846 Dawson St · Waterloo, IA 50703

$75,000

2 bd · 2.5 ba · 660 sqft · SingleFamily public records · 1 Days on market

Built 1921 6,500 sqft lot Est $84k · 11% 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 +22.3/30.0
• ARV discount +12.5/15.0
• DSCR +7.2/10.0
• 1% rule +6.2/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment opportunity! Welcoming you in is the covered porch that leads you into the living room. The living room boasts great character that you are sure to love! The kitchen offers nice white appliances and great prep space. Completing the main floor are two bedrooms and a full bathroom to share. The lower level is great for storage. Outside you will find a BRAND NEW ROOF, rear deck, and a great-sized backyard, as well as a detached, one-stall garage. See this one today!

Key facts

• Covered porch
• White appliances
• Backyard

Tags

• COVERED PORCH
• WHITE APPLIANCES
• REAR DECK
• BACKYARD
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property type
• Construction: Vinyl siding; Shingle (asphalt) roof
• Exterior features: Concrete road access; Lot approximately 50 x 130 (0.15 acre); Zoned R-2

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Unfinished basement; No fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($838 rent vs $75k).
• Cap rate 8.3% 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: Lincoln Elementary School (math 38% / reading 42%, grade F, #576 of 616 statewide, top 94%, 471 students, 86% FRL); George Washington Carver Academy (math 36% / reading 43%, grade F, #240 of 246 statewide, top 98%, 442 students, 91% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 83% FRL vs 58% district-wide (25 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; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 $519 of loan paydown is wiped out by about $2k 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 + 6.7% rent growth), your $21k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1921 — 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: 1.12% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.10%
• DSCR: 1.32
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $84,480
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
745 Dawson St	0.12mi	1/1.0 (-1)	662 (+0%)	18mo	$85,000	$128	68
1118 Kern St	0.34mi	2/1.0	660 (0%)	15mo	$88,700	$134	66
1145 Newton St	0.39mi	2/1.0	672 (+2%)	20mo	$98,500	$147	56
433 Kern St	0.53mi	2/1.0	658 (-0%)	23mo	$88,500	$134	50
658 Newton St	0.26mi	2/1.5	734 (+11%)	21mo	$70,500	$96	48
1124 Kern St	0.35mi	2/1.0	740 (+12%)	12mo	$64,000	$86	48
707 Lincoln St	0.67mi	2/1.0	638 (-3%)	18mo	$58,000	$91	42
324 Columbia St	0.70mi	2/1.0	752 (+14%)	13mo	$40,000	$53	27

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-1,013
• Equity at exit: $11,183

10-year hold

• IRR: 12.1%
• Equity multiple: 2.12×
• Total profit: $23,594
• Equity at exit: $6,485

Cash invested: $21,000 (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 50703

• Rents YoY: 6.7%
• Active inventory: 98
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $838 high
• Mortgage (P&I): −$393
• Tax from tax record: −$113 /mo · $1,356/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $124

Break-even live

Break-even rent $680

Max offer price $75,000

Occupancy floor 80%

Sensitivity live

Price	-10% $167	-5% $145	+0% $124	+5% $103	+10% $82
Rent	-10% $58	-5% $91	+0% $124	+5% $157	+10% $190
Rate	-1.0pp $162	-0.5pp $143	base $124	+0.5pp $105	+1.0pp $85

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.20mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	44d	1	0.21mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	44d	1	0.37mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	44d	1	0.58mi
1137 Columbia St Waterloo, IA	1.0	1.0	588	$725	$1.23	21d	1	0.62mi
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.63mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	44d	1	0.92mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	21d	6	1.18mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	44d	1	1.20mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	44d	1	1.25mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	21d	1	1.32mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	1.33mi
515 Stokes Dr Waterloo, IA	1.0	1.0	664	$675	$1.02	44d	1	1.38mi
211 W Wellington St Unit 211 1/2 Wellington Waterloo, IA	1.0	1.0	600	$600	$1.00	44d	1	1.40mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	1.45mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	1.45mi

Listing history 2 events

1. 2026-06-18
   remarks 484-char remark
2. 2026-06-18
   listed $75,000 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: $1,356 · $113/mo
• Projected year-2 tax: $1,356 · $113/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 3/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $10,052
• − Mortgage interest: −$4,201
• − Property taxes: −$1,356
• − Insurance: −$375
• − Repairs & maintenance: −$804
• − Management: −$804
• − Depreciation: −$2,182
• Taxable income: $329
• Est. tax owed @ 24.0%: −$79
• After-tax cash flow: $1,411/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

1 event — show timeline

• 2026-06-18 Listed $75,000 NEIRBR as distributed by MLS GRID

Property tax history

+3.7%/yr

Latest (2025): $1,356 · +7.1% YoY. Source: county tax records.