120 Shannon Dr #4 · North Liberty, IA 52317

$118,500

2 bd · 1.0 ba · 838 sqft · Condo public records · 105 Days on market

Built 1996 $150/mo HOA · 11% of rent

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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 +18.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• DSCR +5.9/10.0
• Schools +5.7/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 120 Shannon Dr in North Liberty, this attached condo offers affordable living and convenience. Step inside and you are welcomed by an open layout featuring the kitchen and living room. In the kitchen you will also find a pantry and the laundry closet. This condo offers two spacious bedrooms and one full bathroom with great storage in it! Outside you will find the detached one stall garage that accompanies the condo. This location offers close access to the interstate and is also close to many restaurants, shopping, and a golf course. Schedule your showing today! Unit cannot be rented and no more than two large pets when fully grown allowed.

Key facts

• Close to restaurants
• Laundry closet
• Close to shopping

Tags

• OPEN KITCHEN
• LAUNDRY CLOSET
• DETACHED GARAGE
• CLOSE ACCESS TO INTERSTATE
• CLOSE TO RESTAURANTS
• CLOSE TO SHOPPING

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $1,800 (about $150/month); HOA covers grounds and structure maintenance; Community sidewalks and street lights

Exterior

• Parking: 1 parking space
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential condominium; Condominium common interest
• Construction: Vinyl siding; Frame construction
• Exterior features: Other exterior features

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Ceiling fan(s); Forced air heat; Natural gas heat
• Interior features: Breakfast bar; Pantry; Other interior features
• Laundry & utility: Washer; Dryer; Laundry located in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $118k.

Deal economics

• At list price, monthly cash flow is $49 ($589/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $108k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: crime A+, employment A+, housing 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.
• Zoned schools: Liberty High School (math 71% / reading 80%, grade A-, #79 of 336 statewide, top 25%, 1,167 students, 25% FRL) — zoned schools at 25% FRL track the district average.
• 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 16% 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 $819 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $33k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 6 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,835 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.17% ✓
• Cap rate: 7.46%
• Cash-on-cash: 4.18%
• DSCR: 1.19
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.0%
• Equity multiple: 0.72×
• Total profit: $-9,139
• Equity at exit: $17,669

10-year hold

• IRR: 8.6%
• Equity multiple: 1.82×
• Total profit: $27,312
• Equity at exit: $10,246

Cash invested: $33,180 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,392 medium
• Mortgage (P&I): −$621
• Tax from tax record: −$164 /mo · $1,962/yr
• Insurance: −$49
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$150
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $49

Break-even live

Break-even rent $1,330

Max offer price $118,500

Occupancy floor 91%

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: $29,625
• Closing costs: $3,555
• 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	0.32mi
115 Sugar Creek Ln Unit 01 North Liberty, IA	2.0	1.0	675	$995	$1.47	21d	1	0.46mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-05-02
   status Pending
2. 2026-01-16
   listed $118,500 Active
3. 2025-11-12
   price $122,500
4. 2025-08-07
   listed $132,500 Active
5. 2023-10-11
   soldstatus $125,000
6. 2023-10-02
   soldstatus $125,000 Closed 659-char remark

   Show marketing remark (659 chars)

   Welcome to 120 Shannon Dr in North Liberty, this attached condo offers affordable living and convenience. Step inside and you are welcomed by an open layout featuring the kitchen and living room. In the kitchen you will also find a pantry and the laundry closet. This condo offers two spacious bedrooms and one full bathroom with great storage in it! Outside you will find the detached one stall garage that accompanies the condo. This location offers close access to the interstate and is also close to many restaurants, shopping, and a golf course. Schedule your showing today! Unit cannot be rented and no more than two large pets when fully grown allowed.

7. 2023-10-02
   soldstatus $125,000 Closed

   Show marketing remark (659 chars)

   Welcome to 120 Shannon Dr in North Liberty, this attached condo offers affordable living and convenience. Step inside and you are welcomed by an open layout featuring the kitchen and living room. In the kitchen you will also find a pantry and the laundry closet. This condo offers two spacious bedrooms and one full bathroom with great storage in it! Outside you will find the detached one stall garage that accompanies the condo. This location offers close access to the interstate and is also close to many restaurants, shopping, and a golf course. Schedule your showing today! Unit cannot be rented and no more than two large pets when fully grown allowed.

8. 2023-08-26
   status Pending 659-char remark

   Show marketing remark (659 chars)

   Welcome to 120 Shannon Dr in North Liberty, this attached condo offers affordable living and convenience. Step inside and you are welcomed by an open layout featuring the kitchen and living room. In the kitchen you will also find a pantry and the laundry closet. This condo offers two spacious bedrooms and one full bathroom with great storage in it! Outside you will find the detached one stall garage that accompanies the condo. This location offers close access to the interstate and is also close to many restaurants, shopping, and a golf course. Schedule your showing today! Unit cannot be rented and no more than two large pets when fully grown allowed.

9. 2023-08-26
   historical Active Under Contract

   Show marketing remark (659 chars)

   Welcome to 120 Shannon Dr in North Liberty, this attached condo offers affordable living and convenience. Step inside and you are welcomed by an open layout featuring the kitchen and living room. In the kitchen you will also find a pantry and the laundry closet. This condo offers two spacious bedrooms and one full bathroom with great storage in it! Outside you will find the detached one stall garage that accompanies the condo. This location offers close access to the interstate and is also close to many restaurants, shopping, and a golf course. Schedule your showing today! Unit cannot be rented and no more than two large pets when fully grown allowed.

10. 2023-08-22
    listed $125,000 Active 659-char remark

    Show marketing remark (659 chars)

    Welcome to 120 Shannon Dr in North Liberty, this attached condo offers affordable living and convenience. Step inside and you are welcomed by an open layout featuring the kitchen and living room. In the kitchen you will also find a pantry and the laundry closet. This condo offers two spacious bedrooms and one full bathroom with great storage in it! Outside you will find the detached one stall garage that accompanies the condo. This location offers close access to the interstate and is also close to many restaurants, shopping, and a golf course. Schedule your showing today! Unit cannot be rented and no more than two large pets when fully grown allowed.

11. 2023-08-22
    listed $125,000 Active

    Show marketing remark (659 chars)

    Welcome to 120 Shannon Dr in North Liberty, this attached condo offers affordable living and convenience. Step inside and you are welcomed by an open layout featuring the kitchen and living room. In the kitchen you will also find a pantry and the laundry closet. This condo offers two spacious bedrooms and one full bathroom with great storage in it! Outside you will find the detached one stall garage that accompanies the condo. This location offers close access to the interstate and is also close to many restaurants, shopping, and a golf course. Schedule your showing today! Unit cannot be rented and no more than two large pets when fully grown allowed.

12. 2020-10-23
    soldstatus $99,000
13. 2020-10-15
    soldstatus $99,000
14. 2020-08-25
    listed $99,000
15. 2015-11-16
    soldstatus $73,000
16. 2015-10-30
    soldstatus $73,000
17. 2015-05-26
    listed $73,000
18. 2009-07-09
    soldstatus $68,000

ⓘ 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: $1,962 · $164/mo
• Projected year-2 tax: $1,962 · $164/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 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: $16,707
• − Mortgage interest: −$6,638
• − Property taxes: −$1,962
• − Insurance: −$1,390
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − HOA: −$1,800
• − Depreciation: −$3,447
• Taxable loss: −$1,204
• Est. tax savings @ 24.0%: +$289
• After-tax cash flow: $878/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

+74.3% since first listed

18 events — show timeline

• 2026-05-02 Pending — ICAARMLS
• 2026-01-16 Listed $118,500 ICAARMLS
• 2025-11-12 Price Changed $122,500 ICAARMLS
• 2025-08-07 Listed $132,500 ICAARMLS
• 2023-10-11 Sold (Public Records) $125,000 Public Records
• 2023-10-02 Sold (MLS) $125,000 ICAARMLS
• 2023-10-02 Sold (MLS) $125,000 CRAAR, CDRMLS
• 2023-08-26 Pending — CRAAR, CDRMLS
• 2023-08-26 Contingent — ICAARMLS
• 2023-08-22 Listed $125,000 ICAARMLS
• 2023-08-22 Listed $125,000 CRAAR, CDRMLS
• 2020-10-23 Sold (Public Records) $99,000 Public Records
• 2020-10-15 Sold (MLS) $99,000 ICAARMLS
• 2020-08-25 Listed $99,000 ICAARMLS
• 2015-11-16 Sold (Public Records) $73,000 Public Records
• 2015-10-30 Sold (MLS) $73,000 ICAARMLS
• 2015-05-26 Listed $73,000 ICAARMLS
• 2009-07-09 Sold (Public Records) $68,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $1,962 · +12.5% YoY. Source: county tax records.