1355 3rd Ave · Marion, IA 52302

$89,000

3 bd · 1.0 ba · 839 sqft · SingleFamily public records · 20 Days on market

Built 1944 7,187 sqft lot Est $148k · 40% under ↓ 13% since listing

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Why this score? — see what drove the B+ 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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Schools +5.8/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Awesome long term rental property that could be perfect single family rental. Terrific condition and vacant ready for the next owner/investor!

Key facts

• 7,187 sq ft lot
• Built 1944
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 2.7% in Marion — 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 84/100 on livability (#19 in IA, #633 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Marion Independent School District (suburban): math 68% / reading 70% proficiency, ranked #158 of 289 in IA (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Longfellow Elementary (318 students, 38% FRL); Vernon Middle School (math 66% / reading 65%, grade A-, #153 of 246 statewide, top 62%, 668 students, 40% FRL); Marion High School (math 69% / reading 80%, grade B+, #89 of 336 statewide, top 30%, 722 students, 28% FRL).
• Market conditions: Rents rising fast (+8.4%/yr); 455 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).
• This rent is only 16% of the median local income ($88k/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 $615 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Built in 1944 — 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 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?
4. 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.
5. 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.
6. 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: 1.31% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.92%
• DSCR: 1.66
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $147,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
285 15th St	0.08mi	2/1.5 (-1)	780 (-7%)	4mo	$150,000	$192	74
2251 4th Ave	0.36mi	3/1.0	864 (+3%)	6mo	$166,000	$192	73
920 Fairview Dr	0.43mi	3/1.0	925 (+10%)	2mo	$148,000	$160	62
1129 Washington Dr	0.59mi	2/1.0 (-1)	816 (-3%)	1mo	$180,000	$221	62
825 Fairview Dr	0.49mi	3/1.0	925 (+10%)	1mo	$163,000	$176	59
2100 10th Ave	0.56mi	3/1.0	896 (+7%)	10mo	$155,500	$174	55
900 25th St	0.59mi	3/1.0	925 (+10%)	4mo	$110,500	$119	52
1395 9th Street St	0.71mi	2/1.0 (-1)	864 (+3%)	9mo	$165,000	$191	50
2455 4th Ave	0.47mi	3/1.0	960 (+14%)	6mo	$140,000	$146	49
665 Hillview Dr	0.66mi	3/1.0	925 (+10%)	10mo	$188,000	$203	44
1185 11th St	0.57mi	2/2.0 (-1)	749 (-11%)	3mo	$130,000	$174	44
2540 8th Ave	0.60mi	3/1.0	962 (+15%)	5mo	$101,000	$105	43

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: 11.0%
• Equity multiple: 1.46×
• Total profit: $11,497
• Equity at exit: $13,270

10-year hold

• IRR: 23.8%
• Equity multiple: 3.55×
• Total profit: $63,556
• Equity at exit: $7,695

Cash invested: $24,920 (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 52302

• Rents YoY: 8.4%
• Active inventory: 455
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,167 high
• Mortgage (P&I): −$467
• Tax from tax record: −$108 /mo · $1,298/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $310

Break-even live

Break-even rent $775

Max offer price $89,000

Occupancy floor 68%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
901 18th St Apt 3 Marion, IA	2.0	1.0	800	$975	$1.22	44d	1	0.41mi
2615 5th Ave Marion, IA	2.0	1.0	800	$675	$0.84	21d	1	0.58mi
820 27th St Unit 3C Marion, IA	2.0	1.0	756	$1,000	$1.32	13d	1	0.65mi
2899 5th Ave Unit 2 Marion, IA	2.0	1.0	900	$1,200	$1.33	13d	1	0.67mi
1501 Grand Ave Marion, IA	2.0	1.0	800	$868	$1.08	44d	1	0.68mi
345 Marion Blvd Marion, IA	2.0	1.0–2.0	680	$2,600	$3.82	13d	1	0.95mi
700 35th St Marion, IA	2.0	1.0–2.0	896	$1,224	$1.37	13d	1	1.39mi

Listing history 10 events

1. 2025-12-01
   soldstatus $77,500
2. 2025-11-24
   soldstatus $77,500 Closed
3. 2025-11-18
   status Pending
4. 2025-11-13
   status Pending
5. 2025-11-07
   status Active
6. 2025-11-07
   status Active
7. 2025-10-22
   status Pending
8. 2025-10-22
   status Pending
9. 2025-10-13
   listed $89,000 Active
10. 2025-10-13
    listed $89,000 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: $1,298 · $108/mo
• Projected year-2 tax: $1,348 · $112/mo
• Expected delta: +$50/yr (+$4/mo · 3.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,003
• − Mortgage interest: −$4,985
• − Property taxes: −$1,298
• − Insurance: −$445
• − Repairs & maintenance: −$1,120
• − Management: −$1,120
• − Depreciation: −$2,589
• Taxable income: $2,445
• Est. tax owed @ 24.0%: −$587
• After-tax cash flow: $3,132/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: Marion Independent School District
• NCES district ID: 1918690
• Math proficiency: 68% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $49,541
• Composite: 58.49/100
• National rank: #997
• State rank: #158 of 289 in IA

Livability — Marion

• Score: 84/100
• State rank: #19
• US rank: #633

Category grades

Amenities D- 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: Marion, IA
• County: Linn County · 179,860 people
• City population: 42,706
• Metro: Cedar Rapids, IA
• Population (ZIP): 42,706
• Household income: $87,983
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 940.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Black 3% Asian 2%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 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: ▼ -144.98%
• Current HPI: 199.2949
• Rent YoY: ▲ 8.37%
• 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

-12.9% since first listed

10 events — show timeline

• 2025-12-01 Sold (Public Records) $77,500 Public Records
• 2025-11-24 Sold (MLS) $77,500 CRAAR, CDRMLS
• 2025-11-18 Pending — CRAAR, CDRMLS
• 2025-11-13 Pending — CRAAR, CDRMLS
• 2025-11-07 Relisted — CRAAR, CDRMLS
• 2025-11-07 Relisted — CRAAR, CDRMLS
• 2025-10-22 Pending — CRAAR, CDRMLS
• 2025-10-22 Pending — CRAAR, CDRMLS
• 2025-10-13 Listed $89,000 CRAAR, CDRMLS
• 2025-10-13 Listed $89,000 CRAAR, CDRMLS

Property tax history

+1.5%/yr

Latest (2025): $1,298 · +2.9% YoY. Source: county tax records.