237 Miriam Dr · Waterloo, IA 50702

$149,900

8 bd · 0.0 ba · 3,012 sqft · Other public records · 5 Days on market

Built 1963 6,300 sqft lot

---

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 +20.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.9/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Excellent investment opportunity in the heart of Waterloo! This 4-plex offers immediate income potential with 3 of the 4 units currently occupied. Add the fourth tenant or owner occupy while generating rental income from the remaining units. Some flooring has also been updated already.

Key facts

• Updated flooring
• 6,300 sq ft lot
• 4 parking spots

Tags

• INVESTMENT OPPORTUNITY
• IMMEDIATE INCOME POTENTIAL
• UPDATED FLOORING

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Parking pad with 4 open parking spaces
• Utilities: Public water; Public sewer; Other utilities
• Home design: Residential income property — quadruplex
• Construction: Brick and vinyl siding construction; 1,500 above-grade finished area
• Exterior features: Asphalt roof

Interior

• Bedrooms: Four 2-bedroom units (each unit has 2 bedrooms)
• Heating & cooling: Natural gas heating; Window unit cooling
• Interior features: Window cooling units
• Laundry & utility: No in-unit laundry listed

What this means for you Summary

Snapshot

• This is a 8-bed/?-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 7.8% 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: 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.
• Zoned schools: Kittrell Elementary School (math 54% / reading 56%, grade C, #459 of 616 statewide, top 75%, 614 students, 73% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL).
• Market conditions: Rents rising (+2.7%/yr); 126 active listings in the ZIP; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent runs 32% of the median local income ($62k/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 $1k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $79k; list at $150k implies a 90% gain — meaningful room to come down on a strong offer.

Recommended offer $149,900

Questions for the listing agent

1. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.09% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.33%
• DSCR: 1.24
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.7% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.69×
• Total profit: $-12,840
• Equity at exit: $22,351

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $2,379
• Equity at exit: $12,961

Cash invested: $41,972 (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 50702

• Rents YoY: 2.7%
• Active inventory: 126
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,639 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$260 /mo · $3,118/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $186

Break-even live

Break-even rent $1,403

Max offer price $149,900

Occupancy floor 84%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-17
   status $149,900 Pending 5 DOM
2. 2026-06-16
   days on market $149,900 Active 5 DOM
3. 2026-06-15
   days on market $149,900 Active 4 DOM
4. 2026-06-14
   days on market $149,900 Active 2 DOM
5. 2026-06-13
   remarks 286-char remark
6. 2026-06-13
   listed $149,900 Active 1 DOM

ⓘ 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: $3,118 · $260/mo
• Projected year-2 tax: $3,118 · $260/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 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: $19,668
• − Mortgage interest: −$8,397
• − Property taxes: −$3,118
• − Insurance: −$750
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − Depreciation: −$4,361
• Taxable loss: −$104
• Est. tax savings @ 24.0%: +$25
• After-tax cash flow: $2,262/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): 20,882
• Household income: $62,021
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 479.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 9% Two or more races 5% Asian 3% Pacific Islander 3% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: American 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 15% · Canada, Philippines
• Languages at home: 79% English-only · Spanish 7% Russian/Polish/Slavic 6% Other Asian/Pacific 4%

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: ▼ -110.86%
• Current HPI: 155.4447
• Rent YoY: ▲ 2.70%
• 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

+89.7% since first listed

7 events — show timeline

• 2026-06-11 Listed $149,900 NEIRBR as distributed by MLS GRID
• 2024-04-10 Rental Removed $650 APPFOLIO
• 2024-03-14 Price Changed $650 APPFOLIO
• 2024-01-26 Listed for Rent $675 APPFOLIO
• 2023-12-16 Rental Removed — APPFOLIO
• 2023-12-07 Listed for Rent — APPFOLIO
• 2011-05-09 Sold (Public Records) $79,000 Public Records

Property tax history

-2.7%/yr

Latest (2025): $3,118 · +8.6% YoY. Source: county tax records.