102 South St · Waterloo, IA 50701

$100,000

3 bd · 2.5 ba · 1,544 sqft · MultiFamily public records · 81 Days on market

Built 1893 5,160 sqft lot $65/sqft · 58% below area Est $136k · 26% under

---

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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment opportunity! Lower unit features two bedrooms and one bathroom. Upstairs unit offers one bedroom and one bathroom.

Key facts

• 5,160 sq ft lot
• 2 parking spots
• Built 1893

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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); 285 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 45d 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).
• This rent runs 30% of the median local income ($61k/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 $691 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 + 3.8% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $39k; list at $100k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 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 1893 — 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 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: 1.56% ✓
• Cap rate: 13.42%
• Cash-on-cash: 25.47%
• DSCR: 2.13
• GRM: 5.3

CMA / ARV

• ARV (median comp): $135,677
• List price: $100,000
• Delta: -26.30%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 19.9%
• Equity multiple: 1.82×
• Total profit: $22,904
• Equity at exit: $14,910

10-year hold

• IRR: 28.7%
• Equity multiple: 3.64×
• Total profit: $73,930
• Equity at exit: $8,646

Cash invested: $28,000 (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: 285
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,561 high
• Mortgage (P&I): −$524
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $594

Break-even live

Break-even rent $809

Max offer price $100,000

Occupancy floor 57%

Sensitivity live

Price	-10% $651	-5% $623	+0% $594	+5% $566	+10% $538
Rent	-10% $471	-5% $533	+0% $594	+5% $656	+10% $718
Rate	-1.0pp $645	-0.5pp $620	base $594	+0.5pp $568	+1.0pp $542

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$806
1× unit	1	1	$755
Total (2 units)			$1,561

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	45d	1	0.20mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	45d	1	0.20mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	45d	1	0.21mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	22d	9	0.25mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	45d	1	0.45mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	22d	1	0.63mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	45d	1	0.63mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	22d	1	0.73mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	0.78mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	45d	1	0.81mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	0.83mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	45d	1	0.85mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	0.85mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	45d	1	0.85mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	22d	1	0.88mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	22d	1	0.95mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	22d	1	1.06mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	22d	1	1.16mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	22d	1	1.19mi
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	22d	1	1.32mi
1014 Fletcher Ave Waterloo, IA	4.0	3.5	2123	$2,450	$1.15	45d	1	1.35mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	45d	1	1.35mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	22d	1	1.39mi
2539 W 3rd St Waterloo, IA	3.0	2.5	1200	$1,695	$1.41	22d	1	1.41mi
1720 Franklin St Waterloo, IA	4.0	1.5	1392	$1,000	$0.72	45d	1	1.48mi

Listing history 31 events

1. 2026-06-21
   days on market $100,000 Active 81 DOM
2. 2026-06-19
   days on market $100,000 Active 79 DOM
3. 2026-06-18
   days on market $100,000 Active 78 DOM
4. 2026-06-17
   days on market $100,000 Active 77 DOM
5. 2026-06-16
   days on market $100,000 Active 76 DOM
6. 2026-06-15
   days on market $100,000 Active 75 DOM
7. 2026-06-14
   days on market $100,000 Active 73 DOM
8. 2026-06-13
   days on market $100,000 Active 72 DOM
9. 2026-06-10
   days on market $100,000 Active 70 DOM
10. 2026-06-09
    days on market $100,000 Active 69 DOM
11. 2026-06-08
    days on market $100,000 Active 68 DOM
12. 2026-06-07
    days on market $100,000 Active 67 DOM
13. 2026-06-05
    days on market $100,000 Active 64 DOM
14. 2026-06-03
    days on market $100,000 Active 63 DOM
15. 2026-06-02
    days on market $100,000 Active 62 DOM
16. 2026-06-01
    days on market $100,000 Active 61 DOM
17. 2026-05-31
    days on market $100,000 Active 60 DOM
18. 2026-05-30
    days on market $100,000 Active 59 DOM
19. 2026-05-06
    price $100,000 131-char remark

    Show marketing remark (131 chars)

    Great investment opportunity! Lower unit features two bedrooms and one bathroom. Upstairs unit offers one bedroom and one bathroom.

20. 2026-04-01
    listed $105,000 Active 131-char remark

    Show marketing remark (131 chars)

    Great investment opportunity! Lower unit features two bedrooms and one bathroom. Upstairs unit offers one bedroom and one bathroom.

21. 2025-10-14
    price $100,000
22. 2025-09-08
    price $105,000
23. 2025-01-02
    price $109,000
24. 2020-09-24
    soldstatus $39,000
25. 2020-09-24
    soldstatus $39,000
26. 2020-05-26
    listed $45,000
27. 2020-04-14
    historical
28. 2019-11-20
    listed $40,000
29. 2019-09-25
    historical
30. 2019-03-11
    listed $50,000
31. 2013-10-15
    soldstatus $22,000

ⓘ 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: $874 · $73/mo
• Projected year-2 tax: $1,222 · $102/mo
• Expected delta: +$348/yr (+$29/mo · 39.8%)

ⓘ 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 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: $18,732
• − Mortgage interest: −$5,602
• − Property taxes: −$874
• − Insurance: −$500
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$2,909
• Taxable income: $5,850
• Est. tax owed @ 24.0%: −$1,404
• After-tax cash flow: $5,727/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

+354.5% since first listed

13 events — show timeline

• 2026-05-06 Price Changed $100,000 NEIRBR as distributed by MLS GRID
• 2026-04-01 Listed $105,000 NEIRBR as distributed by MLS GRID
• 2025-10-14 Price Changed $100,000 NEIRBR as distributed by MLS GRID
• 2025-09-08 Price Changed $105,000 NEIRBR as distributed by MLS GRID
• 2025-01-02 Price Changed $109,000 NEIRBR as distributed by MLS GRID
• 2020-09-24 Sold (Public Records) $39,000 Public Records
• 2020-09-24 Sold (MLS) $39,000 NEIRBR as distributed by MLS GRID
• 2020-05-26 Listed $45,000 NEIRBR as distributed by MLS GRID
• 2020-04-14 Listing Removed — DMMLS
• 2019-11-20 Listed $40,000 DMMLS
• 2019-09-25 Listing Removed — DMMLS
• 2019-03-11 Listed $50,000 DMMLS
• 2013-10-15 Sold (Public Records) $22,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $874 · +8.7% YoY. Source: county tax records.