303 E Arlington St · Waterloo, IA 50703

$73,900

2 bd · 1.0 ba · 908 sqft · SingleFamily public records · 182 Days on market

Built 1928 6,500 sqft lot $81/sqft · at area comps Est $71k · at est.

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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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +6.4/10.0
• ARV discount +5.8/15.0
• 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

Welcome home to this charming three-bedroom, one-bath residence offering many recent updates and move-in ready convenience. This well-maintained home features a functional layout with comfortable living spaces, making it ideal for first-time homebuyers, downsizers, or investors. Conveniently located near schools, shopping, and local amenities, this home combines comfort, value, and location. Whether you’re looking for a place to call home or a solid investment opportunity, this property is truly move-in ready and a must-see.

Key facts

• 6,500 sq ft lot
• Garage
• Built 1928

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $147 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($842 rent vs $74k).
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 fast (+6.7%/yr); 98 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% 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 $511 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 + 6.7% rent growth), your $21k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,032 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — 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: 1.14% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• GRM: 7.3

CMA / ARV

• ARV (median comp): $71,151
• List price: $73,900
• Delta: 3.86%
• 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
211 Boston Ave Ave	0.04mi	3/1.0 (+1)	932 (+3%)	2mo	$90,100	$97	87
2421 E 4th St	0.19mi	2/2.0	908 (0%)	3mo	$61,000	$67	84
319 Oliver St St	0.28mi	3/1.0 (+1)	964 (+6%)	3mo	$55,000	$57	69
1036 Columbia St	0.41mi	2/1.0	848 (-7%)	4mo	$60,000	$71	67
233 Oliver St	0.24mi	3/1.0 (+1)	1,006 (+11%)	1mo	$125,000	$124	65
307 Center St	0.62mi	3/1.0 (+1)	930 (+2%)	1mo	$63,000	$68	61
926 Lincoln St	0.39mi	1/1.0 (-1)	956 (+5%)	8mo	$39,000	$41	61
427 Hope Ave	0.26mi	3/1.0 (+1)	1,036 (+14%)	3mo	$134,900	$130	57
413 Hope Ave	0.23mi	3/1.0 (+1)	1,036 (+14%)	8mo	$84,000	$81	54
1622 Columbia St	0.57mi	3/1.0 (+1)	988 (+9%)	6mo	$127,500	$129	49
1824 Logan Ave	0.57mi	2/1.0	1,040 (+14%)	4mo	$94,900	$91	46
918 Reed Street St	0.49mi	2/1.0	1,040 (+14%)	9mo	$107,500	$103	46

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $649
• Equity at exit: $11,019

10-year hold

• IRR: 13.9%
• Equity multiple: 2.30×
• Total profit: $26,984
• Equity at exit: $6,390

Cash invested: $20,692 (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: $842 high
• Mortgage (P&I): −$388
• Tax from tax record: −$100 /mo · $1,194/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $147

Break-even live

Break-even rent $655

Max offer price $73,900

Occupancy floor 78%

Sensitivity live

Price	-10% $189	-5% $168	+0% $147	+5% $126	+10% $105
Rent	-10% $81	-5% $114	+0% $147	+5% $181	+10% $214
Rate	-1.0pp $185	-0.5pp $166	base $147	+0.5pp $128	+1.0pp $109

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: $18,475
• Closing costs: $2,217
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	44d	1	0.25mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	44d	1	0.25mi
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	44d	1	0.38mi
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	44d	1	0.39mi
1137 Columbia St Waterloo, IA	1.0	1.0	588	$725	$1.23	21d	1	0.41mi
515 Stokes Dr Waterloo, IA	1.0	1.0	664	$675	$1.02	44d	1	0.45mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	44d	1	0.46mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	44d	1	0.54mi
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.54mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	44d	1	0.58mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$900	$1.02	21d	4	0.69mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	44d	1	0.84mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	44d	1	0.84mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.85mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	44d	1	0.91mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	44d	1	1.12mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	44d	1	1.14mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	44d	1	1.35mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	1.37mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	21d	1	1.44mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	1.44mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	1.45mi

Listing history 22 events

1. 2026-06-19
   days on market $73,900 Active 182 DOM
2. 2026-06-18
   days on market $73,900 Active 181 DOM
3. 2026-06-17
   days on market $73,900 Active 180 DOM
4. 2026-06-16
   days on market $73,900 Active 179 DOM
5. 2026-06-15
   days on market $73,900 Active 178 DOM
6. 2026-06-14
   days on market $73,900 Active 176 DOM
7. 2026-06-13
   days on market $73,900 Active 175 DOM
8. 2026-06-10
   days on market $73,900 Active 173 DOM
9. 2026-06-09
   days on market $73,900 Active 172 DOM
10. 2026-06-08
    days on market $73,900 Active 171 DOM
11. 2026-06-07
    days on market $73,900 Active 170 DOM
12. 2026-06-05
    days on market $73,900 Active 167 DOM
13. 2026-06-03
    days on market $73,900 Active 166 DOM
14. 2026-06-02
    days on market $73,900 Active 165 DOM
15. 2026-06-01
    days on market $73,900 Active 164 DOM
16. 2026-05-31
    days on market $73,900 Active 163 DOM
17. 2026-05-30
    days on market $73,900 Active 162 DOM
18. 2026-01-14
    price $73,900 536-char remark

    Show marketing remark (536 chars)

    Welcome home to this charming three-bedroom, one-bath residence offering many recent updates and move-in ready convenience. This well-maintained home features a functional layout with comfortable living spaces, making it ideal for first-time homebuyers, downsizers, or investors. Conveniently located near schools, shopping, and local amenities, this home combines comfort, value, and location. Whether you’re looking for a place to call home or a solid investment opportunity, this property is truly move-in ready and a must-see.

19. 2025-12-19
    listed $79,900 Active 536-char remark

    Show marketing remark (536 chars)

    Welcome home to this charming three-bedroom, one-bath residence offering many recent updates and move-in ready convenience. This well-maintained home features a functional layout with comfortable living spaces, making it ideal for first-time homebuyers, downsizers, or investors. Conveniently located near schools, shopping, and local amenities, this home combines comfort, value, and location. Whether you’re looking for a place to call home or a solid investment opportunity, this property is truly move-in ready and a must-see.

20. 2015-12-30
    soldstatus $1,934,000
21. 2015-07-02
    soldstatus $25,000 159-char remark

    Show marketing remark (159 chars)

    Great investment and first time buyer home close to everything. Open and roomy kitchen, formal dining area, fireplace, wood flooring and front 3 seasons porch.

22. 2015-03-05
    listed $31,500 159-char remark

    Show marketing remark (159 chars)

    Great investment and first time buyer home close to everything. Open and roomy kitchen, formal dining area, fireplace, wood flooring and front 3 seasons porch.

ⓘ 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: $1,194 · $100/mo
• Projected year-2 tax: $1,194 · $100/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 · 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: $10,104
• − Mortgage interest: −$4,140
• − Property taxes: −$1,194
• − Insurance: −$370
• − Repairs & maintenance: −$808
• − Management: −$808
• − Depreciation: −$2,150
• Taxable income: $634
• Est. tax owed @ 24.0%: −$152
• After-tax cash flow: $1,616/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

+134.6% since first listed

5 events — show timeline

• 2026-01-14 Price Changed $73,900 NEIRBR as distributed by MLS GRID
• 2025-12-19 Listed $79,900 NEIRBR as distributed by MLS GRID
• 2015-12-30 Sold (Public Records) $1,934,000 Public Records
• 2015-07-02 Sold (MLS) $25,000 NEIRBR as distributed by MLS GRID
• 2015-03-05 Listed $31,500 NEIRBR as distributed by MLS GRID

Property tax history

+2.4%/yr

Latest (2025): $1,194 · +5.9% YoY. Source: county tax records.