203-205 N Hackett Rd · Waterloo, IA 50701

$264,900

4 bd · 2.5 ba · 1,824 sqft · MultiFamily public records · 1 Days on market

Built 1981 0.34 ac lot Est $306k · 14% under

---

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).

• ARV discount +13.6/15.0
• Cash flow +6.4/30.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +0.7/10.0
• 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

Well-maintained and exceptionally clean duplex located in a highly desirable Waterloo location. This turnkey investment property features two spacious units, each offering 2 large bedrooms, 1 updated bathroom, a generous living room, dining area, and functional kitchen layout. Each unit also includes a lower level with washer and dryer and excellent storage space, along with an attached garage for added tenant convenience. Situated on a large, partially fenced lot, the property also includes a detached 2-stall, double-deep garage currently being utilized by the owner for storage. This space offers excellent potential for additional rental income or expanded tenant storage options. The duple

Key facts

• Two spacious units
• Partially fenced lot
• Attached garage

Tags

• TWO SPACIOUS UNITS
• UPDATED BATHROOM
• FUNCTIONAL KITCHEN LAYOUT
• EXCELLENT STORAGE SPACE
• ATTACHED GARAGE
• PARTIALLY FENCED LOT

Property features AI

Finance

• Other: Property type: Residential Income (Duplex)
• Financial info: Actual rent reported: $1,050 for each unit

Exterior

• Parking: Attached garage (total 2 garage spaces); Additional parking pad providing about 3 open parking spaces; Each unit includes 1 garage space
• Utilities: Public water; Public sewer
• Home design: Residential income duplex; One to one-and-a-half levels
• Construction: Vinyl siding construction
• Exterior features: Asphalt roof; Vinyl siding; Lot approximately 102 x 144 (0.34 acre); Zoned R-3

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two 2-bedroom units
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Basement with concrete floor and both interior and exterior entry
• Laundry & utility: Laundry hookups on lower level; Washer hookup and gas dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $-458 ($-6k/yr) — negative. Per door: $-229/mo.
• To cash-flow at today's rent, offer at most $184k (30.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (30.7% below list).
• Recommended offer: $184k (30.7% below list) — sets the bar for 1% rule.

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: Fred Becker Elementary School (math 57% / reading 47%, grade C-, #494 of 616 statewide, top 83%, 473 students, 76% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 74% FRL vs 58% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.8%/yr); 282 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).
• This rent runs 36% of the median local income ($61k/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 $2k of loan paydown is wiped out by about $8k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $143k; list at $265k implies a 85% gain — meaningful room to come down on a strong offer.

Recommended offer $183,700 (30.7% 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. 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. 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. 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?
7. 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.
8. 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.
9. 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: 0.69% ✗
• Cap rate: 4.22%
• Cash-on-cash: -7.42%
• DSCR: 0.67
• GRM: 12.0

CMA / ARV

• ARV (on-the-fly): $306,432
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2114 Cardinal Dr	0.31mi	4/2.0	1,636 (-10%)	18mo	$275,000	$168	52

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: -28.3%
• Equity multiple: 0.05×
• Total profit: $-70,559
• Equity at exit: $39,497

10-year hold

• IRR: -24.3%
• Equity multiple: -0.25×
• Total profit: $-92,516
• Equity at exit: $22,904

Cash invested: $74,172 (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 50701

• Rents YoY: 3.8%
• Active inventory: 282
• Price-to-rent: 24.0×

Monthly cashflow live

• Estimated rent: $1,837 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$410 /mo · $4,922/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $-458

Break-even live

Break-even rent $2,417

Max offer price $183,908

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,836
Total (2 units)			$1,837

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1915 Mayfair St Waterloo, IA	4.0	2.5	2300	$2,100	$0.91	43d	1	0.29mi
3856 Jay Ln Waterloo, IA	3.0	3.5	1520	$1,975	$1.30	43d	1	0.63mi
1247 Doreen Ave Waterloo, IA	4.0	1.0	1288	$1,500	$1.16	21d	1	1.48mi

Listing history 3 events

1. 2026-06-03
   status $264,900 Pending 1 DOM
2. 2026-06-01
   remarks 699-char remark
3. 2026-06-01
   listed $264,900 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: $4,922 · $410/mo
• Projected year-2 tax: $4,922 · $410/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 1/10 Low FEMA zone X (unshaded) · 0% 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: $22,044
• − Mortgage interest: −$14,839
• − Property taxes: −$4,922
• − Insurance: −$1,324
• − Repairs & maintenance: −$1,764
• − Management: −$1,764
• − Depreciation: −$7,706
• Taxable loss: −$10,274
• Est. tax savings @ 24.0%: +$2,466
• After-tax cash flow: $-3,036/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): 30,232
• Household income: $61,475
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1377.0

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 (78%)
• Race & ethnicity: White 78% Black 11% Two or more races 5% Hispanic / Latino 3% Asian 3%
• Common ancestry: Portuguese 3% Italian 3% American 2%
• Foreign-born: 7% · Canada, South Korea, Vietnam
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Spanish 2% French/Haitian/Cajun 2%

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: ▼ -107.19%
• Current HPI: 162.8951
• Rent YoY: ▲ 3.80%
• 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

+85.2% since first listed

2 events — show timeline

• 2026-06-01 Listed $264,900 NEIRBR as distributed by MLS GRID
• 2011-05-17 Sold (Public Records) $143,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $4,922 · +8.5% YoY. Source: county tax records.