6520 Creekside Dr NE Unit 11 · Cedar Rapids, IA 52402

$129,900

2 bd · 1.0 ba · 900 sqft · Condo public records · 46 Days on market

Built 1998 $144/sqft · 33% below area Est $195k · 33% under

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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
• Cash flow +6.7/30.0
• Schools +6.6/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover effortless living in this stunning Cedar Rapids two-story condo, where style, comfort, and convenience come together beautifully! Step inside to soaring vaulted ceilings, a cozy fireplace, and an inviting blend of plush carpet and rich hardwood floors that create a warm, elegant feel throughout the main level. The thoughtfully designed kitchen shines with quartz countertops, stainless steel appliances, tiled backsplash, and abundant charm & mdash; perfect for everyday living or entertaining. Enjoy the ease of main-level living with spacious bedrooms, convenient laundry, and a serene primary suite. Outside, unwind on the treated wood deck while taking in peaceful views of the su

Key facts

• Quartz countertops
• Treated wood deck
• Tiled backsplash

Tags

• VAULTED CEILINGS
• COZY FIREPLACE
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• TILED BACKSPLASH
• TREATED WOOD DECK

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-207 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $122k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (15.6% below list).
• Recommended offer: $110k (15.6% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 3.5% in Cedar Rapids — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• 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 (+11.0%/yr); 290 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• This rent is only 18% of the median local income ($73k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 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.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $73k; list at $130k implies a 78% gain — meaningful room to come down on a strong offer.

Recommended offer $109,594 (15.6% 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 46 days. Have you received any prior offers? Is the seller open to a 16% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.84% ✗
• Cap rate: 4.38%
• Cash-on-cash: -6.84%
• DSCR: 0.70
• GRM: 9.9

CMA / ARV

• ARV (median comp): $194,810
• List price: $129,900
• Delta: -33.32%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -21.4%
• Equity multiple: 0.22×
• Total profit: $-28,341
• Equity at exit: $19,369

10-year hold

• IRR: -5.0%
• Equity multiple: 0.59×
• Total profit: $-14,820
• Equity at exit: $11,231

Cash invested: $36,372 (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 52402

• Rents YoY: 11.0%
• Active inventory: 290
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,096 high
• Mortgage (P&I): −$681
• Tax from tax record: −$178 /mo · $2,134/yr
• Insurance: −$54
• HOA est. from 2 same-building comps: −$160
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-207

Break-even live

Break-even rent $1,358

Max offer price $93,266

Occupancy floor —

Sensitivity live

Price	-10% $-134	-5% $-171	+0% $-207	+5% $-244	+10% $-281
Rent	-10% $-294	-5% $-251	+0% $-207	+5% $-164	+10% $-121
Rate	-1.0pp $-142	-0.5pp $-174	base $-207	+0.5pp $-241	+1.0pp $-275

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
285 Robins Rd Hiawatha, IA	1.0	1.0	548	$735	$1.34	45d	2	0.94mi
150015061524 Petrus Dr NE Cedar Rapids, IA	2.0	1.0–2.0	1108	$1,948	$1.76	14d	2	0.97mi
220 Clymer Rd Unit 3 Hiawatha, IA	2.0	1.0	650	$725	$1.12	14d	1	1.08mi
62 Northwood Dr Unit 4 Hiawatha, IA	2.0	1.0	800	$750	$0.94	44d	1	1.10mi
4521 Rushmore Dr NE Unit D Cedar Rapids, IA	2.0	1.5	700	$895	$1.28	44d	1	1.38mi
941 Emmons St Unit 3 Hiawatha, IA	1.0	1.0	600	$700	$1.17	22d	1	1.48mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $129,900 Active 46 DOM
2. 2026-06-19
   days on market $129,900 Active 44 DOM
3. 2026-06-18
   days on market $129,900 Active 43 DOM
4. 2026-06-17
   days on market $129,900 Active 42 DOM
5. 2026-06-16
   days on market $129,900 Active 41 DOM
6. 2026-06-15
   days on market $129,900 Active 40 DOM
7. 2026-06-14
   days on market $129,900 Active 38 DOM
8. 2026-06-13
   days on market $129,900 Active 37 DOM
9. 2026-06-10
   days on market $129,900 Active 35 DOM
10. 2026-06-09
    days on market $129,900 Active 34 DOM
11. 2026-06-08
    days on market $129,900 Active 33 DOM
12. 2026-06-07
    days on market $129,900 Active 32 DOM
13. 2026-06-05
    days on market $129,900 Active 29 DOM
14. 2026-06-03
    days on market $129,900 Active 28 DOM
15. 2026-06-02
    days on market $129,900 Active 27 DOM
16. 2026-06-01
    days on market $129,900 Active 26 DOM
17. 2026-05-31
    days on market $129,900 Active 25 DOM
18. 2026-05-30
    days on market $129,900 Active 24 DOM
19. 2026-05-04
    listed $129,900 Active 899-char remark
20. 2010-10-11
    soldstatus $73,000

ⓘ 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: $2,134 · $178/mo
• Projected year-2 tax: $2,134 · $178/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 3/10 Moderate FEMA zone X (unshaded) · 12% 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: $13,151
• − Mortgage interest: −$7,276
• − Property taxes: −$2,134
• − Insurance: −$650
• − Repairs & maintenance: −$1,052
• − Management: −$1,052
• − HOA: −$1,920
• − Depreciation: −$3,779
• Taxable loss: −$4,712
• Est. tax savings @ 24.0%: +$1,131
• After-tax cash flow: $-1,358/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 — 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): 42,938
• Household income: $73,439
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 971.0

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 (77%)
• Race & ethnicity: White 77% Two or more races 7% Black 6% Asian 6% Hispanic / Latino 4%
• Common ancestry: Portuguese 4% Lithuanian 2% Iranian 2%
• Foreign-born: 8% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -133.31%
• Current HPI: 201.7061
• Rent YoY: ▲ 10.97%
• 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

+77.9% since first listed

2 events — show timeline

• 2026-05-04 Listed $129,900 Fizber.com
• 2010-10-11 Sold (Public Records) $73,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,134 · +14.5% YoY. Source: county tax records.