days on market $245,000 Active 106 DOM
4. 2026-06-16
   days on market $245,000 Active 105 DOM
5. 2026-06-15
   days on market $245,000 Active 104 DOM
6. 2026-06-14
   days on market $245,000 Active 102 DOM
7. 2026-06-13
   days on market $245,000 Active 101 DOM
8. 2026-06-10
   days on market $245,000 Active 99 DOM
9. 2026-06-09
   days on market $245,000 Active 98 DOM
10. 2026-06-08
    days on market $245,000 Active 97 DOM
11. 2026-06-07
    days on market $245,000 Active 96 DOM
12. 2026-06-05
    days on market $245,000 Active 93 DOM
13. 2026-06-03
    days on market $245,000 Active 92 DOM
14. 2026-06-02
    days on market $245,000 Active 91 DOM
15. 2026-06-01
    days on market $245,000 Active 90 DOM
16. 2026-05-31
    days on market $245,000 Active 89 DOM
17. 2026-05-30
    days on market $245,000 Active 88 DOM
18. 2026-05-02
    price $245,000 912-char remark

    Show marketing remark (912 chars)

    Discover easy living at 4960 Lucore Rd in Marion, a beautifully refreshed 3-bedroom, 2-bath condo tucked just behind Hunter’s Ridge Golf Course. Step inside and you’ll immediately notice the fresh feel created by new carpet and paint throughout, giving the home a clean, move-in ready atmosphere. The spacious layout offers comfortable living and entertaining space while large windows bring in natural light and peaceful views. The kitchen comes fully equipped with all appliances included, making your transition simple and stress-free. Enjoy the convenience of a 2-car garage, low-maintenance condo living, and a location that places you just minutes from golf, parks, shopping, and dining. If you’ve been looking for a home that combines comfort, convenience, and a sought-after Marion location, this is the one worth seeing first. Schedule your showing today before someone else claims it.

19. 2026-03-03
    listed $255,000 Active 912-char remark

    Show marketing remark (912 chars)

    Discover easy living at 4960 Lucore Rd in Marion, a beautifully refreshed 3-bedroom, 2-bath condo tucked just behind Hunter’s Ridge Golf Course. Step inside and you’ll immediately notice the fresh feel created by new carpet and paint throughout, giving the home a clean, move-in ready atmosphere. The spacious layout offers comfortable living and entertaining space while large windows bring in natural light and peaceful views. The kitchen comes fully equipped with all appliances included, making your transition simple and stress-free. Enjoy the convenience of a 2-car garage, low-maintenance condo living, and a location that places you just minutes from golf, parks, shopping, and dining. If you’ve been looking for a home that combines comfort, convenience, and a sought-after Marion location, this is the one worth seeing first. Schedule your showing today before someone else claims it.

20. 2025-08-07
    price $255,000
21. 2025-07-21
    price $260,000
22. 2009-08-21
    soldstatus $139,500
23. 2003-01-13
    soldstatus $147,000

ⓘ 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: $3,806 · $317/mo
• Projected year-2 tax: $3,826 · $319/mo
• Expected delta: +$20/yr (+$2/mo · 0.5%)

ⓘ 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: $19,482
• − Mortgage interest: −$13,724
• − Property taxes: −$3,806
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,559
• − Management: −$1,559
• − HOA: −$2,700
• − Depreciation: −$7,127
• Taxable loss: −$12,217
• Est. tax savings @ 24.0%: +$2,932
• After-tax cash flow: $-4,826/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: Linn-Mar Community School District
• NCES district ID: 1917220
• Math proficiency: 75% ▼ -7.00%
• Reading proficiency: 76% ▼ -5.00%
• Median HH income: $72,473
• Composite: 66.08/100
• National rank: #440
• State rank: #44 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

+66.7% since first listed

6 events — show timeline

• 2026-05-02 Price Changed $245,000 CRAAR, CDRMLS
• 2026-03-03 Listed $255,000 CRAAR, CDRMLS
• 2025-08-07 Price Changed $255,000 CRAAR, CDRMLS
• 2025-07-21 Price Changed $260,000 CRAAR, CDRMLS
• 2009-08-21 Sold (Public Records) $139,500 Public Records
• 2003-01-13 Sold (Public Records) $147,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $3,806 · +2.6% YoY. Source: county tax records.