2122 Olive St · Cedar Falls, IA 50613

$245,000

6 bd · 2.5 ba · 2,456 sqft · MultiFamily public records · 49 Days on market

Built 1900 8,712 sqft lot $100/sqft · 32% below area Est $181k · 35% over ↓ 5% since listing

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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 +26.7/30.0
• DSCR +9.1/10.0
• 1% rule +7.0/10.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well care for Up-down duplex in great location. Walking distance to UNI. 2 - 4 bedroom units. Historical Rents total 2400/month. 1 unit currently vacant.

Key facts

• Historical rents
• 8,712 sq ft lot
• Garage

Tags

• WALKING DISTANCE TO UNI
• HISTORICAL RENTS

Property features AI

Finance

• Financial info: Annual tax information available

Exterior

• Parking: Detached garage (1 garage space); Parking pad; 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex (Residential Income property); Lot dimensions approximately 66 x 132; Zoned R-2
• Construction: Vinyl siding construction
• Exterior features: Asphalt roof; Vinyl siding

Interior

• Bedrooms: 4 bedrooms (unit 1); 4 bedrooms (unit 2)
• Bathrooms: 1 bathroom (unit 1); 1 bathroom (unit 2)
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Partially finished basement; Basement present
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive. Per door: $330/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $238k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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); Peet Junior High School (math 79% / reading 80%, grade A+, #35 of 246 statewide, top 16%, 670 students, 27% 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent runs 45% of the median local income ($79k/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 $2k of loan paydown is wiped out by about $7k 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 49 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $237,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.20% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.56%
• DSCR: 1.51
• GRM: 7.0

CMA / ARV

• ARV (median comp): $180,816
• List price: $245,000
• Delta: 35.50%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-613
• Equity at exit: $36,530

10-year hold

• IRR: 8.4%
• Equity multiple: 1.61×
• Total profit: $41,645
• Equity at exit: $21,183

Cash invested: $68,600 (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: 13.9×

Monthly cashflow live

• Estimated rent: $2,928 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$266 /mo · $3,188/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $661

Break-even live

Break-even rent $2,092

Max offer price $245,000

Occupancy floor 72%

Sensitivity live

Price	-10% $799	-5% $730	+0% $661	+5% $591	+10% $522
Rent	-10% $429	-5% $545	+0% $661	+5% $776	+10% $892
Rate	-1.0pp $784	-0.5pp $723	base $661	+0.5pp $597	+1.0pp $532

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$2,928
Total (2 units)			$2,928

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1122 Franklin St Unit 1122 Cedar Falls, IA	5.0	2.0	1992	$2,800	$1.41	21d	1	0.72mi

Listing history 19 events

1. 2026-06-19
   days on market $245,000 Active 49 DOM
2. 2026-06-18
   days on market $245,000 Active 48 DOM
3. 2026-06-17
   days on market $245,000 Active 47 DOM
4. 2026-06-16
   days on market $245,000 Active 46 DOM
5. 2026-06-15
   days on market $245,000 Active 45 DOM
6. 2026-06-14
   days on market $245,000 Active 43 DOM
7. 2026-06-13
   days on market $245,000 Active 42 DOM
8. 2026-06-10
   days on market $245,000 Active 40 DOM
9. 2026-06-09
   days on market $245,000 Active 39 DOM
10. 2026-06-08
    days on market $245,000 Active 38 DOM
11. 2026-06-07
    days on market $245,000 Active 37 DOM
12. 2026-06-05
    days on market $245,000 Active 34 DOM
13. 2026-06-03
    days on market $245,000 Active 33 DOM
14. 2026-06-02
    days on market $245,000 Active 32 DOM
15. 2026-06-01
    days on market $245,000 Active 31 DOM
16. 2026-05-31
    days on market $245,000 Active 30 DOM
17. 2026-05-30
    days on market $245,000 Active 29 DOM
18. 2026-05-11
    price $245,000 153-char remark
19. 2026-05-01
    listed $259,000 Active 153-char remark

ⓘ 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: $3,188 · $266/mo
• Projected year-2 tax: $3,517 · $293/mo
• Expected delta: +$329/yr (+$27/mo · 10.3%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $35,136
• − Mortgage interest: −$13,724
• − Property taxes: −$3,188
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,811
• − Management: −$2,811
• − Depreciation: −$7,127
• Taxable income: $4,250
• Est. tax owed @ 24.0%: −$1,020
• After-tax cash flow: $6,907/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

-5.4% since first listed

2 events — show timeline

• 2026-05-11 Price Changed $245,000 NEIRBR as distributed by MLS GRID
• 2026-05-01 Listed $259,000 NEIRBR as distributed by MLS GRID

Property tax history

+1.6%/yr

Latest (2025): $3,188 · +2.9% YoY. Source: county tax records.