617 Boston Ave · Waterloo, IA 50703

$64,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 165 Days on market

Built 1919 6,500 sqft lot $75/sqft · 26% below area Est $88k · 26% 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 +29.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rented till July 2026. Updated floors.

Key facts

• 6,500 sq ft lot
• Parking
• Built 1919

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($845 rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: schools C-, 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.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 76% 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 $449 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.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.30% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.21%
• DSCR: 1.68
• GRM: 6.4

CMA / ARV

• ARV (median comp): $87,771
• List price: $64,900
• Delta: -26.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
537 Mildred Ave	0.20mi	2/1.0	876 (+1%)	9mo	$90,000	$103	81
543 Mildred Ave	0.21mi	3/1.0 (+1)	864 (0%)	9mo	$90,000	$104	78
2421 E 4th St	0.25mi	2/2.0	908 (+5%)	3mo	$61,000	$67	73
211 Boston Ave Ave	0.39mi	3/1.0 (+1)	932 (+8%)	2mo	$90,100	$97	62
1036 Columbia St	0.70mi	2/1.0	848 (-2%)	4mo	$60,000	$71	61
4027 Niles St St	0.48mi	3/1.0 (+1)	912 (+6%)	3mo	$147,900	$162	61
4009 Homer St	0.42mi	3/1.0 (+1)	928 (+7%)	6mo	$68,000	$73	58
330 Cutler St	0.61mi	2/1.0	816 (-6%)	11mo	$45,000	$55	53
1120 N Barclay St	0.69mi	2/1.0	808 (-6%)	9mo	$89,000	$110	50
1622 Columbia St	0.43mi	3/1.0 (+1)	988 (+14%)	6mo	$127,500	$129	46
319 Oliver St St	0.59mi	3/1.0 (+1)	964 (+12%)	3mo	$55,000	$57	45
926 Lincoln St	0.75mi	1/1.0 (-1)	956 (+11%)	8mo	$39,000	$41	36

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 · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.41×
• Total profit: $7,389
• Equity at exit: $9,677

10-year hold

• IRR: 21.8%
• Equity multiple: 3.18×
• Total profit: $39,659
• Equity at exit: $5,611

Cash invested: $18,172 (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 50703

• Rents YoY: 6.7%
• Active inventory: 98
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $845 high
• Mortgage (P&I): −$340
• Tax from tax record: −$70 /mo · $838/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $230

Break-even live

Break-even rent $553

Max offer price $64,900

Occupancy floor 68%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	43d	1	0.14mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	43d	1	0.21mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	43d	1	0.46mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	43d	1	0.51mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$900	$1.02	21d	4	0.54mi
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	43d	1	0.60mi
1137 Columbia St Waterloo, IA	1.0	1.0	588	$725	$1.23	21d	1	0.63mi
515 Stokes Dr Waterloo, IA	1.0	1.0	664	$675	$1.02	43d	1	0.65mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	43d	1	0.66mi
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.86mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	43d	1	0.90mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	43d	1	1.07mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	1.08mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	43d	1	1.19mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	43d	1	1.25mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	43d	1	1.38mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	43d	1	1.47mi

Listing history 5 events

1. 2026-05-18
   status Pending 38-char remark

   Show marketing remark (38 chars)

   Rented till July 2026. Updated floors.

2. 2026-01-02
   price $64,900 38-char remark

   Show marketing remark (38 chars)

   Rented till July 2026. Updated floors.

3. 2025-12-04
   listed $69,999 Active 38-char remark

   Show marketing remark (38 chars)

   Rented till July 2026. Updated floors.

4. 2018-04-02
   soldstatus $45,000 180-char remark

   Show marketing remark (180 chars)

   Nicely updated 2 bedroom home in quiet neighborhood. Many recent updates including new kitchen, new front porch, and hardwood floors. Ideal for owner occupant or a rental property.

5. 2018-01-30
   listed $49,000 180-char remark

   Show marketing remark (180 chars)

   Nicely updated 2 bedroom home in quiet neighborhood. Many recent updates including new kitchen, new front porch, and hardwood floors. Ideal for owner occupant or a rental property.

ⓘ 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: $838 · $70/mo
• Projected year-2 tax: $928 · $77/mo
• Expected delta: +$90/yr (+$8/mo · 10.8%)

ⓘ 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 2/10 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: $10,139
• − Mortgage interest: −$3,635
• − Property taxes: −$838
• − Insurance: −$324
• − Repairs & maintenance: −$811
• − Management: −$811
• − Depreciation: −$1,888
• Taxable income: $1,831
• Est. tax owed @ 24.0%: −$439
• After-tax cash flow: $2,324/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): 17,952
• Household income: $50,060
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 871.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Black 26% Hispanic / Latino 10% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 1% Portuguese 1% Lithuanian 1%
• Foreign-born: 7% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 7% Other Asian/Pacific 2% Russian/Polish/Slavic 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: ▼ -117.18%
• Current HPI: 132.9478
• Rent YoY: ▲ 6.67%
• 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

+32.4% since first listed

5 events — show timeline

• 2026-05-18 Pending — NEIRBR as distributed by MLS GRID
• 2026-01-02 Price Changed $64,900 NEIRBR as distributed by MLS GRID
• 2025-12-04 Listed $69,999 NEIRBR as distributed by MLS GRID
• 2018-04-02 Sold (MLS) $45,000 NEIRBR as distributed by MLS GRID
• 2018-01-30 Listed $49,000 NEIRBR as distributed by MLS GRID

Property tax history

+0.0%/yr

Latest (2025): $838 · +8.5% YoY. Source: county tax records.