102 NW 9th Ave · Waverly, IA 50677

$237,500

None bd · None ba · 802 sqft · Townhouse · 47 Days on market

Built 1895 Fair condition 0.60 ac lot $296/sqft · 66% above area ↓ 4% since listing

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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 +6.6/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Cash flow +1.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

House Hacker's Dream – 5-Unit Income Property with 6th Unit Potential back on the Market, no fault to seller! Welcome to a house hacker’s dream come true! This versatile 5-family conversion offers an immediate income-generating opportunity, with the potential to easily add a 6th unit. Set on a generous 26,136 sq ft lot, the property features over 4,300 sq ft of living space, providing plenty of room for tenants and value-add potential. Conveniently located near the bike trail and river, this property combines rental income potential with outdoor lifestyle appeal—perfect for both first-time investors and seasoned pros looking to expand their portfolio. Message me today to schedule your private showing and take the first step toward your next great investment!

Key facts

• Bike trail
• 26
• 136 sq ft lot

Tags

• 5 UNIT INCOME PROPERTY
• 6TH UNIT POTENTIAL
• 26
• 136 SQ FT LOT
• BIKE TRAIL

What this means for you Summary

Snapshot

• This is a townhouse listed at $238k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-942 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (57.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (62.7% below list).
• Recommended offer: $89k (62.7% below list) — sets the bar for 1% rule.
• Cap rate 1.5% vs local median 2.4% in Waverly — 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 86/100 on livability (#12 in IA, #406 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• Waverly-Shell Rock Community School District (town): math 79% / reading 74% proficiency, ranked #46 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 34 units permitted in Bremer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Bremer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,555 (62.7% 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 47 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1895 — 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. 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?
8. 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.
9. 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.
10. 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: 0.37% ✗
• Cap rate: 1.53%
• Cash-on-cash: -16.99%
• DSCR: 0.24
• GRM: 22.3

CMA / ARV

• ARV (median comp): $143,361
• List price: $237,500
• Delta: 65.67%
• Verdict: OVERPRICED
• Comps: 18 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -49.9%
• Equity multiple: -0.48×
• Total profit: $-98,451
• Equity at exit: $35,412

10-year hold

• IRR: -99.0%
• Equity multiple: -1.45×
• Total profit: $-162,907
• Equity at exit: $20,535

Cash invested: $66,500 (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 50677

• Active inventory: 126
• Price-to-rent: 22.3×

Monthly cashflow live

• Estimated rent: $886 medium
• Mortgage (P&I): −$1,245
• Tax est. 1.5%: −$297 /mo · $3,562/yr
• Insurance: −$99
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $-942

Break-even live

Break-even rent $2,078

Max offer price $101,231

Occupancy floor —

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: $59,375
• Closing costs: $7,125
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
92 5th Ave NW Unit 3 Waverly, IA	2.0	1.0	700	$950	$1.36	21d	1	0.29mi
210 15th St NW Waverly, IA	1.0	1.0	536	$607	$1.13	44d	2	0.97mi

Listing history 8 events

1. 2026-06-01
   statusdays on market $237,500 Pending 47 DOM
2. 2026-05-31
   days on market $237,500 Active 46 DOM
3. 2026-05-30
   days on market $237,500 Active 45 DOM
4. 2026-04-23
   status Active 787-char remark

   Show marketing remark (787 chars)

   House Hacker's Dream – 5-Unit Income Property with 6th Unit Potential back on the Market, no fault to seller! Welcome to a house hacker’s dream come true! This versatile 5-family conversion offers an immediate income-generating opportunity, with the potential to easily add a 6th unit. Set on a generous 26,136 sq ft lot, the property features over 4,300 sq ft of living space, providing plenty of room for tenants and value-add potential. Conveniently located near the bike trail and river, this property combines rental income potential with outdoor lifestyle appeal—perfect for both first-time investors and seasoned pros looking to expand their portfolio. Message me today to schedule your private showing and take the first step toward your next great investment!

5. 2026-04-23
   price $237,500 787-char remark

   Show marketing remark (787 chars)

   House Hacker's Dream – 5-Unit Income Property with 6th Unit Potential back on the Market, no fault to seller! Welcome to a house hacker’s dream come true! This versatile 5-family conversion offers an immediate income-generating opportunity, with the potential to easily add a 6th unit. Set on a generous 26,136 sq ft lot, the property features over 4,300 sq ft of living space, providing plenty of room for tenants and value-add potential. Conveniently located near the bike trail and river, this property combines rental income potential with outdoor lifestyle appeal—perfect for both first-time investors and seasoned pros looking to expand their portfolio. Message me today to schedule your private showing and take the first step toward your next great investment!

6. 2025-07-24
   historical 787-char remark

   Show marketing remark (787 chars)

   House Hacker's Dream – 5-Unit Income Property with 6th Unit Potential back on the Market, no fault to seller! Welcome to a house hacker’s dream come true! This versatile 5-family conversion offers an immediate income-generating opportunity, with the potential to easily add a 6th unit. Set on a generous 26,136 sq ft lot, the property features over 4,300 sq ft of living space, providing plenty of room for tenants and value-add potential. Conveniently located near the bike trail and river, this property combines rental income potential with outdoor lifestyle appeal—perfect for both first-time investors and seasoned pros looking to expand their portfolio. Message me today to schedule your private showing and take the first step toward your next great investment!

7. 2025-07-22
   status Pending 787-char remark

   Show marketing remark (787 chars)

   House Hacker's Dream – 5-Unit Income Property with 6th Unit Potential back on the Market, no fault to seller! Welcome to a house hacker’s dream come true! This versatile 5-family conversion offers an immediate income-generating opportunity, with the potential to easily add a 6th unit. Set on a generous 26,136 sq ft lot, the property features over 4,300 sq ft of living space, providing plenty of room for tenants and value-add potential. Conveniently located near the bike trail and river, this property combines rental income potential with outdoor lifestyle appeal—perfect for both first-time investors and seasoned pros looking to expand their portfolio. Message me today to schedule your private showing and take the first step toward your next great investment!

8. 2025-07-14
   listed $247,500 Active 787-char remark

   Show marketing remark (787 chars)

   House Hacker's Dream – 5-Unit Income Property with 6th Unit Potential back on the Market, no fault to seller! Welcome to a house hacker’s dream come true! This versatile 5-family conversion offers an immediate income-generating opportunity, with the potential to easily add a 6th unit. Set on a generous 26,136 sq ft lot, the property features over 4,300 sq ft of living space, providing plenty of room for tenants and value-add potential. Conveniently located near the bike trail and river, this property combines rental income potential with outdoor lifestyle appeal—perfect for both first-time investors and seasoned pros looking to expand their portfolio. Message me today to schedule your private showing and take the first step toward your next great investment!

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $10,627
• − Mortgage interest: −$13,304
• − Property taxes: −$3,562
• − Insurance: −$1,188
• − Repairs & maintenance: −$850
• − Management: −$850
• − Depreciation: −$6,909
• Taxable loss: −$16,036
• Est. tax savings @ 24.0%: +$3,849
• After-tax cash flow: $-7,452/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 · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs to exterior siding and interior walls, along with routine maintenance. Upgrades to these areas would significantly enhance its resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major interior walls — Peeling paint

Value-add opportunities

• Both paint exterior siding — Enhances curb appeal and value
• Both paint interior walls — Improves living space and value
• Both landscaping — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both paint exterior siding — Enhances curb appeal and value ↑
• Both paint interior walls — Improves living space and value ↑
• Both landscaping — Enhances curb appeal and 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: Waverly-Shell Rock Community School District
• NCES district ID: 1930540
• Math proficiency: 79% ▼ -3.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $59,860
• Composite: 65.73/100
• National rank: #459
• State rank: #46 of 289 in IA

Livability — Waverly

• Score: 86/100
• State rank: #12
• US rank: #406

Category grades

Amenities C- 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: Waverly, IA
• Population (ZIP): 12,655

Population outlook (Bremer County) Hauer SSP2

• Today (2025): 25,557 people
• By 2030: 25,842 · +1.1%
• By 2040: 26,206 · +2.5%
• By 2050: 26,620 · +4.2%
• By 2075: 27,635 · +8.1%
• By 2100: 28,760 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Black 2% Asian 2%
• Common ancestry: Portuguese 5% Iranian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Bremer

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.3%
• 2008→2024 swing: -31.5pp toward R · 2008: 9.3pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.1 2016: R+13.9 2012: D+2.5 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.54%
• Current HPI: 178.9673
• Rent YoY: —
• Metro: —
• 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

-4.0% since first listed

5 events — show timeline

• 2026-04-23 Relisted — NEIRBR as distributed by MLS GRID
• 2026-04-23 Price Changed $237,500 NEIRBR as distributed by MLS GRID
• 2025-07-24 Delisted — NEIRBR as distributed by MLS GRID
• 2025-07-22 Pending — NEIRBR as distributed by MLS GRID
• 2025-07-14 Listed $247,500 NEIRBR as distributed by MLS GRID