657 Dawson St · Waterloo, IA 50703

$80,000

2 bd · 1.0 ba · 692 sqft · SingleFamily public records · 2 Days on market

Built 1941 6,500 sqft lot Est $66k · 20% over

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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 +19.9/30.0
• DSCR +6.3/10.0
• 1% rule +5.5/10.0
• 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

Charming, recently remodeled 2-bedroom, 1-bathroom single-family home in a quiet Waterloo neighborhood. Features beautiful real wood floors, a bright and functional living layout, and a full unfinished basement perfect for storage or a hobby space. Centrally located with fast access to both Waterloo and Cedar Falls hubs, local colleges, and medical centers. Pet-friendly. Ready for immediate move-in or immediate addition to your rental portfolio.

Key facts

• Local colleges
• Real wood floors
• 6,500 sq ft lot

Tags

• REAL WOOD FLOORS
• FULL UNFINISHED BASEMENT
• QUIET WATERLOO NEIGHBORHOOD
• FAST ACCESS TO WATERLOO
• FAST ACCESS TO CEDAR FALLS
• LOCAL COLLEGES

Property features AI

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Aluminum siding; Asphalt roof; Basement (block)
• Exterior features: Concrete road access; Lot approximately 50 x 130 (0.15 acres); Zoned R-2

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: No fireplace; Basement with block construction

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $97 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($840 rent vs $80k).
• Cap rate 7.7% 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: Lincoln Elementary School (math 38% / reading 42%, grade F, #576 of 616 statewide, top 94%, 471 students, 86% FRL); George Washington Carver Academy (math 36% / reading 43%, grade F, #240 of 246 statewide, top 98%, 442 students, 91% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 83% FRL vs 58% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1941 — 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. 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?
5. 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.
6. 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.
7. 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: 1.05% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $66,432
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
745 Dawson St	0.11mi	1/1.0 (-1)	662 (-4%)	18mo	$85,000	$128	68
640 Kern St	0.09mi	2/1.0	766 (+11%)	14mo	$55,000	$72	66
658 Newton St	0.15mi	2/1.5	734 (+6%)	21mo	$70,500	$96	64
433 Kern St	0.31mi	2/1.0	658 (-5%)	23mo	$88,500	$134	58
1226 Lincoln St	0.58mi	2/1.0	720 (+4%)	10mo	$68,000	$94	58
750 Newton St	0.20mi	2/1.0	773 (+12%)	17mo	$140,000	$181	57
1118 Kern St	0.56mi	2/1.0	660 (-5%)	15mo	$88,700	$134	54
314 Crescent Pl	0.56mi	2/1.0	772 (+12%)	2mo	$37,000	$48	53
1124 Kern St	0.57mi	2/1.0	740 (+7%)	12mo	$64,000	$86	52
707 Lincoln St	0.44mi	2/1.0	638 (-8%)	18mo	$58,000	$91	52
324 Columbia St	0.50mi	2/1.0	752 (+9%)	13mo	$40,000	$53	51
1145 Newton St	0.62mi	2/1.0	672 (-3%)	20mo	$98,500	$147	49

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: -4.1%
• Equity multiple: 0.84×
• Total profit: $-3,565
• Equity at exit: $11,928

10-year hold

• IRR: 9.5%
• Equity multiple: 1.86×
• Total profit: $19,154
• Equity at exit: $6,917

Cash invested: $22,400 (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: 7.9×

Monthly cashflow live

• Estimated rent: $840 high
• Mortgage (P&I): −$420
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $97

Break-even live

Break-even rent $718

Max offer price $80,000

Occupancy floor 83%

Sensitivity live

Price	-10% $142	-5% $119	+0% $97	+5% $74	+10% $51
Rent	-10% $30	-5% $64	+0% $97	+5% $130	+10% $163
Rate	-1.0pp $137	-0.5pp $117	base $97	+0.5pp $76	+1.0pp $55

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.01mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	44d	1	0.01mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	44d	1	0.41mi
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.43mi
1137 Columbia St Waterloo, IA	1.0	1.0	588	$725	$1.23	21d	1	0.45mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	44d	1	0.57mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	44d	1	0.75mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	44d	1	1.05mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	44d	1	1.06mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	21d	6	1.13mi
515 Stokes Dr Waterloo, IA	1.0	1.0	664	$675	$1.02	44d	1	1.18mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	1.24mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	21d	1	1.29mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	1.33mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	1.33mi
211 W Wellington St Unit 211 1/2 Wellington Waterloo, IA	1.0	1.0	600	$600	$1.00	44d	1	1.41mi

Listing history 4 events

1. 2026-06-18
   status $80,000 Pending 2 DOM
2. 2026-06-17
   days on market $80,000 Active 2 DOM
3. 2026-06-15
   remarks 450-char remark
4. 2026-06-15
   listed $80,000 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: $1,372 · $114/mo
• Projected year-2 tax: $1,372 · $114/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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $10,085
• − Mortgage interest: −$4,481
• − Property taxes: −$1,372
• − Insurance: −$400
• − Repairs & maintenance: −$807
• − Management: −$807
• − Depreciation: −$2,327
• Taxable loss: −$109
• Est. tax savings @ 24.0%: +$26
• After-tax cash flow: $1,187/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

5 events — show timeline

• 2026-06-15 Rental Removed $810 APPFOLIO
• 2026-06-11 Listed $80,000 NEIRBR as distributed by MLS GRID
• 2026-03-08 Price Changed $810 APPFOLIO
• 2026-02-06 Price Changed $825 APPFOLIO
• 2025-12-18 Listed for Rent $850 APPFOLIO

Property tax history

+2.1%/yr

Latest (2025): $1,372 · +8.5% YoY. Source: county tax records.