435 Conger St St · Waterloo, IA 50703

$55,000

3 bd · 1.0 ba · 1,271 sqft · SingleFamily public records · 135 Days on market

Built 1909 5,480 sqft lot $43/sqft · 12% below area Est $62k · 12% under

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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
• ARV discount +12.9/15.0
• 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 +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1-bath home offers a great opportunity for investors or buyers ready to add their personal touch. Previously used as a rental and currently vacant, the property is ready for improvements and updates. This home has solid potential for renovation, rental income, or a future resale. Convenient layout with room to build equity, this property is being priced to reflect the work needed. Ideal for those seeking a project.

Key facts

• 5,480 sq ft lot
• Parking
• Built 1909

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $485 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.9% 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; 24 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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 $380 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 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 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.99% ✓
• Cap rate: 16.88%
• Cash-on-cash: 37.81%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

• ARV (median comp): $62,434
• List price: $55,000
• Delta: -11.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 Center St	0.18mi	3/1.0	1,291 (+2%)	6mo	$38,000	$29	84
413 Conger Street St	0.04mi	3/1.0	1,149 (-10%)	4mo	$65,000	$57	79
914 Lincoln St	0.22mi	3/1.0	1,380 (+9%)	3mo	$29,000	$21	72
708 Newton St St	0.44mi	4/1.0 (+1)	1,285 (+1%)	7mo	$71,500	$56	67
817 Grandview Ave	0.35mi	3/1.0	1,115 (-12%)	3mo	$115,000	$103	60
806 Conger St St	0.46mi	3/1.0	1,140 (-10%)	2mo	$85,000	$75	60
126 Hope Avenue Ave	0.55mi	3/1.0	1,185 (-7%)	6mo	$56,000	$47	58
813 Kern St	0.51mi	4/1.0 (+1)	1,183 (-7%)	4mo	$165,000	$139	57
545 W Parker St St	0.35mi	3/1.0	1,090 (-14%)	7mo	$71,500	$66	54
411 Argyle St St	0.60mi	4/2.0 (+1)	1,360 (+7%)	8mo	$104,000	$76	45
236 Boston Ave	0.74mi	3/1.0	1,403 (+10%)	10mo	$75,000	$53	40
233 Quincy St	0.65mi	2/0.5 (-1)	1,454 (+14%)	6mo	$98,750	$68	34

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: 38.0%
• Equity multiple: 2.70×
• Total profit: $26,207
• Equity at exit: $8,201

10-year hold

• IRR: 46.3%
• Equity multiple: 6.28×
• Total profit: $81,250
• Equity at exit: $4,755

Cash invested: $15,400 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,096 high
• Mortgage (P&I): −$288
• Tax from tax record: −$69 /mo · $826/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $485

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 51%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	21d	1	0.22mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	21d	1	0.23mi
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	21d	1	0.33mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	21d	1	0.38mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	21d	1	0.49mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	43d	1	0.76mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	43d	1	0.83mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	21d	1	0.84mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	0.95mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	21d	4	1.00mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	43d	2	1.11mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	43d	1	1.11mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	1.22mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	43d	1	1.23mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.24mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.29mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.30mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	43d	1	1.31mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	1.35mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	43d	1	1.36mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	43d	1	1.36mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	21d	1	1.38mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	43d	1	1.41mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	43d	1	1.48mi

Listing history 18 events

1. 2026-06-19
   days on market $55,000 Active 135 DOM
2. 2026-06-18
   days on market $55,000 Active 134 DOM
3. 2026-06-17
   days on market $55,000 Active 133 DOM
4. 2026-06-16
   days on market $55,000 Active 132 DOM
5. 2026-06-15
   days on market $55,000 Active 131 DOM
6. 2026-06-14
   days on market $55,000 Active 129 DOM
7. 2026-06-13
   days on market $55,000 Active 128 DOM
8. 2026-06-10
   days on market $55,000 Active 126 DOM
9. 2026-06-09
   days on market $55,000 Active 125 DOM
10. 2026-06-08
    days on market $55,000 Active 124 DOM
11. 2026-06-07
    days on market $55,000 Active 123 DOM
12. 2026-06-05
    days on market $55,000 Active 120 DOM
13. 2026-06-03
    days on market $55,000 Active 119 DOM
14. 2026-06-02
    days on market $55,000 Active 118 DOM
15. 2026-06-01
    days on market $55,000 Active 117 DOM
16. 2026-05-31
    days on market $55,000 Active 116 DOM
17. 2026-05-30
    days on market $55,000 Active 115 DOM
18. 2026-02-04
    listed $55,000 Active 434-char remark

    Show marketing remark (434 chars)

    This 3-bedroom, 1-bath home offers a great opportunity for investors or buyers ready to add their personal touch. Previously used as a rental and currently vacant, the property is ready for improvements and updates. This home has solid potential for renovation, rental income, or a future resale. Convenient layout with room to build equity, this property is being priced to reflect the work needed. Ideal for those seeking a project.

ⓘ 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: $826 · $69/mo
• Projected year-2 tax: $845 · $70/mo
• Expected delta: +$19/yr (+$2/mo · 2.3%)

ⓘ 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 · 0% 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: $13,146
• − Mortgage interest: −$3,081
• − Property taxes: −$826
• − Insurance: −$275
• − Repairs & maintenance: −$1,052
• − Management: −$1,052
• − Depreciation: −$1,600
• Taxable income: $5,261
• Est. tax owed @ 24.0%: −$1,263
• After-tax cash flow: $4,561/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

1 event — show timeline

• 2026-02-04 Listed $55,000 NEIRBR as distributed by MLS GRID

Property tax history

-0.3%/yr

Latest (2025): $826 · +8.7% YoY. Source: county tax records.