928 Kingsley Ave Ave · Waterloo, IA 50701

$89,000

3 bd · 1.0 ba · 1,229 sqft · SingleFamily public records

Built 1937 6,100 sqft lot Est $132k · 32% 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +7.3/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 Bedroom 1bath attached garage.

Key facts

• 6,100 sq ft lot
• Garage
• Built 1937

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Cap rate 8.6% 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: Kingsley Elementary School (math 67% / reading 67%, grade B+, #273 of 616 statewide, top 51%, 343 students, 53% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: Rents rising (+3.8%/yr); 282 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $615 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.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.23% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.25%
• DSCR: 1.37
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $131,503
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
910 Campbell Ave	0.07mi	3/2.0	1,152 (-6%)	2mo	$182,000	$158	81
928 Kingsley Ave Ave	0.00mi	3/1.0	1,412 (+15%)	1mo	$89,000	$63	74
2006 W 3rd St	0.32mi	2/1.0 (-1)	1,166 (-5%)	2mo	$75,000	$64	70
800 Kingsley Ave	0.12mi	4/2.0 (+1)	1,336 (+9%)	4mo	$172,000	$129	68
209 Kingsley Avenue Ave	0.62mi	3/1.0	1,294 (+5%)	0mo	$90,000	$70	62
108 Carolina Ave	0.70mi	2/1.0 (-1)	1,226 (-0%)	1mo	$150,000	$122	62
517 Fletcher Ave	0.16mi	2/1.0 (-1)	1,062 (-14%)	5mo	$90,000	$85	60
200 Moir St	0.57mi	3/1.0	1,152 (-6%)	4mo	$50,000	$43	60
132 Moir St	0.60mi	3/2.0	1,322 (+8%)	5mo	$80,000	$61	51
2310 Westview Ave	0.67mi	2/2.0 (-1)	1,184 (-4%)	3mo	$251,900	$213	51
707 Reber Ave	0.26mi	2/1.5 (-1)	1,047 (-15%)	7mo	$112,500	$107	51
1325 Huntington Rd Rd	0.68mi	2/2.0 (-1)	1,094 (-11%)	7mo	$122,000	$112	35

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-2,558
• Equity at exit: $13,270

10-year hold

• IRR: 8.0%
• Equity multiple: 1.63×
• Total profit: $15,792
• Equity at exit: $7,695

Cash invested: $24,920 (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 50701

• Rents YoY: 3.8%
• Active inventory: 282
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,096 high
• Mortgage (P&I): −$467
• Tax from tax record: −$190 /mo · $2,286/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $171

Break-even live

Break-even rent $879

Max offer price $89,000

Occupancy floor 79%

Sensitivity live

Price	-10% $222	-5% $196	+0% $171	+5% $146	+10% $121
Rent	-10% $85	-5% $128	+0% $171	+5% $215	+10% $258
Rate	-1.0pp $216	-0.5pp $194	base $171	+0.5pp $148	+1.0pp $125

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2539 W 3rd St Waterloo, IA	3.0	2.5	1200	$1,695	$1.41	22d	1	0.21mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	22d	1	0.59mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	44d	1	0.64mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	44d	1	0.69mi
1524 1/2 W 5th St Unit 1524 1/2 Waterloo, IA	2.0	1.0	981	$850	$0.87	22d	1	0.85mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	22d	1	0.85mi
200 Parkview Blvd Waterloo, IA	2.0	1.0	744	$725	$0.97	22d	1	0.89mi
254 Parkview Blvd Unit 254 Waterloo, IA	2.0	1.0	744	$795	$1.07	44d	1	0.90mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	44d	1	0.91mi
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	22d	1	0.92mi
226 Palmer Dr Unit 226-B Waterloo, IA	2.0	1.0	800	$780	$0.97	22d	1	0.93mi
225 Miriam Dr Unit A Waterloo, IA	2.0	1.0	700	$650	$0.93	44d	1	0.94mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	22d	1	0.95mi
237 Miriam Dr Apt B Waterloo, IA	2.0	1.0	750	$725	$0.97	44d	1	0.96mi
3270 W 4th St Waterloo, IA	2.0	1.0	800	$895	$1.12	22d	1	1.01mi
3270 W 4th St Waterloo, IA	2.0	1.0	800	$895	$1.12	44d	1	1.01mi
1247 Doreen Ave Waterloo, IA	4.0	1.0	1288	$1,500	$1.16	22d	1	1.04mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	44d	1	1.05mi
1105 Kent Cir Waterloo, IA	2.0	1.0	725	$845	$1.17	44d	1	1.06mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	22d	1	1.07mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	44d	1	1.08mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	44d	1	1.08mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	44d	1	1.08mi
105 Bellaire Rd Waterloo, IA	2.0	2.0	1088	$1,100	$1.01	22d	1	1.11mi
1115 Doreen Ave Unit 1120-3 Waterloo, IA	3.0	1.0	865	$890	$1.03	44d	1	1.14mi
1115 Doreen Ave Unit 1115-12 Waterloo, IA	2.0	1.0	800	$785	$0.98	44d	1	1.14mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	44d	1	1.14mi
1125 Dixon Dr #4 Waterloo, IA	2.0	1.0	707	$815	$1.15	22d	1	1.16mi
1125 Dixon Dr Waterloo, IA	2.0	1.0	707	$815	$1.15	44d	1	1.16mi
1133 Dixon Dr Waterloo, IA	1.0–2.0	1.0	640	$835	$1.30	44d	2	1.16mi
733 Russell Rd Waterloo, IA	2.0	1.5	940	$850	$0.90	44d	1	1.20mi
154 Acadia St Unit 2 Waterloo, IA	2.0	1.0	995	$1,200	$1.21	44d	1	1.23mi
780 Russell Rd Waterloo, IA	2.0	2.0	1324	$1,295	$0.98	44d	1	1.29mi
3749 Cobblestone Cir Waterloo, IA	2.0	1.0	918	$938	$1.02	44d	2	1.30mi
1200 Meadow Ln Waterloo, IA	2.0	1.0	704	$885	$1.26	44d	1	1.32mi
611 Johnson St Unit 11 Waterloo, IA	2.0	1.0	800	$895	$1.12	44d	1	1.36mi
611 Johnson St Unit 8 Waterloo, IA	2.0	1.0	800	$825	$1.03	44d	1	1.36mi
1141 Lantern Sq Waterloo, IA	2.0–3.0	1.5	1119	$1,200	$1.07	22d	5	1.37mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	44d	2	1.37mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	22d	1	1.38mi

Listing history 2 events

1. 2026-04-15
   historical
2. 2026-04-14
   listed $89,000

ⓘ 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: $2,286 · $190/mo
• Projected year-2 tax: $2,286 · $190/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $13,148
• − Mortgage interest: −$4,985
• − Property taxes: −$2,286
• − Insurance: −$445
• − Repairs & maintenance: −$1,052
• − Management: −$1,052
• − Depreciation: −$2,589
• Taxable income: $739
• Est. tax owed @ 24.0%: −$177
• After-tax cash flow: $1,878/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): 30,232
• Household income: $61,475
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1377.0

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 (78%)
• Race & ethnicity: White 78% Black 11% Two or more races 5% Hispanic / Latino 3% Asian 3%
• Common ancestry: Portuguese 3% Italian 3% American 2%
• Foreign-born: 7% · Canada, South Korea, Vietnam
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Spanish 2% French/Haitian/Cajun 2%

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: ▼ -107.19%
• Current HPI: 162.8951
• Rent YoY: ▲ 3.80%
• 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

• 2026-04-15 Delisted — NEIRBR as distributed by MLS GRID
• 2026-04-14 Listed $89,000 NEIRBR as distributed by MLS GRID

Property tax history

+1.2%/yr

Latest (2025): $2,286 · +2.2% YoY. Source: county tax records.