315 Leland Ave · Waterloo, IA 50702

$89,900

3 bd · 2.5 ba · 1,638 sqft · SingleFamily public records · 248 Days on market

Built 1906 8,400 sqft lot ↓ 18% since listing

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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 +28.9/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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

Listing remarks

This is a great more for your money home that's ready for you to move in located next to all the main thorough fares 3 large bedrooms with 1.5 baths formal dining and family room and huge bathroom call your agent today for a showing before its too late

Key facts

• 8,400 sq ft lot
• 2 parking spots
• Built 1906

Property features AI

Exterior

• Parking: Carport with 2 spaces
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Residential single-family home; R-1 zoning
• Construction: Aluminum siding; Metal roof
• Exterior features: Privacy fencing; Gravel and paved driveway/road access

Interior

• Kitchen: Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s)
• Interior features: Eat-in kitchen; Block, unfinished basement
• Laundry & utility: Washer (located on lower level); Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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: Irving Elementary School (math 43% / reading 44%, grade F, #560 of 616 statewide, top 91%, 402 students, 92% FRL); Central Middle School (math 49% / reading 46%, grade C-, #226 of 246 statewide, top 92%, 471 students, 85% 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 (+2.7%/yr); 126 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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 $622 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 $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.24% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.50%
• DSCR: 1.65
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $52,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
315 Leland Ave	0.00mi	3/1.5	1,488 (-9%)	1mo	$85,000	$57	80
1018 W 2nd St	0.36mi	3/1.5	1,616 (-1%)	7mo	$51,069	$32	71
1116 W Mullan Ave	0.21mi	3/1.0	1,518 (-7%)	2mo	$35,000	$23	70
403 Belmont Ave	0.15mi	3/1.5	1,462 (-11%)	3mo	$104,000	$71	68
928 W 2nd St	0.33mi	4/2.0 (+1)	1,568 (-4%)	4mo	$20,000	$13	67
726 W 2nd St	0.29mi	3/1.0	1,716 (+5%)	7mo	$47,000	$27	66
1115 W 2nd St	0.42mi	4/1.5 (+1)	1,619 (-1%)	7mo	$100,000	$62	64
426 Baltimore St	0.55mi	2/1.5 (-1)	1,568 (-4%)	4mo	$50,000	$32	55
207 Denver St	0.40mi	2/1.5 (-1)	1,420 (-13%)	1mo	$92,500	$65	49
1318 W 2nd St	0.50mi	4/2.0 (+1)	1,804 (+10%)	6mo	$53,000	$29	48
524 Vermont St	0.72mi	4/1.5 (+1)	1,477 (-10%)	0mo	$72,000	$49	41
418 Bayard St	0.67mi	3/1.0	1,456 (-11%)	5mo	$35,000	$24	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 · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.18×
• Total profit: $4,458
• Equity at exit: $13,404

10-year hold

• IRR: 13.8%
• Equity multiple: 2.09×
• Total profit: $27,414
• Equity at exit: $7,773

Cash invested: $25,172 (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 50702

• Rents YoY: 2.7%
• Active inventory: 126
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,113 high
• Mortgage (P&I): −$471
• Tax from tax record: −$66 /mo · $796/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $304

Break-even live

Break-even rent $728

Max offer price $89,900

Occupancy floor 68%

Sensitivity live

Price	-10% $355	-5% $330	+0% $304	+5% $279	+10% $253
Rent	-10% $216	-5% $260	+0% $304	+5% $348	+10% $392
Rate	-1.0pp $349	-0.5pp $327	base $304	+0.5pp $281	+1.0pp $257

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	45d	1	0.20mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	45d	1	0.20mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	45d	1	0.32mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	22d	9	0.34mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	45d	1	0.59mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	45d	1	0.67mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	22d	1	0.72mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	46d	1	0.77mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	45d	1	0.78mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	22d	1	0.86mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	22d	1	0.88mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	45d	1	0.93mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	0.99mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.03mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.06mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	45d	1	1.14mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	22d	1	1.14mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	22d	1	1.19mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	22d	1	1.26mi
2539 W 3rd St Waterloo, IA	3.0	2.5	1200	$1,695	$1.41	22d	1	1.26mi
1014 Fletcher Ave Waterloo, IA	4.0	3.5	2123	$2,450	$1.15	45d	1	1.29mi
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	22d	1	1.36mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	22d	1	1.39mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	22d	1	1.41mi

Listing history 10 events

1. 2026-04-28
   status Pending
2. 2026-04-20
   price $89,900
3. 2026-04-01
   price $94,900
4. 2026-03-25
   price $97,500
5. 2026-03-09
   price $99,999
6. 2025-12-17
   price $103,999
7. 2025-10-15
   status Active
8. 2025-09-29
   status Pending
9. 2025-09-08
   price $104,900
10. 2025-08-06
    listed $109,900 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: $796 · $66/mo
• Projected year-2 tax: $1,104 · $92/mo
• Expected delta: +$308/yr (+$26/mo · 38.7%)

ⓘ 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 · 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: $13,358
• − Mortgage interest: −$5,036
• − Property taxes: −$796
• − Insurance: −$450
• − Repairs & maintenance: −$1,069
• − Management: −$1,069
• − Depreciation: −$2,615
• Taxable income: $2,324
• Est. tax owed @ 24.0%: −$558
• After-tax cash flow: $3,092/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

-18.2% since first listed

10 events — show timeline

• 2026-04-28 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-20 Price Changed $89,900 NEIRBR as distributed by MLS GRID
• 2026-04-01 Price Changed $94,900 NEIRBR as distributed by MLS GRID
• 2026-03-25 Price Changed $97,500 NEIRBR as distributed by MLS GRID
• 2026-03-09 Price Changed $99,999 NEIRBR as distributed by MLS GRID
• 2025-12-17 Price Changed $103,999 NEIRBR as distributed by MLS GRID
• 2025-10-15 Relisted — NEIRBR as distributed by MLS GRID
• 2025-09-29 Pending — NEIRBR as distributed by MLS GRID
• 2025-09-08 Price Changed $104,900 NEIRBR as distributed by MLS GRID
• 2025-08-06 Listed $109,900 NEIRBR as distributed by MLS GRID

Property tax history

-2.0%/yr

Latest (2025): $796 · -7.7% YoY. Source: county tax records.