420-422 S Hackett Rd · Waterloo, IA 50701

$249,900

4 bd · 3.0 ba · 1,892 sqft · MultiFamily public records · 9 Days on market

Built 1964 0.69 ac lot Est $318k · 21% under

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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).

• ARV discount +15.0/15.0
• Cash flow +7.1/30.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Investors—this is the needle in the haystack you’ve been searching for. This exceptional duplex delivers space, versatility, and standout features rarely found in one property. With four garage stalls, there’s ample room for tenants, storage, or additional rental potential. The expansive backyard offers a peaceful, almost country-like setting—an uncommon bonus that sets this property apart. One unit features 3 bedrooms and a private enclosed sunroom, creating a comfortable, light-filled living space. Both units are thoughtfully laid out with generous living areas, functional kitchen and dining spaces, and well-sized bedrooms designed for everyday comfort. Each side a

Key facts

• Expansive backyard
• 0.69 acre lot
• 4 garage spots

Tags

• EXPANSIVE BACKYARD
• PRIVATE ENCLOSED SUNROOM
• SUBSTANTIAL BASEMENT SPACE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $-361 ($-4k/yr) — negative. Per door: $-180/mo.
• To cash-flow at today's rent, offer at most $186k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (24.3% below list).
• Recommended offer: $186k (25.5% below list) — sets the bar for cash-flow.

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 (+3.8%/yr); 285 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% 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).
• This rent runs 37% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Black Hawk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $175k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $186,174 (25.5% 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. 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. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.76% ✗
• Cap rate: 4.56%
• Cash-on-cash: -6.19%
• DSCR: 0.72
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $317,856
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2114 Cardinal Dr	0.50mi	4/2.0	1,636 (-14%)	18mo	$275,000	$168	35

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: -25.9%
• Equity multiple: 0.12×
• Total profit: $-61,829
• Equity at exit: $37,261

10-year hold

• IRR: -19.9%
• Equity multiple: -0.09×
• Total profit: $-76,591
• Equity at exit: $21,607

Cash invested: $69,972 (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 50701

• Rents YoY: 3.8%
• Active inventory: 285
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $1,891 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$440 /mo · $5,280/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-361

Break-even live

Break-even rent $2,348

Max offer price $186,174

Occupancy floor —

Sensitivity live

Price	-10% $-219	-5% $-290	+0% $-361	+5% $-431	+10% $-502
Rent	-10% $-510	-5% $-435	+0% $-361	+5% $-286	+10% $-211
Rate	-1.0pp $-235	-0.5pp $-297	base $-361	+0.5pp $-425	+1.0pp $-491

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$1,892
Total (2 units)			$1,891

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1915 Mayfair St Waterloo, IA	4.0	2.5	2300	$2,100	$0.91	45d	1	0.19mi
3856 Jay Ln Waterloo, IA	3.0	3.5	1520	$1,975	$1.30	45d	1	0.38mi
1247 Doreen Ave Waterloo, IA	4.0	1.0	1288	$1,500	$1.16	22d	1	1.12mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	45d	1	1.30mi

Listing history 5 events

1. 2025-06-26
   historical $1,250
2. 2025-05-01
   listed $1,250
3. 2023-10-13
   historical $1,200
4. 2023-09-28
   price $1,200
5. 2017-04-17
   soldstatus $175,000

ⓘ 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: $5,280 · $440/mo
• Projected year-2 tax: $5,280 · $440/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 15 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: $22,692
• − Mortgage interest: −$13,998
• − Property taxes: −$5,280
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,815
• − Management: −$1,815
• − Depreciation: −$7,270
• Taxable loss: −$8,736
• Est. tax savings @ 24.0%: +$2,097
• After-tax cash flow: $-2,232/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): 30,232
• Household income: $61,475
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1377.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Black 11% Two or more races 5% Hispanic / Latino 3% Asian 3%
• Common ancestry: Portuguese 3% Italian 3% American 2%
• Foreign-born: 7% · Canada, South Korea, Vietnam
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Spanish 2% French/Haitian/Cajun 2%

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: ▼ -107.19%
• Current HPI: 162.8951
• Rent YoY: ▲ 3.80%
• 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

-99.3% since first listed

5 events — show timeline

• 2025-06-26 Rental Removed $1,250 APPFOLIO
• 2025-05-01 Listed for Rent $1,250 APPFOLIO
• 2023-10-13 Rental Removed $1,200 APPFOLIO
• 2023-09-28 Price Changed $1,200 APPFOLIO
• 2017-04-17 Sold (Public Records) $175,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $5,280 · +8.5% YoY. Source: county tax records.