1930 Eric Ave · Waterloo, IA 50707

$7,500

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 147 Days on market

Built 1994 $6/sqft · 94% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tax season is here. Marked down 50% for quick sale. For questions, please contact me. For more pictures view https://drive. google.com/drive/folders/1FrmjWb3MJqUbB5ukOA1_aKnAnSlV2S4b?usp=sharing.

Key facts

• Built 1994
• Listed 147 days

🏷️ Possibly a rental listed for sale. The $7,500 price doesn't fit this home's estimated sale value (~$130,842) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $8k.

Deal economics

• At list price, monthly cash flow is $622 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($852 rent vs $8k).
• Recommended offer: $7k (12.0% below list) — sets the bar for market timing.
• Cap rate 105.7% 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: schools C-, 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.
• Market conditions: 64 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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 $52 of loan paydown is wiped out by about $225 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 + 3.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($7k) is reasonable based on typical stale-listing flexibility.

Recommended offer $6,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 11.37% ✓
• Cap rate: 105.74%
• Cash-on-cash: 355.18%
• DSCR: 16.80
• GRM: 0.7

CMA / ARV

• ARV (median comp): $130,842
• List price: $7,500
• Delta: -94.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1437 Vine St	0.60mi	3/2.0	1,200 (-1%)	1mo	$115,000	$96	69
1446 Ruth Street St	0.31mi	3/1.5	1,379 (+13%)	8mo	$171,500	$124	55
210 Blowers Ave	0.69mi	3/1.0	1,206 (-1%)	14mo	$80,000	$66	50
1220 Shultz St	0.65mi	2/1.0 (-1)	1,192 (-2%)	9mo	$145,000	$122	49
427 Adrian St	0.72mi	2/2.0 (-1)	1,162 (-4%)	7mo	$151,000	$130	48
1518 Dearborn Ave	0.62mi	2/1.0 (-1)	1,224 (+1%)	17mo	$119,900	$98	47
551 Indiana St	0.72mi	3/1.0	1,264 (+4%)	14mo	$68,000	$54	44
2335 Lafayette St	0.74mi	3/1.0	1,155 (-5%)	17mo	$80,900	$70	39
1222 Vine St	0.72mi	3/1.0	1,350 (+11%)	10mo	$144,900	$107	36
123 Idaho St	0.70mi	2/1.5 (-1)	1,312 (+8%)	18mo	$122,500	$93	32
1026 Ann St	0.69mi	3/1.0	1,040 (-14%)	11mo	$145,000	$139	30
609 Indiana St	0.69mi	3/1.0	1,378 (+13%)	14mo	$135,900	$99	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 19.28×
• Total profit: $38,385
• Equity at exit: $1,118

10-year hold

• IRR: —
• Equity multiple: 41.22×
• Total profit: $84,452
• Equity at exit: $648

Cash invested: $2,100 (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 50707

• Active inventory: 64
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $852 high
• Mortgage (P&I): −$39
• Tax est. 1.5%: −$9 /mo · $112/yr
• Insurance: −$3
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $622

Break-even live

Break-even rent $66

Max offer price $7,500

Occupancy floor 22%

Sensitivity live

Price	-10% $627	-5% $624	+0% $622	+5% $619	+10% $616
Rent	-10% $554	-5% $588	+0% $622	+5% $655	+10% $689
Rate	-1.0pp $625	-0.5pp $623	base $622	+0.5pp $620	+1.0pp $618

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: $1,875
• Closing costs: $225
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
269 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	22d	1	0.57mi
243 Polk St Waterloo, IA	2.0	1.0	720	$850	$1.18	22d	1	0.58mi
230 Polk St Waterloo, IA	3.0	1.0	992	$850	$0.86	22d	1	0.59mi
235 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	22d	1	0.62mi
2304 Lafayette St Waterloo, IA	2.0	1.0	971	$825	$0.85	44d	1	0.80mi
333 Lamont St Waterloo, IA	2.0	1.0	720	$975	$1.35	44d	1	0.84mi
1911 Springview St Evansdale, IA	2.0	1.0	960	$875	$0.91	44d	1	0.84mi
2014 Springview St Waterloo, IA	2.0	1.0	1064	$975	$0.92	22d	1	0.91mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	44d	1	0.95mi
2014 Clearview St Evansdale, IA	2.0	1.0	708	$795	$1.12	44d	1	0.96mi
1720 Franklin St Waterloo, IA	4.0	1.5	1392	$1,000	$0.72	44d	1	1.07mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	22d	1	1.25mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	44d	1	1.30mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	22d	1	1.37mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	22d	1	1.50mi

Listing history 18 events

1. 2026-06-19
   days on market $7,500 Active 147 DOM
2. 2026-06-18
   days on market $7,500 Active 146 DOM
3. 2026-06-17
   days on market $7,500 Active 145 DOM
4. 2026-06-16
   days on market $7,500 Active 144 DOM
5. 2026-06-15
   days on market $7,500 Active 143 DOM
6. 2026-06-14
   days on market $7,500 Active 141 DOM
7. 2026-06-13
   days on market $7,500 Active 140 DOM
8. 2026-06-10
   days on market $7,500 Active 138 DOM
9. 2026-06-09
   days on market $7,500 Active 137 DOM
10. 2026-06-08
    days on market $7,500 Active 136 DOM
11. 2026-06-07
    days on market $7,500 Active 135 DOM
12. 2026-06-05
    days on market $7,500 Active 132 DOM
13. 2026-06-03
    days on market $7,500 Active 131 DOM
14. 2026-06-02
    days on market $7,500 Active 130 DOM
15. 2026-06-01
    days on market $7,500 Active 129 DOM
16. 2026-05-31
    days on market $7,500 Active 128 DOM
17. 2026-05-30
    days on market $7,500 Active 127 DOM
18. 2026-01-23
    listed $7,500 Active 195-char remark

    Show marketing remark (195 chars)

    Tax season is here. Marked down 50% for quick sale. For questions, please contact me. For more pictures view https://drive. google.com/drive/folders/1FrmjWb3MJqUbB5ukOA1_aKnAnSlV2S4b?usp=sharing.

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,229
• − Mortgage interest: −$420
• − Property taxes: −$112
• − Insurance: −$38
• − Repairs & maintenance: −$818
• − Management: −$818
• − Depreciation: −$218
• Taxable income: $7,804
• Est. tax owed @ 24.0%: −$1,873
• After-tax cash flow: $5,586/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
• City population: 69,066
• Population (ZIP): 7,407

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 (80%)
• Race & ethnicity: White 80% Black 8% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 3% Iranian 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -121.77%
• Current HPI: 178.5926
• 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

1 event — show timeline

• 2026-01-23 Listed $7,500 ForSaleByOwner.com