817 Western Ave · Waterloo, IA 50702

$82,000

2 bd · 1.0 ba · 1,035 sqft · SingleFamily public records · 1 Days on market

Built 1921 6,550 sqft lot Est $115k · 29% under ↓ 3% since listing

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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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +6.0/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this 2 bedroom 1 bath home located on Western Ave. in Waterloo. The large living room has great light and a fireplace to welcome you home. The dining room opens to the kitchen with an adorable dining nook for your early morning coffee. The 2 bedrooms are separated by the homes updated bathroom. There is a walk up attic with endless possibilities for storage or additional future living space. The roof was done in 2010 and the furnace in 2008. Out back you have a nice 2 stall garage with garage door opener to keep your car dry and snow free this winter. Schedule your showing today.

Key facts

• Alley access
• 2-stall garage
• 6,550 sq ft lot

Tags

• 2-STALL GARAGE
• ALLEY ACCESS
• UNFINISHED ATTIC SPACE

Property features AI

Exterior

• Parking: Carport with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Metal roof; Block, unfinished basement
• Exterior features: Concrete driveway/road surface; 50 x 131 lot (0.15 acre); Zoned R-R

Interior

• Kitchen: Eat-in kitchen
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Eat-in kitchen; Living room fireplace
• Laundry & utility: Washer hookup; Gas dryer hookup; Washer and dryer included; Basement laundry (lower level)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $82k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($904 rent vs $82k).
• Cap rate 8.0% 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: Irving Elementary School (math 43% / reading 44%, grade F, #560 of 616 statewide, top 91%, 402 students, 92% FRL); Central Middle School (math 49% / reading 46%, grade C-, #226 of 246 statewide, top 92%, 471 students, 85% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL) — zoned schools average 80% FRL vs 58% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.7%/yr); 126 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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).
• This rent is only 17% of the median local income ($62k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $567 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,000

Questions for the listing agent

1. Built in 1921 — 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: 1.10% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.97%
• DSCR: 1.27
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $114,885
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
826 Williston Ave	0.11mi	3/1.0 (+1)	976 (-6%)	1mo	$72,000	$74	80
1207 Bertch Ave	0.44mi	2/2.0	1,061 (+2%)	3mo	$118,000	$111	69
1115 Hawthorne Ave	0.39mi	3/1.0 (+1)	1,106 (+7%)	2mo	$125,000	$113	64
1314 Vermont St	0.44mi	3/1.0 (+1)	988 (-4%)	4mo	$149,900	$152	64
719 W 1st St	0.61mi	2/1.0	964 (-7%)	2mo	$69,900	$73	59
111 Rosebud Ave	0.65mi	3/1.0 (+1)	1,009 (-2%)	3mo	$140,000	$139	58
1225 Williston Ave Ave	0.45mi	2/1.0	1,142 (+10%)	5mo	$100,000	$88	58
101 Marsh St	0.62mi	3/1.0 (+1)	960 (-7%)	3mo	$103,000	$107	51
2012 W 7th St	0.60mi	3/1.0 (+1)	1,142 (+10%)	0mo	$140,000	$123	50
312 Cornwall Ave	0.73mi	3/1.0 (+1)	1,094 (+6%)	3mo	$164,000	$150	49
200 Moir St	0.68mi	3/1.0 (+1)	1,152 (+11%)	4mo	$50,000	$43	41
739 W 11th St	0.69mi	3/1.0 (+1)	888 (-14%)	1mo	$85,000	$96	38

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 · 2.7% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.73×
• Total profit: $-6,251
• Equity at exit: $12,226

10-year hold

• IRR: 1.8%
• Equity multiple: 1.13×
• Total profit: $2,954
• Equity at exit: $7,090

Cash invested: $22,960 (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: 7.6×

Monthly cashflow live

• Estimated rent: $904 high
• Mortgage (P&I): −$430
• Tax from tax record: −$136 /mo · $1,632/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $114

Break-even live

Break-even rent $760

Max offer price $82,000

Occupancy floor 82%

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: $20,500
• Closing costs: $2,460
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	21d	1	0.08mi
733 Baltimore St Waterloo, IA	1.0	1.0	724	$700	$0.97	44d	1	0.11mi
1121 W 7th St Waterloo, IA	1.0	1.0	800	$725	$0.91	44d	1	0.13mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	44d	1	0.18mi
611 Johnson St Unit 8 Waterloo, IA	2.0	1.0	800	$825	$1.03	44d	1	0.23mi
611 Johnson St Unit 11 Waterloo, IA	2.0	1.0	800	$895	$1.12	44d	1	0.23mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	21d	1	0.26mi
1014 Leavitt St Waterloo, IA	2.0	1.0	700	$1,060	$1.51	21d	2	0.27mi
1524 1/2 W 5th St Unit 1524 1/2 Waterloo, IA	2.0	1.0	981	$850	$0.87	21d	1	0.28mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	21d	1	0.39mi
1112 Byron Ave Unit 1114 Waterloo, IA	2.0	1.0	896	$930	$1.04	21d	1	0.46mi
200 Parkview Blvd Waterloo, IA	2.0	1.0	744	$725	$0.97	21d	1	0.48mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	44d	1	0.49mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	44d	1	0.49mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	21d	1	0.50mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	44d	1	0.50mi
254 Parkview Blvd Unit 254 Waterloo, IA	2.0	1.0	744	$795	$1.07	44d	1	0.50mi
226 Palmer Dr Unit 226-B Waterloo, IA	2.0	1.0	800	$780	$0.97	21d	1	0.51mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	44d	1	0.51mi
237 Miriam Dr Apt B Waterloo, IA	2.0	1.0	750	$725	$0.97	44d	1	0.52mi
225 Miriam Dr Unit A Waterloo, IA	2.0	1.0	700	$650	$0.93	44d	1	0.53mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	21d	1	0.53mi
626 W 2nd St Unit 1 Waterloo, IA	1.0	1.0	857	$750	$0.88	21d	1	0.60mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	44d	1	0.60mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	44d	1	0.60mi
218 South St Unit 5 Waterloo, IA	1.0	1.0	800	$545	$0.68	44d	1	0.64mi
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	21d	1	0.71mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	21d	1	0.72mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	44d	1	0.76mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	44d	2	0.77mi
302 Commercial St Waterloo, IA	1.0	1.0	901	$1,100	$1.22	21d	1	0.86mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	21d	6	0.89mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	0.93mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.04mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.04mi
154 Acadia St Unit 2 Waterloo, IA	2.0	1.0	995	$1,200	$1.21	44d	1	1.06mi
105 Bellaire Rd Waterloo, IA	2.0	2.0	1088	$1,100	$1.01	21d	1	1.06mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.08mi
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	44d	1	1.15mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	1.17mi

Listing history 5 events

1. 2026-05-28
   status Pending
2. 2026-05-27
   listed $82,000 Active
3. 2022-08-22
   soldstatus $85,000
4. 2022-08-18
   soldstatus $84,950 597-char remark

   Show marketing remark (597 chars)

   Check out this 2 bedroom 1 bath home located on Western Ave. in Waterloo. The large living room has great light and a fireplace to welcome you home. The dining room opens to the kitchen with an adorable dining nook for your early morning coffee. The 2 bedrooms are separated by the homes updated bathroom. There is a walk up attic with endless possibilities for storage or additional future living space. The roof was done in 2010 and the furnace in 2008. Out back you have a nice 2 stall garage with garage door opener to keep your car dry and snow free this winter. Schedule your showing today.

5. 2022-07-15
   listed $84,950 597-char remark

   Show marketing remark (597 chars)

   Check out this 2 bedroom 1 bath home located on Western Ave. in Waterloo. The large living room has great light and a fireplace to welcome you home. The dining room opens to the kitchen with an adorable dining nook for your early morning coffee. The 2 bedrooms are separated by the homes updated bathroom. There is a walk up attic with endless possibilities for storage or additional future living space. The roof was done in 2010 and the furnace in 2008. Out back you have a nice 2 stall garage with garage door opener to keep your car dry and snow free this winter. Schedule your showing today.

ⓘ 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: $1,632 · $136/mo
• Projected year-2 tax: $1,632 · $136/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 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: $10,852
• − Mortgage interest: −$4,593
• − Property taxes: −$1,632
• − Insurance: −$410
• − Repairs & maintenance: −$868
• − Management: −$868
• − Depreciation: −$2,385
• Taxable income: $95
• Est. tax owed @ 24.0%: −$23
• After-tax cash flow: $1,348/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): 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

-3.5% since first listed

5 events — show timeline

• 2026-05-28 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-27 Listed $82,000 NEIRBR as distributed by MLS GRID
• 2022-08-22 Sold (Public Records) $85,000 Public Records
• 2022-08-18 Sold (MLS) $84,950 NEIRBR as distributed by MLS GRID
• 2022-07-15 Listed $84,950 NEIRBR as distributed by MLS GRID

Property tax history

+3.5%/yr

Latest (2025): $1,632 · +9.4% YoY. Source: county tax records.