1103-1107 Logan Ave · Waterloo, IA 50703

$138,500

None bd · None ba · 1,728 sqft · MultiFamily · 235 Days on market

Built 1994 Fair condition 0.29 ac lot $80/sqft · 47% above area Est $94k · 47% over ↓ 9% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great investment opportunity in a ranch style duplex! Two bedroom, one bathroom, living room, kitchen, 12x14 concrete patio each unit. Nice corner lot location in a quiet neighborhood. 1103 rent is $660/month 1107 rent is $675/month, both section 8 tenants. Would make for a great investment! Schedule your showing today!

Key facts

• Concrete patio
• Quiet neighborhood
• Ranch style duplex

Tags

• RANCH STYLE DUPLEX
• CORNER LOT LOCATION
• QUIET NEIGHBORHOOD
• CONCRETE PATIO

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $138k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $973 ($12k/yr) — positive. Per door: $324/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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).
• At $2,443/mo this rent would consume 59% of the median local household income ($50k/yr) (locally 871% 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 $958 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 235 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,880 (12.0% below list)

Questions for the listing agent

1. It's been on market 235 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. 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. 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?
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: 1.76% ✓
• Cap rate: 14.72%
• Cash-on-cash: 30.10%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

• ARV (median comp): $94,257
• List price: $138,500
• Delta: 46.94%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1103-1107 Logan Ave	0.00mi	—/—	1,728 (0%)	0mo	$127,000	$73	100
1123-1125 N Barclay St	0.51mi	—/—	1,752 (+1%)	9mo	$65,000	$37	66
52 Franklin St	0.74mi	2/2.0	1,616 (-6%)	21mo	$34,000	$21	37

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: 28.8%
• Equity multiple: 2.26×
• Total profit: $48,907
• Equity at exit: $20,651

10-year hold

• IRR: 38.3%
• Equity multiple: 5.23×
• Total profit: $163,916
• Equity at exit: $11,975

Cash invested: $38,780 (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: 14.2×

Monthly cashflow live

• Estimated rent: $2,443 high
• Mortgage (P&I): −$726
• Tax est. 1.5%: −$173 /mo · $2,078/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $973

Break-even live

Break-even rent $1,212

Max offer price $138,500

Occupancy floor 55%

Sensitivity live

Price	-10% $1,069	-5% $1,021	+0% $973	+5% $925	+10% $877
Rent	-10% $780	-5% $876	+0% $973	+5% $1,069	+10% $1,166
Rate	-1.0pp $1,043	-0.5pp $1,008	base $973	+0.5pp $937	+1.0pp $900

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,442
Total (3 units)			$2,443

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: $34,625
• Closing costs: $4,155
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	21d	1	0.14mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	21d	1	0.18mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	21d	1	0.33mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	21d	1	0.40mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	44d	1	0.45mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	21d	1	1.04mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	44d	1	1.13mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	1.30mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	1.34mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.42mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.45mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	1.45mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.47mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	44d	1	1.49mi

Listing history 5 events

1. 2026-05-12
   status Pending 321-char remark

   Show marketing remark (321 chars)

   Great investment opportunity in a ranch style duplex! Two bedroom, one bathroom, living room, kitchen, 12x14 concrete patio each unit. Nice corner lot location in a quiet neighborhood. 1103 rent is $660/month 1107 rent is $675/month, both section 8 tenants. Would make for a great investment! Schedule your showing today!

2. 2026-04-27
   price $138,500 321-char remark

   Show marketing remark (321 chars)

   Great investment opportunity in a ranch style duplex! Two bedroom, one bathroom, living room, kitchen, 12x14 concrete patio each unit. Nice corner lot location in a quiet neighborhood. 1103 rent is $660/month 1107 rent is $675/month, both section 8 tenants. Would make for a great investment! Schedule your showing today!

3. 2026-01-22
   price $142,500 321-char remark

   Show marketing remark (321 chars)

   Great investment opportunity in a ranch style duplex! Two bedroom, one bathroom, living room, kitchen, 12x14 concrete patio each unit. Nice corner lot location in a quiet neighborhood. 1103 rent is $660/month 1107 rent is $675/month, both section 8 tenants. Would make for a great investment! Schedule your showing today!

4. 2025-10-24
   price $148,500 321-char remark

   Show marketing remark (321 chars)

   Great investment opportunity in a ranch style duplex! Two bedroom, one bathroom, living room, kitchen, 12x14 concrete patio each unit. Nice corner lot location in a quiet neighborhood. 1103 rent is $660/month 1107 rent is $675/month, both section 8 tenants. Would make for a great investment! Schedule your showing today!

5. 2025-09-19
   listed $152,500 Active 321-char remark

   Show marketing remark (321 chars)

   Great investment opportunity in a ranch style duplex! Two bedroom, one bathroom, living room, kitchen, 12x14 concrete patio each unit. Nice corner lot location in a quiet neighborhood. 1103 rent is $660/month 1107 rent is $675/month, both section 8 tenants. Would make for a great investment! Schedule your showing today!

ⓘ 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 5/10 Major FEMA zone X · 49% 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: $29,316
• − Mortgage interest: −$7,758
• − Property taxes: −$2,078
• − Insurance: −$692
• − Repairs & maintenance: −$2,345
• − Management: −$2,345
• − Depreciation: −$4,029
• Taxable income: $10,068
• Est. tax owed @ 24.0%: −$2,416
• After-tax cash flow: $9,258/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 · 12 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate rehabilitation, focusing on exterior repairs and painting to enhance its curb appeal and rental value.

Repairs flagged

• Major siding — Significant wear and tear
• Major exterior paint — Visible peeling and fading

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value
• Both repair siding — Improves home's appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
exterior paint · Visible peeling and fading	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair siding — Improves home's appearance 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: 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

-9.2% since first listed

5 events — show timeline

• 2026-05-12 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-27 Price Changed $138,500 NEIRBR as distributed by MLS GRID
• 2026-01-22 Price Changed $142,500 NEIRBR as distributed by MLS GRID
• 2025-10-24 Price Changed $148,500 NEIRBR as distributed by MLS GRID
• 2025-09-19 Listed $152,500 NEIRBR as distributed by MLS GRID