1231 33rd St St NE · Cedar Rapids, IA 52402

$142,500

1 bd · 1.0 ba · 1,360 sqft · SingleFamily public records · 43 Days on market

Built 1951 6,011 sqft lot $105/sqft · 22% below area Est $184k · 22% 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 +6.9/30.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a home that blends comfort, style, and convenience? This charming 2-bedroom, 1-bath home offers an open and inviting layout with thoughtful updates throughout. Enjoy a bright and spacious living area that flows seamlessly into the dining space and a trendy, functional kitchen—perfect for everyday living and entertaining. Step outside through the sliding glass doors to a fully fenced backyard—ideal for pets, relaxing evenings, or hosting friends around a fire pit. Located just minutes from bike trails, grocery stores, and quick interstate access! Property is being sold as is. Schedule your showing today!

Key facts

• Grocery stores
• Thoughtful updates
• Bike trails

Tags

• OPEN AND INVITING LAYOUT
• THOUGHTFUL UPDATES
• FULLY FENCED BACKYARD
• BIKE TRAILS
• GROCERY STORES
• QUICK INTERSTATE ACCESS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $142k.

Deal economics

• At list price, monthly cash flow is $-216 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (32.1% below list).
• Recommended offer: $97k (32.1% below list) — sets the bar for 1% rule.
• Cap rate 4.5% 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.
• 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 (+11.0%/yr); 286 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 16% 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 $985 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 43 days — a 3% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $8k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,723 (32.1% 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 43 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.68% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.50%
• DSCR: 0.71
• GRM: 12.3

CMA / ARV

• ARV (median comp): $183,734
• List price: $142,500
• Delta: -22.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1718 Oakland Rd NE	0.42mi	2/1.0 (+1)	1,232 (-9%)	18mo	$184,000	$149	44
638 36th St St NE	0.63mi	2/2.0 (+1)	1,468 (+8%)	13mo	$215,000	$146	38
1722 Center Point Rd NE	0.55mi	2/2.0 (+1)	1,260 (-7%)	19mo	$137,750	$109	37
1124 27th St NE	0.39mi	2/1.0 (+1)	1,171 (-14%)	20mo	$135,000	$115	37
1254 Elmhurst Dr Dr NE	0.63mi	2/1.0 (+1)	1,463 (+8%)	23mo	$167,000	$114	33
1305 Maplewood Dr NE	0.65mi	2/1.0 (+1)	1,205 (-11%)	22mo	$181,000	$150	27

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: -22.2%
• Equity multiple: 0.20×
• Total profit: $-31,739
• Equity at exit: $21,247

10-year hold

• IRR: -7.2%
• Equity multiple: 0.45×
• Total profit: $-22,056
• Equity at exit: $12,321

Cash invested: $39,900 (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: 286
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $967 medium
• Mortgage (P&I): −$747
• Tax from tax record: −$174 /mo · $2,084/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $-216

Break-even live

Break-even rent $1,241

Max offer price $104,305

Occupancy floor —

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: $35,625
• Closing costs: $4,275
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4025 Sherman St NE Cedar Rapids, IA	1.0–2.0	1.0–1.5	742	$765	$1.03	13d	1	0.71mi
511 23rd St NE Cedar Rapids, IA	2.0	1.0	888	$1,500	$1.69	43d	1	0.94mi
1220 Sierra Dr NE Cedar Rapids, IA	1.0–2.0	1.0–2.0	985	$625	$0.63	43d	1	0.98mi
306 29th Street Dr SE Cedar Rapids, IA	2.0	1.0	1100	$850	$0.77	21d	1	1.19mi

Listing history 18 events

1. 2026-06-03
   statusdays on market $142,500 Pending 43 DOM
2. 2026-06-02
   days on market $142,500 Active 42 DOM
3. 2026-06-01
   days on market $142,500 Active 41 DOM
4. 2026-05-31
   days on market $142,500 Active 40 DOM
5. 2026-05-30
   days on market $142,500 Active 39 DOM
6. 2026-05-01
   price $142,500 634-char remark

   Show marketing remark (634 chars)

   Looking for a home that blends comfort, style, and convenience? This charming 2-bedroom, 1-bath home offers an open and inviting layout with thoughtful updates throughout. Enjoy a bright and spacious living area that flows seamlessly into the dining space and a trendy, functional kitchen—perfect for everyday living and entertaining. Step outside through the sliding glass doors to a fully fenced backyard—ideal for pets, relaxing evenings, or hosting friends around a fire pit. Located just minutes from bike trails, grocery stores, and quick interstate access! Property is being sold as is. Schedule your showing today!

7. 2026-04-21
   listed $150,000 Active 634-char remark

   Show marketing remark (634 chars)

   Looking for a home that blends comfort, style, and convenience? This charming 2-bedroom, 1-bath home offers an open and inviting layout with thoughtful updates throughout. Enjoy a bright and spacious living area that flows seamlessly into the dining space and a trendy, functional kitchen—perfect for everyday living and entertaining. Step outside through the sliding glass doors to a fully fenced backyard—ideal for pets, relaxing evenings, or hosting friends around a fire pit. Located just minutes from bike trails, grocery stores, and quick interstate access! Property is being sold as is. Schedule your showing today!

8. 2025-10-03
   price $160,000
9. 2023-11-22
   soldstatus $148,500 Closed
10. 2023-11-22
    soldstatus $148,500
11. 2023-11-04
    status Pending
12. 2023-10-10
    listed $150,000 Active
13. 2021-03-22
    soldstatus $75,000
14. 2021-03-22
    soldstatus $116,000
15. 2021-03-08
    soldstatus $116,000
16. 2021-01-26
    listed $109,500
17. 2013-09-19
    soldstatus $75,000
18. 2013-09-03
    soldstatus $72,000

ⓘ 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: $2,084 · $174/mo
• Projected year-2 tax: $2,161 · $180/mo
• Expected delta: +$77/yr (+$6/mo · 3.7%)

ⓘ 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 ≥104°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: $11,607
• − Mortgage interest: −$7,982
• − Property taxes: −$2,084
• − Insurance: −$712
• − Repairs & maintenance: −$929
• − Management: −$929
• − Depreciation: −$4,145
• Taxable loss: −$5,174
• Est. tax savings @ 24.0%: +$1,242
• After-tax cash flow: $-1,353/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): 42,938
• 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

+97.9% since first listed

13 events — show timeline

• 2026-05-01 Price Changed $142,500 CRAAR, CDRMLS
• 2026-04-21 Listed $150,000 CRAAR, CDRMLS
• 2025-10-03 Price Changed $160,000 CRAAR, CDRMLS
• 2023-11-22 Sold (Public Records) $148,500 Public Records
• 2023-11-22 Sold (MLS) $148,500 CRAAR, CDRMLS
• 2023-11-04 Pending — CRAAR, CDRMLS
• 2023-10-10 Listed $150,000 CRAAR, CDRMLS
• 2021-03-22 Sold (Public Records) $116,000 Public Records
• 2021-03-22 Sold (Public Records) $75,000 Public Records
• 2021-03-08 Sold (MLS) $116,000 CRAAR, CDRMLS
• 2021-01-26 Listed $109,500 CRAAR, CDRMLS
• 2013-09-19 Sold (Public Records) $75,000 Public Records
• 2013-09-03 Sold (Public Records) $72,000 Public Records

Property tax history

+2.0%/yr

Latest (2024): $2,084 · -7.8% YoY. Source: county tax records.