2007 College St · Cedar Falls, IA 50613

$319,000

6 bd · 7.0 ba · 2,711 sqft · MultiFamily public records · 59 Days on market

Built 1920 0.26 ac lot $118/sqft · 11% above area ↓ 14% since listing

---

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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +6.6/10.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

This updated four unit property is located in a desirable Cedar Falls area and features thoughtful modern improvements throughout. Each unit offers updated countertops, stainless steel appliances, and new cabinetry. Inside, you will find spacious bedrooms, new flooring, and fresh paint that create a comfortable and welcoming feel. Large windows bring in plenty of natural light, adding to the bright and open atmosphere. Exterior and common area updates include new siding, a new roof, paved parking, and newly carpeted shared hallways, offering a low maintenance investment. Conveniently situated near UNI, dining, entertainment, and everyday amenities, this property provides a strong opportunit

Key facts

• Large windows
• Fresh paint
• New flooring

Tags

• UPDATED COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW CABINETRY
• NEW FLOORING
• FRESH PAINT
• LARGE WINDOWS

Property features AI

Finance

• Financial info: Reported unit rents: $950 (2-bed), $700 (1-bed), $1,350 (3-bed), $800 (1-bed)

Exterior

• Parking: Eight open paved parking spaces; No covered parking listed
• Utilities: Public water; Public sewer; Other utilities
• Home design: Residential income property; Quadruplex
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Asphalt roof; Vinyl siding

Interior

• Bedrooms: Two-bedroom unit; One-bedroom unit; Three-bedroom unit; One-bedroom unit
• Heating & cooling: Natural gas heating; Window unit cooling
• Interior features: Window air conditioning units; Natural gas heating
• Laundry & utility: No on-site laundry listed

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $319k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive. Per door: $77/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $319k).
• Recommended offer: $309k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.1% in Cedar Falls — 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 (#60 in IA, #1,357 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Cedar Falls Community School District (urban): math 76% / reading 79% proficiency, ranked #45 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln Elementary School (math 66% / reading 71%, grade B+, #266 of 616 statewide, top 43%, 453 students, 45% FRL); Holmes Junior High School (math 79% / reading 78%, grade A+, #44 of 246 statewide, top 19%, 639 students, 28% FRL); Cedar Falls High School (math 74% / reading 78%, grade A-, #75 of 336 statewide, top 23%, 1,302 students, 24% FRL).
• Market conditions: Rents rising (+2.0%/yr); 389 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• At $3,879/mo this rent would consume 59% of the median local household income ($79k/yr) (locally 1514% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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

• It's been on market 59 days — a 3% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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: flood insurance adds $460/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $309,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.32%
• DSCR: 1.46
• GRM: 6.9

CMA / ARV

• ARV (median comp): $203,133
• List price: $319,000
• Delta: 57.04%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-35,686
• Equity at exit: $47,564

10-year hold

• IRR: -3.6%
• Equity multiple: 0.77×
• Total profit: $-20,230
• Equity at exit: $27,581

Cash invested: $89,320 (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 50613

• Rents YoY: 2.0%
• Active inventory: 389
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $3,879 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$491 /mo · $5,888/yr
• Insurance: −$133
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$815
• Net cashflow: $308

Break-even live

Break-even rent $3,490

Max offer price $319,000

Occupancy floor 87%

Sensitivity live

Price	-10% $488	-5% $398	+0% $308	+5% $217	+10% $127
Rent	-10% $1	-5% $154	+0% $308	+5% $461	+10% $614
Rate	-1.0pp $468	-0.5pp $389	base $308	+0.5pp $225	+1.0pp $141

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,880
Total (4 units)			$3,879

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1122 Franklin St Unit 1122 Cedar Falls, IA	5.0	2.0	1992	$2,800	$1.41	22d	1	0.64mi

Listing history 30 events

1. 2026-06-21
   days on market $319,000 Active 59 DOM
2. 2026-06-19
   days on market $319,000 Active 57 DOM
3. 2026-06-18
   days on market $319,000 Active 56 DOM
4. 2026-06-17
   days on market $319,000 Active 55 DOM
5. 2026-06-16
   days on market $319,000 Active 54 DOM
6. 2026-06-15
   days on market $319,000 Active 53 DOM
7. 2026-06-14
   days on market $319,000 Active 51 DOM
8. 2026-06-13
   days on market $319,000 Active 50 DOM
9. 2026-06-10
   days on market $319,000 Active 48 DOM
10. 2026-06-09
    days on market $319,000 Active 47 DOM
11. 2026-06-08
    days on market $319,000 Active 46 DOM
12. 2026-06-07
    days on market $319,000 Active 45 DOM
13. 2026-06-05
    days on market $319,000 Active 42 DOM
14. 2026-06-03
    days on market $319,000 Active 41 DOM
15. 2026-06-02
    days on market $319,000 Active 40 DOM
16. 2026-06-01
    days on market $319,000 Active 39 DOM
17. 2026-05-31
    days on market $319,000 Active 38 DOM
18. 2026-05-30
    days on market $319,000 Active 37 DOM
19. 2026-01-20
    listed $319,000 Active 791-char remark
20. 2024-09-30
    price $319,000
21. 2024-09-26
    price $329,000
22. 2024-09-12
    price $339,000
23. 2024-08-05
    price $359,000
24. 2024-07-17
    price $369,000
25. 2023-12-16
    historical $700
26. 2023-12-06
    listed $700
27. 2023-09-23
    historical $550
28. 2023-09-08
    listed $550
29. 2023-08-20
    historical $550
30. 2023-08-13
    listed $550

ⓘ 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: $5,888 · $491/mo
• Projected year-2 tax: $5,888 · $491/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 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 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: $46,548
• − Mortgage interest: −$17,869
• − Property taxes: −$5,888
• − Insurance: −$7,120
• − Repairs & maintenance: −$3,724
• − Management: −$3,724
• − Depreciation: −$9,280
• Taxable loss: −$1,057
• Est. tax savings @ 24.0%: +$254
• After-tax cash flow: $3,944/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: Cedar Falls Community School District
• NCES district ID: 1906510
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 79% ▼ -2.00%
• Median HH income: $53,634
• Composite: 65.93/100
• National rank: #443
• State rank: #45 of 289 in IA

Livability — Cedar Falls

• Score: 81/100
• State rank: #60
• US rank: #1357

Category grades

Amenities D Commute F Cost of living A+ Crime A Employment B- Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cedar Falls, IA
• County: Black Hawk County · 112,933 people
• City population: 43,867
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 43,867
• Household income: $78,503
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1514.0

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 (90%)
• Race & ethnicity: White 90% Asian 3% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -175.51%
• Current HPI: 169.0591
• Rent YoY: ▲ 1.97%
• 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

-13.6% since first listed

12 events — show timeline

• 2026-01-20 Listed $319,000 NEIRBR as distributed by MLS GRID
• 2024-09-30 Price Changed $319,000 NEIRBR as distributed by MLS GRID
• 2024-09-26 Price Changed $329,000 NEIRBR as distributed by MLS GRID
• 2024-09-12 Price Changed $339,000 NEIRBR as distributed by MLS GRID
• 2024-08-05 Price Changed $359,000 NEIRBR as distributed by MLS GRID
• 2024-07-17 Price Changed $369,000 NEIRBR as distributed by MLS GRID
• 2023-12-16 Rental Removed $700 APPFOLIO
• 2023-12-06 Listed for Rent $700 APPFOLIO
• 2023-09-23 Rental Removed $550 APPFOLIO
• 2023-09-08 Listed for Rent $550 APPFOLIO
• 2023-08-20 Rental Removed $550 APPFOLIO
• 2023-08-13 Listed for Rent $550 APPFOLIO

Property tax history

+2.0%/yr

Latest (2025): $5,888 · +14.2% YoY. Source: county tax records.