524 4th St SW · Cedar Rapids, IA 52404

$399,000

None bd · None ba · 3,740 sqft · MultiFamily · 212 Days on market

Built 1890 Fair condition 8,146 sqft lot $107/sqft · 64% above area

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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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +4.7/5.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This sale contains 2 properties. The first property is 524 4th St. SW which contain 4 2 bedrooms units. The second is 520 4th St. SW and contains 6 units. There is currently one vacant unit in the 4 plex that is being remodeled. Remodel will be completed prior to sale.

Key facts

• 8,146 sq ft lot
• Built 1890
• Listed 211 days

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $399k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $951 ($11k/yr) — positive. Per door: $238/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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.
• Market conditions: Rents rising fast (+8.8%/yr); 415 active listings in the ZIP; 1,023 units permitted in Linn County in 2024 (456 in 5+ unit buildings).
• At $4,694/mo this rent would consume 91% of the median local household income ($62k/yr) (locally 1041% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $210k; list at $399k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.18% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.21%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

• ARV (median comp): $243,301
• List price: $399,000
• Delta: 63.99%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.19×
• Total profit: $20,783
• Equity at exit: $59,492

10-year hold

• IRR: 18.2%
• Equity multiple: 2.87×
• Total profit: $209,273
• Equity at exit: $34,498

Cash invested: $111,720 (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: 415
• Price-to-rent: 28.3×

Monthly cashflow live

• Estimated rent: $4,694 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$986
• Net cashflow: $951

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 75%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,696
Total (4 units)			$4,694

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $399,000 Active 212 DOM
2. 2026-06-18
   days on market $399,000 Active 211 DOM
3. 2026-06-17
   days on market $399,000 Active 210 DOM
4. 2026-06-16
   days on market $399,000 Active 209 DOM
5. 2026-06-15
   days on market $399,000 Active 208 DOM
6. 2026-06-14
   days on market $399,000 Active 206 DOM
7. 2026-06-13
   days on market $399,000 Active 205 DOM
8. 2026-06-10
   days on market $399,000 Active 203 DOM
9. 2026-06-09
   days on market $399,000 Active 202 DOM
10. 2026-06-08
    days on market $399,000 Active 201 DOM
11. 2026-06-07
    days on market $399,000 Active 200 DOM
12. 2026-06-05
    days on market $399,000 Active 197 DOM
13. 2026-06-03
    days on market $399,000 Active 196 DOM
14. 2026-06-02
    days on market $399,000 Active 195 DOM
15. 2026-06-01
    days on market $399,000 Active 194 DOM
16. 2026-05-31
    days on market $399,000 Active 193 DOM
17. 2026-05-30
    days on market $399,000 Active 192 DOM
18. 2026-01-31
    price $399,000 269-char remark

    Show marketing remark (269 chars)

    This sale contains 2 properties. The first property is 524 4th St. SW which contain 4 2 bedrooms units. The second is 520 4th St. SW and contains 6 units. There is currently one vacant unit in the 4 plex that is being remodeled. Remodel will be completed prior to sale.

19. 2025-11-19
    listed $410,000 Active 269-char remark

    Show marketing remark (269 chars)

    This sale contains 2 properties. The first property is 524 4th St. SW which contain 4 2 bedrooms units. The second is 520 4th St. SW and contains 6 units. There is currently one vacant unit in the 4 plex that is being remodeled. Remodel will be completed prior to sale.

20. 2022-07-15
    soldstatus $210,000 285-char remark

    Show marketing remark (285 chars)

    Seller owns both 520 and 524 4th St SW. Would like to Sell together if possible. Rent rolls and Property Info are attached or request at [email protected]. Agent is licensed in the State of Iowa and is related to seller. Buyer agrees to participate in Seller's 1031 exchange.

21. 2022-05-31
    listed $225,000 285-char remark

    Show marketing remark (285 chars)

    Seller owns both 520 and 524 4th St SW. Would like to Sell together if possible. Rent rolls and Property Info are attached or request at [email protected]. Agent is licensed in the State of Iowa and is related to seller. Buyer agrees to participate in Seller's 1031 exchange.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 24% 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: $56,328
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,506
• − Management: −$4,506
• − Depreciation: −$11,607
• Taxable income: $5,378
• Est. tax owed @ 24.0%: −$1,291
• After-tax cash flow: $10,120/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab

This multi-family property requires significant repairs and maintenance to improve its condition and value. Immediate focus should be on the roof and exterior siding to ensure safety and enhance curb appeal.

Repairs flagged

• Major roof — Significant damage and discoloration
• Major exterior siding — Weathered and peeling
• Major flooring — Worn and uneven surfaces
• Major interior walls — Painted walls with visible wear and tear

Value-add opportunities

• Both repair roof — Critical to safety and appearance
• Both repair exterior siding — Improves curb appeal and value
• Both replace flooring — Enhances living space and appeal
• Both paint interior walls — Fresh paint improves aesthetics and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and discoloration	Major	$15,000–50,000
exterior siding · Weathered and peeling	Major	$15,000–50,000
flooring · Worn and uneven surfaces	Major	$15,000–50,000
interior walls · Painted walls with visible wear and tear	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both repair roof — Critical to safety and appearance ↑
• Both repair exterior siding — Improves curb appeal and value ↑
• Both replace flooring — Enhances living space and appeal ↑
• Both paint interior walls — Fresh paint improves aesthetics and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+77.3% since first listed

4 events — show timeline

• 2026-01-31 Price Changed $399,000 CRAAR, CDRMLS
• 2025-11-19 Listed $410,000 CRAAR, CDRMLS
• 2022-07-15 Sold (MLS) $210,000 CRAAR, CDRMLS
• 2022-05-31 Listed $225,000 CRAAR, CDRMLS