1330 C St St SW

Cedar Rapids, IA 52404

$165,900D-

3 bd · 1.0 ba · 1,036 sqft · Built 1917 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,361/mo
• Mortgage (P&I): −$870
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$286
• Net cashflow: $13/mo
• Annual: $162/yr
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• 1% rule: 0.82%
• Cash to close: $46,452

Investor read

• This is a 3-bed/1.0-bath single-family listed at $166k.
• At list price, monthly cash flow is $13 ($162/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (17.9% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $136k (17.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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: Cedar River Academy At Taylor (math 22% / reading 27%, grade F, #613 of 616 statewide, top 100%, 296 students, 78% FRL); 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 69% FRL vs 43% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 40% at this address vs 54% district-wide (-14 pts) — the specific schools serving this property underperform the Cedar Rapids Community School District average; the district grade overstates school quality for this exact location.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.8%/yr); 421 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 4 sale attempts since 11y 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 $43k; list at $166k implies a 286% gain — meaningful room to come down on a strong offer.
• Cap rate 6.4% 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.

Questions for listing agent

• Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.