1110 Doreen Ave · Waterloo, IA 50701

$745,000

None bd · None ba · 7,182 sqft · Townhouse · 49 Days on market

Built 1969 Good condition 0.57 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained 12-unit apartment complex located on a quiet cul-de-sac in Waterloo, offering a stable investment opportunity in a desirable setting. The property is in good condition, with a strong occupancy-10 of the 12 units are currently leased, providing immediate income with upside potential. Financial available upon request to qualified buyers.

Key facts

• Immediate income
• Quiet cul de sac
• Strong occupancy

Tags

• 12 UNIT APARTMENT COMPLEX
• QUIET CUL DE SAC
• STABLE INVESTMENT OPPORTUNITY
• STRONG OCCUPANCY
• IMMEDIATE INCOME

What this means for you Summary

Snapshot

• This is a townhouse listed at $745k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-4k ($-53k/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (85.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (87.3% below list).
• Recommended offer: $95k (87.3% below list) — sets the bar for 1% rule.
• Cap rate -0.8% vs local median 4.2% in Waterloo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; 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 $5k of loan paydown is wiped out by about $22k 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 ($723k) is reasonable based on typical stale-listing flexibility.

Recommended offer $94,839 (87.3% 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. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 87% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.13% ✗
• Cap rate: -0.79%
• Cash-on-cash: -25.31%
• DSCR: -0.13
• GRM: 65.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.8% rent growth · sell at horizon

5-year hold

• IRR: -72.9%
• Equity multiple: -0.92×
• Total profit: $-400,132
• Equity at exit: $111,082

10-year hold

• IRR: —
• Equity multiple: -2.38×
• Total profit: $-705,955
• Equity at exit: $64,414

Cash invested: $208,600 (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 50701

• Rents YoY: 3.8%
• Active inventory: 282
• Price-to-rent: 65.5×

Monthly cashflow live

• Estimated rent: $948 medium
• Mortgage (P&I): −$3,907
• Tax est. 1.5%: −$931 /mo · $11,175/yr
• Insurance: −$310
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $-4,399

Break-even live

Break-even rent $6,517

Max offer price $108,414

Occupancy floor —

Sensitivity live

Price	-10% $-3,884	-5% $-4,142	+0% $-4,399	+5% $-4,657	+10% $-4,914
Rent	-10% $-4,474	-5% $-4,437	+0% $-4,399	+5% $-4,362	+10% $-4,324
Rate	-1.0pp $-4,024	-0.5pp $-4,210	base $-4,399	+0.5pp $-4,592	+1.0pp $-4,789

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: $186,250
• Closing costs: $22,350
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-15
   status $745,000 Pending 49 DOM
2. 2026-06-15
   days on market $745,000 Active 49 DOM
3. 2026-06-14
   days on market $745,000 Active 47 DOM
4. 2026-06-13
   days on market $745,000 Active 46 DOM
5. 2026-06-10
   days on market $745,000 Active 44 DOM
6. 2026-06-09
   days on market $745,000 Active 43 DOM
7. 2026-06-08
   days on market $745,000 Active 42 DOM
8. 2026-06-07
   days on market $745,000 Active 41 DOM
9. 2026-06-05
   days on market $745,000 Active 38 DOM
10. 2026-06-03
    days on market $745,000 Active 37 DOM
11. 2026-06-02
    days on market $745,000 Active 36 DOM
12. 2026-06-01
    days on market $745,000 Active 35 DOM
13. 2026-05-31
    days on market $745,000 Active 34 DOM
14. 2026-05-30
    days on market $745,000 Active 33 DOM
15. 2026-04-27
    listed $745,000 Active 353-char remark

    Show marketing remark (353 chars)

    Well maintained 12-unit apartment complex located on a quiet cul-de-sac in Waterloo, offering a stable investment opportunity in a desirable setting. The property is in good condition, with a strong occupancy-10 of the 12 units are currently leased, providing immediate income with upside potential. Financial available upon request to qualified buyers.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $11,381
• − Mortgage interest: −$41,732
• − Property taxes: −$11,175
• − Insurance: −$3,725
• − Repairs & maintenance: −$910
• − Management: −$910
• − Depreciation: −$21,673
• Taxable loss: −$68,745
• Est. tax savings @ 24.0%: +$16,499
• After-tax cash flow: $-36,293/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

A well-maintained 12-unit apartment complex with good condition and potential for cosmetic updates to enhance both resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — Wear and tear visible on cabinet doors and drawers.
• Minor Bathroom fixtures — Signs of wear on sink and bathtub fixtures.
• Minor Landscaping — Could benefit from trimming and additional plants for better curb appeal.

Value-add opportunities

• Both Painting and updating kitchen cabinets — Fresh paint and updated cabinets would enhance both resale and rental value.
• Both Landscaping improvements — Improved landscaping would increase curb appeal and attract more tenants.
• Both HVAC maintenance and cleaning — Clean and maintained HVAC units would improve comfort and energy efficiency, attracting more tenants and increasing rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Wear and tear visible on cabinet doors and drawers.	Minor	$500–3,000
Bathroom fixtures · Signs of wear on sink and bathtub fixtures.	Minor	$500–3,000
Landscaping · Could benefit from trimming and additional plants for better curb appeal.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Painting and updating kitchen cabinets — Fresh paint and updated cabinets would enhance both resale and rental value. ↑
• Both Landscaping improvements — Improved landscaping would increase curb appeal and attract more tenants. ↑
• Both HVAC maintenance and cleaning — Clean and maintained HVAC units would improve comfort and energy efficiency, attracting more tenants and increasing rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-04-27 Listed $745,000 NEIRBR as distributed by MLS GRID