135 Polk St · Waterloo, IA 50703

$50,000

2 bd · 1.0 ba · 898 sqft · SingleFamily public records · 3 Days on market

Built 1914 6,250 sqft lot Est $85k · 41% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Great starter house within walking distance to elementary school. Nicely maintained home with 1 owner for at least 70 years, large living room, spacious formal dining room, 2 bedrooms, 2 bathrooms, drop zone area, shingles, furnace, AC, and hot water heater have been replaced, and walls insulated. Electrical has been updated. Stove, fridge, microwave and Dryer are included. Low average utilities. Oversized 1 stall garage on a good sized lot. Property is being sold as is and listing agent is distantly related to the estate.

Key facts

• Formal dining room
• Fenced in backyard
• Drop zone

Tags

• ENCLOSED SCREENED PORCH
• FORMAL DINING ROOM
• FENCED IN BACKYARD
• DROP ZONE

Property features AI

Exterior

• Parking: Has carport (1 space); Oversized, detached parking
• Utilities: Public water; Public sewer
• Home design: Single-family residential property; Zoned R-2
• Construction: Built with other construction materials; Asphalt roof
• Exterior features: Screened patio/porch; Gravel road access; Sidewalks in the community

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Gas water heater; No fireplace; Basement with block construction
• Laundry & utility: Laundry located on the lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($824 rent vs $50k).
• Cap rate 13.6% 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: 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); George Washington Carver Academy (math 36% / reading 43%, grade F, #240 of 246 statewide, top 98%, 442 students, 91% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 83% FRL vs 58% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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 $346 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 $14k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y 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.
• Current owner paid $35k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $50,000

Questions for the listing agent

1. Built in 1914 — 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: 1.65% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.09%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $85,310
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Polk St St	0.10mi	3/2.0 (+1)	918 (+2%)	5mo	$78,000	$85	78
135 Polk St	0.00mi	2/2.0	994 (+11%)	0mo	$45,000	$45	78
1927 Lafayette St	0.37mi	2/1.0	868 (-3%)	3mo	$51,250	$59	75
137 French St	0.15mi	1/1.0 (-1)	798 (-11%)	5mo	$25,000	$31	65
541 Albany St	0.62mi	2/1.0	912 (+2%)	9mo	$138,000	$151	61
823 Glenwood St	0.35mi	2/1.5	999 (+11%)	3mo	$42,000	$42	61
121 Wycombe St	0.67mi	2/1.0	947 (+6%)	0mo	$90,000	$95	59
135 Dearborn Ave	0.37mi	2/1.0	778 (-13%)	4mo	$50,000	$64	57
1865 Independence Ave	0.68mi	2/1.0	827 (-8%)	9mo	$159,900	$193	48
1440 Vine St	0.46mi	3/1.0 (+1)	988 (+10%)	12mo	$110,000	$111	47
312 Glendale Sts	0.53mi	3/1.5 (+1)	982 (+9%)	7mo	$130,000	$132	46
201 Lamont St	0.73mi	2/1.0	768 (-14%)	13mo	$163,250	$213	31

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: 23.9%
• Equity multiple: 2.03×
• Total profit: $14,455
• Equity at exit: $7,455

10-year hold

• IRR: 34.1%
• Equity multiple: 4.68×
• Total profit: $51,569
• Equity at exit: $4,323

Cash invested: $14,000 (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: 5.1×

Monthly cashflow live

• Estimated rent: $824 high
• Mortgage (P&I): −$262
• Tax from tax record: −$64 /mo · $762/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $304

Break-even live

Break-even rent $439

Max offer price $50,000

Occupancy floor 58%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
230 Polk St Waterloo, IA	3.0	1.0	992	$850	$0.86	21d	1	0.13mi
243 Polk St Waterloo, IA	2.0	1.0	720	$850	$1.18	21d	1	0.14mi
235 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.16mi
151 French St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.17mi
269 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.19mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	44d	1	0.34mi
313 Dearborn Ave Waterloo, IA	1.0	1.0	780	$575	$0.74	44d	1	0.41mi
2006 Lafayette St Waterloo, IA	2.0	1.0	576	$650	$1.13	21d	1	0.41mi
2304 Lafayette St Waterloo, IA	2.0	1.0	971	$825	$0.85	44d	1	0.54mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	21d	1	0.58mi
333 Lamont St Waterloo, IA	2.0	1.0	720	$975	$1.35	44d	1	0.64mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	44d	1	0.83mi
408 E 8th St Waterloo, IA	3.0	1.0	600	$850	$1.42	44d	1	0.84mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	0.91mi
2001 City View St Evansdale, IA	2.0	1.0	652	$795	$1.22	21d	1	0.94mi
2014 Clearview St Evansdale, IA	2.0	1.0	708	$795	$1.12	44d	1	0.95mi
1911 Springview St Evansdale, IA	2.0	1.0	960	$875	$0.91	44d	1	0.95mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	0.99mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.01mi
2014 Springview St Waterloo, IA	2.0	1.0	1064	$975	$0.92	21d	1	1.03mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	1.06mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	1.15mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	1.17mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	1.17mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	44d	1	1.26mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	44d	1	1.35mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	1.45mi
1001 1/2 Randolph St Waterloo, IA	1.0	1.0	624	$475	$0.76	21d	1	1.47mi

Listing history 3 events

1. 2026-05-21
   listed $50,000 Active
2. 2017-08-17
   soldstatus $35,000 528-char remark

   Show marketing remark (528 chars)

   Great starter house within walking distance to elementary school. Nicely maintained home with 1 owner for at least 70 years, large living room, spacious formal dining room, 2 bedrooms, 2 bathrooms, drop zone area, shingles, furnace, AC, and hot water heater have been replaced, and walls insulated. Electrical has been updated. Stove, fridge, microwave and Dryer are included. Low average utilities. Oversized 1 stall garage on a good sized lot. Property is being sold as is and listing agent is distantly related to the estate.

3. 2017-04-24
   listed $35,000 528-char remark

   Show marketing remark (528 chars)

   Great starter house within walking distance to elementary school. Nicely maintained home with 1 owner for at least 70 years, large living room, spacious formal dining room, 2 bedrooms, 2 bathrooms, drop zone area, shingles, furnace, AC, and hot water heater have been replaced, and walls insulated. Electrical has been updated. Stove, fridge, microwave and Dryer are included. Low average utilities. Oversized 1 stall garage on a good sized lot. Property is being sold as is and listing agent is distantly related to the estate.

ⓘ 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: $762 · $64/mo
• Projected year-2 tax: $774 · $64/mo
• Expected delta: +$12/yr (+$1/mo · 1.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% 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: $9,888
• − Mortgage interest: −$2,801
• − Property taxes: −$762
• − Insurance: −$250
• − Repairs & maintenance: −$791
• − Management: −$791
• − Depreciation: −$1,455
• Taxable income: $3,039
• Est. tax owed @ 24.0%: −$729
• After-tax cash flow: $2,924/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

+42.9% since first listed

3 events — show timeline

• 2026-05-21 Listed $50,000 NEIRBR as distributed by MLS GRID
• 2017-08-17 Sold (MLS) $35,000 NEIRBR as distributed by MLS GRID
• 2017-04-24 Listed $35,000 NEIRBR as distributed by MLS GRID

Property tax history

+0.3%/yr

Latest (2025): $762 · +9.2% YoY. Source: county tax records.