925 Forest Ave · Waterloo, IA 50702

$92,900

3 bd · 1.0 ba · 1,102 sqft · SingleFamily public records · 44 Days on market

Built 1911 4,572 sqft lot $84/sqft · 17% below area Est $112k · 17% 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 +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.6/10.0
• 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

This cozy three-bedroom, one-bathroom, two-story home in Waterloo. Perfect for a hands-on family ready to put their own stamp on it, or an investor seeking their next project. With a price that leaves room for repairs, you can move in and bring your ideas to life. The home features a fenced-in backyard, perfect for kids or pets, and a double-stall garage for convenience. With loads of potential. Reach out if you want to explore the possibilities.

Key facts

• 4,572 sq ft lot
• 2 parking spots
• Built 1911

Property features AI

Exterior

• Parking: Carport with 2 spaces; No additional listed parking features
• Utilities: Public water; Public sewer
• Home design: Residential single-family home; R-1 zoning
• Construction: Vinyl siding; Shingle roof
• Exterior features: Gravel road access

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Basement with block construction; No fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($983 rent vs $93k).
• Recommended offer: $90k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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: Irving Elementary School (math 43% / reading 44%, grade F, #560 of 616 statewide, top 91%, 402 students, 92% FRL); Central Middle School (math 49% / reading 46%, grade C-, #226 of 246 statewide, top 92%, 471 students, 85% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL) — zoned schools average 80% FRL vs 58% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.7%/yr); 126 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $642 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

• It's been on market 44 days — a 3% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $73k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,113 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.06% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.55%
• DSCR: 1.20
• GRM: 7.9

CMA / ARV

• ARV (median comp): $111,867
• List price: $92,900
• Delta: -16.96%
• 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
1115 Hawthorne Ave	0.14mi	3/1.0	1,106 (+0%)	2mo	$125,000	$113	91
2012 W 7th St	0.42mi	3/1.0	1,142 (+4%)	0mo	$140,000	$123	74
826 Williston Ave	0.14mi	3/1.0	976 (-11%)	1mo	$72,000	$74	74
1207 Bertch Ave	0.24mi	2/2.0 (-1)	1,061 (-4%)	3mo	$118,000	$111	71
820 Bertch Ave	0.10mi	4/2.5 (+1)	1,208 (+10%)	4mo	$177,000	$147	66
312 Cornwall Ave	0.67mi	3/1.0	1,094 (-1%)	3mo	$164,000	$150	64
819 Easton Ave	0.63mi	3/1.0	1,150 (+4%)	2mo	$170,000	$148	62
610 Baltimore St	0.38mi	3/1.0	1,248 (+13%)	2mo	$98,400	$79	59
1314 Vermont St	0.46mi	3/1.0	988 (-10%)	4mo	$149,900	$152	58
701 Lorraine Ave	0.60mi	3/1.5	1,224 (+11%)	0mo	$152,500	$125	52
111 Rosebud Ave	0.73mi	3/1.0	1,009 (-8%)	3mo	$140,000	$139	49
1150 Easton Ave	0.69mi	2/1.0 (-1)	940 (-15%)	3mo	$107,500	$114	36

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: -9.5%
• Equity multiple: 0.65×
• Total profit: $-9,025
• Equity at exit: $13,852

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-819
• Equity at exit: $8,032

Cash invested: $26,012 (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: 7.9×

Monthly cashflow live

• Estimated rent: $983 high
• Mortgage (P&I): −$487
• Tax from tax record: −$152 /mo · $1,820/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $99

Break-even live

Break-even rent $858

Max offer price $92,900

Occupancy floor 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: $23,225
• Closing costs: $2,787
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1112 Byron Ave Unit 1114 Waterloo, IA	2.0	1.0	896	$930	$1.04	20d	1	0.20mi
611 Johnson St Unit 8 Waterloo, IA	2.0	1.0	800	$825	$1.03	43d	1	0.24mi
611 Johnson St Unit 11 Waterloo, IA	2.0	1.0	800	$895	$1.12	43d	1	0.24mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	43d	1	0.25mi
1014 Leavitt St Waterloo, IA	2.0	1.0	700	$1,060	$1.51	20d	2	0.27mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	20d	1	0.28mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	20d	1	0.34mi
1524 1/2 W 5th St Unit 1524 1/2 Waterloo, IA	2.0	1.0	981	$850	$0.87	20d	1	0.47mi
237 Miriam Dr Apt B Waterloo, IA	2.0	1.0	750	$725	$0.97	43d	1	0.48mi
200 Parkview Blvd Waterloo, IA	2.0	1.0	744	$725	$0.97	20d	1	0.49mi
226 Palmer Dr Unit 226-B Waterloo, IA	2.0	1.0	800	$780	$0.97	20d	1	0.50mi
254 Parkview Blvd Unit 254 Waterloo, IA	2.0	1.0	744	$795	$1.07	43d	1	0.50mi
225 Miriam Dr Unit A Waterloo, IA	2.0	1.0	700	$650	$0.93	43d	1	0.51mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	43d	1	0.63mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	20d	1	0.63mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	20d	1	0.65mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	43d	1	0.68mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	20d	1	0.70mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	43d	1	0.73mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	43d	1	0.75mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	43d	1	0.85mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	43d	1	0.86mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	43d	1	0.89mi
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	43d	1	0.90mi
154 Acadia St Unit 2 Waterloo, IA	2.0	1.0	995	$1,200	$1.21	43d	1	0.94mi
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	20d	1	0.97mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	20d	1	0.98mi
105 Bellaire Rd Waterloo, IA	2.0	2.0	1088	$1,100	$1.01	20d	1	0.98mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	43d	2	0.99mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.10mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.11mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.13mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	20d	9	1.14mi
1047 Langley Rd Waterloo, IA	2.0	1.0	951	$795	$0.84	20d	1	1.15mi
1211 Langley Rd Waterloo, IA	2.0	1.0	951	$825	$0.87	20d	1	1.21mi
1225 Langley Rd Waterloo, IA	2.0	1.0	989	$795	$0.80	20d	1	1.23mi
1154-1206 Langley Rd Waterloo, IA	2.0	1.0	813	$750	$0.92	20d	1	1.23mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	43d	1	1.28mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	20d	1	1.29mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	20d	1	1.30mi

Listing history 20 events

1. 2026-06-19
   days on market $92,900 Active 44 DOM
2. 2026-06-18
   days on market $92,900 Active 43 DOM
3. 2026-06-17
   days on market $92,900 Active 42 DOM
4. 2026-06-16
   days on market $92,900 Active 41 DOM
5. 2026-06-15
   days on market $92,900 Active 40 DOM
6. 2026-06-14
   days on market $92,900 Active 38 DOM
7. 2026-06-13
   days on market $92,900 Active 37 DOM
8. 2026-06-10
   days on market $92,900 Active 35 DOM
9. 2026-06-09
   days on market $92,900 Active 34 DOM
10. 2026-06-08
    days on market $92,900 Active 33 DOM
11. 2026-06-07
    days on market $92,900 Active 32 DOM
12. 2026-06-05
    days on market $92,900 Active 29 DOM
13. 2026-06-03
    days on market $92,900 Active 28 DOM
14. 2026-06-02
    days on market $92,900 Active 27 DOM
15. 2026-06-01
    days on market $92,900 Active 26 DOM
16. 2026-05-31
    days on market $92,900 Active 25 DOM
17. 2026-05-30
    days on market $92,900 Active 24 DOM
18. 2026-05-06
    price $92,900 396-char remark
19. 2026-05-06
    listed $929,900 Active 396-char remark
20. 2014-03-21
    soldstatus $73,000

ⓘ 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: $1,820 · $152/mo
• Projected year-2 tax: $1,820 · $152/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: $11,792
• − Mortgage interest: −$5,204
• − Property taxes: −$1,820
• − Insurance: −$464
• − Repairs & maintenance: −$943
• − Management: −$943
• − Depreciation: −$2,703
• Taxable loss: −$286
• Est. tax savings @ 24.0%: +$69
• After-tax cash flow: $1,253/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

+27.3% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $92,900 NEIRBR as distributed by MLS GRID
• 2026-05-06 Listed $929,900 NEIRBR as distributed by MLS GRID
• 2014-03-21 Sold (Public Records) $73,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,820 · +8.9% YoY. Source: county tax records.