116 Conger St St · Waterloo, IA 50703

$84,500

4 bd · 1.0 ba · 1,437 sqft · SingleFamily public records · 82 Days on market

Built 1910 5,850 sqft lot $59/sqft · 40% above area Est $65k · 30% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here’s a great opportunity for a landlord or first time homebuyer. This 3 story home offers 4 bedrooms, with the fourth located in a walk up third floor attic. The updated bathroom, hardwood floors, and covered front porch add both charm and function, making this a solid option with room to grow.

Key facts

• Covered front porch
• Updated bathroom
• Hardwood floors

Tags

• UPDATED BATHROOM
• HARDWOOD FLOORS
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $389 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• Recommended offer: $79k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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: 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; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $584 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.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $19k; list at $84k implies a 357% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,430 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.44% ✓
• Cap rate: 11.81%
• Cash-on-cash: 19.72%
• DSCR: 1.88
• GRM: 5.8

CMA / ARV

• ARV (median comp): $64,763
• List price: $84,500
• Delta: 30.48%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 Conger St St	0.00mi	4/1.0	1,546 (+8%)	0mo	$70,000	$45	87
914 Lincoln St	0.16mi	3/1.0 (-1)	1,380 (-4%)	3mo	$29,000	$21	78
546 Cutler St	0.45mi	4/1.0	1,424 (-1%)	12mo	$110,000	$77	68
221 Center St	0.20mi	3/1.0 (-1)	1,291 (-10%)	6mo	$38,000	$29	64
236 Boston Ave	0.49mi	3/1.0 (-1)	1,403 (-2%)	10mo	$75,000	$53	59
411 Argyle St St	0.53mi	4/2.0	1,360 (-5%)	8mo	$104,000	$76	56
71 Lafayette St	0.71mi	4/1.0	1,392 (-3%)	11mo	$70,000	$50	53
215 Dane St	0.38mi	4/2.0	1,276 (-11%)	11mo	$86,900	$68	51
1326 Barclay St	0.65mi	3/1.0 (-1)	1,375 (-4%)	10mo	$75,000	$55	49
1526 Logan Avenue Ave	0.61mi	3/1.0 (-1)	1,494 (+4%)	13mo	$80,000	$54	49
628 W Parker St	0.57mi	3/1.0 (-1)	1,541 (+7%)	10mo	$147,000	$95	48
708 Newton St St	0.65mi	4/1.0	1,285 (-11%)	7mo	$71,500	$56	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 · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 15.9%
• Equity multiple: 1.67×
• Total profit: $15,757
• Equity at exit: $12,599

10-year hold

• IRR: 27.0%
• Equity multiple: 3.80×
• Total profit: $66,349
• Equity at exit: $7,306

Cash invested: $23,660 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,221 high
• Mortgage (P&I): −$443
• Tax from tax record: −$98 /mo · $1,170/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $389

Break-even live

Break-even rent $729

Max offer price $84,500

Occupancy floor 63%

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: $21,125
• Closing costs: $2,535
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	21d	1	0.10mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	21d	1	0.11mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	21d	1	0.19mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	21d	1	0.34mi
137 Hope Ave Waterloo, IA	5.0	1.5	1650	$1,550	$0.94	43d	1	0.35mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	21d	1	0.41mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	43d	1	0.50mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	43d	1	0.58mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	21d	4	0.96mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	43d	1	0.97mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	43d	1	1.08mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	1.28mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	21d	1	1.28mi

Listing history 4 events

1. 2026-05-13
   status Pending 303-char remark

   Show marketing remark (303 chars)

   Here’s a great opportunity for a landlord or first time homebuyer. This 3 story home offers 4 bedrooms, with the fourth located in a walk up third floor attic. The updated bathroom, hardwood floors, and covered front porch add both charm and function, making this a solid option with room to grow.

2. 2026-02-18
   listed $84,500 Active 303-char remark

   Show marketing remark (303 chars)

   Here’s a great opportunity for a landlord or first time homebuyer. This 3 story home offers 4 bedrooms, with the fourth located in a walk up third floor attic. The updated bathroom, hardwood floors, and covered front porch add both charm and function, making this a solid option with room to grow.

3. 2018-08-23
   soldstatus $18,507 583-char remark

   Show marketing remark (583 chars)

   Large 2 story Fannie Mae property on a corner lot. Three bedrooms and bath on 2nd floor also 1 bedroom in half finished attic. Small back yard shed. This property is subject to a 5% buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). Please contact the listing agent for commission and details. This is a reserve auction and all offers are subject to seller approval. Please contact listing agent for details. “Buyer representing self will not be paid a broker co-op commission”. The Auction begins 07-01-2018, and ends 07-03-2018

4. 2018-05-18
   listed $25,900 583-char remark

   Show marketing remark (583 chars)

   Large 2 story Fannie Mae property on a corner lot. Three bedrooms and bath on 2nd floor also 1 bedroom in half finished attic. Small back yard shed. This property is subject to a 5% buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). Please contact the listing agent for commission and details. This is a reserve auction and all offers are subject to seller approval. Please contact listing agent for details. “Buyer representing self will not be paid a broker co-op commission”. The Auction begins 07-01-2018, and ends 07-03-2018

ⓘ 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: $1,170 · $98/mo
• Projected year-2 tax: $1,248 · $104/mo
• Expected delta: +$78/yr (+$7/mo · 6.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% 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: $14,652
• − Mortgage interest: −$4,733
• − Property taxes: −$1,170
• − Insurance: −$422
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$2,458
• Taxable income: $3,524
• Est. tax owed @ 24.0%: −$846
• After-tax cash flow: $3,820/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

+226.3% since first listed

4 events — show timeline

• 2026-05-13 Pending — NEIRBR as distributed by MLS GRID
• 2026-02-18 Listed $84,500 NEIRBR as distributed by MLS GRID
• 2018-08-23 Sold (MLS) $18,507 NEIRBR as distributed by MLS GRID
• 2018-05-18 Listed $25,900 NEIRBR as distributed by MLS GRID

Property tax history

+4.0%/yr

Latest (2025): $1,170 · +9.1% YoY. Source: county tax records.