226 Campbell Ave · Waterloo, IA 50701

$99,000

3 bd · 2.0 ba · 1,565 sqft · SingleFamily public records · 161 Days on market

Built 1919 4,000 sqft lot $63/sqft · 21% below area Est $158k · 37% under ↓ 6% since listing

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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 +23.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +7.1/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautiful, move in ready property nestled on a corner lot in a great neighborhood close to some of the best schools and parks. The main level is packed with character as the original hardwood floors are showcased as well as a cozy brick fireplace, tasteful white trim and lots of natural light. Your spacious living area opens right up to your formal dining space with original custom built-ins. The main level also features 3 great sized bedrooms, full bathroom and your kitchen with access to the rear of the house. Let's head down to your huge, partly finished lower level waiting for you to put your personal finishing touch on. Here, you will enjoy a large living / rec area, an additional bedroom and full bathroom. Don't miss out on this great opportunity!

Key facts

• Cozy brick fireplace
• Formal dining space
• Corner lot

Tags

• CORNER LOT
• ORIGINAL HARDWOOD FLOORS
• COZY BRICK FIREPLACE
• FORMAL DINING SPACE
• ORIGINAL CUSTOM BUILT-INS
• LARGE LIVING REC AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 (+3.8%/yr); 282 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); 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k 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

• It's been on market 161 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 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 1919 — 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: 1.21% ✓
• Cap rate: 8.62%
• Cash-on-cash: 8.32%
• DSCR: 1.37
• GRM: 6.9

CMA / ARV

• ARV (median comp): $157,750
• List price: $99,000
• Delta: -37.24%
• 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
215 Frederic Ave	0.34mi	3/1.5	1,506 (-4%)	3mo	$210,500	$140	74
520 Kingsley Ave	0.24mi	4/2.0 (+1)	1,655 (+6%)	3mo	$162,000	$98	72
524 Vermont St	0.29mi	4/1.5 (+1)	1,477 (-6%)	0mo	$72,000	$49	70
203 Rosebud Ave	0.44mi	3/1.0	1,542 (-2%)	4mo	$75,000	$49	70
252 Derbyshire Rd	0.64mi	3/2.0	1,569 (+0%)	3mo	$234,875	$150	67
150 Hawthorne Ave	0.27mi	3/1.0	1,363 (-13%)	3mo	$187,000	$137	60
1116 W Mullan Ave	0.63mi	3/1.0	1,518 (-3%)	2mo	$35,000	$23	60
207 Denver St	0.44mi	2/1.5 (-1)	1,420 (-9%)	1mo	$92,500	$65	56
403 Belmont Ave	0.70mi	3/1.5	1,462 (-7%)	3mo	$104,000	$71	52
105 Cornwall Ave	0.63mi	3/1.5	1,752 (+12%)	0mo	$215,000	$123	48
800 Kingsley Ave	0.46mi	4/2.0 (+1)	1,336 (-15%)	4mo	$172,000	$129	46
1712 W 7th St	0.70mi	3/2.0	1,761 (+12%)	1mo	$174,500	$99	46

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-2,764
• Equity at exit: $14,761

10-year hold

• IRR: 8.1%
• Equity multiple: 1.64×
• Total profit: $17,672
• Equity at exit: $8,560

Cash invested: $27,720 (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: 282
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,201 high
• Mortgage (P&I): −$519
• Tax from tax record: −$196 /mo · $2,350/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $192

Break-even live

Break-even rent $957

Max offer price $99,000

Occupancy floor 79%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	21d	1	0.03mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	43d	1	0.08mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	44d	1	0.27mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	43d	1	0.28mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	43d	1	0.43mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	21d	1	0.48mi
1014 Fletcher Ave Waterloo, IA	4.0	3.5	2123	$2,450	$1.15	43d	1	0.49mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	43d	1	0.69mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	43d	1	0.70mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	43d	1	0.70mi
2539 W 3rd St Waterloo, IA	3.0	2.5	1200	$1,695	$1.41	21d	1	0.82mi
105 Bellaire Rd Waterloo, IA	2.0	2.0	1088	$1,100	$1.01	21d	1	0.86mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	1.14mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	43d	1	1.16mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	43d	1	1.40mi
3032 W 9th St Waterloo, IA	3.0	2.5	2206	$1,995	$0.90	43d	1	1.41mi
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	43d	1	1.41mi
780 Russell Rd Waterloo, IA	2.0	2.0	1324	$1,295	$0.98	43d	1	1.45mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.48mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.50mi

Listing history 5 events

1. 2026-04-30
   status Active 779-char remark

   Show marketing remark (779 chars)

   Welcome to this beautiful, move in ready property nestled on a corner lot in a great neighborhood close to some of the best schools and parks. The main level is packed with character as the original hardwood floors are showcased as well as a cozy brick fireplace, tasteful white trim and lots of natural light. Your spacious living area opens right up to your formal dining space with original custom built-ins. The main level also features 3 great sized bedrooms, full bathroom and your kitchen with access to the rear of the house. Let's head down to your huge, partly finished lower level waiting for you to put your personal finishing touch on. Here, you will enjoy a large living / rec area, an additional bedroom and full bathroom. Don't miss out on this great opportunity!

2. 2026-04-19
   status Pending 779-char remark

   Show marketing remark (779 chars)

   Welcome to this beautiful, move in ready property nestled on a corner lot in a great neighborhood close to some of the best schools and parks. The main level is packed with character as the original hardwood floors are showcased as well as a cozy brick fireplace, tasteful white trim and lots of natural light. Your spacious living area opens right up to your formal dining space with original custom built-ins. The main level also features 3 great sized bedrooms, full bathroom and your kitchen with access to the rear of the house. Let's head down to your huge, partly finished lower level waiting for you to put your personal finishing touch on. Here, you will enjoy a large living / rec area, an additional bedroom and full bathroom. Don't miss out on this great opportunity!

3. 2025-12-07
   listed $99,000 Active 779-char remark

   Show marketing remark (779 chars)

   Welcome to this beautiful, move in ready property nestled on a corner lot in a great neighborhood close to some of the best schools and parks. The main level is packed with character as the original hardwood floors are showcased as well as a cozy brick fireplace, tasteful white trim and lots of natural light. Your spacious living area opens right up to your formal dining space with original custom built-ins. The main level also features 3 great sized bedrooms, full bathroom and your kitchen with access to the rear of the house. Let's head down to your huge, partly finished lower level waiting for you to put your personal finishing touch on. Here, you will enjoy a large living / rec area, an additional bedroom and full bathroom. Don't miss out on this great opportunity!

4. 2025-11-04
   price $99,000
5. 2025-09-15
   price $105,000

ⓘ 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: $2,350 · $196/mo
• Projected year-2 tax: $2,350 · $196/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 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: $14,407
• − Mortgage interest: −$5,546
• − Property taxes: −$2,350
• − Insurance: −$495
• − Repairs & maintenance: −$1,153
• − Management: −$1,153
• − Depreciation: −$2,880
• Taxable income: $831
• Est. tax owed @ 24.0%: −$199
• After-tax cash flow: $2,107/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

-5.7% since first listed

5 events — show timeline

• 2026-04-30 Relisted — NEIRBR as distributed by MLS GRID
• 2026-04-19 Pending — NEIRBR as distributed by MLS GRID
• 2025-12-07 Listed $99,000 NEIRBR as distributed by MLS GRID
• 2025-11-04 Price Changed $99,000 NEIRBR as distributed by MLS GRID
• 2025-09-15 Price Changed $105,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.0%/yr

Latest (2025): $2,350 · +8.5% YoY. Source: county tax records.