120 Conger St St · Waterloo, IA 50703

$69,900

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 135 Days on market

Built 1915 5,850 sqft lot $76/sqft · 12% above area Est $62k · 12% over

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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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This affordable 3-bedroom, 1-bath, 1½-story home offers a great opportunity for a first-time homebuyer or investor. Previously 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. Currently vacant and ready for its next owner.

Key facts

• Functional layout
• Detached garage
• 5,850 sq ft lot

Tags

• DETACHED GARAGE
• FUNCTIONAL LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($926 rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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; 26 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 77% 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 $483 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 $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 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 1915 — 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: 1.32% ✓
• Cap rate: 10.86%
• Cash-on-cash: 16.30%
• DSCR: 1.73
• GRM: 6.3

CMA / ARV

• ARV (median comp): $62,277
• List price: $69,900
• Delta: 12.24%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 Center St	0.22mi	3/1.0	930 (+0%)	1mo	$63,000	$68	88
211 Boston Ave Ave	0.44mi	3/1.0	932 (+1%)	2mo	$90,100	$97	76
319 Oliver St St	0.47mi	3/1.0	964 (+4%)	3mo	$55,000	$57	68
1036 Columbia St	0.29mi	2/1.0 (-1)	848 (-8%)	4mo	$60,000	$71	65
233 Oliver St	0.43mi	3/1.0	1,006 (+9%)	1mo	$125,000	$124	64
232 Center St	0.18mi	2/1.0 (-1)	1,060 (+15%)	1mo	$32,000	$30	61
2421 E 4th St	0.60mi	2/2.0 (-1)	908 (-2%)	3mo	$61,000	$67	57
324 Sumner St	0.63mi	3/1.0	1,011 (+9%)	2mo	$66,500	$66	54
542 Kern St	0.44mi	3/1.0	1,052 (+14%)	6mo	$35,000	$33	51
427 Hope Ave	0.61mi	3/1.0	1,036 (+12%)	3mo	$134,900	$130	49
748 Conger St	0.71mi	2/1.0 (-1)	864 (-7%)	5mo	$60,000	$69	47
713 Riehl St	0.62mi	2/2.0 (-1)	836 (-10%)	1mo	$78,500	$94	45

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: 11.3%
• Equity multiple: 1.47×
• Total profit: $9,149
• Equity at exit: $10,422

10-year hold

• IRR: 23.1%
• Equity multiple: 3.32×
• Total profit: $45,470
• Equity at exit: $6,044

Cash invested: $19,572 (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: 6.3×

Monthly cashflow live

• Estimated rent: $926 high
• Mortgage (P&I): −$367
• Tax from tax record: −$70 /mo · $842/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $266

Break-even live

Break-even rent $590

Max offer price $69,900

Occupancy floor 66%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.14mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	43d	1	0.15mi
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	43d	1	0.39mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	43d	1	0.40mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	43d	1	0.41mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	43d	1	0.50mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	43d	1	0.52mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	43d	1	0.56mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	43d	1	0.57mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.57mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	43d	1	0.72mi
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	43d	1	0.79mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	21d	4	0.96mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	43d	1	0.97mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	43d	1	0.97mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	43d	1	1.06mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	1.09mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	43d	1	1.13mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	1.16mi
408 E 8th St Waterloo, IA	3.0	1.0	600	$850	$1.42	43d	1	1.20mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	21d	1	1.21mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.22mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	43d	2	1.25mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.26mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	43d	1	1.28mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	43d	1	1.44mi

Listing history 19 events

1. 2026-06-19
   days on market $69,900 Active 135 DOM
2. 2026-06-18
   days on market $69,900 Active 134 DOM
3. 2026-06-17
   days on market $69,900 Active 133 DOM
4. 2026-06-16
   days on market $69,900 Active 132 DOM
5. 2026-06-15
   days on market $69,900 Active 131 DOM
6. 2026-06-14
   days on market $69,900 Active 129 DOM
7. 2026-06-13
   days on market $69,900 Active 128 DOM
8. 2026-06-10
   days on market $69,900 Active 126 DOM
9. 2026-06-09
   days on market $69,900 Active 125 DOM
10. 2026-06-08
    days on market $69,900 Active 124 DOM
11. 2026-06-07
    days on market $69,900 Active 123 DOM
12. 2026-06-05
    days on market $69,900 Active 120 DOM
13. 2026-06-03
    days on market $69,900 Active 119 DOM
14. 2026-06-02
    days on market $69,900 Active 118 DOM
15. 2026-06-01
    days on market $69,900 Active 117 DOM
16. 2026-05-31
    days on market $69,900 Active 116 DOM
17. 2026-05-30
    days on market $69,900 Active 115 DOM
18. 2026-02-04
    listed $69,900 Active 489-char remark

    Show marketing remark (489 chars)

    This affordable 3-bedroom, 1-bath, 1½-story home offers a great opportunity for a first-time homebuyer or investor. Previously 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. Currently vacant and ready for its next owner.

19. 2015-12-30
    soldstatus $1,934,000

ⓘ 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: $842 · $70/mo
• Projected year-2 tax: $970 · $81/mo
• Expected delta: +$128/yr (+$11/mo · 15.2%)

ⓘ 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 · 22% 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: $11,113
• − Mortgage interest: −$3,915
• − Property taxes: −$842
• − Insurance: −$350
• − Repairs & maintenance: −$889
• − Management: −$889
• − Depreciation: −$2,033
• Taxable income: $2,195
• Est. tax owed @ 24.0%: −$527
• After-tax cash flow: $2,663/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

-96.4% since first listed

2 events — show timeline

• 2026-02-04 Listed $69,900 NEIRBR as distributed by MLS GRID
• 2015-12-30 Sold (Public Records) $1,934,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $842 · +8.5% YoY. Source: county tax records.