818 6th St NW · Waverly, IA 50677

$209,000

2 bd · 3.0 ba · 2,242 sqft · Condo public records · 1 Days on market

Built 1990

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +6.6/10.0
• Livability +4.3/5.0
• Cash flow +4.0/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this 2 bedroom and 2.25 bathroom condo! This is a lovely, move-in ready home in a quiet neighborhood. Enjoy the low maintenance of a condo without the sacrifice. Featuring an open floor concept, surround-sound stereo system, custom blinds, main floor laundry, and freshly painted rooms. Head to the basement for a rec room, additional bathroom, and extra storage room. There is also an egress window for a potential bedroom. The highlight feature of this home is the sun-room which leads to a private courtyard in the back, via a large sliding glass door. This is surrounded by a beautifully landscaped patio, with mature shrubs and flowers. The property is accessed with a private drive and includes a two stall attached garage. Updated features include new roof, furnace, water heater, and radon mitigation system. Call today for a private showing!

Key facts

• Private patio
• Wood privacy fence
• Composite deck

Tags

• 8 BLOCKS FROM WARTBURG COLLEGE
• OPEN CONCEPT MAIN LEVEL
• PRIVATE PATIO
• FINISHED LOWER LEVEL
• COMPOSITE DECK
• WOOD PRIVACY FENCE

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $209k.

Deal economics

• At list price, monthly cash flow is $-585 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (35.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (38.4% below list).
• Recommended offer: $129k (38.4% below list) — sets the bar for 1% rule.
• Cap rate 2.9% vs local median 2.4% in Waverly — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 86/100 on livability (#12 in IA, #406 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F.
• Waverly-Shell Rock Community School District (town): math 79% / reading 74% proficiency, ranked #46 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Margaretta Carey Elementary School (math 77% / reading 62%, grade A-, #224 of 616 statewide, top 42%, 237 students, 25% FRL); Waverly-Shell Rock Middle School (math 79% / reading 73%, grade A, #59 of 246 statewide, top 26%, 699 students, 22% FRL); Waverly-Shell Rock Senior High School (math 79% / reading 78%, grade A-, #50 of 336 statewide, top 15%, 771 students, 20% FRL).
• Market conditions: 127 active listings in the ZIP; 34 units permitted in Bremer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bremer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $170k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $128,809 (38.4% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.62% ✗
• Cap rate: 2.93%
• Cash-on-cash: -12.00%
• DSCR: 0.47
• GRM: 13.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -38.3%
• Equity multiple: -0.21×
• Total profit: $-71,009
• Equity at exit: $31,163

10-year hold

• IRR: -56.9%
• Equity multiple: -0.87×
• Total profit: $-109,337
• Equity at exit: $18,071

Cash invested: $58,520 (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 50677

• Active inventory: 127
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $1,288 medium
• Mortgage (P&I): −$1,096
• Tax from tax record: −$248 /mo · $2,982/yr
• Insurance: −$87
• HOA est. from 2 same-building comps: −$171
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $-585

Break-even live

Break-even rent $2,029

Max offer price $105,657

Occupancy floor —

Sensitivity live

Price	-10% $-467	-5% $-526	+0% $-585	+5% $-644	+10% $-703
Rent	-10% $-687	-5% $-636	+0% $-585	+5% $-534	+10% $-483
Rate	-1.0pp $-480	-0.5pp $-532	base $-585	+0.5pp $-639	+1.0pp $-694

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2020-11-30
   soldstatus $170,000
2. 2020-11-23
   soldstatus $170,000 860-char remark

   Show marketing remark (860 chars)

   Check out this 2 bedroom and 2.25 bathroom condo! This is a lovely, move-in ready home in a quiet neighborhood. Enjoy the low maintenance of a condo without the sacrifice. Featuring an open floor concept, surround-sound stereo system, custom blinds, main floor laundry, and freshly painted rooms. Head to the basement for a rec room, additional bathroom, and extra storage room. There is also an egress window for a potential bedroom. The highlight feature of this home is the sun-room which leads to a private courtyard in the back, via a large sliding glass door. This is surrounded by a beautifully landscaped patio, with mature shrubs and flowers. The property is accessed with a private drive and includes a two stall attached garage. Updated features include new roof, furnace, water heater, and radon mitigation system. Call today for a private showing!

3. 2020-10-06
   listed $169,900 860-char remark

   Show marketing remark (860 chars)

   Check out this 2 bedroom and 2.25 bathroom condo! This is a lovely, move-in ready home in a quiet neighborhood. Enjoy the low maintenance of a condo without the sacrifice. Featuring an open floor concept, surround-sound stereo system, custom blinds, main floor laundry, and freshly painted rooms. Head to the basement for a rec room, additional bathroom, and extra storage room. There is also an egress window for a potential bedroom. The highlight feature of this home is the sun-room which leads to a private courtyard in the back, via a large sliding glass door. This is surrounded by a beautifully landscaped patio, with mature shrubs and flowers. The property is accessed with a private drive and includes a two stall attached garage. Updated features include new roof, furnace, water heater, and radon mitigation system. Call today for a private showing!

ⓘ 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: $2,982 · $248/mo
• Projected year-2 tax: $3,132 · $261/mo
• Expected delta: +$150/yr (+$12/mo · 5.0%)

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

Taxation est. · year 1

• Rental income: $15,457
• − Mortgage interest: −$11,707
• − Property taxes: −$2,982
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − HOA: −$2,052
• − Depreciation: −$6,080
• Taxable loss: −$10,882
• Est. tax savings @ 24.0%: +$2,612
• After-tax cash flow: $-4,408/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: Waverly-Shell Rock Community School District
• NCES district ID: 1930540
• Math proficiency: 79% ▼ -3.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $59,860
• Composite: 65.73/100
• National rank: #459
• State rank: #46 of 289 in IA

Livability — Waverly

• Score: 86/100
• State rank: #12
• US rank: #406

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waverly, IA
• Population (ZIP): 12,655

Population outlook (Bremer County) Hauer SSP2

• Today (2025): 25,557 people
• By 2030: 25,842 · +1.1%
• By 2040: 26,206 · +2.5%
• By 2050: 26,620 · +4.2%
• By 2075: 27,635 · +8.1%
• By 2100: 28,760 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Black 2% Asian 2%
• Common ancestry: Portuguese 5% Iranian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Bremer

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.3%
• 2008→2024 swing: -31.5pp toward R · 2008: 9.3pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.1 2016: R+13.9 2012: D+2.5 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.54%
• Current HPI: 178.9673
• Rent YoY: —
• Metro: —
• 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

+0.1% since first listed

3 events — show timeline

• 2020-11-30 Sold (Public Records) $170,000 Public Records
• 2020-11-23 Sold (MLS) $170,000 NEIRBR as distributed by MLS GRID
• 2020-10-06 Listed $169,900 NEIRBR as distributed by MLS GRID

Property tax history

-0.3%/yr

Latest (2025): $2,982 · -0.2% YoY. Source: county tax records.