626 Boston Ave · Waterloo, IA 50703

$84,000

2 bd · 1.0 ba · 1,382 sqft · SingleFamily public records · 8 Days on market

Built 1953 6,500 sqft lot Est $77k · 9% over ↓ 7% since listing

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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 +23.8/30.0
• DSCR +7.7/10.0
• 1% rule +6.5/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• ARV discount +3.7/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 626 Boston Ave — a well-kept, move-in ready home that offers plenty of space and potential at a great value. The main level features two bedrooms, a full bath, and hardwood floors throughout the living, dining, and bedroom areas. The kitchen includes stainless-steel appliances with original cabinetry and charm, offering both function and character. Downstairs, the partially finished lower level provides flexible space for a second living area, hobby room, or guest setup, along with a laundry area and additional storage. Outside, the property includes off-street parking and a manageable yard that’s easy to maintain. Conveniently located near local amenities, this home

Key facts

• Flexible space
• Manageable yard
• Original cabinetry

Tags

• STAINLESS-STEEL APPLIANCES
• ORIGINAL CABINETRY
• PARTIALLY FINISHED LOWER LEVEL
• FLEXIBLE SPACE
• OFF-STREET PARKING
• MANAGEABLE YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $84k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($965 rent vs $84k).
• Cap rate 8.6% 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: Cunningham School (math 32% / reading 32%, grade F, #601 of 616 statewide, top 98%, 376 students, 90% FRL); George Washington Carver Academy (math 36% / reading 43%, grade F, #240 of 246 statewide, top 98%, 442 students, 91% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 85% FRL vs 58% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 40% at this address vs 52% district-wide (-12 pts) — the specific schools serving this property underperform the Waterloo Community School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $581 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 + 6.7% rent growth), your $24k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,000

Questions for the listing agent

1. Built in 1953 — 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: 1.15% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.23%
• DSCR: 1.37
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $77,392
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236 Boston Ave	0.36mi	3/1.0 (+1)	1,403 (+2%)	11mo	$75,000	$53	67
2811 E 4th St St	0.10mi	3/1.0 (+1)	1,189 (-14%)	3mo	$82,000	$69	65
2846 E 4th St	0.17mi	3/1.0 (+1)	1,259 (-9%)	11mo	$72,500	$58	63
940 Cutler St	0.26mi	3/1.0 (+1)	1,300 (-6%)	12mo	$87,500	$67	63
1326 Barclay St	0.56mi	3/1.0 (+1)	1,375 (-0%)	10mo	$75,000	$55	59
1526 Logan Avenue Ave	0.27mi	3/1.0 (+1)	1,494 (+8%)	13mo	$80,000	$54	58
609 Keystone St. St	0.31mi	3/1.0 (+1)	1,540 (+11%)	14mo	$149,900	$97	50
450 Cutler St	0.52mi	3/1.0 (+1)	1,512 (+9%)	14mo	$85,000	$56	44
126 Hope Avenue Ave	0.52mi	3/1.0 (+1)	1,185 (-14%)	6mo	$56,000	$47	42
401 Charles St	0.55mi	3/1.0 (+1)	1,276 (-8%)	23mo	$55,500	$43	37
400 Charles St	0.58mi	3/1.0 (+1)	1,183 (-14%)	9mo	$90,000	$76	37

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: 0.4%
• Equity multiple: 1.02×
• Total profit: $378
• Equity at exit: $12,525

10-year hold

• IRR: 13.6%
• Equity multiple: 2.28×
• Total profit: $30,011
• Equity at exit: $7,263

Cash invested: $23,520 (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: 7.3×

Monthly cashflow live

• Estimated rent: $965 high
• Mortgage (P&I): −$441
• Tax from tax record: −$126 /mo · $1,506/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $161

Break-even live

Break-even rent $761

Max offer price $84,000

Occupancy floor 78%

Sensitivity live

Price	-10% $209	-5% $185	+0% $161	+5% $137	+10% $114
Rent	-10% $85	-5% $123	+0% $161	+5% $199	+10% $237
Rate	-1.0pp $204	-0.5pp $183	base $161	+0.5pp $139	+1.0pp $117

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: $21,000
• Closing costs: $2,520
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	44d	1	0.14mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$900	$1.02	21d	4	0.52mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	21d	1	0.54mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	44d	1	0.57mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	44d	1	0.58mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	21d	1	0.73mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	21d	1	0.82mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	21d	1	1.05mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	44d	1	1.43mi

Listing history 3 events

1. 2026-04-26
   status Pending
2. 2026-04-18
   listed $84,000 Active
3. 2026-04-06
   price $90,000

ⓘ 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: $1,506 · $126/mo
• Projected year-2 tax: $1,506 · $126/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 2/10 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: $11,578
• − Mortgage interest: −$4,705
• − Property taxes: −$1,506
• − Insurance: −$420
• − Repairs & maintenance: −$926
• − Management: −$926
• − Depreciation: −$2,444
• Taxable income: $651
• Est. tax owed @ 24.0%: −$156
• After-tax cash flow: $1,779/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

-6.7% since first listed

3 events — show timeline

• 2026-04-26 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-18 Listed $84,000 NEIRBR as distributed by MLS GRID
• 2026-04-06 Price Changed $90,000 NEIRBR as distributed by MLS GRID

Property tax history

+1.0%/yr

Latest (2025): $1,506 · +8.5% YoY. Source: county tax records.