121 Wycombe St · Waterloo, IA 50703

$90,000

2 bd · 1.0 ba · 947 sqft · SingleFamily public records

Built 1955 6,240 sqft lot Est $80k · 12% over

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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 +17.5/30.0
• DSCR +5.5/10.0
• 1% rule +4.5/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +2.2/15.0
• Appreciation +0.0/10.0

Listing remarks

2 bed 1 bath ranch

Key facts

• 6,240 sq ft lot
• Parking
• Built 1955

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $70 ($838/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (5.0% below list).
• Recommended offer: $85k (5.0% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: Highland Elementary School (math 51% / reading 45%, grade D, #528 of 616 statewide, top 86%, 477 students, 85% 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) — zoned schools average 74% FRL vs 58% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 $622 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.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $50k; list at $90k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,465 (5.0% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.33%
• DSCR: 1.15
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $80,495
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Wycombe St	0.00mi	2/1.0	947 (0%)	1mo	$90,000	$95	100
69 Zuma St	0.23mi	2/1.0	966 (+2%)	12mo	$88,250	$91	76
312 Glendale Sts	0.23mi	3/1.5 (+1)	982 (+4%)	7mo	$130,000	$132	70
301 Idaho St	0.15mi	2/1.0	864 (-9%)	16mo	$89,000	$103	65
1927 Lafayette St	0.51mi	2/1.0	868 (-8%)	3mo	$51,250	$59	60
103 Dearborn Ave	0.39mi	3/1.0 (+1)	960 (+1%)	18mo	$74,900	$78	60
423 Archer Ave	0.56mi	2/1.0	1,037 (+10%)	0mo	$82,000	$79	58
135 Polk St	0.67mi	2/2.0	994 (+5%)	0mo	$45,000	$45	56
216 Polk St St	0.62mi	3/2.0 (+1)	918 (-3%)	5mo	$78,000	$85	53
132 Rhey St	0.68mi	3/1.5 (+1)	972 (+3%)	18mo	$47,000	$48	42
1026 Ann St	0.66mi	3/1.0 (+1)	1,040 (+10%)	11mo	$145,000	$139	38
316 Archer Ave	0.61mi	3/1.0 (+1)	1,066 (+13%)	10mo	$60,000	$56	37

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: -7.1%
• Equity multiple: 0.73×
• Total profit: $-6,859
• Equity at exit: $13,419

10-year hold

• IRR: 6.5%
• Equity multiple: 1.57×
• Total profit: $14,250
• Equity at exit: $7,782

Cash invested: $25,200 (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: 8.8×

Monthly cashflow live

• Estimated rent: $855 high
• Mortgage (P&I): −$472
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $70

Break-even live

Break-even rent $766

Max offer price $90,000

Occupancy floor 87%

Sensitivity live

Price	-10% $121	-5% $95	+0% $70	+5% $44	+10% $19
Rent	-10% $2	-5% $36	+0% $70	+5% $104	+10% $137
Rate	-1.0pp $115	-0.5pp $93	base $70	+0.5pp $47	+1.0pp $23

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
333 Lamont St Waterloo, IA	2.0	1.0	720	$975	$1.35	44d	1	0.05mi
2304 Lafayette St Waterloo, IA	2.0	1.0	971	$825	$0.85	44d	1	0.13mi
313 Dearborn Ave Waterloo, IA	1.0	1.0	780	$575	$0.74	44d	1	0.25mi
2006 Lafayette St Waterloo, IA	2.0	1.0	576	$650	$1.13	21d	1	0.42mi
151 French St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.55mi
230 Polk St Waterloo, IA	3.0	1.0	992	$850	$0.86	21d	1	0.59mi
243 Polk St Waterloo, IA	2.0	1.0	720	$850	$1.18	21d	1	0.62mi
269 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.74mi
235 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.74mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	44d	1	0.99mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	21d	1	1.15mi
408 E 8th St Waterloo, IA	3.0	1.0	600	$850	$1.42	44d	1	1.25mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	1.32mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.33mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.34mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.40mi
1911 Springview St Evansdale, IA	2.0	1.0	960	$875	$0.91	44d	1	1.47mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	44d	1	1.48mi
2001 City View St Evansdale, IA	2.0	1.0	652	$795	$1.22	21d	1	1.49mi

Listing history 2 events

1. 2026-06-10
   remarks 18-char remark
2. 2026-06-10
   listed $90,000 Pending

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $1,282 · $107/mo
• Expected delta: +$132/yr (+$11/mo · 11.4%)

ⓘ 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 · 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: $10,256
• − Mortgage interest: −$5,041
• − Property taxes: −$1,150
• − Insurance: −$450
• − Repairs & maintenance: −$820
• − Management: −$820
• − Depreciation: −$2,618
• Taxable loss: −$645
• Est. tax savings @ 24.0%: +$155
• After-tax cash flow: $993/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

+80.0% since first listed

3 events — show timeline

• 2026-04-27 Delisted — NEIRBR as distributed by MLS GRID
• 2026-04-27 Listed $90,000 NEIRBR as distributed by MLS GRID
• 2018-08-14 Sold (Public Records) $50,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,150 · +9.1% YoY. Source: county tax records.