1405-1407 Columbus Dr · Waterloo, IA 50702

$224,900

4 bd · 0.0 ba · 3,168 sqft · MultiFamily · 1 Days on market

Built 1965 Good condition 9,400 sqft lot

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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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Every investor is searching for that rare combination of quality, location, and proven performance—and this duplex delivers. Nestled in a highly desirable neighborhood with a strong rental history, this well-maintained ranch-style property is a standout opportunity. Each unit features two spacious bedrooms, a single-stall attached garage, and a functional layout designed for comfortable living. A durable metal roof adds long-term value, while the full basements offer additional storage or potential for future use. Situated on a corner lot in a peaceful neighborhood, the property also includes a shared backyard patio space—perfect for outdoor enjoyment. With no sidewalks to maint

Key facts

• Durable metal roof
• Corner lot
• 9,400 sq ft lot

Tags

• DURABLE METAL ROOF
• SHARED BACKYARD PATIO SPACE
• CORNER LOT
• PEACEFUL NEIGHBORHOOD
• EASY ACCESS TO HWY 20

Property features AI

Finance

• Financial info: Unit rents reported: one unit at $900 and one unit at $850

Exterior

• Parking: Attached garage with 2 garage spaces; 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income duplex
• Construction: Aluminum and vinyl siding; Metal roof; Above-grade and below-grade finished living areas
• Exterior features: Irregular lot; Lot dimensions approximately 80 x 115 x 120

Interior

• Bedrooms: Two 2-bedroom units
• Heating & cooling: Central air; Ceiling fans; Natural gas heating
• Interior features: Basement with block and concrete construction; Lower-level laundry
• Laundry & utility: Laundry area on the lower level

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $696 ($8k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 10.0% 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: Lou Henry Elementary School (math 53% / reading 54%, grade C, #492 of 616 statewide, top 80%, 465 students, 58% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents rising (+2.7%/yr); 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• At $2,848/mo this rent would consume 55% of the median local household income ($62k/yr) (locally 479% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 2.7% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $224,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 10.00%
• Cash-on-cash: 13.26%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $7,051
• Equity at exit: $33,533

10-year hold

• IRR: 12.2%
• Equity multiple: 1.95×
• Total profit: $59,873
• Equity at exit: $19,445

Cash invested: $62,972 (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 50702

• Rents YoY: 2.7%
• Active inventory: 126
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,848 medium
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $696

Break-even live

Break-even rent $1,967

Max offer price $224,900

Occupancy floor 71%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,848
Total (2 units)			$2,848

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3032 W 9th St Waterloo, IA	3.0	2.5	2206	$1,995	$0.90	44d	1	0.25mi
2113 W 8th St Waterloo, IA	3.0	2.5	2928	$1,975	$0.67	44d	1	0.75mi

Listing history 2 events

1. 2026-05-13
   status Pending
2. 2026-05-11
   listed $224,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $34,176
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,734
• − Management: −$2,734
• − Depreciation: −$6,543
• Taxable income: $5,069
• Est. tax owed @ 24.0%: −$1,217
• After-tax cash flow: $7,132/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained, two-unit ranch-style property in a desirable neighborhood offers a good investment opportunity with minimal repairs and updates needed to maximize its value.

Repairs flagged

• Minor Landscaping — Some areas of the lawn appear slightly overgrown.
• Minor Exterior paint — Slight fading is visible on the siding and trim.

Value-add opportunities

• Both Painting the exterior and landscaping — Fresh paint and well-maintained landscaping would enhance both the resale and rental value.
• Both Upgrading the flooring — Replacing carpet with hardwood or tile would significantly increase the home's appeal and value.
• Both Kitchen and bathroom updates — Modernizing the kitchen and bathrooms would attract more buyers and renters, increasing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · Some areas of the lawn appear slightly overgrown.	Minor	$500–3,000
Exterior paint · Slight fading is visible on the siding and trim.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting the exterior and landscaping — Fresh paint and well-maintained landscaping would enhance both the resale and rental value. ↑
• Both Upgrading the flooring — Replacing carpet with hardwood or tile would significantly increase the home's appeal and value. ↑
• Both Kitchen and bathroom updates — Modernizing the kitchen and bathrooms would attract more buyers and renters, increasing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 20,882
• Household income: $62,021
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 479.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 9% Two or more races 5% Asian 3% Pacific Islander 3% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: American 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 15% · Canada, Philippines
• Languages at home: 79% English-only · Spanish 7% Russian/Polish/Slavic 6% Other Asian/Pacific 4%

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: ▼ -110.86%
• Current HPI: 155.4447
• Rent YoY: ▲ 2.70%
• 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

• 2026-05-13 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-11 Listed $224,900 NEIRBR as distributed by MLS GRID