821 W Mullan Ave · Waterloo, IA 50701

$60,000

3 bd · 1.5 ba · 1,047 sqft · SingleFamily public records · 32 Days on market

Built 1925 2,880 sqft lot $57/sqft · 10% above area Est $72k · 17% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a 1925-built, 2-bedroom, 1-bath single-family residence well-suited for first-time buyers or income-oriented investors. The home offers generously proportioned bedrooms with oversized closets, a formal dining room accented by original woodwork, and an enclosed sleeping porch that provides flexible additional space. With a practical floor plan, no HOA restrictions, this vacant property is ready for immediate occupancy or leasing at prevailing market rates.

Key facts

• Formal dining room
• No hoa restrictions
• Original woodwork

Tags

• ENCLOSED SLEEPING PORCH
• ORIGINAL WOODWORK
• FORMAL DINING ROOM
• FLEXIBLE ADDITIONAL SPACE
• NO HOA RESTRICTIONS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($951 rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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: schools C-, 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.
• Market conditions: Rents rising (+3.8%/yr); 282 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); 52% 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 $415 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 + 3.8% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $12k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $60k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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. 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.
6. 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.
7. 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: 1.58% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.52%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

• ARV (median comp): $72,330
• List price: $60,000
• Delta: -0.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
719 W 1st St	0.12mi	2/1.0 (-1)	964 (-8%)	2mo	$69,900	$73	72
137 Summit Ave	0.42mi	2/1.0 (-1)	1,042 (-0%)	9mo	$55,000	$53	66
101 Marsh St	0.39mi	3/1.0	960 (-8%)	3mo	$103,000	$107	63
200 Moir St	0.51mi	3/1.0	1,152 (+10%)	4mo	$50,000	$43	54
826 Williston Ave	0.69mi	3/1.0	976 (-7%)	1mo	$72,000	$74	54
931 Leavitt St	0.61mi	3/1.0	1,102 (+5%)	9mo	$65,000	$59	53
620 W 7th St	0.58mi	3/1.0	960 (-8%)	8mo	$58,000	$60	50
1517 W 5th St	0.59mi	3/1.0	1,144 (+9%)	12mo	$118,000	$103	44
912 W 7th St	0.55mi	3/1.0	1,184 (+13%)	8mo	$60,000	$51	44
814 Allen St	0.51mi	2/1.0 (-1)	1,145 (+9%)	12mo	$72,000	$63	44
837 Williston Ave	0.68mi	2/1.0 (-1)	976 (-7%)	8mo	$82,400	$84	43
919 Baltimore St	0.74mi	2/1.0 (-1)	1,095 (+5%)	14mo	$135,000	$123	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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 17.5%
• Equity multiple: 1.72×
• Total profit: $12,036
• Equity at exit: $8,946

10-year hold

• IRR: 26.6%
• Equity multiple: 3.43×
• Total profit: $40,775
• Equity at exit: $5,188

Cash invested: $16,800 (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: 5.3×

Monthly cashflow live

• Estimated rent: $951 high
• Mortgage (P&I): −$315
• Tax from tax record: −$82 /mo · $986/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$200
• Net cashflow: $329

Break-even live

Break-even rent $534

Max offer price $60,000

Occupancy floor 60%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	44d	1	0.05mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	44d	1	0.06mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	44d	1	0.10mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	21d	1	0.25mi
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	21d	1	0.26mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	44d	2	0.27mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	21d	1	0.34mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	0.42mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	44d	1	0.46mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	21d	1	0.47mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	44d	1	0.47mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	21d	1	0.50mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	44d	1	0.56mi
1524 1/2 W 5th St Unit 1524 1/2 Waterloo, IA	2.0	1.0	981	$850	$0.87	21d	1	0.58mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	44d	1	0.64mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	21d	1	0.64mi
611 Johnson St Unit 11 Waterloo, IA	2.0	1.0	800	$895	$1.12	44d	1	0.65mi
611 Johnson St Unit 8 Waterloo, IA	2.0	1.0	800	$825	$1.03	44d	1	0.65mi
1014 Leavitt St Waterloo, IA	2.0	1.0	700	$1,060	$1.51	21d	2	0.66mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	44d	1	0.71mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	21d	1	0.71mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	44d	1	0.82mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	21d	1	0.90mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	0.90mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	0.90mi
200 Parkview Blvd Waterloo, IA	2.0	1.0	744	$725	$0.97	21d	1	0.93mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	0.94mi
254 Parkview Blvd Unit 254 Waterloo, IA	2.0	1.0	744	$795	$1.07	44d	1	0.96mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	0.97mi
226 Palmer Dr Unit 226-B Waterloo, IA	2.0	1.0	800	$780	$0.97	21d	1	0.98mi
237 Miriam Dr Apt B Waterloo, IA	2.0	1.0	750	$725	$0.97	44d	1	1.00mi
225 Miriam Dr Unit A Waterloo, IA	2.0	1.0	700	$650	$0.93	44d	1	1.00mi
1112 Byron Ave Unit 1114 Waterloo, IA	2.0	1.0	896	$930	$1.04	21d	1	1.00mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	1.08mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	1.18mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	44d	1	1.18mi
2539 W 3rd St Waterloo, IA	3.0	2.5	1200	$1,695	$1.41	21d	1	1.26mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	44d	1	1.30mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	21d	1	1.32mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	21d	1	1.32mi

Listing history 27 events

1. 2026-06-19
   days on market $60,000 Active 32 DOM
2. 2026-06-18
   days on market $60,000 Active 31 DOM
3. 2026-06-17
   days on market $60,000 Active 30 DOM
4. 2026-06-16
   days on market $60,000 Active 29 DOM
5. 2026-06-15
   days on market $60,000 Active 28 DOM
6. 2026-06-14
   days on market $60,000 Active 26 DOM
7. 2026-06-13
   pricedays on market $60,000 Active 25 DOM
8. 2026-06-10
   days on market $67,000 Active 23 DOM
9. 2026-06-09
   days on market $67,000 Active 22 DOM
10. 2026-06-08
    days on market $67,000 Active 21 DOM
11. 2026-06-07
    days on market $67,000 Active 20 DOM
12. 2026-06-05
    days on market $67,000 Active 17 DOM
13. 2026-06-03
    days on market $67,000 Active 16 DOM
14. 2026-06-02
    days on market $67,000 Active 15 DOM
15. 2026-06-01
    days on market $67,000 Active 14 DOM
16. 2026-05-31
    days on market $67,000 Active 13 DOM
17. 2026-05-30
    days on market $67,000 Active 12 DOM
18. 2026-05-19
    price $67,000 467-char remark

    Show marketing remark (467 chars)

    This is a 1925-built, 2-bedroom, 1-bath single-family residence well-suited for first-time buyers or income-oriented investors. The home offers generously proportioned bedrooms with oversized closets, a formal dining room accented by original woodwork, and an enclosed sleeping porch that provides flexible additional space. With a practical floor plan, no HOA restrictions, this vacant property is ready for immediate occupancy or leasing at prevailing market rates.

19. 2026-05-19
    status Active 467-char remark

    Show marketing remark (467 chars)

    This is a 1925-built, 2-bedroom, 1-bath single-family residence well-suited for first-time buyers or income-oriented investors. The home offers generously proportioned bedrooms with oversized closets, a formal dining room accented by original woodwork, and an enclosed sleeping porch that provides flexible additional space. With a practical floor plan, no HOA restrictions, this vacant property is ready for immediate occupancy or leasing at prevailing market rates.

20. 2026-05-12
    status Pending 467-char remark

    Show marketing remark (467 chars)

    This is a 1925-built, 2-bedroom, 1-bath single-family residence well-suited for first-time buyers or income-oriented investors. The home offers generously proportioned bedrooms with oversized closets, a formal dining room accented by original woodwork, and an enclosed sleeping porch that provides flexible additional space. With a practical floor plan, no HOA restrictions, this vacant property is ready for immediate occupancy or leasing at prevailing market rates.

21. 2026-05-10
    listed $72,000 Active 467-char remark

    Show marketing remark (467 chars)

    This is a 1925-built, 2-bedroom, 1-bath single-family residence well-suited for first-time buyers or income-oriented investors. The home offers generously proportioned bedrooms with oversized closets, a formal dining room accented by original woodwork, and an enclosed sleeping porch that provides flexible additional space. With a practical floor plan, no HOA restrictions, this vacant property is ready for immediate occupancy or leasing at prevailing market rates.

22. 2026-01-13
    price $72,000
23. 2024-03-24
    historical $825
24. 2024-03-13
    listed $825
25. 2021-09-17
    soldstatus $32,000
26. 2021-09-07
    soldstatus $23,500
27. 2021-06-04
    listed $35,000

ⓘ 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: $986 · $82/mo
• Projected year-2 tax: $986 · $82/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 · 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: $11,408
• − Mortgage interest: −$3,361
• − Property taxes: −$986
• − Insurance: −$300
• − Repairs & maintenance: −$913
• − Management: −$913
• − Depreciation: −$1,745
• Taxable income: $3,191
• Est. tax owed @ 24.0%: −$766
• After-tax cash flow: $3,185/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

+91.4% since first listed

10 events — show timeline

• 2026-05-19 Price Changed $67,000 NEIRBR as distributed by MLS GRID
• 2026-05-19 Relisted — NEIRBR as distributed by MLS GRID
• 2026-05-12 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-10 Listed $72,000 NEIRBR as distributed by MLS GRID
• 2026-01-13 Price Changed $72,000 NEIRBR as distributed by MLS GRID
• 2024-03-24 Rental Removed $825 APPFOLIO
• 2024-03-13 Listed for Rent $825 APPFOLIO
• 2021-09-17 Sold (MLS) $32,000 NEIRBR as distributed by MLS GRID
• 2021-09-07 Sold (Public Records) $23,500 Public Records
• 2021-06-04 Listed $35,000 NEIRBR as distributed by MLS GRID

Property tax history

+3.0%/yr

Latest (2025): $986 · +8.6% YoY. Source: county tax records.