1506 8th Ave SE · Cedar Rapids, IA 52403

$115,000

2 bd · 1.5 ba · 1,047 sqft · SingleFamily public records · 44 Days on market

Built 1918 5,619 sqft lot $110/sqft · 6% below area Est $122k · 6% under

---

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 +24.8/30.0
• ARV discount +10.1/15.0
• DSCR +8.0/10.0
• 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

Welcome to 1506 8th Ave! Where charm, convenience, and everyday comfort come together. This inviting home offers a warm, move-in-ready feel with practical living space and character that today’s buyers appreciate. Natural light fills the interior, creating a bright and welcoming atmosphere, while the layout supports both relaxing and entertaining. Major recent improvements provide strong value and peace of mind, including a new furnace, new central air conditioner, new water heater, and updated plumbing. Bathrooms have been remodeled, and the basement plumbing is already in place for future additional living space or expansion potential. New flooring has been purchased and is ready for installation, or reveal the natural hard wood beneath the carpet. The spacious yard is fully enclosed with a privacy fence, ideal for pets, play, or outdoor gatherings, and the oversized single-stall garage adds extra storage and function. Located in an established neighborhood close to parks, schools, shopping, and downtown amenities. Property includes a 1 year home warranty and qualifies for NFC lending, offering additional opportunity for eligible buyers.

Key facts

• Basement plumbing
• New furnace
• New water heater

Tags

• NEW FURNACE
• NEW CENTRAL AIR CONDITIONER
• NEW WATER HEATER
• UPDATED PLUMBING
• REMODELED BATHROOMS
• BASEMENT PLUMBING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 (+14.7%/yr); 236 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $795 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 $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $55k; list at $115k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 8.83%
• Cash-on-cash: 9.06%
• DSCR: 1.40
• GRM: 7.4

CMA / ARV

• ARV (median comp): $122,070
• List price: $115,000
• Delta: -5.79%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1506 8th Ave SE	0.00mi	2/1.5	1,047 (0%)	0mo	$113,400	$108	100
1516 8th Ave SE	0.02mi	2/1.0	1,047 (0%)	2mo	$137,500	$131	95
520 15th St St SE	0.15mi	2/1.0	1,047 (0%)	5mo	$42,000	$40	87
1516 6th Ave SE	0.14mi	2/1.5	972 (-7%)	0mo	$136,000	$140	81
826 Wellington St SE	0.27mi	2/1.0	992 (-5%)	8mo	$118,000	$119	70
1604 8th Ave SE	0.14mi	2/1.0	1,154 (+10%)	9mo	$118,000	$102	67
1612 7th Ave	0.16mi	2/2.0	1,166 (+11%)	6mo	$60,000	$51	67
421 17th St St SE	0.28mi	3/1.5 (+1)	1,171 (+12%)	6mo	$144,900	$124	57
375 SE Meadowbrook Ter	0.74mi	2/1.0	1,080 (+3%)	4mo	$38,000	$35	55
912 10th St SE	0.23mi	3/1.0 (+1)	915 (-13%)	8mo	$142,500	$156	55
1041 19th St St SE	0.52mi	2/1.0	912 (-13%)	7mo	$75,000	$82	46
2005 Washington Ave SE	0.64mi	3/1.0 (+1)	1,154 (+10%)	1mo	$110,000	$95	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $3,675
• Equity at exit: $17,147

10-year hold

• IRR: 16.7%
• Equity multiple: 2.68×
• Total profit: $54,205
• Equity at exit: $9,943

Cash invested: $32,200 (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 52403

• Rents YoY: 14.7%
• Active inventory: 236
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,290 high
• Mortgage (P&I): −$603
• Tax from tax record: −$125 /mo · $1,502/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $243

Break-even live

Break-even rent $982

Max offer price $115,000

Occupancy floor 76%

Sensitivity live

Price	-10% $308	-5% $276	+0% $243	+5% $211	+10% $178
Rent	-10% $141	-5% $192	+0% $243	+5% $294	+10% $345
Rate	-1.0pp $301	-0.5pp $272	base $243	+0.5pp $213	+1.0pp $183

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	0.24mi
730 Wellington St SE Cedar Rapids, IA	3.0	1.0	1366	$1,325	$0.97	22d	1	0.26mi
1017 19th St SE Cedar Rapids, IA	3.0	1.0	946	$1,100	$1.16	44d	1	0.50mi
206 3rd Ave SW Cedar Rapids, IA	1.0	1.5	1400	$1,495	$1.07	14d	1	1.28mi
511 23rd St NE Cedar Rapids, IA	2.0	1.0	888	$1,500	$1.69	44d	1	1.45mi

Listing history 7 events

1. 2026-05-04
   status Pending 1163-char remark

   Show marketing remark (1163 chars)

   Welcome to 1506 8th Ave! Where charm, convenience, and everyday comfort come together. This inviting home offers a warm, move-in-ready feel with practical living space and character that today’s buyers appreciate. Natural light fills the interior, creating a bright and welcoming atmosphere, while the layout supports both relaxing and entertaining. Major recent improvements provide strong value and peace of mind, including a new furnace, new central air conditioner, new water heater, and updated plumbing. Bathrooms have been remodeled, and the basement plumbing is already in place for future additional living space or expansion potential. New flooring has been purchased and is ready for installation, or reveal the natural hard wood beneath the carpet. The spacious yard is fully enclosed with a privacy fence, ideal for pets, play, or outdoor gatherings, and the oversized single-stall garage adds extra storage and function. Located in an established neighborhood close to parks, schools, shopping, and downtown amenities. Property includes a 1 year home warranty and qualifies for NFC lending, offering additional opportunity for eligible buyers.

2. 2026-05-02
   status Active 1163-char remark

   Show marketing remark (1163 chars)

   Welcome to 1506 8th Ave! Where charm, convenience, and everyday comfort come together. This inviting home offers a warm, move-in-ready feel with practical living space and character that today’s buyers appreciate. Natural light fills the interior, creating a bright and welcoming atmosphere, while the layout supports both relaxing and entertaining. Major recent improvements provide strong value and peace of mind, including a new furnace, new central air conditioner, new water heater, and updated plumbing. Bathrooms have been remodeled, and the basement plumbing is already in place for future additional living space or expansion potential. New flooring has been purchased and is ready for installation, or reveal the natural hard wood beneath the carpet. The spacious yard is fully enclosed with a privacy fence, ideal for pets, play, or outdoor gatherings, and the oversized single-stall garage adds extra storage and function. Located in an established neighborhood close to parks, schools, shopping, and downtown amenities. Property includes a 1 year home warranty and qualifies for NFC lending, offering additional opportunity for eligible buyers.

3. 2026-05-02
   price $115,000 1163-char remark

   Show marketing remark (1163 chars)

   Welcome to 1506 8th Ave! Where charm, convenience, and everyday comfort come together. This inviting home offers a warm, move-in-ready feel with practical living space and character that today’s buyers appreciate. Natural light fills the interior, creating a bright and welcoming atmosphere, while the layout supports both relaxing and entertaining. Major recent improvements provide strong value and peace of mind, including a new furnace, new central air conditioner, new water heater, and updated plumbing. Bathrooms have been remodeled, and the basement plumbing is already in place for future additional living space or expansion potential. New flooring has been purchased and is ready for installation, or reveal the natural hard wood beneath the carpet. The spacious yard is fully enclosed with a privacy fence, ideal for pets, play, or outdoor gatherings, and the oversized single-stall garage adds extra storage and function. Located in an established neighborhood close to parks, schools, shopping, and downtown amenities. Property includes a 1 year home warranty and qualifies for NFC lending, offering additional opportunity for eligible buyers.

4. 2026-04-19
   status Pending 1163-char remark

   Show marketing remark (1163 chars)

   Welcome to 1506 8th Ave! Where charm, convenience, and everyday comfort come together. This inviting home offers a warm, move-in-ready feel with practical living space and character that today’s buyers appreciate. Natural light fills the interior, creating a bright and welcoming atmosphere, while the layout supports both relaxing and entertaining. Major recent improvements provide strong value and peace of mind, including a new furnace, new central air conditioner, new water heater, and updated plumbing. Bathrooms have been remodeled, and the basement plumbing is already in place for future additional living space or expansion potential. New flooring has been purchased and is ready for installation, or reveal the natural hard wood beneath the carpet. The spacious yard is fully enclosed with a privacy fence, ideal for pets, play, or outdoor gatherings, and the oversized single-stall garage adds extra storage and function. Located in an established neighborhood close to parks, schools, shopping, and downtown amenities. Property includes a 1 year home warranty and qualifies for NFC lending, offering additional opportunity for eligible buyers.

5. 2026-03-09
   listed $117,700 Active 1163-char remark

   Show marketing remark (1163 chars)

   Welcome to 1506 8th Ave! Where charm, convenience, and everyday comfort come together. This inviting home offers a warm, move-in-ready feel with practical living space and character that today’s buyers appreciate. Natural light fills the interior, creating a bright and welcoming atmosphere, while the layout supports both relaxing and entertaining. Major recent improvements provide strong value and peace of mind, including a new furnace, new central air conditioner, new water heater, and updated plumbing. Bathrooms have been remodeled, and the basement plumbing is already in place for future additional living space or expansion potential. New flooring has been purchased and is ready for installation, or reveal the natural hard wood beneath the carpet. The spacious yard is fully enclosed with a privacy fence, ideal for pets, play, or outdoor gatherings, and the oversized single-stall garage adds extra storage and function. Located in an established neighborhood close to parks, schools, shopping, and downtown amenities. Property includes a 1 year home warranty and qualifies for NFC lending, offering additional opportunity for eligible buyers.

6. 2026-01-20
   price $117,700
7. 2010-09-03
   soldstatus $55,000

ⓘ 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: $1,502 · $125/mo
• Projected year-2 tax: $1,654 · $138/mo
• Expected delta: +$152/yr (+$13/mo · 10.1%)

ⓘ 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: $15,483
• − Mortgage interest: −$6,442
• − Property taxes: −$1,502
• − Insurance: −$575
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − Depreciation: −$3,345
• Taxable income: $1,141
• Est. tax owed @ 24.0%: −$274
• After-tax cash flow: $2,643/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

+109.1% since first listed

7 events — show timeline

• 2026-05-04 Pending — CRAAR, CDRMLS
• 2026-05-02 Relisted — CRAAR, CDRMLS
• 2026-05-02 Price Changed $115,000 CRAAR, CDRMLS
• 2026-04-19 Pending — CRAAR, CDRMLS
• 2026-03-09 Listed $117,700 CRAAR, CDRMLS
• 2026-01-20 Price Changed $117,700 CRAAR, CDRMLS
• 2010-09-03 Sold (Public Records) $55,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,502 · +7.7% YoY. Source: county tax records.