1007 Raney St · Hiawatha, IA 52233

$229,950

4 bd · 2.0 ba · 2,061 sqft · SingleFamily public records · 2 Days on market

Built 1961 0.34 ac lot Est $262k · 12% under

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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 +25.2/30.0
• ARV discount +13.0/15.0
• DSCR +8.3/10.0
• 1% rule +6.5/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Mid-Century Classic one-owner split-level in the heart of Hiawatha—lovingly owned by the original owner since its construction in 1961 and priced below assessed value. Set on nearly a third of an acre with wide streets and no sidewalks to maintain, this spacious home offers exceptional convenience just minutes from shopping, dining, and quick I-380 access. Inside features 4 bedrooms, 2 baths, and multiple living spaces including a living room, den, and spacious rec room—ideal for everyday living and entertaining. Original hardwood floors lie beneath the carpet on the main and upper levels, ready to be revealed. The bright breezeway connecting the home to the heated garage create

Key facts

• Bright breezeway
• 0.34 acre lot
• 2 garage spots

Tags

• ORIGINAL HARDWOOD FLOORS
• BRIGHT BREEZEWAY
• FREESTANDING FIREPLACE
• WELL-ESTABLISHED NEIGHBORHOOD

Property features AI

Exterior

• Parking: 2-car garage with garage door opener
• Utilities: Public water; Public sewer
• Home design: Single family residence; Multi/split levels
• Construction: Aluminum siding and frame construction; Home warranty included
• Exterior features: Deck; Fenced yard; Public maintained road access; Pets allowed

Interior

• Kitchen: Dishwasher; Range; Range hood; Microwave; Refrigerator; Disposal; Breakfast bar / eat-in kitchen
• Bedrooms: Total rooms: 8
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Breakfast bar; Eat-in kitchen; Free-standing gas fireplace; Full basement
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $514 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Cap rate 9.0% vs local median 2.0% in Hiawatha — 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 79/100 on livability (#93 in IA, #1,983 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities 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: Hiawatha Elementary School (math 52% / reading 57%, grade C, #462 of 616 statewide, top 79%, 328 students, 54% FRL); Harding Middle School (math 61% / reading 69%, grade A-, #154 of 246 statewide, top 63%, 713 students, 43% FRL); John F Kennedy High School (math 63% / reading 77%, grade B+, #146 of 336 statewide, top 45%, 1,714 students, 31% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $7k 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.
• 2 sale attempts since 12y 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 $22k; list at $230k implies a 957% gain — meaningful room to come down on a strong offer.

Recommended offer $229,950

Questions for the listing agent

1. Built in 1961 — 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. 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: 1.15% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.59%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $261,747
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1007 Raney St	0.00mi	4/2.0	1,940 (-6%)	1mo	$246,950	$127	90
1110 Rainbow Blvd	0.19mi	4/2.0	2,039 (-1%)	12mo	$258,000	$127	80
40 11th Ave	0.24mi	4/2.0	1,986 (-4%)	8mo	$225,000	$113	76
1083 Rainbow Blvd	0.13mi	3/2.0 (-1)	1,937 (-6%)	11mo	$199,999	$103	70
1284 Rainbow Blvd	0.33mi	4/1.5	1,980 (-4%)	8mo	$187,500	$95	70
1032 Emmons St	0.20mi	3/2.0 (-1)	1,871 (-9%)	3mo	$258,500	$138	68
1026 Eisenhower Rd	0.15mi	3/2.0 (-1)	1,900 (-8%)	10mo	$245,000	$129	67
202 6th Ave	0.32mi	5/2.0 (+1)	1,872 (-9%)	1mo	$210,000	$112	64
1213 Raney St St	0.29mi	4/3.0	1,836 (-11%)	4mo	$255,000	$139	61
3700 Fir Tree Dr NE	0.62mi	4/2.0	1,910 (-7%)	8mo	$235,000	$123	52
1067 Lyndhurst Dr	0.30mi	3/2.0 (-1)	2,304 (+12%)	12mo	$300,500	$130	52
2602 Towne House Dr NE	0.61mi	4/2.5	1,796 (-13%)	3mo	$232,000	$129	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-4,472
• Equity at exit: $34,286

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $38,423
• Equity at exit: $19,882

Cash invested: $64,386 (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 52233

• Home prices YoY: -28.1%
• Active inventory: 136
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,650 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$278 /mo · $3,330/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $514

Break-even live

Break-even rent $1,999

Max offer price $229,950

Occupancy floor 76%

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: $57,488
• Closing costs: $6,898
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
419 Cimarron Dr Hiawatha, IA	3.0	2.5	1680	$2,650	$1.58	43d	1	0.87mi

Listing history 4 events

1. 2026-04-08
   status Pending
2. 2026-04-06
   listed $229,950 Active
3. 2014-07-09
   listed $159,500
4. 1961-09-27
   soldstatus $21,750

ⓘ 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: $3,330 · $278/mo
• Projected year-2 tax: $3,470 · $289/mo
• Expected delta: +$140/yr (+$12/mo · 4.2%)

ⓘ 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 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: $31,800
• − Mortgage interest: −$12,881
• − Property taxes: −$3,330
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,544
• − Management: −$2,544
• − Depreciation: −$6,689
• Taxable income: $2,662
• Est. tax owed @ 24.0%: −$639
• After-tax cash flow: $5,533/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 — Hiawatha

• Score: 79/100
• State rank: #93
• US rank: #1983

Category grades

Amenities F Commute B+ Cost of living A+ Crime C+ Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hiawatha, IA
• City population: 7,008
• Population (ZIP): 7,008

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 (80%)
• Race & ethnicity: White 80% Asian 6% Two or more races 5% Black 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Scottish 3% Iranian 1%
• Foreign-born: 6% · China, Canada
• Languages at home: 90% English-only · Other Indo-European 6% Spanish 3%

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: ▼ -78.12%
• Current HPI: 199.6054
• Rent YoY: —
• Metro: —
• 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

+957.2% since first listed

4 events — show timeline

• 2026-04-08 Pending — CRAAR, CDRMLS
• 2026-04-06 Listed $229,950 CRAAR, CDRMLS
• 2014-07-09 Listed $159,500 CRAAR, CDRMLS
• 1961-09-27 Sold (Public Records) $21,750 Public Records

Property tax history

+0.8%/yr

Latest (2025): $3,330 · -1.5% YoY. Source: county tax records.