227 E 10th St · Waterloo, IA 50703

$75,000

2 bd · 1.0 ba · 870 sqft · SingleFamily public records

Built 1936 3,000 sqft lot Est $59k · 27% over

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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).

• Cash flow +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +6.9/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Perfect starter home or rental. So much has been done to make this home move in ready. The windows, siding and gutters new in 2016. The roof reshingled in 2020. Bathroom updated and exterior doors replaced. Most of the kitchen cabinets are new along with a new countertop and sink. The plumbing and 100 amp electrical panel have been updated. You'll be pleasantly surprised by the size of the dining and living room in this two bedroom ranch. Stove, refrigerator, washer and dryer stay with no warranty or guarantees. House being sold "As Is".

Key facts

• 3,000 sq ft lot
• Built 1936

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $207 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($891 rent vs $75k).
• Cap rate 9.6% 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: Lowell Elementary School (math 42% / reading 42%, grade F, #563 of 616 statewide, top 93%, 513 students, 74% 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 77% FRL vs 58% district-wide (19 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; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $519 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $62k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1936 — 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. 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?
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: 1.19% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.84%
• DSCR: 1.53
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $59,160
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
227 E 10th St	0.00mi	2/1.0	870 (0%)	1mo	$70,000	$80	99
1927 Lafayette St	0.68mi	2/1.0	868 (-0%)	3mo	$51,250	$59	66
529 S 24th St	0.37mi	2/1.0	964 (+11%)	12mo	$35,000	$36	54
132 Linwood Ave Ave	0.70mi	3/1.0 (+1)	844 (-3%)	9mo	$109,000	$129	50
929 Randolph St	0.71mi	3/2.0 (+1)	792 (-9%)	3mo	$130,000	$164	40
620 W 7th St	0.72mi	3/1.0 (+1)	960 (+10%)	8mo	$58,000	$60	37
823 Glenwood St	0.72mi	2/1.5	999 (+15%)	3mo	$42,000	$42	37
649 W 11th St	0.67mi	3/1.0 (+1)	996 (+14%)	5mo	$68,000	$68	35
132 Rhey St	0.52mi	3/1.5 (+1)	972 (+12%)	18mo	$47,000	$48	34
129 Linden Ave	0.58mi	2/1.0	751 (-14%)	22mo	$94,000	$125	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 · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.21×
• Total profit: $4,454
• Equity at exit: $11,183

10-year hold

• IRR: 17.7%
• Equity multiple: 2.71×
• Total profit: $35,975
• Equity at exit: $6,485

Cash invested: $21,000 (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: 7.0×

Monthly cashflow live

• Estimated rent: $891 high
• Mortgage (P&I): −$393
• Tax from tax record: −$72 /mo · $870/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $207

Break-even live

Break-even rent $629

Max offer price $75,000

Occupancy floor 72%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
408 E 8th St Waterloo, IA	3.0	1.0	600	$850	$1.42	43d	1	0.15mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	0.17mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	0.19mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	0.20mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	0.24mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	0.39mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	43d	1	0.40mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	43d	1	0.44mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	21d	1	0.47mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	43d	1	0.64mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	0.65mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	43d	1	0.72mi
1001 1/2 Randolph St Waterloo, IA	1.0	1.0	624	$475	$0.76	21d	1	0.72mi
302 Commercial St Waterloo, IA	1.0	1.0	901	$1,100	$1.22	21d	1	0.73mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	43d	1	0.74mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	21d	1	0.74mi
2006 Lafayette St Waterloo, IA	2.0	1.0	576	$650	$1.13	21d	1	0.74mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	43d	1	0.83mi
609 Wellington Ct Apt D6 Waterloo, IA	1.0	1.0	588	$600	$1.02	21d	1	0.92mi
609 Wellington Ct Waterloo, IA	1.0	1.0	567	$600	$1.06	43d	2	0.92mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	21d	6	0.92mi
218 South St Unit 5 Waterloo, IA	1.0	1.0	800	$545	$0.68	43d	1	0.94mi
235 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.94mi
230 Polk St Waterloo, IA	3.0	1.0	992	$850	$0.86	21d	1	0.95mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	43d	1	0.95mi
1014 Leavitt St Waterloo, IA	2.0	1.0	700	$1,060	$1.51	21d	2	0.96mi
243 Polk St Waterloo, IA	2.0	1.0	720	$850	$1.18	21d	1	0.96mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	21d	1	0.96mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	0.96mi
626 W 2nd St Unit 1 Waterloo, IA	1.0	1.0	857	$750	$0.88	21d	1	0.96mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	43d	1	0.97mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	43d	2	0.97mi
151 French St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.97mi
269 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.99mi
611 Johnson St Unit 11 Waterloo, IA	2.0	1.0	800	$895	$1.12	43d	1	0.99mi
611 Johnson St Unit 8 Waterloo, IA	2.0	1.0	800	$825	$1.03	43d	1	0.99mi
811 W 3rd St #8 Waterloo, IA	1.0	1.0	600	$575	$0.96	43d	1	1.01mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	21d	1	1.01mi
313 Dearborn Ave Waterloo, IA	1.0	1.0	780	$575	$0.74	43d	1	1.02mi
2304 Lafayette St Waterloo, IA	2.0	1.0	971	$825	$0.85	43d	1	1.04mi

Listing history 5 events

1. 2026-04-23
   historical
2. 2026-04-20
   listed $75,000
3. 2022-09-27
   soldstatus $61,500 Closed 553-char remark

   Show marketing remark (553 chars)

   Perfect starter home or rental. So much has been done to make this home move in ready. The windows, siding and gutters new in 2016. The roof reshingled in 2020. Bathroom updated and exterior doors replaced. Most of the kitchen cabinets are new along with a new countertop and sink. The plumbing and 100 amp electrical panel have been updated. You'll be pleasantly surprised by the size of the dining and living room in this two bedroom ranch. Stove, refrigerator, washer and dryer stay with no warranty or guarantees. House being sold "As Is".

4. 2022-08-27
   historical 553-char remark

   Show marketing remark (553 chars)

   Perfect starter home or rental. So much has been done to make this home move in ready. The windows, siding and gutters new in 2016. The roof reshingled in 2020. Bathroom updated and exterior doors replaced. Most of the kitchen cabinets are new along with a new countertop and sink. The plumbing and 100 amp electrical panel have been updated. You'll be pleasantly surprised by the size of the dining and living room in this two bedroom ranch. Stove, refrigerator, washer and dryer stay with no warranty or guarantees. House being sold "As Is".

5. 2022-05-16
   listed $68,000 553-char remark

   Show marketing remark (553 chars)

   Perfect starter home or rental. So much has been done to make this home move in ready. The windows, siding and gutters new in 2016. The roof reshingled in 2020. Bathroom updated and exterior doors replaced. Most of the kitchen cabinets are new along with a new countertop and sink. The plumbing and 100 amp electrical panel have been updated. You'll be pleasantly surprised by the size of the dining and living room in this two bedroom ranch. Stove, refrigerator, washer and dryer stay with no warranty or guarantees. House being sold "As Is".

ⓘ 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: $870 · $72/mo
• Projected year-2 tax: $1,024 · $85/mo
• Expected delta: +$154/yr (+$13/mo · 17.7%)

ⓘ 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 · 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: $10,697
• − Mortgage interest: −$4,201
• − Property taxes: −$870
• − Insurance: −$375
• − Repairs & maintenance: −$856
• − Management: −$856
• − Depreciation: −$2,182
• Taxable income: $1,358
• Est. tax owed @ 24.0%: −$326
• After-tax cash flow: $2,160/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

+10.3% since first listed

5 events — show timeline

• 2026-04-23 Delisted — NEIRBR as distributed by MLS GRID
• 2026-04-20 Listed $75,000 NEIRBR as distributed by MLS GRID
• 2022-09-27 Sold (MLS) $61,500 NEIRBR as distributed by MLS GRID
• 2022-08-27 Delisted — NEIRBR as distributed by MLS GRID
• 2022-05-16 Listed $68,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.3%/yr

Latest (2025): $870 · +8.8% YoY. Source: county tax records.