900 Rachael St #302 · North Liberty, IA 52317

$165,000

2 bd · 2.0 ba · 980 sqft · Condo public records · 37 Days on market

Built 2008 $168/sqft · 5% above area Est $157k · 5% over $130/mo HOA · 9% of rent

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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 +10.1/30.0
• Schools +5.7/10.0
• ARV discount +5.1/15.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bed, 2 bath home is as cute as a button. Enjoy the privacy of top floor living with this updated condo. Special features include vaulted ceiling, tasteful paint, corner fireplace, and private deck. Large kitchen with tons of cabinet space, eating bar, and stainless steel appliances. Primary bedroom has a large closet and private full bathroom. The second bedroom also connects to hall bath making it ideal for guests. There's plenty of guest parking and a one car detached garage right behind the building. Great location close to the new UI hospital or easy access to I380.

Key facts

• Top floor living
• Private deck
• Vaulted ceiling

Tags

• TOP FLOOR LIVING
• VAULTED CEILING
• CORNER FIREPLACE
• PRIVATE DECK
• LARGE KITCHEN
• EATING BAR

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (11.5% below list).
• Recommended offer: $146k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 3.1% in North Liberty — 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 85/100 on livability (#18 in IA, #596 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Iowa City Community School District (urban): math 65% / reading 70% proficiency, ranked #174 of 289 in IA (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.6%/yr); 343 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 714 units permitted in Johnson County in 2024 (158 in 5+ unit buildings).
• This rent is only 17% of the median local income ($105k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Johnson County population projected at +60% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $128k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $145,998 (11.5% 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 37 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
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: 0.88% ✗
• Cap rate: 5.60%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• GRM: 9.4

CMA / ARV

• ARV (median comp): $156,564
• List price: $165,000
• Delta: 5.39%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.62% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.44×
• Total profit: $-25,648
• Equity at exit: $24,602

10-year hold

• IRR: 0.6%
• Equity multiple: 1.05×
• Total profit: $2,239
• 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 52317

• Home prices YoY: -29.8%
• Rents YoY: 7.6%
• Active inventory: 343
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,460 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$185 /mo · $2,222/yr
• Insurance: −$69
• HOA: −$130
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-96

Break-even live

Break-even rent $1,581

Max offer price $148,075

Occupancy floor —

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
835 Blue Sky Dr #201 North Liberty, IA	2.0	2.0	1025	$1,450	$1.41	43d	1	0.15mi
115 Sugar Creek Ln Unit 01 North Liberty, IA	2.0	1.0	675	$995	$1.47	21d	1	0.85mi

HOA detail condo

• Monthly dues: $130 · $1,560/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-05-05
   status Pending 583-char remark

   Show marketing remark (583 chars)

   This 2 bed, 2 bath home is as cute as a button. Enjoy the privacy of top floor living with this updated condo. Special features include vaulted ceiling, tasteful paint, corner fireplace, and private deck. Large kitchen with tons of cabinet space, eating bar, and stainless steel appliances. Primary bedroom has a large closet and private full bathroom. The second bedroom also connects to hall bath making it ideal for guests. There's plenty of guest parking and a one car detached garage right behind the building. Great location close to the new UI hospital or easy access to I380.

2. 2026-04-16
   listed $165,000 Active 583-char remark

   Show marketing remark (581 chars)

   This 2 bed, 2 bath home is as cute as a button. Enjoy the privacy of top floor living with this updated condo. Special features include vaulted ceiling, tasteful paint, corner fireplace, and private deck. Large kitchen with tons of cabinet space, eating bar, and stainless steel appliances. Primary bedroom has large closet and private full bathroom. The second bedroom also connects to hall bath making it ideal for guests. There's plenty of guest parking and a one car detached garage right behind the building. Great location close to the new UI hospital or easy access to I380.

3. 2026-04-16
   listed $165,000 Active 581-char remark

   Show marketing remark (581 chars)

   This 2 bed, 2 bath home is as cute as a button. Enjoy the privacy of top floor living with this updated condo. Special features include vaulted ceiling, tasteful paint, corner fireplace, and private deck. Large kitchen with tons of cabinet space, eating bar, and stainless steel appliances. Primary bedroom has large closet and private full bathroom. The second bedroom also connects to hall bath making it ideal for guests. There's plenty of guest parking and a one car detached garage right behind the building. Great location close to the new UI hospital or easy access to I380.

4. 2024-04-05
   price $128,000
5. 2020-05-15
   soldstatus $128,000
6. 2020-05-15
   soldstatus $128,000
7. 2020-05-08
   price $130,000
8. 2020-04-09
   listed $130,000
9. 2020-04-09
   listed $130,000
10. 2015-07-31
    soldstatus $104,000
11. 2015-07-02
    soldstatus $103,900
12. 2015-05-07
    listed $103,900

ⓘ 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: $2,222 · $185/mo
• Projected year-2 tax: $2,406 · $201/mo
• Expected delta: +$184/yr (+$15/mo · 8.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 16 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: $17,520
• − Mortgage interest: −$9,243
• − Property taxes: −$2,222
• − Insurance: −$825
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − HOA: −$1,560
• − Depreciation: −$4,800
• Taxable loss: −$3,933
• Est. tax savings @ 24.0%: +$944
• After-tax cash flow: $-206/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: Iowa City Community School District
• NCES district ID: 1914700
• Math proficiency: 65% ▼ -6.00%
• Reading proficiency: 70% ▲ 2.00%
• Median HH income: $50,229
• Composite: 57.3/100
• National rank: #1088
• State rank: #174 of 289 in IA

Livability — North Liberty

• Score: 85/100
• State rank: #18
• US rank: #596

Category grades

Amenities F 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: North Liberty, IA
• County: Johnson County · 132,710 people
• City population: 23,097
• Metro: Iowa City, IA
• Population (ZIP): 23,097
• Household income: $105,318
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 432.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 180,405 people
• By 2030: 200,014 · +10.9%
• By 2040: 241,428 · +33.8%
• By 2050: 288,144 · +59.7%
• By 2075: 420,009 · +132.8%
• By 2100: 546,596 · +203.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 8% Hispanic / Latino 5% Asian 5% Black 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 7% Italian 2% Lithuanian 2%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 2% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid D (+38.1) · D 68.4% · R 30.3% · Other 1.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 41.5pp · 2024: 38.1pp
• All cycles: 2024: D+38.1 2020: D+43.2 2016: D+38.3 2012: D+35.4 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.37%
• Current HPI: 170.8165
• Rent YoY: ▲ 7.62%
• Metro: Iowa City, 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

+58.8% since first listed

12 events — show timeline

• 2026-05-05 Pending — CRAAR, CDRMLS
• 2026-04-16 Listed $165,000 CRAAR, CDRMLS
• 2026-04-16 Listed $165,000 ICAARMLS
• 2024-04-05 Price Changed $128,000 ICAARMLS
• 2020-05-15 Sold (MLS) $128,000 CRAAR, CDRMLS
• 2020-05-15 Sold (MLS) $128,000 ICAARMLS
• 2020-05-08 Price Changed $130,000 ICAARMLS
• 2020-04-09 Listed $130,000 CRAAR, CDRMLS
• 2020-04-09 Listed $130,000 ICAARMLS
• 2015-07-31 Sold (Public Records) $104,000 Public Records
• 2015-07-02 Sold (MLS) $103,900 ICAARMLS
• 2015-05-07 Listed $103,900 ICAARMLS

Property tax history

+4.0%/yr

Latest (2025): $2,222 · +2.4% YoY. Source: county tax records.