210 Kern St · Waterloo, IA 50703

$15,000

3 bd · 1.0 ba · 1,214 sqft · SingleFamily public records · 120 Days on market

Built 1914 1,742 sqft lot $12/sqft · 76% below area

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Three-bedroom, one-bath single-family home offering 1,214 square feet of living space. Conveniently located near local amenities and transportation. Property is being sold AS-IS.

Key facts

• 1,742 sq ft lot
• Built 1914
• Listed 120 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $720 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Recommended offer: $14k (9.0% below list) — sets the bar for market timing.
• Cap rate 63.9% 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; 26 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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 $104 of loan paydown is wiped out by about $450 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($14k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $13,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — 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. 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: 6.95% ✓
• Cap rate: 63.93%
• Cash-on-cash: 205.84%
• DSCR: 10.16
• GRM: 1.2

CMA / ARV

• ARV (median comp): $126,493
• List price: $15,000
• Delta: -88.14%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126 Hope Avenue Ave	0.27mi	3/1.0	1,185 (-2%)	6mo	$56,000	$47	78
413 Conger Street St	0.27mi	3/1.0	1,149 (-5%)	4mo	$65,000	$57	76
914 Lincoln St	0.07mi	3/1.0	1,380 (+14%)	3mo	$29,000	$21	71
221 Center St	0.31mi	3/1.0	1,291 (+6%)	6mo	$38,000	$29	70
232 Center St	0.28mi	2/1.0 (-1)	1,060 (-13%)	1mo	$32,000	$30	60
817 Grandview Ave	0.51mi	3/1.0	1,115 (-8%)	3mo	$115,000	$103	60
533 Reed St	0.27mi	4/2.0 (+1)	1,076 (-11%)	1mo	$60,000	$56	58
542 Kern St	0.32mi	3/1.0	1,052 (-13%)	6mo	$35,000	$33	58
813 Kern St	0.64mi	4/1.0 (+1)	1,183 (-3%)	4mo	$165,000	$139	58
806 Conger St St	0.66mi	3/1.0	1,140 (-6%)	2mo	$85,000	$75	58
1710 Logan Ave	0.64mi	3/1.0	1,114 (-8%)	2mo	$121,000	$109	54
427 Hope Ave	0.50mi	3/1.0	1,036 (-15%)	3mo	$134,900	$130	50

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: —
• Equity multiple: 12.30×
• Total profit: $47,463
• Equity at exit: $2,237

10-year hold

• IRR: —
• Equity multiple: 29.13×
• Total profit: $118,153
• Equity at exit: $1,297

Cash invested: $4,200 (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: 1.2×

Monthly cashflow live

• Estimated rent: $1,043 high
• Mortgage (P&I): −$79
• Tax est. 1.5%: −$19 /mo · $225/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $720

Break-even live

Break-even rent $131

Max offer price $15,000

Occupancy floor 26%

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: $3,750
• Closing costs: $450
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	21d	1	0.06mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	44d	1	0.19mi
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	44d	1	0.23mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	21d	1	0.24mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	21d	1	0.32mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.47mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	44d	1	0.54mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	44d	1	0.62mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	44d	1	0.68mi
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	44d	1	0.68mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	21d	4	0.80mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	44d	1	0.86mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	21d	1	0.99mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	44d	1	1.02mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	1.13mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	1.19mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	44d	1	1.23mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	1.33mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	44d	2	1.34mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	21d	1	1.38mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.38mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.42mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	44d	1	1.42mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.44mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	1.45mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	21d	1	1.45mi

Listing history 17 events

1. 2026-06-18
   days on market $15,000 Active 120 DOM
2. 2026-06-17
   days on market $15,000 Active 119 DOM
3. 2026-06-16
   days on market $15,000 Active 118 DOM
4. 2026-06-15
   days on market $15,000 Active 117 DOM
5. 2026-06-14
   days on market $15,000 Active 115 DOM
6. 2026-06-13
   days on market $15,000 Active 114 DOM
7. 2026-06-10
   days on market $15,000 Active 112 DOM
8. 2026-06-09
   days on market $15,000 Active 111 DOM
9. 2026-06-08
   days on market $15,000 Active 110 DOM
10. 2026-06-07
    days on market $15,000 Active 109 DOM
11. 2026-06-05
    days on market $15,000 Active 106 DOM
12. 2026-06-03
    days on market $15,000 Active 105 DOM
13. 2026-06-02
    days on market $15,000 Active 104 DOM
14. 2026-06-01
    days on market $15,000 Active 103 DOM
15. 2026-05-31
    days on market $15,000 Active 102 DOM
16. 2026-05-30
    days on market $15,000 Active 101 DOM
17. 2026-02-18
    listed $15,000 Active 178-char remark

    Show marketing remark (178 chars)

    Three-bedroom, one-bath single-family home offering 1,214 square feet of living space. Conveniently located near local amenities and transportation. Property is being sold AS-IS.

ⓘ 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 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 · 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: $12,518
• − Mortgage interest: −$840
• − Property taxes: −$225
• − Insurance: −$75
• − Repairs & maintenance: −$1,001
• − Management: −$1,001
• − Depreciation: −$436
• Taxable income: $8,938
• Est. tax owed @ 24.0%: −$2,145
• After-tax cash flow: $6,500/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

1 event — show timeline

• 2026-02-18 Listed $15,000 ICAARMLS

Property tax history

+5.8%/yr

Latest (2025): $1,065 · +2.9% YoY. Source: county tax records.