1408 State St · Cedar Falls, IA 50613

$134,900

2 bd · 1.0 ba · 940 sqft · SingleFamily public records · 4 Days on market

Built 1860 8,712 sqft lot $144/sqft · 5% above area Est $142k · at est.

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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).

• Cash flow +13.2/30.0
• ARV discount +9.7/15.0
• Schools +6.6/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

If your New Year's RESOLUTION is to OWN a first-time HOME in Cedar Falls, You simply must consider ALL of the potential growth and future renovation options of this property! This well-cared for bungalow is set up for easy main floor living, and includes a bonus second bedroom up. The remodeled main bath features a tub/shower, stylish vanity, tall storage cabinet and new window. The clean vintage kitchen has super views of the PRIVACY fenced yard, plenty of counter space, and eat-in potential. Handy laundry is main floor with a stacked W & D unit, and cabinet storage alongside. Appliances included as shown as this is a turnkey offering! The main floor bedroom has oak hardwood floor and adjacent "wardrobe room" with amazing closet storage. The formal dining and living rooms are open plan for multi-functional use of the space. Up the curved staircase to the finished attic is the 2nd bedroom that can actually accommodate a king sized bed, plus multiple closet and storage options. Privacy fence surrounds this sunny lot that offers plenty of space to play for family, friends and/or resident pooches! Handy covered back entry and concrete patio perfect for the summer into fall grilling ease. This Cedar Falls home location that is stellar for CF Rec Dept. members, Cedar Valley Trails enthusiasts, and those who long for close proximity to downtown. Front door 3-season porch. Even the cellar in this home is stellar… remarkably clean and functional, with a partially finished room! The 1920 built garage is handy for storage-only. All square footage approximate. Buyer inspections always recommended.

Key facts

• Formal dining room
• Ample cabinet space
• Cozy front porch

Tags

• COZY FRONT PORCH
• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• AMPLE CABINET SPACE
• COVERED BACK PORCH
• PRIVACY FENCED BACKYARD

Property features AI

Exterior

• Parking: Detached carport (1 space)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding; Shingle (asphalt) roof; Basement present (block and concrete)
• Exterior features: Privacy fencing; Paved road access; Lot roughly 66 x 132 (about 0.2 acre); Sidewalks in the community

Interior

• Kitchen: Free-standing range; Refrigerator
• Flooring: Hardwood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Smoke detectors; Partially finished basement with block and concrete construction and interior entry; Deck, enclosed patio
• Laundry & utility: Washer and dryer in hall on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-2 ($-19/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (13.0% below list).
• Recommended offer: $117k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.1% in Cedar Falls — 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 (#60 in IA, #1,357 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Cedar Falls Community School District (urban): math 76% / reading 79% proficiency, ranked #45 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln Elementary School (math 66% / reading 71%, grade B+, #266 of 616 statewide, top 43%, 453 students, 45% FRL); Holmes Junior High School (math 79% / reading 78%, grade A+, #44 of 246 statewide, top 19%, 639 students, 28% FRL); Cedar Falls High School (math 74% / reading 78%, grade A-, #75 of 336 statewide, top 23%, 1,302 students, 24% FRL).
• Market conditions: Rents rising (+2.0%/yr); 387 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent is only 18% of the median local income ($79k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,368 (13.0% 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. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.87% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.05%
• DSCR: 1.00
• GRM: 9.6

CMA / ARV

• ARV (median comp): $141,963
• List price: $134,900
• Delta: -4.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1011 Grove St	0.27mi	2/1.0	944 (+0%)	6mo	$137,234	$145	81
1408 State St	0.00mi	3/1.0 (+1)	1,041 (+11%)	0mo	$138,000	$133	77
1611 Schreiber St	0.40mi	3/1.0 (+1)	920 (-2%)	10mo	$170,000	$185	65
906 Newman Ave	0.43mi	2/1.0	880 (-6%)	10mo	$119,900	$136	60
724 State St	0.42mi	2/1.0	993 (+6%)	18mo	$102,500	$103	56
1709 Olive St	0.59mi	2/1.5	967 (+3%)	16mo	$175,000	$181	52
1609 Olive St	0.57mi	3/1.0 (+1)	972 (+3%)	18mo	$144,500	$149	48
519 W 10th St	0.49mi	2/1.0	816 (-13%)	12mo	$172,000	$211	46
1724 Belle Ave	0.61mi	2/1.0	1,064 (+13%)	8mo	$175,000	$164	43
1931 Iowa St	0.57mi	1/1.0 (-1)	826 (-12%)	14mo	$140,000	$169	37
916 W 11 St	0.67mi	3/2.0 (+1)	1,040 (+11%)	16mo	$185,000	$178	29
2215 Franklin St	0.64mi	3/3.0 (+1)	1,069 (+14%)	7mo	$120,000	$112	29

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 · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -17.5%
• Equity multiple: 0.39×
• Total profit: $-23,150
• Equity at exit: $20,114

10-year hold

• IRR: -11.6%
• Equity multiple: 0.34×
• Total profit: $-25,065
• Equity at exit: $11,664

Cash invested: $37,772 (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 50613

• Rents YoY: 2.0%
• Active inventory: 387
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,174 high
• Mortgage (P&I): −$707
• Tax from tax record: −$165 /mo · $1,982/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $-2

Break-even live

Break-even rent $1,176

Max offer price $134,618

Occupancy floor 95%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1100 Grove St #31 Cedar Falls, IA	2.0	1.0	830	$1,100	$1.33	43d	1	0.27mi
1100 Grove St #2 Cedar Falls, IA	2.0	1.0	830	$1,000	$1.20	43d	1	0.27mi
1915 Main St Cedar Falls, IA	2.0	1.0	960	$1,050	$1.09	43d	1	0.31mi
309 W 10th St Cedar Falls, IA	3.0	1.5	852	$1,300	$1.53	43d	1	0.41mi
2115 Walnut St Unit 2115-3 Cedar Falls, IA	1.0	1.0	700	$750	$1.07	43d	1	0.68mi
2115 Walnut St Unit 2115-1 Cedar Falls, IA	1.0	1.0	750	$815	$1.09	43d	1	0.68mi
200 State St Cedar Falls, IA	1.0	1.0	861	$1,600	$1.86	43d	1	0.78mi
300 State St Cedar Falls, IA	2.0	1.0	1000	$1,650	$1.65	43d	2	0.78mi
2311 Olive St Cedar Falls, IA	3.0–4.0	1.0	1050	$995	$0.95	20d	2	0.81mi
100 E 2nd St Cedar Falls, IA	1.0	1.0	986	$1,610	$1.63	20d	6	0.81mi
2412 Olive St Cedar Falls, IA	2.0	1.0	900	$800	$0.89	43d	1	0.85mi
2500 Olive St Unit C Cedar Falls, IA	2.0	1.0	860	$1,200	$1.40	43d	1	0.87mi
210 Iowa St Unit 4 Cedar Falls, IA	3.0	1.0	800	$1,600	$2.00	20d	1	0.89mi
1123 W 22nd St Cedar Falls, IA	2.0	1.0	966	$850	$0.88	20d	1	0.89mi
810 W 25th St Unit 810-5 Cedar Falls, IA	2.0	1.0	878	$825	$0.94	43d	1	0.91mi
1123 W 23rd St Cedar Falls, IA	2.0	1.0	800	$950	$1.19	20d	1	0.93mi
923 Maplewood Dr Unit C-102 Cedar Falls, IA	2.0	1.0	814	$1,060	$1.30	20d	1	1.20mi
923 Maplewood Dr Unit 123 Cedar Falls, IA	1.0	1.0	559	$850	$1.52	20d	1	1.20mi
923 Maplewood Dr Unit 6-211 Cedar Falls, IA	2.0	1.0	756	$1,160	$1.53	20d	1	1.20mi
1815 W 18th St Cedar Falls, IA	1.0–3.0	1.0–3.0	1065	$1,200	$1.13	20d	7	1.23mi

Listing history 5 events

1. 2026-05-18
   status Pending 1578-char remark
2. 2026-05-14
   listed $134,900 Active 1578-char remark
3. 2018-04-19
   soldstatus $94,500
4. 2018-04-09
   soldstatus $94,500 1636-char remark

   Show marketing remark (1636 chars)

   If your New Year's RESOLUTION is to OWN a first-time HOME in Cedar Falls, You simply must consider ALL of the potential growth and future renovation options of this property! This well-cared for bungalow is set up for easy main floor living, and includes a bonus second bedroom up. The remodeled main bath features a tub/shower, stylish vanity, tall storage cabinet and new window. The clean vintage kitchen has super views of the PRIVACY fenced yard, plenty of counter space, and eat-in potential. Handy laundry is main floor with a stacked W & D unit, and cabinet storage alongside. Appliances included as shown as this is a turnkey offering! The main floor bedroom has oak hardwood floor and adjacent "wardrobe room" with amazing closet storage. The formal dining and living rooms are open plan for multi-functional use of the space. Up the curved staircase to the finished attic is the 2nd bedroom that can actually accommodate a king sized bed, plus multiple closet and storage options. Privacy fence surrounds this sunny lot that offers plenty of space to play for family, friends and/or resident pooches! Handy covered back entry and concrete patio perfect for the summer into fall grilling ease. This Cedar Falls home location that is stellar for CF Rec Dept. members, Cedar Valley Trails enthusiasts, and those who long for close proximity to downtown. Front door 3-season porch. Even the cellar in this home is stellar… remarkably clean and functional, with a partially finished room! The 1920 built garage is handy for storage-only. All square footage approximate. Buyer inspections always recommended.

5. 2018-01-02
   listed $95,000 1636-char remark

   Show marketing remark (1636 chars)

   If your New Year's RESOLUTION is to OWN a first-time HOME in Cedar Falls, You simply must consider ALL of the potential growth and future renovation options of this property! This well-cared for bungalow is set up for easy main floor living, and includes a bonus second bedroom up. The remodeled main bath features a tub/shower, stylish vanity, tall storage cabinet and new window. The clean vintage kitchen has super views of the PRIVACY fenced yard, plenty of counter space, and eat-in potential. Handy laundry is main floor with a stacked W & D unit, and cabinet storage alongside. Appliances included as shown as this is a turnkey offering! The main floor bedroom has oak hardwood floor and adjacent "wardrobe room" with amazing closet storage. The formal dining and living rooms are open plan for multi-functional use of the space. Up the curved staircase to the finished attic is the 2nd bedroom that can actually accommodate a king sized bed, plus multiple closet and storage options. Privacy fence surrounds this sunny lot that offers plenty of space to play for family, friends and/or resident pooches! Handy covered back entry and concrete patio perfect for the summer into fall grilling ease. This Cedar Falls home location that is stellar for CF Rec Dept. members, Cedar Valley Trails enthusiasts, and those who long for close proximity to downtown. Front door 3-season porch. Even the cellar in this home is stellar… remarkably clean and functional, with a partially finished room! The 1920 built garage is handy for storage-only. All square footage approximate. Buyer inspections always recommended.

ⓘ 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: $1,982 · $165/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$68/yr (+$6/mo · 3.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 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: $14,084
• − Mortgage interest: −$7,556
• − Property taxes: −$1,982
• − Insurance: −$674
• − Repairs & maintenance: −$1,127
• − Management: −$1,127
• − Depreciation: −$3,924
• Taxable loss: −$2,307
• Est. tax savings @ 24.0%: +$554
• After-tax cash flow: $534/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: Cedar Falls Community School District
• NCES district ID: 1906510
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 79% ▼ -2.00%
• Median HH income: $53,634
• Composite: 65.93/100
• National rank: #443
• State rank: #45 of 289 in IA

Livability — Cedar Falls

• Score: 81/100
• State rank: #60
• US rank: #1357

Category grades

Amenities D 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: Cedar Falls, IA
• County: Black Hawk County · 112,933 people
• City population: 43,867
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 43,867
• Household income: $78,503
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1514.0

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 (90%)
• Race & ethnicity: White 90% Asian 3% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -175.51%
• Current HPI: 169.0591
• Rent YoY: ▲ 1.97%
• 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

+45.3% since first listed

6 events — show timeline

• 2026-06-10 Sold (MLS) $138,000 NEIRBR as distributed by MLS GRID
• 2026-05-18 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-14 Listed $134,900 NEIRBR as distributed by MLS GRID
• 2018-04-19 Sold (Public Records) $94,500 Public Records
• 2018-04-09 Sold (MLS) $94,500 NEIRBR as distributed by MLS GRID
• 2018-01-02 Listed $95,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.6%/yr

Latest (2025): $1,982 · +3.1% YoY. Source: county tax records.