2603 Cedar Heights Dr · Cedar Falls, IA 50613

$159,900

4 bd · 1.0 ba · 1,061 sqft · SingleFamily public records · 9 Days on market

Built 1934 0.26 ac lot Est $169k · 5% under

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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 +23.9/30.0
• ARV discount +9.8/15.0
• DSCR +7.7/10.0
• Schools +6.6/10.0
• 1% rule +5.9/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2603 Cedar Heights Drive is ready for its next chapter. Offering 4 bedrooms and 1 bathroom just over 1,000 square feet, this home proves that you don't have to sacrifice bedroom count for a manageable, easy-to-maintain footprint. The heavy lifting has already been done for you: enjoy total peace of mind with brand-new siding (2024) and a fully updated furnace and A/C system (2023). Combined with a clean, crisp driveway and excellent curb appeal, this property is truly turn-key. Whether you’re looking to stop paying rent and step into your very first home, or you're an investor seeking a lucrative, low-maintenance addition to your rental portfolio, this property is a standout choice. A

Key facts

• Turn-key
• Clean driveway
• Brand-new siding

Tags

• BRAND-NEW SIDING
• FULLY UPDATED FURNACE
• FULLY UPDATED A/C SYSTEM
• CLEAN DRIVEWAY
• EXCELLENT CURB APPEAL
• TURN-KEY

Property features AI

Exterior

• Parking: Detached carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-family residential property; Residential zoning (R-1)
• Construction: Vinyl siding; Asphalt shingle roof
• Exterior features: Concrete road surface

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Basement (unfinished); No fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 8.6% 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: cost of living A+, housing A+, health & safety 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.
• Zoned schools: Cedar Heights Elementary School (math 70% / reading 74%, grade A-, #181 of 616 statewide, top 34%, 474 students, 40% FRL); Peet Junior High School (math 79% / reading 80%, grade A+, #35 of 246 statewide, top 16%, 670 students, 27% FRL); Cedar Falls High School (math 74% / reading 78%, grade A-, #75 of 336 statewide, top 23%, 1,302 students, 24% FRL).
• Market conditions: Rents rising (+2.0%/yr); 389 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,900

Questions for the listing agent

1. Built in 1934 — 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. 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?
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: 1.09% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.29%
• DSCR: 1.37
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $168,699
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2602 Cedar Heights Drive Dr	0.03mi	3/1.0 (-1)	1,004 (-5%)	7mo	$165,000	$164	79
2421 Garden Ave	0.13mi	3/1.0 (-1)	1,040 (-2%)	23mo	$212,500	$204	66
2727 Cedar Heights Dr	0.11mi	3/1.0 (-1)	1,184 (+12%)	5mo	$108,000	$91	66
2820 Willow Ln	0.27mi	3/1.0 (-1)	1,092 (+3%)	21mo	$191,000	$175	60
2622 Garden Ave	0.13mi	3/1.0 (-1)	912 (-14%)	7mo	$132,600	$145	60
1810 Edwards Ave	0.52mi	3/1.0 (-1)	1,106 (+4%)	10mo	$225,000	$203	55
2625 Cedar Heights Dr Dr	0.05mi	3/2.0 (-1)	1,180 (+11%)	19mo	$168,000	$142	54
2309 California St	0.43mi	3/1.0 (-1)	1,200 (+13%)	4mo	$140,000	$117	49
2138 Rainbow Dr	0.41mi	3/1.0 (-1)	1,183 (+12%)	20mo	$168,800	$143	40
1823 Rainbow Dr	0.71mi	3/2.0 (-1)	1,198 (+13%)	8mo	$190,000	$159	30
2723 Acorn Ln	0.75mi	3/1.0 (-1)	1,152 (+9%)	20mo	$198,900	$173	29

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: -4.8%
• Equity multiple: 0.82×
• Total profit: $-7,989
• Equity at exit: $23,842

10-year hold

• IRR: 3.6%
• Equity multiple: 1.25×
• Total profit: $11,251
• Equity at exit: $13,825

Cash invested: $44,772 (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: 389
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,738 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$159 /mo · $1,906/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $309

Break-even live

Break-even rent $1,347

Max offer price $159,900

Occupancy floor 77%

Sensitivity live

Price	-10% $400	-5% $355	+0% $309	+5% $264	+10% $219
Rent	-10% $172	-5% $241	+0% $309	+5% $378	+10% $447
Rate	-1.0pp $390	-0.5pp $350	base $309	+0.5pp $268	+1.0pp $226

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2110 Melrose Ct Cedar Falls, IA	4.0	2.0	1100	$1,250	$1.14	23d	1	1.41mi

Listing history 1 events

1. 2026-05-18
   listed $159,900 Active

ⓘ 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: $1,906 · $159/mo
• Projected year-2 tax: $2,208 · $184/mo
• Expected delta: +$302/yr (+$25/mo · 15.9%)

ⓘ 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: $20,861
• − Mortgage interest: −$8,957
• − Property taxes: −$1,906
• − Insurance: −$800
• − Repairs & maintenance: −$1,669
• − Management: −$1,669
• − Depreciation: −$4,652
• Taxable income: $1,209
• Est. tax owed @ 24.0%: −$290
• After-tax cash flow: $3,422/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

2 events — show timeline

• 2026-05-27 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-18 Listed $159,900 NEIRBR as distributed by MLS GRID

Property tax history

+2.7%/yr

Latest (2025): $1,906 · +2.9% YoY. Source: county tax records.