143 S Elk Run Rd · Waterloo, IA 50707

$148,000

4 bd · 2.0 ba · 1,664 sqft · SingleFamily public records · 14 Days on market

Built 1869 0.49 ac lot

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Why this score? — see what drove the C 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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.3/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss your chance to own this charming 1 3/4 story home set on a rare half-acre lot—offering the perfect “country in the city” feel! With 4 bedrooms and 2 bathrooms, this spacious home features high ceilings and beautiful farmhouse character throughout. The main floor offers great flexibility with a bedroom that can also serve as a convenient laundry space, along with a full bathroom for easy main-level living. You’ll love the timeless details, including a classic clawfoot tub that adds warmth and charm. Property is being sold "As is" Enjoy peace of mind with major updates already completed: new main-floor windows (2024), furnace (2022), and roo

Key facts

• New furnace
• Half-acre lot
• Large yard

Tags

• HALF-ACRE LOT
• CLAWFOOT TUB
• NEW MAIN-FLOOR WINDOWS
• NEW FURNACE
• NEW ROOF
• LARGE YARD

Property features AI

Exterior

• Security: Smoke detectors
• Utilities: Public water; Septic sewer
• Home design: Single family residence; 2-story
• Construction: Aluminum siding
• Exterior features: Asphalt roof; Road surface: paved/other

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: Gas water heater; No fireplace; Concrete basement
• Laundry & utility: Laundry on main level; Laundry on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $148k.

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 ($2k rent vs $148k).
• Cap rate 8.4% 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: Highland Elementary School (math 51% / reading 45%, grade D, #528 of 616 statewide, top 86%, 477 students, 85% FRL); Bunger Middle School (math 48% / reading 47%, grade C-, #226 of 246 statewide, top 92%, 431 students, 75% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 78% FRL vs 58% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 64 active listings in the ZIP; 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 $4k 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 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1869 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,000

Questions for the listing agent

1. Built in 1869 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.03% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.70%
• DSCR: 1.34
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-7,083
• Equity at exit: $22,067

10-year hold

• IRR: 5.1%
• Equity multiple: 1.37×
• Total profit: $15,517
• Equity at exit: $12,796

Cash invested: $41,440 (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 50707

• Active inventory: 64
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,527 medium
• Mortgage (P&I): −$776
• Tax from tax record: −$102 /mo · $1,230/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $266

Break-even live

Break-even rent $1,190

Max offer price $148,000

Occupancy floor 78%

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: $37,000
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $148,000 Active 14 DOM
2. 2026-06-18
   days on market $148,000 Active 13 DOM
3. 2026-06-17
   days on market $148,000 Active 12 DOM
4. 2026-06-16
   days on market $148,000 Active 11 DOM
5. 2026-06-15
   days on market $148,000 Active 10 DOM
6. 2026-06-14
   days on market $148,000 Active 8 DOM
7. 2026-06-13
   days on market $148,000 Active 7 DOM
8. 2026-06-10
   days on market $148,000 Active 5 DOM
9. 2026-06-09
   days on market $148,000 Active 4 DOM
10. 2026-06-08
    days on market $148,000 Active 3 DOM
11. 2026-06-07
    remarks 659-char remark
12. 2026-06-07
    listed $148,000 Active 2 DOM

ⓘ 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: $1,230 · $102/mo
• Projected year-2 tax: $1,777 · $148/mo
• Expected delta: +$547/yr (+$46/mo · 44.5%)

ⓘ 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 2/10 Low 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: $18,320
• − Mortgage interest: −$8,290
• − Property taxes: −$1,230
• − Insurance: −$740
• − Repairs & maintenance: −$1,466
• − Management: −$1,466
• − Depreciation: −$4,305
• Taxable income: $823
• Est. tax owed @ 24.0%: −$198
• After-tax cash flow: $2,992/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

• City population: 69,066
• Population (ZIP): 7,407

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 (80%)
• Race & ethnicity: White 80% Black 8% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 3% Iranian 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -121.77%
• Current HPI: 178.5926
• Rent YoY: —
• Metro: —
• 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

• 2026-06-04 Listed $148,000 NEIRBR as distributed by MLS GRID

Property tax history

+1.2%/yr

Latest (2025): $1,230 · +5.5% YoY. Source: county tax records.