2503 Olive St · Cedar Falls, IA 50613

$285,000

8 bd · 8.0 ba · 3,054 sqft · MultiFamily public records · 57 Days on market

Built 1890 5,561 sqft lot $93/sqft · 27% below area Est $211k · 35% over ↓ 18% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Located just one block from UNI campus, this investment property generates consistent revenue! All units are well-maintained with recent updates. Offering two three-bedroom units and two one-bedroom units, this versatile complex provides options for all students. All four units have dishwasher, stove, and refrigerator. On-site laundry available for tenants to use with coins. Walking distance to restaurants, coffee shops, campus, the UNI bookstore, and College Hill nightlife. This is a great property to add to your investment portfolio! Schedule a showing today.

Key facts

• Recent updates
• On-site laundry
• 5,561 sq ft lot

Tags

• WELL-MAINTAINED UNITS
• RECENT UPDATES
• TWO THREE-BEDROOM UNITS
• TWO ONE-BEDROOM UNITS
• ON-SITE LAUNDRY
• WALKING DISTANCE TO CAMPUS

Property features AI

Finance

• Financial info: Current rents shown by unit: $825, $710, $585, $785

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Residential income property (quadruplex)
• Construction: Asphalt roof
• Exterior features: Deck; Vinyl siding

Interior

• Bedrooms: Unit mix includes two 3-bedroom units and two 1-bedroom units
• Bathrooms: Unit mix includes two 1-bath units and one 2-bath unit
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Partially finished basement with walk-out access; Lower-level laundry room
• Laundry & utility: Laundry room on the lower level

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $341/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Recommended offer: $276k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.1% in Cedar Falls — 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 (#60 in IA, #1,357 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Cedar Falls Community School District (urban): math 76% / reading 79% proficiency, ranked #45 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln Elementary School (math 66% / reading 71%, grade B+, #266 of 616 statewide, top 43%, 453 students, 45% FRL); Holmes Junior High School (math 79% / reading 78%, grade A+, #44 of 246 statewide, top 19%, 639 students, 28% FRL); Cedar Falls High School (math 74% / reading 78%, grade A-, #75 of 336 statewide, top 23%, 1,302 students, 24% FRL).
• Market conditions: Rents rising (+2.0%/yr); 387 active listings in the ZIP; solid renter incomes; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• At $4,172/mo this rent would consume 64% of the median local household income ($79k/yr) (locally 1514% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 + 2.0% rent growth), your $80k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $28k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $276,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.46% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.52%
• DSCR: 1.91
• GRM: 5.7

CMA / ARV

• ARV (median comp): $211,142
• List price: $285,000
• Delta: 34.98%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.97% rent growth · sell at horizon

5-year hold

• IRR: 11.7%
• Equity multiple: 1.46×
• Total profit: $36,487
• Equity at exit: $42,494

10-year hold

• IRR: 19.8%
• Equity multiple: 2.59×
• Total profit: $126,640
• Equity at exit: $24,642

Cash invested: $79,800 (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 50613

• Rents YoY: 2.0%
• Active inventory: 387
• Price-to-rent: 22.8×

Monthly cashflow live

• Estimated rent: $4,172 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$318 /mo · $3,816/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$876
• Net cashflow: $1,365

Break-even live

Break-even rent $2,445

Max offer price $285,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,172
Total (4 units)			$4,172

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $285,000 Active 57 DOM
2. 2026-06-18
   days on market $285,000 Active 56 DOM
3. 2026-06-17
   days on market $285,000 Active 55 DOM
4. 2026-06-16
   days on market $285,000 Active 54 DOM
5. 2026-06-15
   days on market $285,000 Active 53 DOM
6. 2026-06-14
   days on market $285,000 Active 51 DOM
7. 2026-06-13
   days on market $285,000 Active 50 DOM
8. 2026-06-10
   days on market $285,000 Active 48 DOM
9. 2026-06-09
   days on market $285,000 Active 47 DOM
10. 2026-06-09
    price $285,000 Active 46 DOM
11. 2026-06-08
    days on market $295,000 Active 46 DOM
12. 2026-06-07
    days on market $295,000 Active 45 DOM
13. 2026-06-05
    days on market $295,000 Active 42 DOM
14. 2026-06-03
    days on market $295,000 Active 41 DOM
15. 2026-06-02
    days on market $295,000 Active 40 DOM
16. 2026-06-01
    days on market $295,000 Active 39 DOM
17. 2026-05-31
    days on market $295,000 Active 38 DOM
18. 2026-05-30
    days on market $295,000 Active 37 DOM
19. 2026-05-07
    price $295,000 567-char remark
20. 2026-01-07
    listed $312,500 Active 567-char remark
21. 2024-07-18
    price $348,000
22. 2023-10-13
    price $359,000
23. 2020-12-16
    soldstatus $310,000
24. 2020-12-15
    soldstatus $310,000
25. 2020-08-14
    listed $346,500

ⓘ 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: $3,816 · $318/mo
• Projected year-2 tax: $4,145 · $345/mo
• Expected delta: +$329/yr (+$27/mo · 8.6%)

ⓘ 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 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: $50,064
• − Mortgage interest: −$15,964
• − Property taxes: −$3,816
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,005
• − Management: −$4,005
• − Depreciation: −$8,291
• Taxable income: $12,557
• Est. tax owed @ 24.0%: −$3,014
• After-tax cash flow: $13,361/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: Cedar Falls Community School District
• NCES district ID: 1906510
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 79% ▼ -2.00%
• Median HH income: $53,634
• Composite: 65.93/100
• National rank: #443
• State rank: #45 of 289 in IA

Livability — Cedar Falls

• Score: 81/100
• State rank: #60
• US rank: #1357

Category grades

Amenities D Commute F Cost of living A+ Crime A Employment B- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Falls, IA
• County: Black Hawk County · 112,933 people
• City population: 43,867
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 43,867
• Household income: $78,503
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1514.0

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 (90%)
• Race & ethnicity: White 90% Asian 3% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -175.51%
• Current HPI: 169.0591
• Rent YoY: ▲ 1.97%
• 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

-17.7% since first listed

8 events — show timeline

• 2026-06-08 Price Changed $285,000 NEIRBR as distributed by MLS GRID
• 2026-05-07 Price Changed $295,000 NEIRBR as distributed by MLS GRID
• 2026-01-07 Listed $312,500 NEIRBR as distributed by MLS GRID
• 2024-07-18 Price Changed $348,000 NEIRBR as distributed by MLS GRID
• 2023-10-13 Price Changed $359,000 NEIRBR as distributed by MLS GRID
• 2020-12-16 Sold (Public Records) $310,000 Public Records
• 2020-12-15 Sold (MLS) $310,000 NEIRBR as distributed by MLS GRID
• 2020-08-14 Listed $346,500 NEIRBR as distributed by MLS GRID

Property tax history

-2.2%/yr

Latest (2025): $3,816 · +2.9% YoY. Source: county tax records.