1028 Conger St · Waterloo, IA 50703

$85,000

1 bd · 1.5 ba · 765 sqft · SingleFamily public records

Built 1935 6,950 sqft lot Est $72k · 18% over

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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 +17.6/30.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a cozy one bedroom home with a second nonconforming bonus room in the basement. The main floor offers an open floor plan; kitchen, dining, and living room. This house is clean with fresh paint and has been well maintained. You can enjoy the outdoors with the front porch or back patio. The tandem garage located off the back alley offers space for two vehicles or shop/hobby space. This home has been a rental for several years.

Key facts

• 6,950 sq ft lot
• 2 parking spots
• Built 1935

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $66 ($798/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $83k (2.8% below list).
• Recommended offer: $83k (2.8% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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; 28 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $588 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 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $59k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,591 (2.8% below list)

Questions for the listing agent

1. Built in 1935 — 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. 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?
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: 0.97% ✗
• Cap rate: 7.23%
• Cash-on-cash: 3.35%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $71,910
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1124 Kern St	0.23mi	2/1.0 (+1)	740 (-3%)	12mo	$64,000	$86	67
843 Kern St	0.27mi	1/1.0	796 (+4%)	19mo	$32,000	$40	63
750 Newton St	0.40mi	2/1.0 (+1)	773 (+1%)	17mo	$140,000	$181	58
713 Riehl St	0.39mi	2/2.0 (+1)	836 (+9%)	1mo	$78,500	$94	58
640 Kern St	0.51mi	2/1.0 (+1)	766 (+0%)	14mo	$55,000	$72	58
1111 Burton Ave	0.28mi	2/1.0 (+1)	812 (+6%)	19mo	$73,500	$91	54
748 Conger St	0.31mi	2/1.0 (+1)	864 (+13%)	5mo	$60,000	$69	53
1118 Kern St	0.23mi	2/1.0 (+1)	660 (-14%)	15mo	$88,700	$134	47
745 Dawson St	0.35mi	1/1.0	662 (-14%)	18mo	$85,000	$128	45
725 Riehl St St	0.37mi	2/1.0 (+1)	868 (+14%)	15mo	$99,900	$115	41
536 Newton St	0.66mi	2/1.0 (+1)	840 (+10%)	18mo	$78,000	$93	31
629 Newton St	0.55mi	2/1.5 (+1)	872 (+14%)	18mo	$93,000	$107	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: -7.0%
• Equity multiple: 0.73×
• Total profit: $-6,367
• Equity at exit: $12,674

10-year hold

• IRR: 6.7%
• Equity multiple: 1.59×
• Total profit: $13,949
• Equity at exit: $7,349

Cash invested: $23,800 (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: 8.6×

Monthly cashflow live

• Estimated rent: $826 high
• Mortgage (P&I): −$446
• Tax from tax record: −$105 /mo · $1,258/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $66

Break-even live

Break-even rent $742

Max offer price $85,000

Occupancy floor 87%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	43d	1	0.24mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.47mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	43d	1	0.48mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	43d	1	0.87mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	43d	1	0.87mi
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.88mi
1137 Columbia St Waterloo, IA	1.0	1.0	588	$725	$1.23	21d	1	0.91mi
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	43d	1	0.94mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	43d	1	1.04mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	43d	1	1.09mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,102	$1.04	21d	9	1.11mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	21d	6	1.16mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	43d	2	1.23mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$900	$1.02	21d	4	1.26mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	43d	1	1.26mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	21d	1	1.27mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	21d	1	1.27mi
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	21d	1	1.29mi
211 W Wellington St Unit 211 1/2 Wellington Waterloo, IA	1.0	1.0	600	$600	$1.00	43d	1	1.30mi
302 Commercial St Waterloo, IA	1.0	1.0	901	$1,100	$1.22	21d	1	1.33mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	43d	1	1.34mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	1.36mi
218 South St Unit 5 Waterloo, IA	1.0	1.0	800	$545	$0.68	43d	1	1.37mi
626 W 2nd St Unit 1 Waterloo, IA	1.0	1.0	857	$750	$0.88	21d	1	1.39mi
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	43d	1	1.42mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	43d	1	1.46mi
209 Baltimore St Waterloo, IA	1.0	1.0	618	$650	$1.05	43d	1	1.46mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	43d	1	1.49mi

Listing history 6 events

1. 2026-04-23
   historical
2. 2026-04-20
   listed $85,000
3. 2022-12-30
   soldstatus $59,320 Closed 436-char remark

   Show marketing remark (436 chars)

   This is a cozy one bedroom home with a second nonconforming bonus room in the basement. The main floor offers an open floor plan; kitchen, dining, and living room. This house is clean with fresh paint and has been well maintained. You can enjoy the outdoors with the front porch or back patio. The tandem garage located off the back alley offers space for two vehicles or shop/hobby space. This home has been a rental for several years.

4. 2022-12-30
   soldstatus $59,500

   Show marketing remark (436 chars)

   This is a cozy one bedroom home with a second nonconforming bonus room in the basement. The main floor offers an open floor plan; kitchen, dining, and living room. This house is clean with fresh paint and has been well maintained. You can enjoy the outdoors with the front porch or back patio. The tandem garage located off the back alley offers space for two vehicles or shop/hobby space. This home has been a rental for several years.

5. 2022-12-02
   status Pending 436-char remark

   Show marketing remark (436 chars)

   This is a cozy one bedroom home with a second nonconforming bonus room in the basement. The main floor offers an open floor plan; kitchen, dining, and living room. This house is clean with fresh paint and has been well maintained. You can enjoy the outdoors with the front porch or back patio. The tandem garage located off the back alley offers space for two vehicles or shop/hobby space. This home has been a rental for several years.

6. 2022-11-30
   listed $59,000 Active 436-char remark

   Show marketing remark (436 chars)

   This is a cozy one bedroom home with a second nonconforming bonus room in the basement. The main floor offers an open floor plan; kitchen, dining, and living room. This house is clean with fresh paint and has been well maintained. You can enjoy the outdoors with the front porch or back patio. The tandem garage located off the back alley offers space for two vehicles or shop/hobby space. This home has been a rental for several years.

ⓘ 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: $1,258 · $105/mo
• Projected year-2 tax: $1,296 · $108/mo
• Expected delta: +$38/yr (+$3/mo · 3.0%)

ⓘ 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 · 0% 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: $9,911
• − Mortgage interest: −$4,761
• − Property taxes: −$1,258
• − Insurance: −$425
• − Repairs & maintenance: −$793
• − Management: −$793
• − Depreciation: −$2,473
• Taxable loss: −$592
• Est. tax savings @ 24.0%: +$142
• After-tax cash flow: $940/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

+44.1% since first listed

6 events — show timeline

• 2026-04-23 Delisted — NEIRBR as distributed by MLS GRID
• 2026-04-20 Listed $85,000 NEIRBR as distributed by MLS GRID
• 2022-12-30 Sold (Public Records) $59,500 Public Records
• 2022-12-30 Sold (MLS) $59,320 NEIRBR as distributed by MLS GRID
• 2022-12-02 Pending — NEIRBR as distributed by MLS GRID
• 2022-11-30 Listed $59,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.4%/yr

Latest (2025): $1,258 · +9.2% YoY. Source: county tax records.