1912 Sycamore St · Waterloo, IA 50703

$60,000

2 bd · 1.5 ba · 816 sqft · SingleFamily public records · 8 Days on market

Built 1941 6,098 sqft lot Est $84k · 29% 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 +29.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• 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

Charming 2 bedroom just waiting for your finishing touches. Will make a wonderful first home or a great investment property. enjoy dinner in the formal dining evenings on the back patio or enjoy the yard

Key facts

• Yard
• Back patio
• 6,098 sq ft lot

Tags

• BACK PATIO
• YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($816 rent vs $60k).
• Cap rate 10.5% 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: Lowell Elementary School (math 42% / reading 42%, grade F, #563 of 616 statewide, top 93%, 513 students, 74% FRL); Bunger Middle School (math 48% / reading 47%, grade C-, #226 of 246 statewide, top 92%, 431 students, 75% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 51% 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 $415 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 $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1941 — 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: 1.36% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.94%
• DSCR: 1.66
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $84,048
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1927 Lafayette St	0.11mi	2/1.0	868 (+6%)	3mo	$51,250	$59	80
135 Dearborn Ave	0.21mi	2/1.0	778 (-5%)	4mo	$50,000	$64	77
137 French St	0.50mi	1/1.0 (-1)	798 (-2%)	5mo	$25,000	$31	62
822 Colorado St	0.36mi	2/1.0	720 (-12%)	2mo	$79,900	$111	60
400 Gladys St	0.54mi	2/1.0	790 (-3%)	12mo	$103,000	$130	58
201 Lamont St	0.46mi	2/1.0	768 (-6%)	13mo	$163,250	$213	56
227 E 10th St	0.70mi	2/1.0	870 (+7%)	1mo	$70,000	$80	53
301 Idaho St	0.49mi	2/1.0	864 (+6%)	16mo	$89,000	$103	52
207 Polk St St	0.51mi	2/1.0	720 (-12%)	6mo	$76,000	$106	49
216 Polk St St	0.50mi	3/2.0 (+1)	918 (+12%)	5mo	$78,000	$85	44
507 California St	0.62mi	2/1.0	704 (-14%)	5mo	$60,000	$85	42
100 Prince St	0.48mi	2/2.0	924 (+13%)	19mo	$119,000	$129	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 · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 9.7%
• Equity multiple: 1.40×
• Total profit: $6,744
• Equity at exit: $8,946

10-year hold

• IRR: 21.8%
• Equity multiple: 3.20×
• Total profit: $36,948
• Equity at exit: $5,188

Cash invested: $16,800 (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: 6.1×

Monthly cashflow live

• Estimated rent: $816 high
• Mortgage (P&I): −$315
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $209

Break-even live

Break-even rent $551

Max offer price $60,000

Occupancy floor 69%

Sensitivity live

Price	-10% $243	-5% $226	+0% $209	+5% $192	+10% $175
Rent	-10% $145	-5% $177	+0% $209	+5% $241	+10% $274
Rate	-1.0pp $239	-0.5pp $224	base $209	+0.5pp $194	+1.0pp $178

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2006 Lafayette St Waterloo, IA	2.0	1.0	576	$650	$1.13	21d	1	0.07mi
2304 Lafayette St Waterloo, IA	2.0	1.0	971	$825	$0.85	44d	1	0.34mi
313 Dearborn Ave Waterloo, IA	1.0	1.0	780	$575	$0.74	44d	1	0.36mi
333 Lamont St Waterloo, IA	2.0	1.0	720	$975	$1.35	44d	1	0.41mi
151 French St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.50mi
230 Polk St Waterloo, IA	3.0	1.0	992	$850	$0.86	21d	1	0.50mi
243 Polk St Waterloo, IA	2.0	1.0	720	$850	$1.18	21d	1	0.53mi
235 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.61mi
269 Madison St Waterloo, IA	2.0	1.0	816	$675	$0.83	21d	1	0.64mi
823 Glenwood St Waterloo, IA	2.0	1.0	999	$895	$0.90	44d	1	0.69mi
425 Glenwood St Waterloo, IA	2.0	1.0	846	$825	$0.98	21d	1	0.76mi
408 E 8th St Waterloo, IA	3.0	1.0	600	$850	$1.42	44d	1	0.80mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	21d	1	0.87mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	0.87mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	0.88mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	44d	1	0.94mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	1.09mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	1.10mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	1.14mi
1001 1/2 Randolph St Waterloo, IA	1.0	1.0	624	$475	$0.76	21d	1	1.17mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	44d	1	1.18mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	44d	1	1.30mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	21d	1	1.30mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	44d	1	1.31mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	1.34mi
1014 Leavitt St Waterloo, IA	2.0	1.0	700	$1,060	$1.51	21d	2	1.35mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	21d	1	1.36mi
611 Johnson St Unit 11 Waterloo, IA	2.0	1.0	800	$895	$1.12	44d	1	1.39mi
611 Johnson St Unit 8 Waterloo, IA	2.0	1.0	800	$825	$1.03	44d	1	1.39mi
2001 City View St Evansdale, IA	2.0	1.0	652	$795	$1.22	21d	1	1.40mi
2014 Clearview St Evansdale, IA	2.0	1.0	708	$795	$1.12	44d	1	1.41mi
302 Commercial St Waterloo, IA	1.0	1.0	901	$1,100	$1.22	21d	1	1.41mi
1911 Springview St Evansdale, IA	2.0	1.0	960	$875	$0.91	44d	1	1.42mi
1112 Byron Ave Unit 1114 Waterloo, IA	2.0	1.0	896	$930	$1.04	21d	1	1.45mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	44d	1	1.46mi
609 Wellington Ct Waterloo, IA	1.0	1.0	567	$600	$1.06	44d	2	1.47mi
609 Wellington Ct Apt D6 Waterloo, IA	1.0	1.0	588	$600	$1.02	21d	1	1.47mi
1121 W 7th St Waterloo, IA	1.0	1.0	800	$725	$0.91	44d	1	1.49mi
2014 Springview St Waterloo, IA	2.0	1.0	1064	$975	$0.92	21d	1	1.49mi

Listing history 2 events

1. 2024-07-26
   status Pending
2. 2024-07-17
   listed $60,000 Active

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $1,150 · $96/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 3/10 Moderate FEMA zone X · 20% 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: $9,791
• − Mortgage interest: −$3,361
• − Property taxes: −$1,150
• − Insurance: −$300
• − Repairs & maintenance: −$783
• − Management: −$783
• − Depreciation: −$1,745
• Taxable income: $1,668
• Est. tax owed @ 24.0%: −$400
• After-tax cash flow: $2,109/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

2 events — show timeline

• 2024-07-26 Pending — CRAAR, CDRMLS
• 2024-07-17 Listed $60,000 CRAAR, CDRMLS

Property tax history

+6.3%/yr

Latest (2025): $1,150 · +8.5% YoY. Source: county tax records.