800 Riehl St · Waterloo, IA 50703

$42,000

3 bd · 1.0 ba · 1,156 sqft · SingleFamily public records · 1 Days on market

Built 1909 2,079 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

Listing remarks

Charming and affordable with potential to make it your own! Whether you're a first-time homebuyer or an investor, this cozy 3-bedroomhome offers fantastic value. Situated on a desirable corner lot, the property features a welcoming enclosed front porch—perfect forrelaxing. Inside, you'll find a spacious dining room ideal for family gatherings. While the home needs some updates, it's priced to sell, giving you the opportunity to add your personal touch and increase its value. Don't miss out on this great investment or first home!

Key facts

• 2,079 sq ft lot
• Parking
• Built 1909

Property features AI

Exterior

• Parking: 1-space carport
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Aluminum siding; Shingle roof
• Exterior features: Covered patio/porch; Corner lot; Road surface: gravel and paved

Interior

• Kitchen: Built-in range; Range / Oven; Dishwasher; Refrigerator; Gas water heater
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fan(s); No fireplace
• Laundry & utility: Laundry on lower level; Concrete basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $454 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Cap rate 19.3% 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: Cunningham School (math 32% / reading 32%, grade F, #601 of 616 statewide, top 98%, 376 students, 90% FRL); Bunger Middle School (math 48% / reading 47%, grade C-, #226 of 246 statewide, top 92%, 431 students, 75% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 79% FRL vs 58% district-wide (21 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; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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 $290 of loan paydown is wiped out by about $1k 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 $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $42,000

Questions for the listing agent

1. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.42% ✓
• Cap rate: 19.27%
• Cash-on-cash: 46.34%
• DSCR: 3.06
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $86,700
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
806 Conger St St	0.07mi	3/1.0	1,140 (-1%)	2mo	$85,000	$75	93
817 Grandview Ave	0.12mi	3/1.0	1,115 (-4%)	3mo	$115,000	$103	86
813 Kern St	0.10mi	4/1.0 (+1)	1,183 (+2%)	4mo	$165,000	$139	83
413 Conger Street St	0.50mi	3/1.0	1,149 (-1%)	4mo	$65,000	$57	73
545 W Parker St St	0.37mi	3/1.0	1,090 (-6%)	7mo	$71,500	$66	68
542 Kern St	0.32mi	3/1.0	1,052 (-9%)	6mo	$35,000	$33	65
112 Poplar Ave	0.47mi	3/1.0	1,108 (-4%)	9mo	$99,000	$89	64
708 Newton St St	0.22mi	4/1.0 (+1)	1,285 (+11%)	7mo	$71,500	$56	60
1061 Riehl St	0.37mi	3/1.0	1,000 (-14%)	8mo	$126,500	$127	54
1030 Columbia St	0.57mi	3/1.0	1,050 (-9%)	8mo	$124,900	$119	52
232 Center St	0.62mi	2/1.0 (-1)	1,060 (-8%)	1mo	$32,000	$30	51
221 Center St	0.64mi	3/1.0	1,291 (+12%)	6mo	$38,000	$29	46

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: 48.1%
• Equity multiple: 3.22×
• Total profit: $26,051
• Equity at exit: $6,262

10-year hold

• IRR: 55.4%
• Equity multiple: 7.57×
• Total profit: $77,321
• Equity at exit: $3,631

Cash invested: $11,760 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,014 high
• Mortgage (P&I): −$220
• Tax from tax record: −$110 /mo · $1,315/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $454

Break-even live

Break-even rent $440

Max offer price $42,000

Occupancy floor 50%

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: $10,500
• Closing costs: $1,260
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	20d	1	0.16mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	43d	1	0.43mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	20d	1	0.55mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	43d	1	0.57mi
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	43d	1	0.64mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	20d	1	0.64mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	20d	1	0.67mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	43d	1	1.01mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	20d	4	1.04mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	20d	9	1.05mi
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	43d	1	1.14mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	20d	1	1.17mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	43d	1	1.17mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	43d	2	1.19mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	43d	1	1.23mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	43d	1	1.24mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	43d	1	1.31mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	43d	1	1.31mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	20d	1	1.33mi
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	20d	1	1.36mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	43d	1	1.37mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	43d	1	1.37mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	43d	1	1.41mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	43d	1	1.44mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	43d	1	1.46mi

Listing history 2 events

1. 2026-05-28
   status Pending
2. 2026-05-28
   listed $42,000 Active

ⓘ 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: $1,315 · $110/mo
• Projected year-2 tax: $1,315 · $110/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 3/10 Moderate FEMA zone X · 10% 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: $12,174
• − Mortgage interest: −$2,353
• − Property taxes: −$1,315
• − Insurance: −$210
• − Repairs & maintenance: −$974
• − Management: −$974
• − Depreciation: −$1,222
• Taxable income: $5,126
• Est. tax owed @ 24.0%: −$1,230
• After-tax cash flow: $4,219/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

2 events — show timeline

• 2026-05-28 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-28 Listed $42,000 NEIRBR as distributed by MLS GRID

Property tax history

+6.5%/yr

Latest (2025): $1,315 · +3.7% YoY. Source: county tax records.