314 Lester St · Waterloo, IA 50703

$85,000

3 bd · 4.5 ba · 1,404 sqft · MultiFamily public records · 83 Days on market

Built 1916 7,776 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Great cash flow investment opportunity directly across from Gates Park! Fully rented triplex provides immediate cashflow. Unit 1-1 bed 1 bath with stove and refrigerator $475/mo. Unit 2-1 bed 1 bath with stove and refrigerator $525/mo. Unit 3-1 bed 1 bath with stove and refrigerator $375/mo. Each unit has its own electric meter. Owner currently pays water, snow removal & lawn care. Seller has proactively maintained units with multiple updates including: newer flooring, paint, cabinets, countertop, shower.

Key facts

• 7,776 sq ft lot
• 4 parking spots
• Built 1916

What this means for you Summary

Snapshot

• This is a 3 × 1.0-bed/1.0-bath units multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.6% 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: 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: Rents rising fast (+6.7%/yr); 99 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• At $2,271/mo this rent would consume 54% of the median local household income ($50k/yr) (locally 871% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.67% ✓
• Cap rate: 23.60%
• Cash-on-cash: 61.81%
• DSCR: 3.75
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 64.8%
• Equity multiple: 4.07×
• Total profit: $73,023
• Equity at exit: $12,674

10-year hold

• IRR: 70.3%
• Equity multiple: 9.52×
• Total profit: $202,700
• 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: 99
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,271 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$87 /mo · $1,044/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $1,226

Break-even live

Break-even rent $719

Max offer price $85,000

Occupancy floor 41%

Sensitivity live

Price	-10% $1,274	-5% $1,250	+0% $1,226	+5% $1,202	+10% $1,178
Rent	-10% $1,047	-5% $1,136	+0% $1,226	+5% $1,316	+10% $1,405
Rate	-1.0pp $1,269	-0.5pp $1,248	base $1,226	+0.5pp $1,204	+1.0pp $1,181

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

Units	Beds	Baths	Est. rent
▸ 3× units	1.0	1	$2,271
Total (3 units)			$2,271

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 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	44d	1	0.05mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	44d	1	0.08mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	22d	1	0.45mi
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	22d	1	0.56mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	22d	1	0.60mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	44d	1	0.67mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	22d	1	0.73mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	22d	1	0.74mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	44d	1	0.91mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	22d	4	0.92mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	22d	1	1.23mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	44d	1	1.41mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	22d	1	1.43mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	22d	1	1.45mi

Listing history 24 events

1. 2026-06-21
   days on market $85,000 Active 83 DOM
2. 2026-06-19
   days on market $85,000 Active 81 DOM
3. 2026-06-18
   days on market $85,000 Active 80 DOM
4. 2026-06-17
   days on market $85,000 Active 79 DOM
5. 2026-06-16
   days on market $85,000 Active 78 DOM
6. 2026-06-15
   days on market $85,000 Active 77 DOM
7. 2026-06-14
   days on market $85,000 Active 75 DOM
8. 2026-06-13
   days on market $85,000 Active 74 DOM
9. 2026-06-10
   days on market $85,000 Active 72 DOM
10. 2026-06-09
    days on market $85,000 Active 71 DOM
11. 2026-06-08
    days on market $85,000 Active 70 DOM
12. 2026-06-07
    days on market $85,000 Active 69 DOM
13. 2026-06-05
    days on market $85,000 Active 66 DOM
14. 2026-06-03
    days on market $85,000 Active 65 DOM
15. 2026-06-02
    days on market $85,000 Active 64 DOM
16. 2026-06-01
    days on market $85,000 Active 63 DOM
17. 2026-05-31
    days on market $85,000 Active 62 DOM
18. 2026-05-30
    days on market $85,000 Active 61 DOM
19. 2026-04-30
    price $85,000 517-char remark

    Show marketing remark (517 chars)

    Great cash flow investment opportunity directly across from Gates Park! Fully rented triplex provides immediate cashflow. Unit 1-1 bed 1 bath with stove and refrigerator $475/mo. Unit 2-1 bed 1 bath with stove and refrigerator $525/mo. Unit 3-1 bed 1 bath with stove and refrigerator $375/mo. Each unit has its own electric meter. Owner currently pays water, snow removal & lawn care. Seller has proactively maintained units with multiple updates including: newer flooring, paint, cabinets, countertop, shower.

20. 2026-03-30
    listed $90,000 Active 517-char remark

    Show marketing remark (517 chars)

    Great cash flow investment opportunity directly across from Gates Park! Fully rented triplex provides immediate cashflow. Unit 1-1 bed 1 bath with stove and refrigerator $475/mo. Unit 2-1 bed 1 bath with stove and refrigerator $525/mo. Unit 3-1 bed 1 bath with stove and refrigerator $375/mo. Each unit has its own electric meter. Owner currently pays water, snow removal & lawn care. Seller has proactively maintained units with multiple updates including: newer flooring, paint, cabinets, countertop, shower.

21. 2023-07-10
    soldstatus $67,500
22. 2023-07-07
    soldstatus $67,500 Closed 581-char remark

    Show marketing remark (581 chars)

    Investment Opportunity ~ Beautiful Park And Basketball Courts Across The Street Triplex: Unit 1 ~ recently upgraded paint, flooring, plumbing, currently vacant ~ 1 bedroom unit rents for $425. Stove and refrigerator included. Unit 2 ~ Occupied. Current rent is $425. 1 bedroom unit with stove and refrigerator. Longer term tenant. Unit 3 ~ Occupied. Current rent is $350. Includes stove and refrigerator. Longer term tenant. Each unit has it's own electric meter. New stairs and deck to unit. Landlord pays water/garbage approximately $300/quarter and common area lighting $12/mo.

23. 2023-06-08
    status Pending 581-char remark

    Show marketing remark (581 chars)

    Investment Opportunity ~ Beautiful Park And Basketball Courts Across The Street Triplex: Unit 1 ~ recently upgraded paint, flooring, plumbing, currently vacant ~ 1 bedroom unit rents for $425. Stove and refrigerator included. Unit 2 ~ Occupied. Current rent is $425. 1 bedroom unit with stove and refrigerator. Longer term tenant. Unit 3 ~ Occupied. Current rent is $350. Includes stove and refrigerator. Longer term tenant. Each unit has it's own electric meter. New stairs and deck to unit. Landlord pays water/garbage approximately $300/quarter and common area lighting $12/mo.

24. 2023-05-30
    listed $70,000 Active 581-char remark

    Show marketing remark (581 chars)

    Investment Opportunity ~ Beautiful Park And Basketball Courts Across The Street Triplex: Unit 1 ~ recently upgraded paint, flooring, plumbing, currently vacant ~ 1 bedroom unit rents for $425. Stove and refrigerator included. Unit 2 ~ Occupied. Current rent is $425. 1 bedroom unit with stove and refrigerator. Longer term tenant. Unit 3 ~ Occupied. Current rent is $350. Includes stove and refrigerator. Longer term tenant. Each unit has it's own electric meter. New stairs and deck to unit. Landlord pays water/garbage approximately $300/quarter and common area lighting $12/mo.

ⓘ 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: $1,044 · $87/mo
• Projected year-2 tax: $1,189 · $99/mo
• Expected delta: +$145/yr (+$12/mo · 13.9%)

ⓘ 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 4/10 Moderate
• 🌡 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: $27,252
• − Mortgage interest: −$4,761
• − Property taxes: −$1,044
• − Insurance: −$425
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − Depreciation: −$2,473
• Taxable income: $14,189
• Est. tax owed @ 24.0%: −$3,405
• After-tax cash flow: $11,306/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

+21.4% since first listed

6 events — show timeline

• 2026-04-30 Price Changed $85,000 NEIRBR as distributed by MLS GRID
• 2026-03-30 Listed $90,000 NEIRBR as distributed by MLS GRID
• 2023-07-10 Sold (Public Records) $67,500 Public Records
• 2023-07-07 Sold (MLS) $67,500 NEIRBR as distributed by MLS GRID
• 2023-06-08 Pending — NEIRBR as distributed by MLS GRID
• 2023-05-30 Listed $70,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.4%/yr

Latest (2025): $1,044 · +12.5% YoY. Source: county tax records.