918 22nd Ave Ave SW · Cedar Rapids, IA 52404

$165,000

2 bd · 1.0 ba · 1,390 sqft · SingleFamily public records · 2 Days on market

Built 1954 5,663 sqft lot $119/sqft · at area comps Est $168k · at est.

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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 +12.4/30.0
• ARV discount +8.3/15.0
• Rent growth +4.7/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Solid homes in this price point do not come available often and this well maintained ranch style home offers a functional layout in a convenient Cedar Rapids SW location. Step in to find an open concept featuring details that aren't often seen. Including a dining area, updated bathroom, and functional solid kitchen with ample counter space. Walkout lower level offers additional finished living area with rec room space and added flexibility for office, bedroom, hobby, or storage needs. Detached two stall garage provides ample parking and workspace. Located in an established neighborhood with longtime neighbors and a setting that reflects years of pride in ownership and care. This is one of t

Key facts

• Ample counter space
• Open concept
• Walkout lower level

Tags

• RANCH STYLE HOME
• OPEN CONCEPT
• UPDATED BATHROOM
• FUNCTIONAL SOLID KITCHEN
• AMPLE COUNTER SPACE
• WALKOUT LOWER LEVEL

Property features AI

Exterior

• Parking: 2-car garage with automatic garage door opener
• Utilities: Public water; Public sewer
• Home design: Single family residence; Frame construction with vinyl siding
• Construction: Frame construction; Vinyl siding
• Exterior features: 40 x 140 lot; 0.13 acre lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Range hood; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating with forced air; Central air conditioning
• Interior features: Breakfast bar; Gas fireplace in family room; Full walk-out basement
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-27 ($-318/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (17.2% below list).
• Recommended offer: $137k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: Grant Elementary School (math 37% / reading 32%, grade F, #595 of 616 statewide, top 97%, 320 students, 72% 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 67% FRL vs 43% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.8%/yr); 419 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,626 (17.2% 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. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.83% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.69%
• DSCR: 0.97
• GRM: 10.1

CMA / ARV

• ARV (median comp): $168,009
• List price: $165,000
• Delta: -1.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
918 22nd Ave Ave SW	0.00mi	2/2.0	1,390 (0%)	0mo	$172,250	$124	96
929 21st Ave SW	0.05mi	3/1.0 (+1)	1,344 (-3%)	3mo	$146,000	$109	84
826 21st Ave SW	0.10mi	3/1.0 (+1)	1,276 (-8%)	5mo	$143,000	$112	72
360 Wilson Ave SW	0.48mi	3/1.0 (+1)	1,363 (-2%)	2mo	$156,000	$114	68
812 16th Ave Ave SW	0.37mi	3/2.0 (+1)	1,489 (+7%)	2mo	$100,000	$67	60
1251 18th Ave Ave SW	0.39mi	3/2.0 (+1)	1,570 (+13%)	4mo	$184,715	$118	48
815 15 Ave SW	0.41mi	3/1.5 (+1)	1,598 (+15%)	7mo	$150,000	$94	43
715 9th Ave SW	0.74mi	3/1.0 (+1)	1,248 (-10%)	1mo	$146,000	$117	42
1300 M St SW	0.74mi	3/2.5 (+1)	1,496 (+8%)	3mo	$202,500	$135	39
1226 N St SW	0.71mi	3/2.0 (+1)	1,505 (+8%)	9mo	$205,000	$136	37
1806 K St SW	0.73mi	3/1.5 (+1)	1,578 (+14%)	1mo	$80,000	$51	36
1316 M St SW	0.73mi	3/1.5 (+1)	1,236 (-11%)	8mo	$68,000	$55	34

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: -12.1%
• Equity multiple: 0.54×
• Total profit: $-21,206
• Equity at exit: $24,602

10-year hold

• IRR: 3.0%
• Equity multiple: 1.26×
• Total profit: $12,220
• Equity at exit: $14,266

Cash invested: $46,200 (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: 419
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,366 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$172 /mo · $2,062/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $-27

Break-even live

Break-even rent $1,400

Max offer price $160,316

Occupancy floor 97%

Sensitivity live

Price	-10% $67	-5% $20	+0% $-27	+5% $-73	+10% $-120
Rent	-10% $-134	-5% $-80	+0% $-27	+5% $27	+10% $81
Rate	-1.0pp $57	-0.5pp $15	base $-27	+0.5pp $-69	+1.0pp $-113

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 3rd Ave SW Cedar Rapids, IA	1.0	1.5	1400	$1,495	$1.07	15d	1	1.27mi
1001 C Ave NW Cedar Rapids, IA	3.0	1.5	1446	$1,500	$1.04	15d	1	1.31mi
417 9th St NW Cedar Rapids, IA	3.0	1.0	1061	$1,300	$1.23	45d	1	1.35mi

Listing history 2 events

1. 2026-05-17
   status Pending 900-char remark
2. 2026-05-15
   listed $165,000 Active 900-char remark

ⓘ 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: $2,062 · $172/mo
• Projected year-2 tax: $2,326 · $194/mo
• Expected delta: +$264/yr (+$22/mo · 12.8%)

ⓘ 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: $16,395
• − Mortgage interest: −$9,243
• − Property taxes: −$2,062
• − Insurance: −$825
• − Repairs & maintenance: −$1,312
• − Management: −$1,312
• − Depreciation: −$4,800
• Taxable loss: −$3,158
• Est. tax savings @ 24.0%: +$758
• After-tax cash flow: $440/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

+4.4% since first listed

3 events — show timeline

• 2026-06-10 Sold (MLS) $172,250 CRAAR, CDRMLS
• 2026-05-17 Pending — CRAAR, CDRMLS
• 2026-05-15 Listed $165,000 CRAAR, CDRMLS

Property tax history

+1.5%/yr

Latest (2025): $2,062 · -3.2% YoY. Source: county tax records.