4960 Lucore Rd

Marion, IA 52302

$245,000D-

3 bd · 2.0 ba · 1,651 sqft · Built 1996 · Condo · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,623/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$419
• HOA: −$225
• Vac / Maint / Mgmt: −$341
• Net cashflow: $-646/mo
• Annual: $-7,758/yr
• Cap rate: 3.13%
• Cash-on-cash: -11.31%
• DSCR: 0.50
• 1% rule: 0.66%
• Cash to close: $68,600

Investor read

• This is a 3-bed/2.0-bath condo listed at $245k.
• 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).
• It's been on market 108 days — a 9% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (46.6% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Linn County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $140k; list at $245k implies a 76% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?