911 Lafayette St · Waterloo, IA 50703

$270,000

None bd · None ba · 1,816 sqft · MultiFamily · 59 Days on market

Built 1904 Good condition 6,000 sqft lot $149/sqft · 208% above area

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Why this score? — see what drove the B- 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Rare Fourplex opportunity located downtown Waterloo. Walking distance from restaurants and shopping area downtown. All major capital improvements have been updated from vinyl siding, new roof, windows, LVP flooring, and Shower/Tub surrounds. All units are 2 bedroom, 1 bath with just over 900 sq. ft. per unit. Units are 100% occupied. Schedule your showing and ask your realtor to download the income spreadsheet today!

Key facts

• Income producing
• Updated lvp flooring
• Turnkey investment

Tags

• INCOME PRODUCING
• UPDATED LVP FLOORING
• NEW HIGH EFFICIENCY FURNACE
• UPDATED BATHROOM FIXTURES
• NEWLY BUILT DECK
• TURNKEY INVESTMENT

Property features AI

Finance

• Financial info: Actual rents reported for units: $655, $804, $570, $645

Exterior

• Parking: On-street parking; Four open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Quadruplex; Two levels
• Construction: Vinyl siding exterior
• Exterior features: Asphalt roof; Lot approximately 50 x 120; Zoned R-M

Interior

• Heating & cooling: Forced air heating (natural gas); Window unit cooling
• Interior features: Window cooling units; Forced air heating with natural gas
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $270k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive. Per door: $177/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $262k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 99 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $2k of loan paydown is wiped out by about $8k 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 $76k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $207k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.24%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $87,791
• List price: $270,000
• Delta: 207.55%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
408-410 E 8th St	0.10mi	—/—	1,848 (+2%)	5mo	$75,000	$41	88
1116 Mulberry St	0.16mi	4/2.0	1,728 (-5%)	8mo	$147,000	$85	78
1113 Mulberry St	0.16mi	—/—	1,948 (+7%)	6mo	$70,000	$36	75
218 Mulberry St	0.49mi	—/—	1,684 (-7%)	12mo	$85,000	$50	55
723 South St	0.66mi	—/—	1,837 (+1%)	21mo	$70,000	$38	49
410 E 1st St Unit 1,2,3	0.53mi	—/—	2,016 (+11%)	23mo	$82,250	$41	38
52 Franklin St	0.71mi	2/2.0	1,616 (-11%)	21mo	$34,000	$21	31

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: 4.5%
• Equity multiple: 1.18×
• Total profit: $13,858
• Equity at exit: $40,258

10-year hold

• IRR: 17.2%
• Equity multiple: 2.66×
• Total profit: $125,530
• Equity at exit: $23,345

Cash invested: $75,600 (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: 99
• Price-to-rent: 27.6×

Monthly cashflow live

• Estimated rent: $3,258 medium
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $708

Break-even live

Break-even rent $2,362

Max offer price $270,000

Occupancy floor 73%

Sensitivity live

Price	-10% $895	-5% $801	+0% $708	+5% $615	+10% $521
Rent	-10% $451	-5% $579	+0% $708	+5% $837	+10% $965
Rate	-1.0pp $844	-0.5pp $777	base $708	+0.5pp $638	+1.0pp $567

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,260
Total (4 units)			$3,258

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	22d	1	0.15mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	44d	1	0.50mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	22d	1	1.20mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	22d	1	1.28mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	44d	1	1.37mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	44d	1	1.41mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	44d	1	1.47mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	22d	1	1.50mi

Listing history 25 events

1. 2026-06-21
   days on market $270,000 Active 59 DOM
2. 2026-06-19
   days on market $270,000 Active 57 DOM
3. 2026-06-18
   days on market $270,000 Active 56 DOM
4. 2026-06-17
   days on market $270,000 Active 55 DOM
5. 2026-06-16
   days on market $270,000 Active 54 DOM
6. 2026-06-15
   days on market $270,000 Active 53 DOM
7. 2026-06-14
   days on market $270,000 Active 51 DOM
8. 2026-06-13
   days on market $270,000 Active 50 DOM
9. 2026-06-10
   days on market $270,000 Active 48 DOM
10. 2026-06-09
    days on market $270,000 Active 47 DOM
11. 2026-06-08
    days on market $270,000 Active 46 DOM
12. 2026-06-07
    days on market $270,000 Active 45 DOM
13. 2026-06-05
    days on market $270,000 Active 42 DOM
14. 2026-06-03
    days on market $270,000 Active 41 DOM
15. 2026-06-02
    days on market $270,000 Active 40 DOM
16. 2026-06-01
    days on market $270,000 Active 39 DOM
17. 2026-05-31
    days on market $270,000 Active 38 DOM
18. 2026-05-30
    days on market $270,000 Active 37 DOM
19. 2026-02-06
    listed $270,000 Active 954-char remark
20. 2023-07-13
    soldstatus $207,000 Closed 420-char remark

    Show marketing remark (420 chars)

    Rare Fourplex opportunity located downtown Waterloo. Walking distance from restaurants and shopping area downtown. All major capital improvements have been updated from vinyl siding, new roof, windows, LVP flooring, and Shower/Tub surrounds. All units are 2 bedroom, 1 bath with just over 900 sq. ft. per unit. Units are 100% occupied. Schedule your showing and ask your realtor to download the income spreadsheet today!

21. 2023-05-27
    status Pending 420-char remark

    Show marketing remark (420 chars)

    Rare Fourplex opportunity located downtown Waterloo. Walking distance from restaurants and shopping area downtown. All major capital improvements have been updated from vinyl siding, new roof, windows, LVP flooring, and Shower/Tub surrounds. All units are 2 bedroom, 1 bath with just over 900 sq. ft. per unit. Units are 100% occupied. Schedule your showing and ask your realtor to download the income spreadsheet today!

22. 2023-05-25
    price $214,900 420-char remark

    Show marketing remark (420 chars)

    Rare Fourplex opportunity located downtown Waterloo. Walking distance from restaurants and shopping area downtown. All major capital improvements have been updated from vinyl siding, new roof, windows, LVP flooring, and Shower/Tub surrounds. All units are 2 bedroom, 1 bath with just over 900 sq. ft. per unit. Units are 100% occupied. Schedule your showing and ask your realtor to download the income spreadsheet today!

23. 2023-05-22
    status Active 420-char remark

    Show marketing remark (420 chars)

    Rare Fourplex opportunity located downtown Waterloo. Walking distance from restaurants and shopping area downtown. All major capital improvements have been updated from vinyl siding, new roof, windows, LVP flooring, and Shower/Tub surrounds. All units are 2 bedroom, 1 bath with just over 900 sq. ft. per unit. Units are 100% occupied. Schedule your showing and ask your realtor to download the income spreadsheet today!

24. 2023-05-21
    status Pending 420-char remark

    Show marketing remark (420 chars)

    Rare Fourplex opportunity located downtown Waterloo. Walking distance from restaurants and shopping area downtown. All major capital improvements have been updated from vinyl siding, new roof, windows, LVP flooring, and Shower/Tub surrounds. All units are 2 bedroom, 1 bath with just over 900 sq. ft. per unit. Units are 100% occupied. Schedule your showing and ask your realtor to download the income spreadsheet today!

25. 2023-05-01
    listed $219,900 Active 420-char remark

    Show marketing remark (420 chars)

    Rare Fourplex opportunity located downtown Waterloo. Walking distance from restaurants and shopping area downtown. All major capital improvements have been updated from vinyl siding, new roof, windows, LVP flooring, and Shower/Tub surrounds. All units are 2 bedroom, 1 bath with just over 900 sq. ft. per unit. Units are 100% occupied. Schedule your showing and ask your realtor to download the income spreadsheet today!

ⓘ 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 6/10 Major FEMA zone X · 69% 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: $39,096
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$3,128
• − Management: −$3,128
• − Depreciation: −$7,855
• Taxable income: $4,462
• Est. tax owed @ 24.0%: −$1,071
• After-tax cash flow: $7,424/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.

Condition & rehab AI · 5 photos

Good 75/100 Cosmetic rehab

This fourplex is in good condition with recent updates, including new flooring and a high-efficiency furnace. It's a strong investment opportunity with immediate rental income.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+22.8% since first listed

7 events — show timeline

• 2026-02-06 Listed $270,000 NEIRBR as distributed by MLS GRID
• 2023-07-13 Sold (MLS) $207,000 NEIRBR as distributed by MLS GRID
• 2023-05-27 Pending — NEIRBR as distributed by MLS GRID
• 2023-05-25 Price Changed $214,900 NEIRBR as distributed by MLS GRID
• 2023-05-22 Relisted — NEIRBR as distributed by MLS GRID
• 2023-05-21 Pending — NEIRBR as distributed by MLS GRID
• 2023-05-01 Listed $219,900 NEIRBR as distributed by MLS GRID