359 15th Ave Ave SW · Cedar Rapids, IA 52404

$122,900

2 bd · 1.0 ba · 689 sqft · SingleFamily public records · 18 Days on market

Built 1945 6,098 sqft lot Est $115k · 7% over

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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 +18.8/30.0
• DSCR +5.9/10.0
• 1% rule +4.9/10.0
• Rent growth +4.7/5.0
• Schools +4.7/10.0
• ARV discount +4.4/15.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * UNDER CONTRACT - ENTERTAINING BACK UP CONTRACTS UNTIL RELEASE OF CONTINGENCIES Newer kitchen (Gas Stove, new Refrigerator, table top dishwasher), newer washer/dryer, Updated Bath, LVP flooring throughout, finished attic space with carpet and plenty of storage, bedroom or office, fenced back yard 2022, roof 2020, exterior maintenance free-vinyl and covered soffit/fascia, patio, new shed, vinyl windows - most screens in basement, Security ADT/ Ring Camera to transfer 2020 Water heater, 2008 – Furnace/Central Air.

Key facts

• Newer kitchen
• Updated bath
• Fenced back yard

Tags

• NEWER KITCHEN
• UPDATED BATH
• FINISHED ATTIC SPACE
• FENCED BACK YARD
• MAINTENANCE FREE VINYL
• NEW SHED

Property features AI

Finance

• HOA & community: Association fee paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence; 2 stories; Residential zoning
• Construction: Vinyl siding and frame construction
• Exterior features: Patio; Sidewalks; Street lights

Interior

• Kitchen: Dishwasher; Refrigerator; Trash compactor
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Other interior features; In-basement laundry; Full concrete basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/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 $121k (1.2% below list).
• Recommended offer: $121k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: 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.
• Market conditions: Rents rising fast (+8.8%/yr); 415 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $850 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 $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 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 $60k; list at $123k implies a 105% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,056 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — 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. 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?
5. 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.
6. 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.
7. 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: 0.99% ✗
• Cap rate: 7.50%
• Cash-on-cash: 4.30%
• DSCR: 1.19
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $115,063
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1811 SW K St	0.29mi	2/1.0	720 (+4%)	14mo	$173,000	$240	67
944 L St St SW	0.27mi	2/1.0	636 (-8%)	9mo	$118,500	$186	67
925 21st Ave SW	0.58mi	2/1.0	648 (-6%)	1mo	$108,000	$167	62
702 8th St SW	0.57mi	2/1.0	720 (+4%)	5mo	$83,000	$115	62
620 15th Ave SW	0.24mi	2/1.0	616 (-11%)	12mo	$90,000	$146	61
620 22nd Ave SW	0.47mi	2/1.0	600 (-13%)	1mo	$48,092	$80	56
1116 21st Ave SW	0.66mi	2/1.0	668 (-3%)	12mo	$80,000	$120	54
259 25th Ave SW	0.68mi	2/1.0	640 (-7%)	9mo	$124,000	$194	49
938 18th Avenue Ave SW	0.50mi	2/1.0	760 (+10%)	13mo	$92,500	$122	49
522 8th St St SW	0.62mi	2/1.0	791 (+15%)	1mo	$135,000	$171	46
1137 15th Ave	0.61mi	2/1.0	763 (+11%)	10mo	$97,000	$127	45
945 19th Ave SW	0.55mi	2/1.0	792 (+15%)	13mo	$136,900	$173	39

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: -4.2%
• Equity multiple: 0.84×
• Total profit: $-5,626
• Equity at exit: $18,325

10-year hold

• IRR: 10.5%
• Equity multiple: 2.00×
• Total profit: $34,479
• Equity at exit: $10,626

Cash invested: $34,412 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,215 medium
• Mortgage (P&I): −$645
• Tax from tax record: −$140 /mo · $1,686/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $123

Break-even live

Break-even rent $1,058

Max offer price $122,900

Occupancy floor 85%

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: $30,725
• Closing costs: $3,687
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
640 16th Ave SW Cedar Rapids, IA	1.0	1.0	595	$850	$1.43	43d	2	0.30mi
612 4th Ave SW Unit 612 Upper Cedar Rapids, IA	2.0	1.0	616	$2,000	$3.25	20d	1	0.64mi
400 2nd St SW Cedar Rapids, IA	1.0	1.0	615	$1,195	$1.94	20d	1	0.69mi
906 10th St SE Cedar Rapids, IA	1.0–2.0	1.0–2.0	890	$1,300	$1.46	13d	6	1.44mi

Listing history 9 events

1. 2026-04-29
   status Pending 528-char remark

   Show marketing remark (528 chars)

   * * UNDER CONTRACT - ENTERTAINING BACK UP CONTRACTS UNTIL RELEASE OF CONTINGENCIES Newer kitchen (Gas Stove, new Refrigerator, table top dishwasher), newer washer/dryer, Updated Bath, LVP flooring throughout, finished attic space with carpet and plenty of storage, bedroom or office, fenced back yard 2022, roof 2020, exterior maintenance free-vinyl and covered soffit/fascia, patio, new shed, vinyl windows - most screens in basement, Security ADT/ Ring Camera to transfer 2020 Water heater, 2008 – Furnace/Central Air.

2. 2026-04-29
   status Pending

   Show marketing remark (528 chars)

   * * UNDER CONTRACT - ENTERTAINING BACK UP CONTRACTS UNTIL RELEASE OF CONTINGENCIES Newer kitchen (Gas Stove, new Refrigerator, table top dishwasher), newer washer/dryer, Updated Bath, LVP flooring throughout, finished attic space with carpet and plenty of storage, bedroom or office, fenced back yard 2022, roof 2020, exterior maintenance free-vinyl and covered soffit/fascia, patio, new shed, vinyl windows - most screens in basement, Security ADT/ Ring Camera to transfer 2020 Water heater, 2008 – Furnace/Central Air.

3. 2026-04-11
   listed $122,900 Active
4. 2026-04-09
   listed $122,900 Active 528-char remark

   Show marketing remark (528 chars)

   * * UNDER CONTRACT - ENTERTAINING BACK UP CONTRACTS UNTIL RELEASE OF CONTINGENCIES Newer kitchen (Gas Stove, new Refrigerator, table top dishwasher), newer washer/dryer, Updated Bath, LVP flooring throughout, finished attic space with carpet and plenty of storage, bedroom or office, fenced back yard 2022, roof 2020, exterior maintenance free-vinyl and covered soffit/fascia, patio, new shed, vinyl windows - most screens in basement, Security ADT/ Ring Camera to transfer 2020 Water heater, 2008 – Furnace/Central Air.

5. 2017-07-05
   soldstatus $60,000
6. 2017-07-03
   soldstatus $60,000
7. 2016-12-05
   listed $60,000
8. 2015-10-06
   listed $56,900
9. 2005-05-05
   soldstatus $65,000

ⓘ 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: $1,686 · $140/mo
• Projected year-2 tax: $1,808 · $151/mo
• Expected delta: +$122/yr (+$10/mo · 7.2%)

ⓘ 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: $14,576
• − Mortgage interest: −$6,884
• − Property taxes: −$1,686
• − Insurance: −$614
• − Repairs & maintenance: −$1,166
• − Management: −$1,166
• − Depreciation: −$3,575
• Taxable loss: −$516
• Est. tax savings @ 24.0%: +$124
• After-tax cash flow: $1,605/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

+89.1% since first listed

9 events — show timeline

• 2026-04-29 Pending — CRAAR, CDRMLS
• 2026-04-29 Pending — ICAARMLS
• 2026-04-11 Listed $122,900 ICAARMLS
• 2026-04-09 Listed $122,900 CRAAR, CDRMLS
• 2017-07-05 Sold (Public Records) $60,000 Public Records
• 2017-07-03 Sold (MLS) $60,000 CRAAR, CDRMLS
• 2016-12-05 Listed $60,000 CRAAR, CDRMLS
• 2015-10-06 Listed $56,900 CRAAR, CDRMLS
• 2005-05-05 Sold (Public Records) $65,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,686 · +2.3% YoY. Source: county tax records.