170 Elm Ridge Dr · North Liberty, IA 52317

$122,000

2 bd · 1.0 ba · 818 sqft · Condo public records · 37 Days on market

Built 1995 $149/sqft · at area comps Est $123k · at est. $155/mo HOA · 12% of rent

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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).

• Cash flow +14.6/30.0
• ARV discount +7.7/15.0
• 1% rule +5.7/10.0
• Schools +5.7/10.0
• DSCR +4.5/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Accepted offer, Seller is open to back-up offers until contingencies are released. Enjoy easy, low-maintenance living in this inviting 2-bedroom, 1-bath condo in convenient location. Thoughtfully updated and move-in ready, this home features newer carpet and a warm, welcoming living room anchored by a cozy corner gas fireplace. The kitchen is both stylish and functional with rich espresso cabinetry, a newer refrigerator, and great flow for everyday living. Additional upgrades include a reverse osmosis system, water softener, and a newer washing machine for added convenience. Major mechanical updates provide peace of mind, with a new furnace and air conditioning system installed in 2022. Enjoy your morning coffee or unwind at the end of the day with peaceful garden views right outside your window. The property also includes a detached single-car garage plus an additional designated parking space. With low monthly HOA dues and a prime location close to North Liberty Rec Center, trails, parks, shopping, and a variety of dining options, this condo offers the perfect blend of comfort, convenience, and value. Entrance by front parking lot has steps to unit, the back entrance has zero entry with no steps. Buyer pays a $125 move-in fee.

Key facts

• New furnace
• Water softener
• $155 HOA

Tags

• COZY CORNER GAS FIREPLACE
• RICH ESPRESSO CABINETRY
• REVERSE OSMOSIS SYSTEM
• WATER SOFTENER
• NEW FURNACE
• AIR CONDITIONING SYSTEM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $122k.

Deal economics

• At list price, monthly cash flow is $30 ($361/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $122k).
• Recommended offer: $118k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.1% in North Liberty — 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 85/100 on livability (#18 in IA, #596 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.6%/yr); 343 active listings in the ZIP; 4 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; solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• This rent is only 15% of the median local income ($105k/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 $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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.

Recommended offer $118,340 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.07% ✓
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• GRM: 7.8

CMA / ARV

• ARV (median comp): $122,552
• List price: $122,000
• Delta: -0.45%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.62% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.67×
• Total profit: $-11,388
• Equity at exit: $18,191

10-year hold

• IRR: 6.8%
• Equity multiple: 1.63×
• Total profit: $21,690
• Equity at exit: $10,548

Cash invested: $34,160 (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 52317

• Home prices YoY: -29.8%
• Rents YoY: 7.6%
• Active inventory: 343
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,305 medium
• Mortgage (P&I): −$640
• Tax from tax record: −$155 /mo · $1,864/yr
• Insurance: −$51
• HOA: −$155
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $30

Break-even live

Break-even rent $1,267

Max offer price $122,000

Occupancy floor 93%

Sensitivity live

Price	-10% $99	-5% $65	+0% $30	+5% $-4	+10% $-39
Rent	-10% $-73	-5% $-21	+0% $30	+5% $82	+10% $133
Rate	-1.0pp $92	-0.5pp $61	base $30	+0.5pp $-2	+1.0pp $-34

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Sugar Creek Ln Unit 01 North Liberty, IA	2.0	1.0	675	$995	$1.47	22d	1	0.24mi
835 Blue Sky Dr #201 North Liberty, IA	2.0	2.0	1025	$1,450	$1.41	45d	1	0.93mi
560 Madison Ave North Liberty, IA	1.0–2.0	1.0–2.0	1007	$1,700	$1.69	14d	2	1.35mi
1735 N Jones Blvd North Liberty, IA	2.0	2.0	928	$1,595	$1.72	45d	1	1.39mi

HOA detail condo

• Monthly dues: $155 · $1,860/yr
• Likely covers: watergas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-04-22
   listed $122,000 Active 1248-char remark

   Show marketing remark (1248 chars)

   Accepted offer, Seller is open to back-up offers until contingencies are released. Enjoy easy, low-maintenance living in this inviting 2-bedroom, 1-bath condo in convenient location. Thoughtfully updated and move-in ready, this home features newer carpet and a warm, welcoming living room anchored by a cozy corner gas fireplace. The kitchen is both stylish and functional with rich espresso cabinetry, a newer refrigerator, and great flow for everyday living. Additional upgrades include a reverse osmosis system, water softener, and a newer washing machine for added convenience. Major mechanical updates provide peace of mind, with a new furnace and air conditioning system installed in 2022. Enjoy your morning coffee or unwind at the end of the day with peaceful garden views right outside your window. The property also includes a detached single-car garage plus an additional designated parking space. With low monthly HOA dues and a prime location close to North Liberty Rec Center, trails, parks, shopping, and a variety of dining options, this condo offers the perfect blend of comfort, convenience, and value. Entrance by front parking lot has steps to unit, the back entrance has zero entry with no steps. Buyer pays a $125 move-in fee.

2. 2023-10-11
   soldstatus $107,000
3. 2023-10-04
   soldstatus $107,000 Closed 446-char remark

   Show marketing remark (446 chars)

   Great location for this garden view 2 bedroom condo! Close to Rec Center, trails, shopping & restaurants, and parks. This unit features a gas fireplace, espresso cabinetry, nicely sized bedrooms, and generous bath. Laundry located by kitchen - washer & dryer may stay. New furnace and water heater in 2022. Water softener is owned. Close by single car detached garage, and additional designated parking space. This unit can be rented!

4. 2023-10-04
   soldstatus $107,000

   Show marketing remark (446 chars)

   Great location for this garden view 2 bedroom condo! Close to Rec Center, trails, shopping & restaurants, and parks. This unit features a gas fireplace, espresso cabinetry, nicely sized bedrooms, and generous bath. Laundry located by kitchen - washer & dryer may stay. New furnace and water heater in 2022. Water softener is owned. Close by single car detached garage, and additional designated parking space. This unit can be rented!

5. 2023-10-04
   listed $107,000

   Show marketing remark (446 chars)

   Great location for this garden view 2 bedroom condo! Close to Rec Center, trails, shopping & restaurants, and parks. This unit features a gas fireplace, espresso cabinetry, nicely sized bedrooms, and generous bath. Laundry located by kitchen - washer & dryer may stay. New furnace and water heater in 2022. Water softener is owned. Close by single car detached garage, and additional designated parking space. This unit can be rented!

6. 2023-09-02
   historical Active Under Contract 446-char remark

   Show marketing remark (446 chars)

   Great location for this garden view 2 bedroom condo! Close to Rec Center, trails, shopping & restaurants, and parks. This unit features a gas fireplace, espresso cabinetry, nicely sized bedrooms, and generous bath. Laundry located by kitchen - washer & dryer may stay. New furnace and water heater in 2022. Water softener is owned. Close by single car detached garage, and additional designated parking space. This unit can be rented!

7. 2023-08-31
   listed $107,000 Active 446-char remark

   Show marketing remark (446 chars)

   Great location for this garden view 2 bedroom condo! Close to Rec Center, trails, shopping & restaurants, and parks. This unit features a gas fireplace, espresso cabinetry, nicely sized bedrooms, and generous bath. Laundry located by kitchen - washer & dryer may stay. New furnace and water heater in 2022. Water softener is owned. Close by single car detached garage, and additional designated parking space. This unit can be rented!

8. 2016-08-08
   soldstatus $85,000
9. 2016-08-01
   soldstatus $85,000
10. 2016-07-27
    price $85,500
11. 2016-06-14
    listed $85,000
12. 2013-07-10
    soldstatus $69,500
13. 2011-10-24
    soldstatus $69,000

ⓘ 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: $1,864 · $155/mo
• Projected year-2 tax: $1,890 · $157/mo
• Expected delta: +$26/yr (+$2/mo · 1.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 16 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: $15,661
• − Mortgage interest: −$6,834
• − Property taxes: −$1,864
• − Insurance: −$610
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − HOA: −$1,860
• − Depreciation: −$3,549
• Taxable loss: −$1,562
• Est. tax savings @ 24.0%: +$375
• After-tax cash flow: $736/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — North Liberty

• Score: 85/100
• State rank: #18
• US rank: #596

Category grades

Amenities F Commute F Cost of living A Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Liberty, IA
• County: Johnson County · 132,710 people
• City population: 23,097
• Metro: Iowa City, IA
• Population (ZIP): 23,097
• Household income: $105,318
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 432.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 8% Hispanic / Latino 5% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 7% Italian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.37%
• Current HPI: 170.8165
• Rent YoY: ▲ 7.62%
• Metro: Iowa City, 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

+76.8% since first listed

13 events — show timeline

• 2026-04-22 Listed $122,000 ICAARMLS
• 2023-10-11 Sold (Public Records) $107,000 Public Records
• 2023-10-04 Listed $107,000 CRAAR, CDRMLS
• 2023-10-04 Sold (MLS) $107,000 CRAAR, CDRMLS
• 2023-10-04 Sold (MLS) $107,000 ICAARMLS
• 2023-09-02 Contingent — ICAARMLS
• 2023-08-31 Listed $107,000 ICAARMLS
• 2016-08-08 Sold (Public Records) $85,000 Public Records
• 2016-08-01 Sold (MLS) $85,000 ICAARMLS
• 2016-07-27 Price Changed $85,500 ICAARMLS
• 2016-06-14 Listed $85,000 ICAARMLS
• 2013-07-10 Sold (Public Records) $69,500 Public Records
• 2011-10-24 Sold (Public Records) $69,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $1,864 · +2.2% YoY. Source: county tax records.