1545 Washington Ave Ave SE · Cedar Rapids, IA 52403

$135,000

3 bd · 2.0 ba · 1,584 sqft · MultiFamily public records · 73 Days on market

Built 1895 5,880 sqft lot $85/sqft · at area comps Est $133k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.0/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

A well-maintained and recently updated up/down duplex offering a strong investment opportunity with room to grow. This property features two functional units with desirable layouts. The upper unit includes one bedroom, a living room, dining area, and kitchen, while the lower unit offers one bedroom plus a non-conforming bedroom (no closet), along with a living room, kitchen, and one bathroom. Recent updates include fresh paint, new flooring, bathroom improvements with a tiled shower in the lower unit, and updated appliances, making the property clean, comfortable, and move-in ready. These updates help minimize immediate maintenance needs while still leaving opportunity for a new owner to further enhance the property over time. Whether you’re looking to expand your portfolio or get started with a multi-family investment, this is a solid option with both immediate usability and future upside. * photos of upper unit *

Key facts

• Updated appliances
• Two functional units
• Up down duplex

Tags

• UP DOWN DUPLEX
• TWO FUNCTIONAL UNITS
• TILED SHOWER
• UPDATED APPLIANCES
• SPACIOUS LOT
• MATURE TREES

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $935 ($11k/yr) — positive. Per door: $467/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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.
• Market conditions: Rents rising fast (+14.7%/yr); 236 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).
• This rent runs 37% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 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 $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago 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 $64k; list at $135k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
8. 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.
9. 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.
10. 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: 1.71% ✓
• Cap rate: 14.60%
• Cash-on-cash: 29.68%
• DSCR: 2.32
• GRM: 4.9

CMA / ARV

• ARV (median comp): $133,494
• List price: $135,000
• Delta: 1.13%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 29.6%
• Equity multiple: 2.32×
• Total profit: $49,854
• Equity at exit: $20,129

10-year hold

• IRR: 39.6%
• Equity multiple: 5.64×
• Total profit: $175,529
• Equity at exit: $11,672

Cash invested: $37,800 (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: 9.8×

Monthly cashflow live

• Estimated rent: $2,304 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$121 /mo · $1,452/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $935

Break-even live

Break-even rent $1,121

Max offer price $135,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,304
Total (2 units)			$2,304

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
730 Wellington St SE Cedar Rapids, IA	3.0	1.0	1366	$1,325	$0.97	21d	1	0.50mi
906 10th St SE Cedar Rapids, IA	1.0–2.0	1.0–2.0	890	$1,300	$1.46	13d	6	0.65mi

Listing history 27 events

1. 2026-06-19
   days on market $135,000 Active 73 DOM
2. 2026-06-18
   days on market $135,000 Active 72 DOM
3. 2026-06-17
   days on market $135,000 Active 71 DOM
4. 2026-06-16
   days on market $135,000 Active 70 DOM
5. 2026-06-15
   days on market $135,000 Active 69 DOM
6. 2026-06-14
   days on market $135,000 Active 67 DOM
7. 2026-06-13
   days on market $135,000 Active 66 DOM
8. 2026-06-10
   days on market $135,000 Active 64 DOM
9. 2026-06-09
   days on market $135,000 Active 63 DOM
10. 2026-06-08
    days on market $135,000 Active 62 DOM
11. 2026-06-07
    days on market $135,000 Active 61 DOM
12. 2026-06-05
    days on market $135,000 Active 58 DOM
13. 2026-06-03
    days on market $135,000 Active 57 DOM
14. 2026-06-02
    days on market $135,000 Active 56 DOM
15. 2026-06-01
    days on market $135,000 Active 55 DOM
16. 2026-05-31
    days on market $135,000 Active 54 DOM
17. 2026-05-30
    days on market $135,000 Active 53 DOM
18. 2026-04-07
    listed $135,000 Active 934-char remark

    Show marketing remark (1203 chars)

    A well-maintained and recently updated up/down duplex offering a strong investment opportunity with room to grow. This property features two functional units with desirable layouts. The upper unit includes one bedroom, a living room, dining area, and kitchen, while the lower unit offers one bedroom plus a non-conforming bedroom (no closet), along with a living room, kitchen, and one bathroom, providing added flexibility and appeal for tenants. Recent updates include fresh paint, new flooring, bathroom improvements with a tiled shower in the lower unit, and updated appliances, making the property clean, comfortable, and move-in ready. These updates help minimize immediate maintenance needs while still leaving opportunity for a new owner to further enhance the property over time. Situated on a spacious lot with mature trees and located in SE Cedar Rapids with convenient access to downtown, schools, and surrounding amenities, this property offers a great combination of stability and potential. Whether you’re looking to expand your portfolio or get started with a multi-family investment, this is a solid option with both immediate usability and future upside. * photos of upper unit *

19. 2026-04-07
    listed $135,000 Active 1203-char remark

    Show marketing remark (1203 chars)

    A well-maintained and recently updated up/down duplex offering a strong investment opportunity with room to grow. This property features two functional units with desirable layouts. The upper unit includes one bedroom, a living room, dining area, and kitchen, while the lower unit offers one bedroom plus a non-conforming bedroom (no closet), along with a living room, kitchen, and one bathroom, providing added flexibility and appeal for tenants. Recent updates include fresh paint, new flooring, bathroom improvements with a tiled shower in the lower unit, and updated appliances, making the property clean, comfortable, and move-in ready. These updates help minimize immediate maintenance needs while still leaving opportunity for a new owner to further enhance the property over time. Situated on a spacious lot with mature trees and located in SE Cedar Rapids with convenient access to downtown, schools, and surrounding amenities, this property offers a great combination of stability and potential. Whether you’re looking to expand your portfolio or get started with a multi-family investment, this is a solid option with both immediate usability and future upside. * photos of upper unit *

20. 2023-04-10
    soldstatus $64,500 Closed
21. 2023-03-07
    status Pending
22. 2022-11-01
    price $63,000
23. 2022-10-19
    price $65,000
24. 2022-08-30
    listed $72,000 Active
25. 2015-03-09
    soldstatus $47,500
26. 2015-02-09
    listed $47,950
27. 2014-08-13
    listed $49,990

ⓘ 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: $1,452 · $121/mo
• Projected year-2 tax: $1,786 · $149/mo
• Expected delta: +$334/yr (+$28/mo · 23.0%)

ⓘ 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 2/10 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,648
• − Mortgage interest: −$7,562
• − Property taxes: −$1,452
• − Insurance: −$675
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − Depreciation: −$3,927
• Taxable income: $9,608
• Est. tax owed @ 24.0%: −$2,306
• After-tax cash flow: $8,914/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

+170.1% since first listed

10 events — show timeline

• 2026-04-07 Listed $135,000 CRAAR, CDRMLS
• 2026-04-07 Listed $135,000 ICAARMLS
• 2023-04-10 Sold (MLS) $64,500 CRAAR, CDRMLS
• 2023-03-07 Pending — CRAAR, CDRMLS
• 2022-11-01 Price Changed $63,000 CRAAR, CDRMLS
• 2022-10-19 Price Changed $65,000 CRAAR, CDRMLS
• 2022-08-30 Listed $72,000 CRAAR, CDRMLS
• 2015-03-09 Sold (MLS) $47,500 CRAAR, CDRMLS
• 2015-02-09 Listed $47,950 CRAAR, CDRMLS
• 2014-08-13 Listed $49,990 CRAAR, CDRMLS

Property tax history

+2.5%/yr

Latest (2025): $1,452 · +16.2% YoY. Source: county tax records.