2509 Viking Pl · Cedar Falls, IA 50613

$204,900

3 bd · 2.0 ba · 1,040 sqft · SingleFamily public records · 12 Days on market

Built 1962 0.34 ac lot $197/sqft · at area comps Est $285k · 28% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +7.8/30.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2509 Viking Place in Cedar Falls is a charming 3-bedroom, 1.5-bath ranch featuring a 2-stall attached garage. Conveniently located near shopping and with quick highway access, it offers a fenced backyard perfect for outdoor activities, complemented by a 2-tiered deck and stamped concrete patio for outdoor entertaining. This inviting home is ready for its next owner to personalize and make it their own.

Key facts

• 2 tiered deck
• Fenced backyard
• Quick highway access

Tags

• FENCED BACKYARD
• 2 TIERED DECK
• STAMPED CONCRETE PATIO
• QUICK HIGHWAY ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-226 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (28.1% below list).
• Recommended offer: $147k (28.1% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 3.1% in Cedar Falls — 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 (#60 in IA, #1,357 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities D, commute F.
• 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 (+2.0%/yr); 387 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $147,278 (28.1% 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. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.72% ✗
• Cap rate: 4.97%
• Cash-on-cash: -4.72%
• DSCR: 0.79
• GRM: 11.6

CMA / ARV

• ARV (median comp): $284,897
• List price: $204,900
• Delta: -28.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -25.4%
• Equity multiple: 0.14×
• Total profit: $-49,074
• Equity at exit: $30,551

10-year hold

• IRR: -25.1%
• Equity multiple: -0.17×
• Total profit: $-67,281
• Equity at exit: $17,716

Cash invested: $57,372 (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 50613

• Rents YoY: 2.0%
• Active inventory: 387
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,473 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$229 /mo · $2,750/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $-226

Break-even live

Break-even rent $1,758

Max offer price $165,053

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4606 Chadwick Rd #11 Cedar Falls, IA	2.0	2.0	1054	$1,500	$1.42	43d	1	0.68mi
1132 Tiffany Pl Waterloo, IA	2.0	1.0	857	$795	$0.93	43d	1	1.11mi
1118 Tiffany Pl #12 Waterloo, IA	2.0	1.0	851	$795	$0.93	20d	1	1.12mi
1003 Bluegrass Cir Cedar Falls, IA	2.0	2.0	1054	$1,575	$1.49	20d	13	1.15mi
3621 Sager Ave Waterloo, IA	2.0	1.0	851	$795	$0.93	43d	1	1.17mi
825 Bluegrass Cir Cedar Falls, IA	1.0–2.0	1.0–2.0	868	$1,950	$2.25	20d	1	1.20mi
825 Bluegrass Cir Unit 213 Cedar Falls, IA	2.0	1.5	913	$1,760	$1.93	43d	1	1.20mi

Listing history 2 events

1. 2026-05-04
   status Pending 405-char remark

   Show marketing remark (405 chars)

   2509 Viking Place in Cedar Falls is a charming 3-bedroom, 1.5-bath ranch featuring a 2-stall attached garage. Conveniently located near shopping and with quick highway access, it offers a fenced backyard perfect for outdoor activities, complemented by a 2-tiered deck and stamped concrete patio for outdoor entertaining. This inviting home is ready for its next owner to personalize and make it their own.

2. 2026-04-22
   listed $204,900 Active 405-char remark

   Show marketing remark (405 chars)

   2509 Viking Place in Cedar Falls is a charming 3-bedroom, 1.5-bath ranch featuring a 2-stall attached garage. Conveniently located near shopping and with quick highway access, it offers a fenced backyard perfect for outdoor activities, complemented by a 2-tiered deck and stamped concrete patio for outdoor entertaining. This inviting home is ready for its next owner to personalize and make it their own.

ⓘ 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: $2,750 · $229/mo
• Projected year-2 tax: $2,983 · $249/mo
• Expected delta: +$233/yr (+$19/mo · 8.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 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: $17,673
• − Mortgage interest: −$11,478
• − Property taxes: −$2,750
• − Insurance: −$1,024
• − Repairs & maintenance: −$1,414
• − Management: −$1,414
• − Depreciation: −$5,961
• Taxable loss: −$6,367
• Est. tax savings @ 24.0%: +$1,528
• After-tax cash flow: $-1,179/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 — Cedar Falls

• Score: 81/100
• State rank: #60
• US rank: #1357

Category grades

Amenities D Commute F Cost of living A+ Crime A Employment B- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Falls, IA
• County: Black Hawk County · 112,933 people
• City population: 43,867
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 43,867
• Household income: $78,503
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1514.0

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 (90%)
• Race & ethnicity: White 90% Asian 3% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -175.51%
• Current HPI: 169.0591
• Rent YoY: ▲ 1.97%
• 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

• 2026-05-04 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-22 Listed $204,900 NEIRBR as distributed by MLS GRID

Property tax history

+1.8%/yr

Latest (2025): $2,750 · +12.7% YoY. Source: county tax records.