224 Kern St · Waterloo, IA 50703

$119,900

3 bd · 1.0 ba · 889 sqft · SingleFamily public records · 11 Days on market

Built 1937 3,850 sqft lot

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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 +11.2/30.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• DSCR +3.3/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Cute as can be and completely refreshed from top to bottom, this charming Waterloo home is ready for its next owner! Step inside to find beautiful new vinyl plank flooring flowing through the living room, dining room, and kitchen, creating a warm and cohesive feel throughout the main living spaces. The plaster walls have been expertly repaired and painted in a timeless neutral shade that pairs perfectly with any style of décor. The main floor bathroom has been thoughtfully updated with new fixtures and a brand-new shower kit, while the kitchen shines with freshly painted cabinetry, a new stove, and a new refrigerator. Two main-floor bedrooms provide convenient living, including one f

Key facts

• New stove
• Built-in armoire
• New refrigerator

Tags

• NEW VINYL PLANK FLOORING
• UPDATED MAIN FLOOR BATHROOM
• FRESHLY PAINTED CABINETRY
• NEW STOVE
• NEW REFRIGERATOR
• BUILT-IN ARMOIRE

Property features AI

Exterior

• Parking: Detached carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residential property
• Construction: Wood siding construction; Asphalt shingle roof
• Exterior features: Gravel road access; Lot roughly 77 x 50 (0.09 acres); R-1 zoning; Subdivision: EAST PARK PLACE

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Basement (unfinished); No fireplace
• Laundry & utility: Laundry on lower level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-47 ($-564/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $92k (22.9% below list).
• Recommended offer: $92k (22.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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); 99 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 76% 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 $829 of loan paydown is wiped out by about $4k 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 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,459 (22.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 0.77% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $63,119
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1036 Columbia St	0.09mi	2/1.0 (-1)	848 (-5%)	4mo	$60,000	$71	80
1005 Columbia St	0.09mi	3/1.0	845 (-5%)	9mo	$8,500	$10	80
307 Center St	0.31mi	3/1.0	930 (+5%)	1mo	$63,000	$68	77
211 Boston Ave Ave	0.42mi	3/1.0	932 (+5%)	2mo	$90,100	$97	70
2421 E 4th St	0.56mi	2/2.0 (-1)	908 (+2%)	3mo	$61,000	$67	58
748 Conger St	0.61mi	2/1.0 (-1)	864 (-3%)	5mo	$60,000	$69	58
319 Oliver St St	0.56mi	3/1.0	964 (+8%)	3mo	$55,000	$57	57
713 Riehl St	0.52mi	2/2.0 (-1)	836 (-6%)	1mo	$78,500	$94	56
233 Oliver St	0.51mi	3/1.0	1,006 (+13%)	1mo	$125,000	$124	54
314 Crescent Pl	0.47mi	2/1.0 (-1)	772 (-13%)	2mo	$37,000	$48	50
1622 Columbia St	0.64mi	3/1.0	988 (+11%)	6mo	$127,500	$129	46
1120 N Barclay St	0.70mi	2/1.0 (-1)	808 (-9%)	9mo	$89,000	$110	40

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: -15.3%
• Equity multiple: 0.44×
• Total profit: $-18,898
• Equity at exit: $17,877

10-year hold

• IRR: -1.8%
• Equity multiple: 0.86×
• Total profit: $-4,712
• Equity at exit: $10,367

Cash invested: $33,572 (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: 10.8×

Monthly cashflow live

• Estimated rent: $925 high
• Mortgage (P&I): −$629
• Tax from tax record: −$99 /mo · $1,184/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $-47

Break-even live

Break-even rent $984

Max offer price $111,603

Occupancy floor —

Sensitivity live

Price	-10% $21	-5% $-13	+0% $-47	+5% $-81	+10% $-115
Rent	-10% $-120	-5% $-83	+0% $-47	+5% $-10	+10% $26
Rate	-1.0pp $13	-0.5pp $-16	base $-47	+0.5pp $-78	+1.0pp $-110

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	22d	1	0.15mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	45d	1	0.19mi
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	45d	1	0.23mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	45d	1	0.23mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	45d	1	0.46mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	22d	1	0.47mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	45d	1	0.54mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	45d	1	0.56mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	45d	1	0.59mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	45d	1	0.68mi
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	45d	1	0.68mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	22d	4	0.80mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	45d	1	0.86mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	45d	1	0.88mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	45d	1	1.02mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	45d	1	1.13mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	22d	9	1.19mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	45d	1	1.22mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	22d	1	1.33mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	45d	2	1.34mi
408 E 8th St Waterloo, IA	3.0	1.0	600	$850	$1.42	45d	1	1.37mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	22d	1	1.38mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.38mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.42mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.44mi

Listing history 9 events

1. 2026-06-21
   pricedays on market $119,900 Active 11 DOM
2. 2026-06-19
   days on market $129,900 Active 9 DOM
3. 2026-06-18
   days on market $129,900 Active 8 DOM
4. 2026-06-17
   days on market $129,900 Active 7 DOM
5. 2026-06-16
   days on market $129,900 Active 6 DOM
6. 2026-06-15
   days on market $129,900 Active 5 DOM
7. 2026-06-14
   days on market $129,900 Active 3 DOM
8. 2026-06-13
   remarks 692-char remark
9. 2026-06-13
   listed $129,900 Active 2 DOM

ⓘ 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: $1,184 · $99/mo
• Projected year-2 tax: $1,533 · $128/mo
• Expected delta: +$349/yr (+$29/mo · 29.5%)

ⓘ 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: $11,095
• − Mortgage interest: −$6,716
• − Property taxes: −$1,184
• − Insurance: −$600
• − Repairs & maintenance: −$888
• − Management: −$888
• − Depreciation: −$3,488
• Taxable loss: −$2,668
• Est. tax savings @ 24.0%: +$640
• After-tax cash flow: $77/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

1 event — show timeline

• 2026-06-10 Listed $129,900 NEIRBR as distributed by MLS GRID

Property tax history

+1.5%/yr

Latest (2025): $1,184 · +8.6% YoY. Source: county tax records.