1450 Tower Ln NE · Cedar Rapids, IA 52402

$175,000

2 bd · 1.5 ba · 1,092 sqft · Condo public records · 51 Days on market

Built 2006 $160/sqft · 8% above area Est $209k · 16% under $200/mo HOA · 14% of rent ↓ 17% since listing

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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 +14.9/15.0
• Schools +6.6/10.0
• Cash flow +6.5/30.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Easy living meets a convenient Cedar Rapids location in this move-in ready two-story condo within the Linn-Mar School District. Located just off Council Street NE with quick access to I-380, you are minutes from Hy-Vee, Target, shopping, and everyday conveniences. The main level offers an open and functional layout with a bright living area, breakfast bar, stainless steel appliances, and sliding glass doors leading to a private deck overlooking green common space. Upstairs features two spacious bedrooms, a full Jack-and-Jill bathroom with double vanity, and laundry conveniently located near the bedrooms. The finished lower level adds 313 square feet of flexible space perfect for a family room, office, or workout area. Complete with a one-car attached garage, pet-friendly policies, and a $200/month HOA that covers lawn care and snow removal, this condo offers comfortable, low-maintenance living.

Key facts

• Flexible space
• Private back deck
• Two story condo

Tags

• TWO STORY CONDO
• PRIVATE BACK DECK
• FINISHED LOWER LEVEL
• FLEXIBLE SPACE
• PET FRIENDLY POLICIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $-296 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (29.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (17.5% below list).
• Recommended offer: $123k (29.9% below list) — sets the bar for cash-flow.
• Cap rate 4.3% 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); 286 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; 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 $1k of loan paydown is wiped out by about $5k 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 51 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $122,717 (29.9% 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 51 days. Have you received any prior offers? Is the seller open to a 30% 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: 0.83% ✗
• Cap rate: 4.26%
• Cash-on-cash: -7.25%
• DSCR: 0.68
• GRM: 10.1

CMA / ARV

• ARV (median comp): $209,409
• List price: $175,000
• Delta: -16.43%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

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: $-39,412
• Equity at exit: $26,093

10-year hold

• IRR: -5.9%
• Equity multiple: 0.53×
• Total profit: $-23,189
• Equity at exit: $15,131

Cash invested: $49,000 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,445 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$246 /mo · $2,958/yr
• Insurance: −$73
• HOA: −$200
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $-296

Break-even live

Break-even rent $1,819

Max offer price $122,717

Occupancy floor —

Sensitivity live

Price	-10% $-197	-5% $-246	+0% $-296	+5% $-345	+10% $-395
Rent	-10% $-410	-5% $-353	+0% $-296	+5% $-239	+10% $-182
Rate	-1.0pp $-208	-0.5pp $-251	base $-296	+0.5pp $-341	+1.0pp $-387

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
663 Boyson Rd NE Cedar Rapids, IA	3.0	2.0	1344	$1,765	$1.31	14d	1	0.68mi
150015061524 Petrus Dr NE Cedar Rapids, IA	2.0	1.0–2.0	1108	$1,948	$1.76	14d	2	0.81mi
62 Northwood Dr Unit 4 Hiawatha, IA	2.0	1.0	800	$750	$0.94	44d	1	0.96mi
4521 Rushmore Dr NE Unit D Cedar Rapids, IA	2.0	1.5	700	$895	$1.28	44d	1	1.49mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Likely covers: landscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-05-30
   status $175,000 Pending 51 DOM
2. 2026-04-16
   price $175,000 907-char remark

   Show marketing remark (907 chars)

   Easy living meets a convenient Cedar Rapids location in this move-in ready two-story condo within the Linn-Mar School District. Located just off Council Street NE with quick access to I-380, you are minutes from Hy-Vee, Target, shopping, and everyday conveniences. The main level offers an open and functional layout with a bright living area, breakfast bar, stainless steel appliances, and sliding glass doors leading to a private deck overlooking green common space. Upstairs features two spacious bedrooms, a full Jack-and-Jill bathroom with double vanity, and laundry conveniently located near the bedrooms. The finished lower level adds 313 square feet of flexible space perfect for a family room, office, or workout area. Complete with a one-car attached garage, pet-friendly policies, and a $200/month HOA that covers lawn care and snow removal, this condo offers comfortable, low-maintenance living.

3. 2026-04-08
   listed $179,999 Active 907-char remark

   Show marketing remark (907 chars)

   Easy living meets a convenient Cedar Rapids location in this move-in ready two-story condo within the Linn-Mar School District. Located just off Council Street NE with quick access to I-380, you are minutes from Hy-Vee, Target, shopping, and everyday conveniences. The main level offers an open and functional layout with a bright living area, breakfast bar, stainless steel appliances, and sliding glass doors leading to a private deck overlooking green common space. Upstairs features two spacious bedrooms, a full Jack-and-Jill bathroom with double vanity, and laundry conveniently located near the bedrooms. The finished lower level adds 313 square feet of flexible space perfect for a family room, office, or workout area. Complete with a one-car attached garage, pet-friendly policies, and a $200/month HOA that covers lawn care and snow removal, this condo offers comfortable, low-maintenance living.

4. 2025-06-09
   listed $210,000 Active

ⓘ 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: $2,958 · $246/mo
• Projected year-2 tax: $2,958 · $246/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $17,334
• − Mortgage interest: −$9,803
• − Property taxes: −$2,958
• − Insurance: −$875
• − Repairs & maintenance: −$1,387
• − Management: −$1,387
• − HOA: −$2,400
• − Depreciation: −$5,091
• Taxable loss: −$6,566
• Est. tax savings @ 24.0%: +$1,576
• After-tax cash flow: $-1,976/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

-16.7% since first listed

3 events — show timeline

• 2026-04-16 Price Changed $175,000 CRAAR, CDRMLS
• 2026-04-08 Listed $179,999 CRAAR, CDRMLS
• 2025-06-09 Listed $210,000 ICAARMLS

Property tax history

+2.1%/yr

Latest (2025): $2,958 · +10.1% YoY. Source: county tax records.