56 Lafayette St · Waterloo, IA 50703

$65,000

3 bd · 2.0 ba · 1,380 sqft · SingleFamily public records · 260 Days on market

Built 1889 2,700 sqft lot $47/sqft · at area comps Est $68k · at est. ↓ 18% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.3/15.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 story house with 3 bedrooms and 1.75 bathrooms. Full unfinished basement. All offers from interested buyers must be entered online at www. auction.com for the duration of the time that this property is in auction. Registration to bid is now available on the property's listing page on www. auction.com An offer management fee of $200 (plus sales tax, where applicable) is charged by Pyramid Platform in connection with the use of Propoffers.com. This fee will be paid at closing from the agent representing the buyer as selling agent or transaction broker. Subject to seller addendum For financed offers EMD to be 1% or $1000 whichever is greater and for cash/hardmoney offers EMD to be 5% or $5000 whichever is greater. EMD to be held by seller's title or attorney. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

Key facts

• 2,700 sq ft lot
• Built 1889
• Listed 259 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $339 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 4.2% in Waterloo — 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 81/100 on livability (#74 in IA, #1,589 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime F, employment D-.
• Waterloo Community School District (urban): math 50% / reading 54% proficiency, ranked #276 of 289 in IA (top 96%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Black Hawk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 260 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 260 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.66% ✓
• Cap rate: 12.55%
• Cash-on-cash: 22.36%
• DSCR: 1.99
• GRM: 5.0

CMA / ARV

• ARV (median comp): $67,763
• List price: $65,000
• Delta: -4.08%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
71 Lafayette St	0.04mi	4/1.0 (+1)	1,392 (+1%)	11mo	$70,000	$50	79
411 Argyle St St	0.38mi	4/2.0 (+1)	1,360 (-1%)	8mo	$104,000	$76	68
315 Logan Ave	0.28mi	3/1.0	1,299 (-6%)	20mo	$128,000	$99	57
221 Center St	0.53mi	3/1.0	1,291 (-6%)	6mo	$38,000	$29	55
215 Dane St	0.40mi	4/2.0 (+1)	1,276 (-8%)	11mo	$86,900	$68	55
215 Randolph St	0.73mi	3/2.0	1,414 (+2%)	9mo	$108,000	$76	54
409 Conger St	0.60mi	3/1.5	1,346 (-2%)	20mo	$87,000	$65	50
220 Center St	0.56mi	3/2.0	1,266 (-8%)	23mo	$65,000	$51	41
116 Conger St St	0.71mi	4/1.0 (+1)	1,546 (+12%)	0mo	$70,000	$45	38

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 · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 1.84×
• Total profit: $15,256
• Equity at exit: $9,692

10-year hold

• IRR: 30.5%
• Equity multiple: 4.28×
• Total profit: $59,612
• Equity at exit: $5,620

Cash invested: $18,200 (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 50703

• Rents YoY: 6.7%
• Active inventory: 98
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,079 high
• Mortgage (P&I): −$341
• Tax from tax record: −$146 /mo · $1,746/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $339

Break-even live

Break-even rent $650

Max offer price $65,000

Occupancy floor 64%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	21d	1	0.29mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	0.41mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	21d	1	0.52mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	43d	2	0.56mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	43d	1	0.60mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	0.66mi
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	21d	1	0.67mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	0.69mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	0.72mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	0.72mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	21d	1	0.78mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	0.84mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	43d	1	0.85mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	43d	1	0.85mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	43d	1	0.86mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	21d	1	0.92mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	21d	1	1.01mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	21d	1	1.04mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	43d	1	1.12mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	21d	1	1.17mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	43d	1	1.18mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	43d	1	1.20mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	21d	1	1.23mi
1720 Franklin St Waterloo, IA	4.0	1.5	1392	$1,000	$0.72	43d	1	1.25mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	43d	1	1.26mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	43d	1	1.29mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	43d	1	1.30mi
1524 1/2 W 5th St Unit 1524 1/2 Waterloo, IA	2.0	1.0	981	$850	$0.87	21d	1	1.39mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	43d	1	1.45mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	43d	1	1.46mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	44d	1	1.50mi

Listing history 23 events

1. 2026-06-19
   days on market $65,000 Active 260 DOM
2. 2026-06-18
   days on market $65,000 Active 259 DOM
3. 2026-06-17
   days on market $65,000 Active 258 DOM
4. 2026-06-16
   days on market $65,000 Active 257 DOM
5. 2026-06-15
   days on market $65,000 Active 256 DOM
6. 2026-06-14
   days on market $65,000 Active 254 DOM
7. 2026-06-13
   days on market $65,000 Active 253 DOM
8. 2026-06-10
   days on market $65,000 Active 251 DOM
9. 2026-06-09
   days on market $65,000 Active 250 DOM
10. 2026-06-08
    days on market $65,000 Active 249 DOM
11. 2026-06-07
    days on market $65,000 Active 248 DOM
12. 2026-06-05
    days on market $65,000 Active 245 DOM
13. 2026-06-03
    days on market $65,000 Active 244 DOM
14. 2026-06-02
    days on market $65,000 Active 243 DOM
15. 2026-06-01
    days on market $65,000 Active 242 DOM
16. 2026-05-31
    days on market $65,000 Active 241 DOM
17. 2026-05-30
    days on market $65,000 Active 240 DOM
18. 2026-03-02
    price $70,000 900-char remark

    Show marketing remark (900 chars)

    2 story house with 3 bedrooms and 1.75 bathrooms. Full unfinished basement. All offers from interested buyers must be entered online at www. auction.com for the duration of the time that this property is in auction. Registration to bid is now available on the property's listing page on www. auction.com An offer management fee of $200 (plus sales tax, where applicable) is charged by Pyramid Platform in connection with the use of Propoffers.com. This fee will be paid at closing from the agent representing the buyer as selling agent or transaction broker. Subject to seller addendum For financed offers EMD to be 1% or $1000 whichever is greater and for cash/hardmoney offers EMD to be 5% or $5000 whichever is greater. EMD to be held by seller's title or attorney. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

19. 2025-12-29
    status Active 900-char remark

    Show marketing remark (900 chars)

    2 story house with 3 bedrooms and 1.75 bathrooms. Full unfinished basement. All offers from interested buyers must be entered online at www. auction.com for the duration of the time that this property is in auction. Registration to bid is now available on the property's listing page on www. auction.com An offer management fee of $200 (plus sales tax, where applicable) is charged by Pyramid Platform in connection with the use of Propoffers.com. This fee will be paid at closing from the agent representing the buyer as selling agent or transaction broker. Subject to seller addendum For financed offers EMD to be 1% or $1000 whichever is greater and for cash/hardmoney offers EMD to be 5% or $5000 whichever is greater. EMD to be held by seller's title or attorney. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

20. 2025-12-19
    historical 900-char remark

    Show marketing remark (900 chars)

    2 story house with 3 bedrooms and 1.75 bathrooms. Full unfinished basement. All offers from interested buyers must be entered online at www. auction.com for the duration of the time that this property is in auction. Registration to bid is now available on the property's listing page on www. auction.com An offer management fee of $200 (plus sales tax, where applicable) is charged by Pyramid Platform in connection with the use of Propoffers.com. This fee will be paid at closing from the agent representing the buyer as selling agent or transaction broker. Subject to seller addendum For financed offers EMD to be 1% or $1000 whichever is greater and for cash/hardmoney offers EMD to be 5% or $5000 whichever is greater. EMD to be held by seller's title or attorney. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

21. 2025-11-24
    price $75,000 900-char remark

    Show marketing remark (900 chars)

    2 story house with 3 bedrooms and 1.75 bathrooms. Full unfinished basement. All offers from interested buyers must be entered online at www. auction.com for the duration of the time that this property is in auction. Registration to bid is now available on the property's listing page on www. auction.com An offer management fee of $200 (plus sales tax, where applicable) is charged by Pyramid Platform in connection with the use of Propoffers.com. This fee will be paid at closing from the agent representing the buyer as selling agent or transaction broker. Subject to seller addendum For financed offers EMD to be 1% or $1000 whichever is greater and for cash/hardmoney offers EMD to be 5% or $5000 whichever is greater. EMD to be held by seller's title or attorney. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

22. 2025-10-23
    price $80,000 900-char remark

    Show marketing remark (900 chars)

    2 story house with 3 bedrooms and 1.75 bathrooms. Full unfinished basement. All offers from interested buyers must be entered online at www. auction.com for the duration of the time that this property is in auction. Registration to bid is now available on the property's listing page on www. auction.com An offer management fee of $200 (plus sales tax, where applicable) is charged by Pyramid Platform in connection with the use of Propoffers.com. This fee will be paid at closing from the agent representing the buyer as selling agent or transaction broker. Subject to seller addendum For financed offers EMD to be 1% or $1000 whichever is greater and for cash/hardmoney offers EMD to be 5% or $5000 whichever is greater. EMD to be held by seller's title or attorney. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

23. 2025-09-22
    listed $85,000 Active 900-char remark

    Show marketing remark (900 chars)

    2 story house with 3 bedrooms and 1.75 bathrooms. Full unfinished basement. All offers from interested buyers must be entered online at www. auction.com for the duration of the time that this property is in auction. Registration to bid is now available on the property's listing page on www. auction.com An offer management fee of $200 (plus sales tax, where applicable) is charged by Pyramid Platform in connection with the use of Propoffers.com. This fee will be paid at closing from the agent representing the buyer as selling agent or transaction broker. Subject to seller addendum For financed offers EMD to be 1% or $1000 whichever is greater and for cash/hardmoney offers EMD to be 5% or $5000 whichever is greater. EMD to be held by seller's title or attorney. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

ⓘ 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: $1,746 · $146/mo
• Projected year-2 tax: $1,746 · $146/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 4/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,951
• − Mortgage interest: −$3,641
• − Property taxes: −$1,746
• − Insurance: −$325
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$1,891
• Taxable income: $3,276
• Est. tax owed @ 24.0%: −$786
• After-tax cash flow: $3,284/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: Waterloo Community School District
• NCES district ID: 1930480
• Math proficiency: 50% ▼ -4.00%
• Reading proficiency: 54% ▲ 1.00%
• Median HH income: $42,545
• Composite: 43.72/100
• National rank: #2950
• State rank: #276 of 289 in IA

Livability — Waterloo

• Score: 81/100
• State rank: #74
• US rank: #1589

Category grades

Amenities B+ Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A- User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterloo, IA
• County: Black Hawk County · 112,933 people
• City population: 69,066
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 17,952
• Household income: $50,060
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 871.0

Population outlook (Black Hawk County) Hauer SSP2

• Today (2025): 139,716 people
• By 2030: 142,853 · +2.2%
• By 2040: 147,843 · +5.8%
• By 2050: 153,247 · +9.7%
• By 2075: 167,977 · +20.2%
• By 2100: 177,320 · +26.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Black 26% Hispanic / Latino 10% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 1% Portuguese 1% Lithuanian 1%
• Foreign-born: 7% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 7% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Black Hawk

• 2024 margin: Toss-up / Even · D 50.0% · R 48.8% · Other 1.2%
• 2008→2024 swing: -21.3pp toward R · 2008: 22.4pp · 2024: 1.2pp
• All cycles: 2024: D+1.2 2020: D+9.0 2016: D+7.3 2012: D+20.0 2008: D+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -117.18%
• Current HPI: 132.9478
• Rent YoY: ▲ 6.67%
• Metro: Waterloo-Cedar Falls, 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

-17.6% since first listed

6 events — show timeline

• 2026-03-02 Price Changed $70,000 NEIRBR as distributed by MLS GRID
• 2025-12-29 Relisted — NEIRBR as distributed by MLS GRID
• 2025-12-19 Delisted — NEIRBR as distributed by MLS GRID
• 2025-11-24 Price Changed $75,000 NEIRBR as distributed by MLS GRID
• 2025-10-23 Price Changed $80,000 NEIRBR as distributed by MLS GRID
• 2025-09-22 Listed $85,000 NEIRBR as distributed by MLS GRID

Property tax history

+9.6%/yr

Latest (2025): $1,746 · -0.4% YoY. Source: county tax records.