723 Randolph St · Waterloo, IA 50702

$100,000

3 bd · 2.5 ba · 1,866 sqft · MultiFamily public records · 10 Days on market

Built 1896 4,200 sqft lot Est $91k · 9% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• ARV discount +3.3/15.0
• Rent growth +3.2/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Calling all investors!!! Price Reduced and Ready to Sell!! Location is perfect and price is right! Duplex with 3 Bedrooms down and 1 Bedroom up. Both units have their own kitchens and come with appliances. Call your favorite Realtor today!

Key facts

• 4,200 sq ft lot
• 4 parking spots
• Built 1896

Property features AI

Finance

• Other: Property listed as residential income (duplex)
• Financial info: Actual rent: $585 for the 1-bedroom unit; Actual rent: $760 for the 3-bedroom unit

Exterior

• Parking: Four open on-street parking spaces
• Utilities: Public water; Public sewer; Other utilities
• Home design: Duplex (residential income property)
• Construction: Vinyl siding and stucco exterior; About 1,000 sq ft finished above grade and 1,000 sq ft finished below grade
• Exterior features: Asphalt roof; Lot approximately 60 x 70 (about 0.1 acre); R-1 zoning

Interior

• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Heating & cooling: Natural gas heating; Window cooling units
• Interior features: Lower-level laundry
• Laundry & utility: Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×1bd/?ba units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $537 ($6k/yr) — positive. Per door: $268/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 12.7% 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: Lowell Elementary School (math 42% / reading 42%, grade F, #563 of 616 statewide, top 93%, 513 students, 74% FRL); Bunger Middle School (math 48% / reading 47%, grade C-, #226 of 246 statewide, top 92%, 431 students, 75% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL).
• Market conditions: Rents rising (+2.7%/yr); 126 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% 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 ($62k/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 + 2.7% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $36k; list at $100k implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1896 — 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. 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: 1.55% ✓
• Cap rate: 12.73%
• Cash-on-cash: 23.00%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $91,434
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1424 Grant Ave	0.45mi	3/2.0	1,824 (-2%)	13mo	$89,000	$49	63
258 Western Ave	0.53mi	3/2.0	1,950 (+4%)	6mo	$65,000	$33	61
622 W 2nd St	0.36mi	4/2.0 (+1)	1,976 (+6%)	19mo	$105,000	$53	51

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 · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 15.6%
• Equity multiple: 1.63×
• Total profit: $17,529
• Equity at exit: $14,910

10-year hold

• IRR: 24.1%
• Equity multiple: 3.05×
• Total profit: $57,461
• 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 50702

• Rents YoY: 2.7%
• Active inventory: 126
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,553 high
• Mortgage (P&I): −$524
• Tax from tax record: −$124 /mo · $1,490/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $537

Break-even live

Break-even rent $874

Max offer price $100,000

Occupancy floor 60%

Sensitivity live

Price	-10% $593	-5% $565	+0% $537	+5% $508	+10% $480
Rent	-10% $414	-5% $475	+0% $537	+5% $598	+10% $659
Rate	-1.0pp $587	-0.5pp $562	base $537	+0.5pp $511	+1.0pp $484

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$798
1× unit	1	0	$755
Total (2 units)			$1,553

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 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	45d	1	0.34mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	22d	1	0.42mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	45d	1	0.61mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	45d	1	0.73mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	45d	1	0.81mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	22d	1	0.87mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	46d	1	0.97mi
1720 Franklin St Waterloo, IA	4.0	1.5	1392	$1,000	$0.72	45d	1	1.23mi
1014 Fletcher Ave Waterloo, IA	4.0	3.5	2123	$2,450	$1.15	45d	1	1.36mi
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	45d	1	1.40mi

Listing history 9 events

1. 2026-06-21
   days on market $100,000 Active 10 DOM
2. 2026-06-19
   days on market $100,000 Active 8 DOM
3. 2026-06-18
   days on market $100,000 Active 7 DOM
4. 2026-06-17
   days on market $100,000 Active 6 DOM
5. 2026-06-16
   days on market $100,000 Active 5 DOM
6. 2026-06-15
   days on market $100,000 Active 4 DOM
7. 2026-06-14
   days on market $100,000 Active 2 DOM
8. 2026-06-13
   remarks 265-char remark
9. 2026-06-13
   listed $100,000 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: $1,490 · $124/mo
• Projected year-2 tax: $1,530 · $128/mo
• Expected delta: +$40/yr (+$3/mo · 2.7%)

ⓘ 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: $18,636
• − Mortgage interest: −$5,602
• − Property taxes: −$1,490
• − Insurance: −$500
• − Repairs & maintenance: −$1,491
• − Management: −$1,491
• − Depreciation: −$2,909
• Taxable income: $5,154
• Est. tax owed @ 24.0%: −$1,237
• After-tax cash flow: $5,203/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): 20,882
• Household income: $62,021
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 479.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 9% Two or more races 5% Asian 3% Pacific Islander 3% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: American 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 15% · Canada, Philippines
• Languages at home: 79% English-only · Spanish 7% Russian/Polish/Slavic 6% Other Asian/Pacific 4%

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: ▼ -110.86%
• Current HPI: 155.4447
• Rent YoY: ▲ 2.70%
• 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

+150.0% since first listed

4 events — show timeline

• 2026-06-11 Listed $100,000 NEIRBR as distributed by MLS GRID
• 2017-03-29 Sold (Public Records) $36,000 Public Records
• 2017-03-24 Sold (MLS) $36,000 NEIRBR as distributed by MLS GRID
• 2016-09-23 Listed $40,000 NEIRBR as distributed by MLS GRID

Property tax history

+4.5%/yr

Latest (2025): $1,490 · +8.6% YoY. Source: county tax records.