410 2nd St SW · Waverly, IA 50677

$189,000

2 bd · 1.0 ba · 1,500 sqft · SingleFamily public records · 1 Days on market

Built 1900 Est $231k · 18% under

---

Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +13.4/30.0
• Schools +6.6/10.0
• Livability +4.3/5.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

You'll love this super cute, move-in condition home! Two bedrooms and 1 recently remodeled bath. This home features an updated kitchen with stainless appliances and is open to large dining room and family room. Some of the many updates include newer windows, roof, furnace/AC and new siding , gutters and storm doors. This home is NOT in the flood zone.

Key facts

• Large dining room
• New carpet
• Front porch

Tags

• FRONT PORCH
• UPDATED FLOORING
• HARDWOOD FLOORS
• NEW CARPET
• LARGE DINING ROOM
• COZY FIREPLACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $3 ($39/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 $166k (12.3% below list).
• Recommended offer: $166k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.4% in Waverly — 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 86/100 on livability (#12 in IA, #406 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F.
• Waverly-Shell Rock Community School District (town): math 79% / reading 74% proficiency, ranked #46 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Margaretta Carey Elementary School (math 77% / reading 62%, grade A-, #224 of 616 statewide, top 42%, 237 students, 25% FRL); Waverly-Shell Rock Middle School (math 79% / reading 73%, grade A, #59 of 246 statewide, top 26%, 699 students, 22% FRL); Waverly-Shell Rock Senior High School (math 79% / reading 78%, grade A-, #50 of 336 statewide, top 15%, 771 students, 20% FRL).
• Market conditions: 127 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 34 units permitted in Bremer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bremer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $124k; list at $189k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $165,818 (12.3% below list)

Questions for the listing agent

1. Built in 1900 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 0.88% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $231,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 3rd Ave Ave NW	0.44mi	3/1.5 (+1)	1,512 (+1%)	8mo	$153,500	$102	65
311 2nd Ave Ave SW	0.11mi	3/1.0 (+1)	1,302 (-13%)	7mo	$199,900	$154	62
721 SE 4th St	0.48mi	3/2.0 (+1)	1,460 (-3%)	6mo	$214,900	$147	59
606 SE Crestwood Ave	0.71mi	3/2.0 (+1)	1,579 (+5%)	7mo	$290,000	$184	44
1227 Stone Ln	0.72mi	3/2.0 (+1)	1,392 (-7%)	3mo	$350,000	$251	43
317 4th St St NE	0.56mi	3/1.0 (+1)	1,336 (-11%)	10mo	$215,000	$161	42
722 NW 3rd St St	0.68mi	3/2.0 (+1)	1,362 (-9%)	5mo	$164,900	$121	40
403 NE 2nd Ave	0.56mi	3/2.5 (+1)	1,655 (+10%)	8mo	$250,175	$151	39
120 NW 3rd Ave	0.43mi	3/2.5 (+1)	1,698 (+13%)	10mo	$431,000	$254	38
1304 Stone Ln	0.75mi	3/2.0 (+1)	1,392 (-7%)	8mo	$342,346	$246	38
1314 SW 3 Ave	0.74mi	2/1.5	1,306 (-13%)	6mo	$192,033	$147	37
820 NW 2nd St	0.73mi	3/1.0 (+1)	1,704 (+14%)	7mo	$209,000	$123	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.43×
• Total profit: $-30,394
• Equity at exit: $28,181

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-26,098
• Equity at exit: $16,341

Cash invested: $52,920 (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 50677

• Active inventory: 127
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,658 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$237 /mo · $2,842/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $3

Break-even live

Break-even rent $1,654

Max offer price $189,000

Occupancy floor 95%

Sensitivity live

Price	-10% $110	-5% $57	+0% $3	+5% $-50	+10% $-104
Rent	-10% $-128	-5% $-62	+0% $3	+5% $69	+10% $134
Rate	-1.0pp $98	-0.5pp $51	base $3	+0.5pp $-46	+1.0pp $-96

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1260 Leitha Ter Waverly, IA	3.0	2.5	1200	$1,730	$1.44	22d	2	0.72mi
2103-2123 4th St SW Waverly, IA	3.0	2.5	1200	$1,675	$1.40	22d	1	1.06mi
2113 4th St SW Waverly, IA	2.0	2.0	1054	$1,500	$1.42	22d	1	1.20mi

Listing history 5 events

1. 2026-06-21
   remarks 695-char remark
2. 2026-06-21
   days on marketlisting id $189,000 Active 1 DOM
3. 2026-06-19
   days on market $189,000 Active 2 DOM
4. 2026-06-18
   remarks 687-char remark
5. 2026-06-18
   listed $189,000 Active 1 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: $2,842 · $237/mo
• Projected year-2 tax: $2,905 · $242/mo
• Expected delta: +$63/yr (+$5/mo · 2.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 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: $19,898
• − Mortgage interest: −$10,587
• − Property taxes: −$2,842
• − Insurance: −$945
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − Depreciation: −$5,498
• Taxable loss: −$3,158
• Est. tax savings @ 24.0%: +$758
• After-tax cash flow: $797/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: Waverly-Shell Rock Community School District
• NCES district ID: 1930540
• Math proficiency: 79% ▼ -3.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $59,860
• Composite: 65.73/100
• National rank: #459
• State rank: #46 of 289 in IA

Livability — Waverly

• Score: 86/100
• State rank: #12
• US rank: #406

Category grades

Amenities C- Commute F Cost of living A+ Crime A Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waverly, IA
• Population (ZIP): 12,655

Population outlook (Bremer County) Hauer SSP2

• Today (2025): 25,557 people
• By 2030: 25,842 · +1.1%
• By 2040: 26,206 · +2.5%
• By 2050: 26,620 · +4.2%
• By 2075: 27,635 · +8.1%
• By 2100: 28,760 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Black 2% Asian 2%
• Common ancestry: Portuguese 5% Iranian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Bremer

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.3%
• 2008→2024 swing: -31.5pp toward R · 2008: 9.3pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.1 2016: R+13.9 2012: D+2.5 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.54%
• Current HPI: 178.9673
• Rent YoY: —
• Metro: —
• 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

+121.1% since first listed

10 events — show timeline

• 2026-06-18 Listed $189,000 FSBO.com
• 2024-11-04 Price Changed $139,900 NEIRBR as distributed by MLS GRID
• 2024-09-16 Price Changed $144,000 NEIRBR as distributed by MLS GRID
• 2024-08-19 Price Changed $149,900 NEIRBR as distributed by MLS GRID
• 2024-06-28 Price Changed $155,500 NEIRBR as distributed by MLS GRID
• 2019-07-31 Sold (Public Records) $124,000 Public Records
• 2019-07-31 Sold (MLS) $124,000 NEIRBR as distributed by MLS GRID
• 2019-05-05 Listed $127,000 NEIRBR as distributed by MLS GRID
• 2015-06-18 Sold (Public Records) $94,000 Public Records
• 2006-07-24 Sold (Public Records) $85,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,842 · +3.8% YoY. Source: county tax records.