2404 Wisconsin St SW · Cedar Rapids, IA 52404

$129,000

3 bd · 1.0 ba · 894 sqft · SingleFamily public records · 1 Days on market

Built 1952 605 sqft lot Est $131k · at est.

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Why this score? — see what drove the C+ 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 +25.0/30.0
• DSCR +8.2/10.0
• ARV discount +8.0/15.0
• 1% rule +6.7/10.0
• Rent growth +4.7/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 2 garage spots
• Built 1952

Property features AI

Exterior

• Parking: Detached garage; Off-street parking; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Frame construction with vinyl siding; Slab foundation; Built with above-grade finished living area
• Exterior features: Patio; Fenced yard

Interior

• Kitchen: Range; Dishwasher; Refrigerator; Gas water heater
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air
• Interior features: Eat-in kitchen; Patio (access from interior)
• Laundry & utility: Washer and dryer (main level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Cap rate 8.9% 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: Wilson Middle School (math 42% / reading 49%, grade D+, #231 of 246 statewide, top 94%, 395 students, 72% FRL); Thomas Jefferson High School (math 41% / reading 62%, grade D+, #307 of 336 statewide, top 91%, 1,543 students, 56% FRL) — zoned schools average 64% FRL vs 43% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.8%/yr); 415 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $892 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 $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,000

Questions for the listing agent

1. Built in 1952 — 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 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?
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: 1.17% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.34%
• DSCR: 1.42
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $130,524
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2430 Linwood St SW	0.15mi	3/1.0	845 (-6%)	3mo	$140,000	$166	81
2417 Illinois St SW	0.06mi	3/1.0	976 (+9%)	6mo	$168,000	$172	76
401 28 Ave SW	0.41mi	3/1.0	932 (+4%)	7mo	$143,000	$153	68
629 21st Ave Ave SW	0.27mi	2/1.0 (-1)	958 (+7%)	12mo	$66,000	$69	61
1426 N St SW	0.57mi	2/1.0 (-1)	864 (-3%)	5mo	$124,250	$144	58
1137 18th Ave SW	0.68mi	3/1.0	884 (-1%)	10mo	$120,000	$136	58
280 14th Ave Ave SW	0.65mi	3/1.0	950 (+6%)	6mo	$101,500	$107	55
642 19th Ave Ave SW	0.41mi	2/1.0 (-1)	812 (-9%)	11mo	$92,500	$114	52
192 15th Ave SW	0.70mi	2/1.0 (-1)	836 (-6%)	2mo	$170,000	$203	50
1523 1st St SW	0.73mi	3/1.0	948 (+6%)	11mo	$138,000	$146	47
1516 1st St SW	0.71mi	3/1.0	992 (+11%)	8mo	$110,000	$111	42
189 21st Ave Ave SW	0.57mi	2/1.0 (-1)	998 (+12%)	9mo	$158,000	$158	41

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: 3.4%
• Equity multiple: 1.14×
• Total profit: $5,027
• Equity at exit: $19,234

10-year hold

• IRR: 17.3%
• Equity multiple: 2.77×
• Total profit: $63,958
• Equity at exit: $11,154

Cash invested: $36,120 (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 52404

• Rents YoY: 8.8%
• Active inventory: 415
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,513 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$184 /mo · $2,204/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $281

Break-even live

Break-even rent $1,157

Max offer price $129,000

Occupancy floor 76%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
612 4th Ave SW Unit 612 Upper Cedar Rapids, IA	2.0	1.0	616	$2,000	$3.25	21d	1	1.15mi

Listing history 1 events

1. 2026-06-13
   listed $129,000 Pending 1 DOM

ⓘ 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: $2,204 · $184/mo
• Projected year-2 tax: $2,204 · $184/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 1/10 Low
• 🌡 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: $18,151
• − Mortgage interest: −$7,226
• − Property taxes: −$2,204
• − Insurance: −$645
• − Repairs & maintenance: −$1,452
• − Management: −$1,452
• − Depreciation: −$3,753
• Taxable income: $1,419
• Est. tax owed @ 24.0%: −$341
• After-tax cash flow: $3,032/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): 42,958
• Household income: $61,870
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1041.0

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 (74%)
• Race & ethnicity: White 74% Black 10% Two or more races 10% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Lithuanian 2% Romanian 2%
• Foreign-born: 8% · Canada
• Languages at home: 90% English-only · Spanish 3% French/Haitian/Cajun 2% Other Asian/Pacific 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: ▼ -154.96%
• Current HPI: 241.81
• Rent YoY: ▲ 8.79%
• 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

+76.7% since first listed

18 events — show timeline

• 2026-06-11 Pending — CRAAR, CDRMLS
• 2026-06-11 Listed $129,000 CRAAR, CDRMLS
• 2026-05-22 Rental Removed $1,450 TENANTTURNER2
• 2026-05-14 Listed for Rent $1,450 TENANTTURNER2
• 2025-09-14 Rental Removed $1,425 TENANTTURNER2
• 2025-06-03 Listed for Rent $1,425 TENANTTURNER2
• 2024-05-01 Rental Removed $1,400 BUILDIUM
• 2024-03-16 Listed for Rent $1,400 BUILDIUM
• 2021-03-25 Sold (Public Records) $116,000 Public Records
• 2021-03-12 Sold (MLS) $116,000 CRAAR, CDRMLS
• 2021-02-05 Listed $116,000 CRAAR, CDRMLS
• 2020-08-25 Sold (Public Records) $94,500 Public Records
• 2020-08-24 Sold (MLS) $94,500 CRAAR, CDRMLS
• 2020-07-09 Listed $95,000 CRAAR, CDRMLS
• 2019-12-10 Listed $125,000 CRAAR, CDRMLS
• 2019-07-22 Sold (Public Records) $76,500 Public Records
• 2019-07-19 Sold (MLS) $76,500 CRAAR, CDRMLS
• 2019-07-02 Listed $73,000 CRAAR, CDRMLS

Property tax history

+4.2%/yr

Latest (2025): $2,204 · +7.5% YoY. Source: county tax records.