2207 E 4th St · Waterloo, IA 50703

$90,000

4 bd · 1.0 ba · 2,124 sqft · SingleFamily public records · 97 Days on market

Built 1926 7,100 sqft lot $42/sqft · at area comps Est $90k · at est. ↓ 22% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.7/15.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious 4-Bedroom Home with Over 2,000 Sq Ft—Across from the Park! Welcome to this charming 4-bedroom, 1-bathroom home offering over 2,000 square feet of comfortable living space, perfectly located just steps from a scenic park. Inside, you'll find a spacious and flexible layout featuring a formal dining room—ideal for hosting family gatherings or dinner parties. The recently updated kitchen offers modern finishes and functionality, ready to handle everything from weeknight meals to holiday cooking. Relax and unwind in the enclosed porch, a great year-round spot for sipping coffee, reading, or simply taking in the neighborhood charm. The large, unfinished basement offers tons of potential—create a home gym, workshop, additional living area, or abundant storage to suit your needs. With generous square footage, classic charm, and a prime location, this home is full of character and ready for your personal touch. Don’t miss this opportunity to own a spacious, well-located gem!

Key facts

• Formal dining room
• Across from the park
• Enclosed porch

Tags

• FORMAL DINING ROOM
• ENCLOSED PORCH
• LARGE UNFINISHED BASEMENT
• ACROSS FROM THE PARK

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/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: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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); 99 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent runs 33% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 + 6.7% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $81,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — 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: 1.53% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.45%
• DSCR: 1.91
• GRM: 5.5

CMA / ARV

• ARV (median comp): $90,372
• List price: $90,000
• Delta: -0.41%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 Reed St	0.37mi	4/1.5	2,136 (+1%)	17mo	$69,900	$33	66
431 Wendell Ct	0.42mi	3/1.5 (-1)	2,060 (-3%)	6mo	$135,500	$66	64
501 Hope Ave	0.33mi	3/2.0 (-1)	1,894 (-11%)	11mo	$125,000	$66	48
326 Conger St	0.65mi	4/2.0	2,162 (+2%)	22mo	$133,900	$62	44

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: 17.0%
• Equity multiple: 1.72×
• Total profit: $18,067
• Equity at exit: $13,419

10-year hold

• IRR: 28.1%
• Equity multiple: 3.95×
• Total profit: $74,391
• Equity at exit: $7,782

Cash invested: $25,200 (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 50703

• Rents YoY: 6.7%
• Active inventory: 99
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,373 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$146 /mo · $1,752/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $429

Break-even live

Break-even rent $830

Max offer price $90,000

Occupancy floor 64%

Sensitivity live

Price	-10% $480	-5% $455	+0% $429	+5% $404	+10% $379
Rent	-10% $321	-5% $375	+0% $429	+5% $484	+10% $538
Rate	-1.0pp $475	-0.5pp $452	base $429	+0.5pp $406	+1.0pp $382

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
137 Hope Ave Waterloo, IA	5.0	1.5	1650	$1,550	$0.94	45d	1	0.21mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	23d	1	0.30mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	23d	1	0.51mi
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	23d	1	0.53mi

Listing history 21 events

1. 2026-06-21
   days on market $90,000 Active 97 DOM
2. 2026-06-19
   days on market $90,000 Active 95 DOM
3. 2026-06-18
   days on market $90,000 Active 94 DOM
4. 2026-06-17
   days on market $90,000 Active 93 DOM
5. 2026-06-16
   days on market $90,000 Active 92 DOM
6. 2026-06-15
   days on market $90,000 Active 91 DOM
7. 2026-06-14
   days on market $90,000 Active 89 DOM
8. 2026-06-13
   days on market $90,000 Active 88 DOM
9. 2026-06-10
   days on market $90,000 Active 86 DOM
10. 2026-06-09
    days on market $90,000 Active 85 DOM
11. 2026-06-08
    days on market $90,000 Active 84 DOM
12. 2026-06-07
    days on market $90,000 Active 83 DOM
13. 2026-06-05
    days on market $90,000 Active 80 DOM
14. 2026-06-03
    days on market $90,000 Active 79 DOM
15. 2026-06-02
    days on market $90,000 Active 78 DOM
16. 2026-06-01
    days on market $90,000 Active 77 DOM
17. 2026-05-31
    days on market $90,000 Active 76 DOM
18. 2026-05-30
    days on market $90,000 Active 75 DOM
19. 2026-03-16
    listed $90,000 Active 1014-char remark

    Show marketing remark (1014 chars)

    Spacious 4-Bedroom Home with Over 2,000 Sq Ft—Across from the Park! Welcome to this charming 4-bedroom, 1-bathroom home offering over 2,000 square feet of comfortable living space, perfectly located just steps from a scenic park. Inside, you'll find a spacious and flexible layout featuring a formal dining room—ideal for hosting family gatherings or dinner parties. The recently updated kitchen offers modern finishes and functionality, ready to handle everything from weeknight meals to holiday cooking. Relax and unwind in the enclosed porch, a great year-round spot for sipping coffee, reading, or simply taking in the neighborhood charm. The large, unfinished basement offers tons of potential—create a home gym, workshop, additional living area, or abundant storage to suit your needs. With generous square footage, classic charm, and a prime location, this home is full of character and ready for your personal touch. Don’t miss this opportunity to own a spacious, well-located gem!

20. 2025-07-22
    price $99,500
21. 2022-10-09
    price $115,000

ⓘ 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: $1,752 · $146/mo
• Projected year-2 tax: $1,752 · $146/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 4/10 Moderate FEMA zone X · 20% 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: $16,480
• − Mortgage interest: −$5,041
• − Property taxes: −$1,752
• − Insurance: −$450
• − Repairs & maintenance: −$1,318
• − Management: −$1,318
• − Depreciation: −$2,618
• Taxable income: $3,981
• Est. tax owed @ 24.0%: −$956
• After-tax cash flow: $4,198/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

-21.7% since first listed

3 events — show timeline

• 2026-03-16 Listed $90,000 NEIRBR as distributed by MLS GRID
• 2025-07-22 Price Changed $99,500 NEIRBR as distributed by MLS GRID
• 2022-10-09 Price Changed $115,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.9%/yr

Latest (2025): $1,752 · +8.8% YoY. Source: county tax records.