1717 Forest Ave · Waterloo, IA 50702

$98,000

4 bd · 1.0 ba · 1,188 sqft · SingleFamily public records · 7 Days on market

Built 1918 6,350 sqft lot Est $144k · 32% under

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Why this score? — see what drove the C+ 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 +19.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +6.1/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Character abounds! Fall in love with this gorgeous home that is full of charm and character with great updates throughout, including newer windows and a new central cooling and heating system in 2017! The enclosed porch on the front of the home gives a cozy spot to enjoy a morning coffee, and as you enter, you are welcomed by the living room. This awesome space boasts original wood flooring and trim, and a great brick fireplace as it leads you to the beautiful dining room with built-in corner hutches. You will appreciate the newer windows throughout, especially in the dining room as it features a big picture window to let in lots of great natural light and gives scenic views of the rear exterior. The dining area leads into the kitchen that boasts clean white cabinetry, loads of counter space, and off the back, a great drop zone area with a countertop space and cabinets. The upper level of the home provides two spacious bedrooms with great closets, one with original hardwood flooring and the with soft carpeting. You’ll also find a full bathroom on the upper level with newer vanity and cabinets. The exterior of the home features a detached single stall garage, a fully fenced-in backyard and great curb appeal! This character-filled home with great updates is not one you want to miss! See it today!

Key facts

• Brick fireplace
• Original wood floors
• Abundant cabinetry

Tags

• ENCLOSED FRONT PORCH
• ORIGINAL WOOD FLOORS
• BRICK FIREPLACE
• BUILT-IN CORNER HUTCHES
• ABUNDANT CABINETRY
• GENEROUS COUNTER SPACE

Property features AI

Exterior

• Parking: Detached carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single family residence, residential property; Zoned R-2
• Construction: Other construction materials; Block basement
• Exterior features: Shingle/asphalt roof; Concrete road surface

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Living room fireplace (1)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $116 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Cap rate 7.7% 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 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% 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 $678 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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $75k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,000

Questions for the listing agent

1. Built in 1918 — 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. 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.
5. 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.
6. 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: 1.11% ✓
• Cap rate: 7.72%
• Cash-on-cash: 5.08%
• DSCR: 1.23
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $143,748
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
820 Dena St	0.33mi	3/1.0 (-1)	1,193 (+0%)	1mo	$161,400	$135	78
1642 Bertch Ave Ave	0.10mi	3/1.5 (-1)	1,122 (-6%)	4mo	$120,000	$107	76
1806 Hawthorne Ave	0.11mi	3/2.0 (-1)	1,244 (+5%)	4mo	$120,000	$96	75
1843 Forest Ave	0.14mi	3/1.0 (-1)	1,276 (+7%)	3mo	$155,000	$121	74
1832 Patton Ave	0.36mi	3/1.0 (-1)	1,228 (+3%)	3mo	$160,000	$130	70
1909 Hawthorne Ave	0.21mi	3/1.0 (-1)	1,070 (-10%)	3mo	$129,900	$121	66
517 W 9th St	0.62mi	3/1.0 (-1)	1,232 (+4%)	5mo	$35,000	$28	56
519 W 9th St St	0.62mi	4/2.0	1,248 (+5%)	5mo	$35,000	$28	55
1115 Hawthorne Ave	0.66mi	3/1.0 (-1)	1,106 (-7%)	2mo	$125,000	$113	51
719 Wisconsin St	0.26mi	3/2.0 (-1)	1,364 (+15%)	8mo	$166,305	$122	47
811 Hammond Ave	0.42mi	3/1.0 (-1)	1,356 (+14%)	7mo	$112,500	$83	46
1911 Cornwall Ave	0.56mi	3/1.0 (-1)	1,025 (-14%)	4mo	$154,000	$150	43

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: -8.7%
• Equity multiple: 0.68×
• Total profit: $-8,745
• Equity at exit: $14,612

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $818
• Equity at exit: $8,473

Cash invested: $27,440 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,091 high
• Mortgage (P&I): −$514
• Tax from tax record: −$191 /mo · $2,288/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $116

Break-even live

Break-even rent $944

Max offer price $98,000

Occupancy floor 84%

Sensitivity live

Price	-10% $172	-5% $144	+0% $116	+5% $89	+10% $61
Rent	-10% $30	-5% $73	+0% $116	+5% $159	+10% $202
Rate	-1.0pp $166	-0.5pp $141	base $116	+0.5pp $91	+1.0pp $65

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	44d	1	0.93mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	0.98mi
1720 Franklin St Waterloo, IA	4.0	1.5	1392	$1,000	$0.72	44d	1	1.02mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	44d	1	1.06mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	21d	1	1.06mi
230 Polk St Waterloo, IA	3.0	1.0	992	$850	$0.86	21d	1	1.33mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	44d	1	1.41mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	44d	1	1.41mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	44d	1	1.47mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	44d	1	1.50mi

Listing history 11 events

1. 2026-06-19
   days on market $98,000 Active 7 DOM
2. 2026-06-18
   days on market $98,000 Active 6 DOM
3. 2026-06-17
   days on market $98,000 Active 5 DOM
4. 2026-06-17
   status $98,000 Active 4 DOM
5. 2026-05-18
   listed $98,000 Active
6. 2023-09-13
   soldstatus $75,000
7. 2018-09-12
   soldstatus $71,500
8. 2018-07-06
   soldstatus $71,000
9. 2018-07-05
   soldstatus $71,000 1321-char remark

   Show marketing remark (1321 chars)

   Character abounds! Fall in love with this gorgeous home that is full of charm and character with great updates throughout, including newer windows and a new central cooling and heating system in 2017! The enclosed porch on the front of the home gives a cozy spot to enjoy a morning coffee, and as you enter, you are welcomed by the living room. This awesome space boasts original wood flooring and trim, and a great brick fireplace as it leads you to the beautiful dining room with built-in corner hutches. You will appreciate the newer windows throughout, especially in the dining room as it features a big picture window to let in lots of great natural light and gives scenic views of the rear exterior. The dining area leads into the kitchen that boasts clean white cabinetry, loads of counter space, and off the back, a great drop zone area with a countertop space and cabinets. The upper level of the home provides two spacious bedrooms with great closets, one with original hardwood flooring and the with soft carpeting. You’ll also find a full bathroom on the upper level with newer vanity and cabinets. The exterior of the home features a detached single stall garage, a fully fenced-in backyard and great curb appeal! This character-filled home with great updates is not one you want to miss! See it today!

10. 2018-06-11
    listed $74,900 1321-char remark

    Show marketing remark (1321 chars)

    Character abounds! Fall in love with this gorgeous home that is full of charm and character with great updates throughout, including newer windows and a new central cooling and heating system in 2017! The enclosed porch on the front of the home gives a cozy spot to enjoy a morning coffee, and as you enter, you are welcomed by the living room. This awesome space boasts original wood flooring and trim, and a great brick fireplace as it leads you to the beautiful dining room with built-in corner hutches. You will appreciate the newer windows throughout, especially in the dining room as it features a big picture window to let in lots of great natural light and gives scenic views of the rear exterior. The dining area leads into the kitchen that boasts clean white cabinetry, loads of counter space, and off the back, a great drop zone area with a countertop space and cabinets. The upper level of the home provides two spacious bedrooms with great closets, one with original hardwood flooring and the with soft carpeting. You’ll also find a full bathroom on the upper level with newer vanity and cabinets. The exterior of the home features a detached single stall garage, a fully fenced-in backyard and great curb appeal! This character-filled home with great updates is not one you want to miss! See it today!

11. 2012-01-18
    soldstatus $75,000

ⓘ 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: $2,288 · $191/mo
• Projected year-2 tax: $2,288 · $191/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $13,089
• − Mortgage interest: −$5,490
• − Property taxes: −$2,288
• − Insurance: −$490
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$2,851
• Taxable loss: −$124
• Est. tax savings @ 24.0%: +$30
• After-tax cash flow: $1,425/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

+30.7% since first listed

7 events — show timeline

• 2026-05-18 Listed $98,000 NEIRBR as distributed by MLS GRID
• 2023-09-13 Sold (Public Records) $75,000 Public Records
• 2018-09-12 Sold (Public Records) $71,500 Public Records
• 2018-07-06 Sold (Public Records) $71,000 Public Records
• 2018-07-05 Sold (MLS) $71,000 NEIRBR as distributed by MLS GRID
• 2018-06-11 Listed $74,900 NEIRBR as distributed by MLS GRID
• 2012-01-18 Sold (Public Records) $75,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $2,288 · +20.5% YoY. Source: county tax records.