406-408 Gladys St · Waterloo, IA 50702

$109,000

5 bd · 2.5 ba · 2,140 sqft · MultiFamily public records · 14 Days on market

Built 1930 6,500 sqft lot $51/sqft · 16% below 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 +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
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• 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: 2 units. confirmed

Listing remarks

Investor and home renovator opportunity here! This home is ready to reno! This home was previously a duplex and could still be, but is also in the process of being converted into a single family home. Newer Windows and doors, new siding, two new fuse boxes, and new electrical ran through half the house. Come take a look at a great project home! Sold AS-IS

Key facts

• New siding
• New fuse boxes
• Newer windows

Tags

• RENOVATOR OPPORTUNITY
• PREVIOUSLY A DUPLEX
• NEWER WINDOWS
• NEW SIDING
• NEW FUSE BOXES
• NEW ELECTRICAL

Property features AI

Finance

• Other: Zoned M-1

Exterior

• Parking: Detached garage with 2 garage spaces; 2 additional open parking spaces
• Utilities: Public water; Public sewer; Other utilities
• Home design: Duplex residential income property; Vinyl siding construction
• Construction: Vinyl siding; Block basement
• Exterior features: Paved road access

Interior

• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Basement with block construction
• Laundry & utility: Laundry located on lower level

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $109k.

Deal economics

• At list price, monthly cash flow is $857 ($10k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $109k).
• Cap rate 15.7% 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: 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); Bunger Middle School (math 48% / reading 47%, grade C-, #226 of 246 statewide, top 92%, 431 students, 75% 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 (+2.7%/yr); 126 active listings in the ZIP; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent runs 38% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 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 + 2.7% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $80k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.82% ✓
• Cap rate: 15.73%
• Cash-on-cash: 33.69%
• DSCR: 2.50
• GRM: 4.6

CMA / ARV

• ARV (median comp): $64,737
• List price: $109,000
• Delta: 68.37%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.19×
• Total profit: $36,311
• Equity at exit: $16,252

10-year hold

• IRR: 35.9%
• Equity multiple: 4.26×
• Total profit: $99,464
• Equity at exit: $9,424

Cash invested: $30,520 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,986 high
• Mortgage (P&I): −$572
• Tax from tax record: −$95 /mo · $1,142/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $857

Break-even live

Break-even rent $902

Max offer price $109,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$1,986
Total (2 units)			$1,986

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $109,000 Active 14 DOM
2. 2026-06-18
   days on market $109,000 Active 13 DOM
3. 2026-06-17
   days on market $109,000 Active 12 DOM
4. 2026-06-16
   days on market $109,000 Active 11 DOM
5. 2026-06-15
   days on market $109,000 Active 10 DOM
6. 2026-06-14
   days on market $109,000 Active 8 DOM
7. 2026-06-13
   days on market $109,000 Active 7 DOM
8. 2026-06-10
   days on market $109,000 Active 5 DOM
9. 2026-06-09
   days on market $109,000 Active 4 DOM
10. 2026-06-08
    days on market $109,000 Active 3 DOM
11. 2026-06-07
    statusdays on marketlisting id $109,000 Active 2 DOM
12. 2025-11-02
    price $119,000
13. 2022-02-17
    soldstatus $80,000
14. 2022-02-17
    soldstatus $82,800
15. 2021-09-24
    soldstatus $100,000
16. 2019-06-20
    soldstatus $100,000

ⓘ 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: $1,142 · $95/mo
• Projected year-2 tax: $1,427 · $119/mo
• Expected delta: +$285/yr (+$24/mo · 24.9%)

ⓘ 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 · 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: $23,832
• − Mortgage interest: −$6,106
• − Property taxes: −$1,142
• − Insurance: −$545
• − Repairs & maintenance: −$1,907
• − Management: −$1,907
• − Depreciation: −$3,171
• Taxable income: $9,055
• Est. tax owed @ 24.0%: −$2,173
• After-tax cash flow: $8,108/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

+9.0% since first listed

6 events — show timeline

• 2026-06-05 Listed $109,000 NEIRBR as distributed by MLS GRID
• 2025-11-02 Price Changed $119,000 NEIRBR as distributed by MLS GRID
• 2022-02-17 Sold (Public Records) $82,800 Public Records
• 2022-02-17 Sold (Public Records) $80,000 Public Records
• 2021-09-24 Sold (Public Records) $100,000 Public Records
• 2019-06-20 Sold (Public Records) $100,000 Public Records

Property tax history

-3.9%/yr

Latest (2025): $1,142 · -29.6% YoY. Source: county tax records.