846 15th St SE · Cedar Rapids, IA 52403

$123,900

3 bd · 1.0 ba · 1,332 sqft · SingleFamily public records · 3 Days on market

Built 1905 5,619 sqft lot Est $131k · 5% under

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Why this score? — see what drove the C+ 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 +23.6/30.0
• ARV discount +9.8/15.0
• DSCR +7.6/10.0
• 1% rule +6.2/10.0
• Rent growth +5.0/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Built in 1905, this warm and inviting two-story home boasts nearly all its original intricate millwork. A beautiful stairway, original solid pocket doors, three bedrooms, one and one half bath, formal dining room, newer roof, three stall garage and more.

Key facts

• 5,619 sq ft lot
• 3 garage spots
• Built 1905

Property features AI

Exterior

• Parking: Detached garage with automatic garage door opener; 3 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Frame construction; Vinyl siding
• Exterior features: Deck

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Natural gas heating; Forced air heating; Radiant floor heating
• Interior features: Breakfast bar; Full basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $124k).
• Cap rate 8.6% 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 Wood Elementary School (math 47% / reading 52%, grade D, #514 of 616 statewide, top 85%, 361 students, 64% FRL); Mckinley Steam Academy (math 45% / reading 55%, grade C, #216 of 246 statewide, top 88%, 448 students, 52% FRL); George Washington High School (math 44% / reading 62%, grade C-, #296 of 336 statewide, top 88%, 1,291 students, 49% FRL).
• Market conditions: Rents rising fast (+14.7%/yr); 236 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $857 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 $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,900

Questions for the listing agent

1. Built in 1905 — 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: 1.12% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.10%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $130,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
846 15th St SE	0.00mi	3/1.5	1,332 (0%)	1mo	$121,900	$92	97
847 Camburn Ct SE	0.04mi	3/1.0	1,350 (+1%)	1mo	$148,000	$110	95
513 16th ST St SE	0.29mi	3/1.5	1,332 (0%)	1mo	$150,000	$113	83
1007 10th St SE	0.18mi	4/1.0 (+1)	1,302 (-2%)	4mo	$128,000	$98	80
1529 6th Ave SE	0.23mi	3/1.0	1,248 (-6%)	1mo	$60,000	$48	78
1431 5th Ave SE	0.30mi	3/1.5	1,274 (-4%)	2mo	$125,000	$98	76
1741 4th Ave Ave SE	0.45mi	3/1.0	1,272 (-4%)	3mo	$130,000	$102	70
1442 4th Ave SE	0.40mi	3/1.0	1,232 (-8%)	1mo	$138,000	$112	68
1751 Higley Ave Ave SE	0.29mi	2/1.0 (-1)	1,232 (-8%)	1mo	$117,500	$95	68
520 22nd St SE	0.75mi	3/1.0	1,306 (-2%)	4mo	$184,000	$141	59
1740 5th Ave SE	0.41mi	3/2.0	1,505 (+13%)	3mo	$50,000	$33	53
2005 Washington Ave SE	0.71mi	3/1.0	1,154 (-13%)	1mo	$110,000	$95	44

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: 1.6%
• Equity multiple: 1.06×
• Total profit: $2,187
• Equity at exit: $18,474

10-year hold

• IRR: 15.6%
• Equity multiple: 2.57×
• Total profit: $54,527
• Equity at exit: $10,713

Cash invested: $34,692 (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 52403

• Rents YoY: 14.7%
• Active inventory: 236
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,385 medium
• Mortgage (P&I): −$650
• Tax from tax record: −$158 /mo · $1,902/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $234

Break-even live

Break-even rent $1,088

Max offer price $123,900

Occupancy floor 78%

Sensitivity live

Price	-10% $304	-5% $269	+0% $234	+5% $199	+10% $164
Rent	-10% $125	-5% $180	+0% $234	+5% $289	+10% $344
Rate	-1.0pp $297	-0.5pp $266	base $234	+0.5pp $202	+1.0pp $170

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: $30,975
• Closing costs: $3,717
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
906 10th St SE Cedar Rapids, IA	1.0–2.0	1.0–2.0	890	$1,300	$1.46	14d	6	0.14mi
730 Wellington St SE Cedar Rapids, IA	3.0	1.0	1366	$1,325	$0.97	21d	1	0.27mi
1017 19th St SE Cedar Rapids, IA	3.0	1.0	946	$1,100	$1.16	44d	1	0.43mi

Listing history 9 events

1. 2026-05-05
   status Pending
2. 2026-05-03
   status Active
3. 2026-04-04
   status Pending
4. 2026-04-03
   listed $123,900 Active
5. 2023-08-16
   soldstatus $110,000 Closed 254-char remark

   Show marketing remark (254 chars)

   Built in 1905, this warm and inviting two-story home boasts nearly all its original intricate millwork. A beautiful stairway, original solid pocket doors, three bedrooms, one and one half bath, formal dining room, newer roof, three stall garage and more.

6. 2023-08-08
   historical 254-char remark

   Show marketing remark (254 chars)

   Built in 1905, this warm and inviting two-story home boasts nearly all its original intricate millwork. A beautiful stairway, original solid pocket doors, three bedrooms, one and one half bath, formal dining room, newer roof, three stall garage and more.

7. 2023-06-08
   status Pending 254-char remark

   Show marketing remark (254 chars)

   Built in 1905, this warm and inviting two-story home boasts nearly all its original intricate millwork. A beautiful stairway, original solid pocket doors, three bedrooms, one and one half bath, formal dining room, newer roof, three stall garage and more.

8. 2023-06-06
   listed $110,000 Active 254-char remark

   Show marketing remark (254 chars)

   Built in 1905, this warm and inviting two-story home boasts nearly all its original intricate millwork. A beautiful stairway, original solid pocket doors, three bedrooms, one and one half bath, formal dining room, newer roof, three stall garage and more.

9. 2011-06-13
   soldstatus $87,500

ⓘ 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: $1,902 · $158/mo
• Projected year-2 tax: $1,924 · $160/mo
• Expected delta: +$22/yr (+$2/mo · 1.1%)

ⓘ 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 2/10 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: $16,620
• − Mortgage interest: −$6,940
• − Property taxes: −$1,902
• − Insurance: −$620
• − Repairs & maintenance: −$1,330
• − Management: −$1,330
• − Depreciation: −$3,604
• Taxable income: $895
• Est. tax owed @ 24.0%: −$215
• After-tax cash flow: $2,597/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): 22,551
• Household income: $74,703
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 452.0

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 (85%)
• Race & ethnicity: White 85% Black 7% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 3% Slovak 3% Portuguese 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -170.15%
• Current HPI: 196.1114
• Rent YoY: ▲ 14.67%
• 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

+41.6% since first listed

9 events — show timeline

• 2026-05-05 Pending — CRAAR, CDRMLS
• 2026-05-03 Relisted — CRAAR, CDRMLS
• 2026-04-04 Pending — CRAAR, CDRMLS
• 2026-04-03 Listed $123,900 CRAAR, CDRMLS
• 2023-08-16 Sold (MLS) $110,000 CRAAR, CDRMLS
• 2023-08-08 Delisted — CRAAR, CDRMLS
• 2023-06-08 Pending — CRAAR, CDRMLS
• 2023-06-06 Listed $110,000 CRAAR, CDRMLS
• 2011-06-13 Sold (Public Records) $87,500 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,902 · +24.2% YoY. Source: county tax records.