721 Olive St · Cedar Falls, IA 50613

$165,000

2 bd · 2.5 ba · 1,392 sqft · MultiFamily public records · 141 Days on market

Built 1920 4,356 sqft lot $119/sqft · 95% below area

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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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 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 MLS

Cedar Falls Duplex with Great Cashflow! Need I really say more?!?! This Up/Down Duplex is fully occupied and Brings in great Income! One Bedroom, One Bath on the main floor and One Bedroom, One Bath upstairs in the other Unit. Call today to get your showing scheduled! And lets start bringing in some extra income for you!! Call with questions.

Key facts

• 4,356 sq ft lot
• 2 parking spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $391 ($5k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.1% in Cedar Falls — 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 (#60 in IA, #1,357 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities D, commute F.
• Cedar Falls Community School District (urban): math 76% / reading 79% proficiency, ranked #45 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.0%/yr); 387 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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

• It's been on market 141 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.16%
• DSCR: 1.45
• GRM: 7.2

CMA / ARV

• ARV (median comp): $1,536,743
• List price: $165,000
• Delta: -89.26%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
930 W 1st St	0.42mi	2/2.0	1,508 (+8%)	7mo	$147,000	$97	58

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 · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-3,766
• Equity at exit: $24,602

10-year hold

• IRR: 6.4%
• Equity multiple: 1.45×
• Total profit: $20,990
• Equity at exit: $14,266

Cash invested: $46,200 (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 50613

• Rents YoY: 2.0%
• Active inventory: 387
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $1,910 high
• Mortgage (P&I): −$865
• Tax from tax record: −$184 /mo · $2,204/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $391

Break-even live

Break-even rent $1,415

Max offer price $165,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,910
Total (2 units)			$1,910

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1014 Main St Cedar Falls, IA	2.0	1.0	1400	$1,500	$1.07	43d	1	0.54mi
221 E 5th St #209 Cedar Falls, IA	2.0	2.0	1200	$2,000	$1.67	43d	1	0.61mi
100 E 2nd St Cedar Falls, IA	1.0	1.0	986	$1,610	$1.63	20d	6	0.65mi
300 State St Cedar Falls, IA	2.0	1.0	1000	$1,650	$1.65	43d	2	0.68mi
1320-1322 Delta Dr Unit 1322 (South Side) Cedar Falls, IA	3.0	2.0	1664	$1,350	$0.81	43d	1	0.69mi
1823-1825 Alden Ave Unit 1825 Cedar Falls, IA	2.0	1.0	1133	$1,250	$1.10	43d	1	0.73mi
1902 Campus St Cedar Falls, IA	3.0	2.0	1300	$1,350	$1.04	20d	1	0.79mi
1815 W 18th St Cedar Falls, IA	1.0–3.0	1.0–3.0	1065	$1,200	$1.13	20d	7	0.88mi
1915 Main St Cedar Falls, IA	2.0	1.0	960	$1,050	$1.09	43d	1	0.90mi
1123 W 22nd St Cedar Falls, IA	2.0	1.0	966	$850	$0.88	20d	1	0.98mi
2208 Walnut St Cedar Falls, IA	3.0	1.0	1380	$1,400	$1.01	43d	1	1.01mi
2311 Olive St Cedar Falls, IA	3.0–4.0	1.0	1050	$995	$0.95	20d	2	1.06mi
2412 Olive St Cedar Falls, IA	2.0	1.0	900	$800	$0.89	43d	1	1.14mi
810 W 25th St Unit 810-5 Cedar Falls, IA	2.0	1.0	878	$825	$0.94	43d	1	1.19mi
2515 Olive St Cedar Falls, IA	3.0	1.0	1380	$975	$0.71	20d	1	1.21mi

Listing history 22 events

1. 2026-06-19
   days on market $165,000 Active 141 DOM
2. 2026-06-18
   days on market $165,000 Active 140 DOM
3. 2026-06-17
   days on market $165,000 Active 139 DOM
4. 2026-06-16
   days on market $165,000 Active 138 DOM
5. 2026-06-15
   days on market $165,000 Active 137 DOM
6. 2026-06-14
   days on market $165,000 Active 135 DOM
7. 2026-06-13
   days on market $165,000 Active 134 DOM
8. 2026-06-10
   days on market $165,000 Active 132 DOM
9. 2026-06-09
   days on market $165,000 Active 131 DOM
10. 2026-06-08
    days on market $165,000 Active 130 DOM
11. 2026-06-07
    days on market $165,000 Active 129 DOM
12. 2026-06-05
    days on market $165,000 Active 126 DOM
13. 2026-06-03
    days on market $165,000 Active 125 DOM
14. 2026-06-02
    days on market $165,000 Active 124 DOM
15. 2026-06-01
    days on market $165,000 Active 123 DOM
16. 2026-05-31
    days on market $165,000 Active 122 DOM
17. 2026-05-30
    days on market $165,000 Active 121 DOM
18. 2026-02-18
    price $165,000 348-char remark

    Show marketing remark (348 chars)

    Cedar Falls Duplex with Great Cashflow! Need I really say more?!?! This Up/Down Duplex is fully occupied and Brings in great Income! One Bedroom, One Bath on the main floor and One Bedroom, One Bath upstairs in the other Unit. Call today to get your showing scheduled! And lets start bringing in some extra income for you!! Call with questions.

19. 2026-01-29
    listed $175,000 Active 348-char remark

    Show marketing remark (348 chars)

    Cedar Falls Duplex with Great Cashflow! Need I really say more?!?! This Up/Down Duplex is fully occupied and Brings in great Income! One Bedroom, One Bath on the main floor and One Bedroom, One Bath upstairs in the other Unit. Call today to get your showing scheduled! And lets start bringing in some extra income for you!! Call with questions.

20. 2025-06-26
    price $220,000
21. 2024-08-01
    soldstatus $200,000
22. 2023-01-05
    soldstatus $135,000

ⓘ 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: $2,204 · $184/mo
• Projected year-2 tax: $2,397 · $200/mo
• Expected delta: +$193/yr (+$16/mo · 8.8%)

ⓘ 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: $22,920
• − Mortgage interest: −$9,243
• − Property taxes: −$2,204
• − Insurance: −$825
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$4,800
• Taxable income: $2,181
• Est. tax owed @ 24.0%: −$523
• After-tax cash flow: $4,171/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: Cedar Falls Community School District
• NCES district ID: 1906510
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 79% ▼ -2.00%
• Median HH income: $53,634
• Composite: 65.93/100
• National rank: #443
• State rank: #45 of 289 in IA

Livability — Cedar Falls

• Score: 81/100
• State rank: #60
• US rank: #1357

Category grades

Amenities D Commute F Cost of living A+ Crime A Employment B- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Falls, IA
• County: Black Hawk County · 112,933 people
• City population: 43,867
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 43,867
• Household income: $78,503
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1514.0

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 (90%)
• Race & ethnicity: White 90% Asian 3% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -175.51%
• Current HPI: 169.0591
• Rent YoY: ▲ 1.97%
• 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

+22.2% since first listed

5 events — show timeline

• 2026-02-18 Price Changed $165,000 NEIRBR as distributed by MLS GRID
• 2026-01-29 Listed $175,000 NEIRBR as distributed by MLS GRID
• 2025-06-26 Price Changed $220,000 NEIRBR as distributed by MLS GRID
• 2024-08-01 Sold (Public Records) $200,000 Public Records
• 2023-01-05 Sold (Public Records) $135,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $2,204 · +2.9% YoY. Source: county tax records.