2270 24th Ave Ave · Marion, IA 52302

$235,000

3 bd · 1.0 ba · 1,660 sqft · SingleFamily public records · 2 Days on market

Built 1962 7,405 sqft lot Est $234k · at est.

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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 +10.4/30.0
• ARV discount +7.3/15.0
• Schools +6.6/10.0
• Rent growth +4.6/5.0
• Livability +4.2/5.0
• 1% rule +3.0/10.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ACCEPTED OFFER 10/17/2021. You will love all the updates and location of this well kept Marion Ranch! New roof, steel siding, covered front porch, newer windows and driveway. Updated kitchen with new fridge and stove opens to dining area and spacious living room with freestanding gas stove to enjoy. Hardwood and tile flooring throughout the main level. Finished basement with bathroom remodel, water softener and reverse osmosis system. Sliders to large patio, fenced yard and oversized 2 car garage. Orangeburg pipes has been replaced. Convenient location to schools, parks and golf course. Home sweet home, hurry!

Key facts

• Open floor plan
• Fenced yard
• Large patio

Tags

• OPEN FLOOR PLAN
• HARDWOOD FLOORS
• FINISHED BASEMENT
• LARGE PATIO
• FENCED YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-125 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (19.5% below list).
• Recommended offer: $189k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.7% in Marion — 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 84/100 on livability (#19 in IA, #633 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Linn-Mar Community School District (suburban): math 75% / reading 76% proficiency, ranked #44 of 289 in IA (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Wilkins Elementary School (math 67% / reading 67%, grade B+, #273 of 616 statewide, top 51%, 388 students, 42% FRL); Excelsior Middle School (math 71% / reading 72%, grade A, #106 of 246 statewide, top 44%, 617 students, 28% FRL); Linn-Mar High School (math 73% / reading 78%, grade A-, #79 of 336 statewide, top 25%, 2,271 students, 23% FRL) — zoned schools average 31% FRL vs 16% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.4%/yr); 455 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 3 sale attempts since 10y 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 $203k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $189,102 (19.5% 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. Built in 1962 — 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.80% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.29%
• DSCR: 0.90
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $234,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2270 24th Ave Ave	0.00mi	3/2.0	1,740 (+5%)	0mo	$237,000	$136	88
2565 24th Ave	0.15mi	3/2.0	1,745 (+5%)	2mo	$216,000	$124	79
2475 26th Ave	0.13mi	2/2.0 (-1)	1,574 (-5%)	1mo	$212,000	$135	75
3005 29th Ave	0.47mi	3/2.0	1,704 (+3%)	0mo	$240,000	$141	69
1805 Brockman Ave	0.37mi	3/2.5	1,752 (+6%)	0mo	$265,001	$151	68
2905 31st St	0.54mi	3/3.0	1,688 (+2%)	0mo	$326,000	$193	64
2765 14th Ave Ave	0.59mi	3/2.0	1,740 (+5%)	0mo	$265,000	$152	60
1675 Northview Dr	0.39mi	4/2.0 (+1)	1,810 (+9%)	2mo	$237,515	$131	56
2543 29th Ave	0.28mi	3/2.5	1,899 (+14%)	2mo	$265,000	$140	55
1480 Henderson Dr	0.58mi	3/2.0	1,479 (-11%)	0mo	$192,000	$130	51
3460 27th Ave	0.69mi	4/2.0 (+1)	1,723 (+4%)	2mo	$268,100	$156	50
2995 Downing St	0.67mi	3/2.5	1,832 (+10%)	1mo	$285,000	$156	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: -14.7%
• Equity multiple: 0.45×
• Total profit: $-36,046
• Equity at exit: $35,039

10-year hold

• IRR: 0.7%
• Equity multiple: 1.06×
• Total profit: $3,918
• Equity at exit: $20,319

Cash invested: $65,800 (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 52302

• Rents YoY: 8.4%
• Active inventory: 455
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,891 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$289 /mo · $3,468/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-125

Break-even live

Break-even rent $2,050

Max offer price $212,852

Occupancy floor —

Sensitivity live

Price	-10% $8	-5% $-59	+0% $-125	+5% $-192	+10% $-258
Rent	-10% $-275	-5% $-200	+0% $-125	+5% $-51	+10% $24
Rate	-1.0pp $-7	-0.5pp $-66	base $-125	+0.5pp $-186	+1.0pp $-248

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2799 29th Ave Marion, IA	4.0	2.0	1394	$1,995	$1.43	44d	1	0.36mi
1330 Brockman Ave Marion, IA	4.0	2.0	1590	$2,400	$1.51	14d	1	0.50mi
2785 Ridgeview Way Marion, IA	3.0	1.5	2015	$1,650	$0.82	14d	1	0.74mi
3040 3rd Ave Marion, IA	3.0	2.0	1500	$1,450	$0.97	21d	1	1.25mi

Listing history 11 events

1. 2026-04-24
   status Pending
2. 2026-04-22
   listed $235,000 Active
3. 2021-12-14
   soldstatus $203,000
4. 2021-12-10
   soldstatus $203,000 617-char remark

   Show marketing remark (617 chars)

   ACCEPTED OFFER 10/17/2021. You will love all the updates and location of this well kept Marion Ranch! New roof, steel siding, covered front porch, newer windows and driveway. Updated kitchen with new fridge and stove opens to dining area and spacious living room with freestanding gas stove to enjoy. Hardwood and tile flooring throughout the main level. Finished basement with bathroom remodel, water softener and reverse osmosis system. Sliders to large patio, fenced yard and oversized 2 car garage. Orangeburg pipes has been replaced. Convenient location to schools, parks and golf course. Home sweet home, hurry!

5. 2021-10-07
   listed $200,000 617-char remark

   Show marketing remark (617 chars)

   ACCEPTED OFFER 10/17/2021. You will love all the updates and location of this well kept Marion Ranch! New roof, steel siding, covered front porch, newer windows and driveway. Updated kitchen with new fridge and stove opens to dining area and spacious living room with freestanding gas stove to enjoy. Hardwood and tile flooring throughout the main level. Finished basement with bathroom remodel, water softener and reverse osmosis system. Sliders to large patio, fenced yard and oversized 2 car garage. Orangeburg pipes has been replaced. Convenient location to schools, parks and golf course. Home sweet home, hurry!

6. 2016-09-07
   soldstatus $149,000
7. 2016-08-26
   soldstatus $149,000 325-char remark

   Show marketing remark (325 chars)

   Well kept ranch in a great Marion neighborhood. Owner was fastidious about taking care of the home! Updated kitchen and very nice bathroom remodel on the lower level. This is an estate, so no property disclosure provided, but you will see roof, windows, mechanicals and driveway are all newer. Backyard is completely fenced.

8. 2016-07-05
   listed $148,000 325-char remark

   Show marketing remark (325 chars)

   Well kept ranch in a great Marion neighborhood. Owner was fastidious about taking care of the home! Updated kitchen and very nice bathroom remodel on the lower level. This is an estate, so no property disclosure provided, but you will see roof, windows, mechanicals and driveway are all newer. Backyard is completely fenced.

9. 2014-09-08
   soldstatus $135,000
10. 2005-06-29
    soldstatus $127,500
11. 2000-12-20
    soldstatus $105,700

ⓘ 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: $3,468 · $289/mo
• Projected year-2 tax: $3,579 · $298/mo
• Expected delta: +$111/yr (+$9/mo · 3.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°F today · 15 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: $22,692
• − Mortgage interest: −$13,164
• − Property taxes: −$3,468
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − Depreciation: −$6,836
• Taxable loss: −$5,582
• Est. tax savings @ 24.0%: +$1,340
• After-tax cash flow: $-165/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: Linn-Mar Community School District
• NCES district ID: 1917220
• Math proficiency: 75% ▼ -7.00%
• Reading proficiency: 76% ▼ -5.00%
• Median HH income: $72,473
• Composite: 66.08/100
• National rank: #440
• State rank: #44 of 289 in IA

Livability — Marion

• Score: 84/100
• State rank: #19
• US rank: #633

Category grades

Amenities D- 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: Marion, IA
• County: Linn County · 179,860 people
• City population: 42,706
• Metro: Cedar Rapids, IA
• Population (ZIP): 42,706
• Household income: $87,983
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 940.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Black 3% Asian 2%
• Common ancestry: Portuguese 6% Iranian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% 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: ▼ -144.98%
• Current HPI: 199.2949
• Rent YoY: ▲ 8.37%
• 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

+122.3% since first listed

11 events — show timeline

• 2026-04-24 Pending — CRAAR, CDRMLS
• 2026-04-22 Listed $235,000 CRAAR, CDRMLS
• 2021-12-14 Sold (Public Records) $203,000 Public Records
• 2021-12-10 Sold (MLS) $203,000 CRAAR, CDRMLS
• 2021-10-07 Listed $200,000 CRAAR, CDRMLS
• 2016-09-07 Sold (Public Records) $149,000 Public Records
• 2016-08-26 Sold (MLS) $149,000 CRAAR, CDRMLS
• 2016-07-05 Listed $148,000 CRAAR, CDRMLS
• 2014-09-08 Sold (Public Records) $135,000 Public Records
• 2005-06-29 Sold (Public Records) $127,500 Public Records
• 2000-12-20 Sold (Public Records) $105,700 Public Records

Property tax history

+2.8%/yr

Latest (2025): $3,468 · +2.8% YoY. Source: county tax records.