323 Cresent Pl Pl · Waterloo, IA 50703

$45,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 135 Days on market

Built 1916 4,800 sqft lot $62/sqft · 15% below area Est $53k · 15% under

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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
• ARV discount +14.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This affordable 2-bedroom, 1-bath, home offers a great opportunity for a first-time homebuyer or investor. Currently used as a rental, the property provides a functional layout with plenty of potential to make it your own. A detached garage adds valuable storage and parking convenience. With its manageable size and price point, this home is an excellent option for those looking to build equity and step into homeownership.

Key facts

• Parking convenience
• Functional layout
• Valuable storage

Tags

• DETACHED GARAGE
• FUNCTIONAL LAYOUT
• VALUABLE STORAGE
• PARKING CONVENIENCE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $16k (63.9% below list).
• Meets the 1% rule at list price ($760 rent vs $45k).
• Recommended offer: $16k (63.9% below list) — sets the bar for cash-flow.
• Cap rate 14.2% 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; 33 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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 $311 of loan paydown is wiped out by about $1k 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 135 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $16,259 (63.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 64% concession, seller financing, or rate buy-down credit?
3. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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 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: 1.69% ✓
• Cap rate: 14.23%
• Cash-on-cash: 28.35%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

• ARV (median comp): $52,677
• List price: $45,000
• Delta: -14.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 Crescent Pl	0.03mi	2/1.0	772 (+7%)	2mo	$37,000	$48	85
324 Columbia St	0.07mi	2/1.0	752 (+4%)	13mo	$40,000	$53	78
707 Lincoln St	0.29mi	2/1.0	638 (-11%)	18mo	$58,000	$91	53
640 Kern St	0.60mi	2/1.0	766 (+6%)	14mo	$55,000	$72	50
658 Newton St	0.67mi	2/1.5	734 (+2%)	21mo	$70,500	$96	46
127 Quincy St	0.51mi	2/1.0	616 (-14%)	8mo	$48,000	$78	46
433 Kern St	0.46mi	2/1.0	658 (-9%)	23mo	$88,500	$134	45
330 Cutler St	0.57mi	2/1.0	816 (+13%)	11mo	$45,000	$55	42
307 Oneida St	0.74mi	2/1.0	616 (-14%)	3mo	$74,500	$121	39
745 Dawson St	0.64mi	1/1.0 (-1)	662 (-8%)	18mo	$85,000	$128	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: -32.3%
• Equity multiple: -0.15×
• Total profit: $-14,455
• Equity at exit: $6,710

10-year hold

• IRR: -11.1%
• Equity multiple: 0.06×
• Total profit: $-11,875
• Equity at exit: $3,891

Cash invested: $12,600 (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: 4.9×

Monthly cashflow live

• Estimated rent: $760 high
• Mortgage (P&I): −$236
• Tax from tax record: −$48 /mo · $576/yr
• Insurance: −$19
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$160
• Net cashflow: $-163

Break-even live

Break-even rent $966

Max offer price $16,259

Occupancy floor —

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	44d	1	0.18mi
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.34mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	44d	1	0.48mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	44d	1	0.57mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.58mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	44d	1	0.67mi
1137 Columbia St Waterloo, IA	1.0	1.0	588	$725	$1.23	21d	1	0.68mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	21d	6	0.74mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	0.75mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	0.76mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	0.76mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	44d	1	0.92mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	21d	1	0.95mi
515 Stokes Dr Waterloo, IA	1.0	1.0	664	$675	$1.02	44d	1	0.95mi
408 E 8th St Waterloo, IA	3.0	1.0	600	$850	$1.42	44d	1	0.99mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	44d	1	1.09mi
211 W Wellington St Unit 211 1/2 Wellington Waterloo, IA	1.0	1.0	600	$600	$1.00	44d	1	1.13mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	44d	1	1.13mi
808 W 2nd St Unit 1 Waterloo, IA	1.0	1.0	452	$595	$1.32	44d	1	1.15mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	21d	1	1.18mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	44d	1	1.18mi
811 W 3rd St #8 Waterloo, IA	1.0	1.0	600	$575	$0.96	44d	1	1.21mi
609 Wellington Ct Apt D6 Waterloo, IA	1.0	1.0	588	$600	$1.02	21d	1	1.25mi
609 Wellington Ct Waterloo, IA	1.0	1.0	567	$600	$1.06	44d	2	1.25mi
1515 1/2 Franklin St Waterloo, IA	2.0	1.0	504	$700	$1.39	21d	1	1.28mi
314 Locust St Apt 5 Waterloo, IA	1.0	1.0	500	$825	$1.65	44d	1	1.32mi
209 Baltimore St Waterloo, IA	1.0	1.0	618	$650	$1.05	44d	1	1.34mi
408 Locust St Waterloo, IA	1.0	1.0	644	$450	$0.70	21d	1	1.35mi
1001 1/2 Randolph St Waterloo, IA	1.0	1.0	624	$475	$0.76	21d	1	1.36mi
125 Sherwood Ct Unit 6 Waterloo, IA	1.0	1.0	490	$625	$1.28	21d	1	1.45mi
125 Sherwood Ct Waterloo, IA	1.0	1.0	490	$625	$1.28	44d	2	1.45mi
120 Sherwood Ct Unit 1 Waterloo, IA	1.0	1.0	490	$625	$1.28	21d	1	1.46mi
130 Sherwood Ct Waterloo, IA	1.0	1.0	490	$695	$1.42	21d	1	1.47mi

Listing history 18 events

1. 2026-06-19
   days on market $45,000 Active 135 DOM
2. 2026-06-18
   days on market $45,000 Active 134 DOM
3. 2026-06-17
   days on market $45,000 Active 133 DOM
4. 2026-06-16
   days on market $45,000 Active 132 DOM
5. 2026-06-15
   days on market $45,000 Active 131 DOM
6. 2026-06-14
   days on market $45,000 Active 129 DOM
7. 2026-06-13
   days on market $45,000 Active 128 DOM
8. 2026-06-10
   days on market $45,000 Active 126 DOM
9. 2026-06-09
   days on market $45,000 Active 125 DOM
10. 2026-06-08
    days on market $45,000 Active 124 DOM
11. 2026-06-07
    days on market $45,000 Active 123 DOM
12. 2026-06-05
    days on market $45,000 Active 120 DOM
13. 2026-06-03
    days on market $45,000 Active 119 DOM
14. 2026-06-02
    days on market $45,000 Active 118 DOM
15. 2026-06-01
    days on market $45,000 Active 117 DOM
16. 2026-05-31
    days on market $45,000 Active 116 DOM
17. 2026-05-30
    days on market $45,000 Active 115 DOM
18. 2026-02-04
    listed $45,000 Active 425-char remark

    Show marketing remark (425 chars)

    This affordable 2-bedroom, 1-bath, home offers a great opportunity for a first-time homebuyer or investor. Currently used as a rental, the property provides a functional layout with plenty of potential to make it your own. A detached garage adds valuable storage and parking convenience. With its manageable size and price point, this home is an excellent option for those looking to build equity and step into homeownership.

ⓘ 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: $576 · $48/mo
• Projected year-2 tax: $641 · $53/mo
• Expected delta: +$65/yr (+$5/mo · 11.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 77% 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: $9,121
• − Mortgage interest: −$2,521
• − Property taxes: −$576
• − Insurance: −$5,750
• − Repairs & maintenance: −$730
• − Management: −$730
• − Depreciation: −$1,309
• Taxable loss: −$2,494
• Est. tax savings @ 24.0%: +$599
• After-tax cash flow: $-1,354/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

1 event — show timeline

• 2026-02-04 Listed $45,000 NEIRBR as distributed by MLS GRID

Property tax history

+1.3%/yr

Latest (2025): $576 · +8.7% YoY. Source: county tax records.