216 Allen St · Waterloo, IA 50701

$65,000

2 bd · 2.5 ba · 1,472 sqft · MultiFamily public records · 103 Days on market

Built 1911 Poor condition 4,440 sqft lot $44/sqft · 78% below area

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover the versatile charm of this multifamily property located in the heart of Waterloo's historic Church Row district. Whether you're an investor or looking for a home with rental potential, 216 & 216 1/2 Allen Street offers two distinct living spaces with classic 1911 architecture. Property Highlights: 216 Allen St (Lower Unit): A spacious 1-bedroom, 1-bathroom unit featuring a welcoming front porch, elegant French doors, and warm wood flooring throughout. 216 1/2 Allen St (Upper Unit): A 2-bedroom, 1-bathroom apartment with beautifully redone hardwood floors and ample natural light. Convenience: Includes on-site laundry and dedicated off-street parking for residents. Prime Location Situated in a charming Cedar Valley neighborhood, this property is just minutes away from Waterloo's vibrant downtown and Museum District. Tenants will enjoy easy access to local favorites like George Wyth State Park and seasonal community events.

Key facts

• Elegant french doors
• Multifamily property
• Warm wood flooring

Tags

• MULTIFAMILY PROPERTY
• TWO DISTINCT LIVING SPACES
• CLASSIC 1911 ARCHITECTURE
• WELCOMING FRONT PORCH
• ELEGANT FRENCH DOORS
• WARM WOOD FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $65k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $652 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 4.1% 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 (+3.8%/yr); 412 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 + 3.8% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 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 $38k; list at $65k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,150 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.18% ✓
• Cap rate: 18.33%
• Cash-on-cash: 42.98%
• DSCR: 2.91
• GRM: 3.8

CMA / ARV

• ARV (median comp): $147,492
• List price: $65,000
• Delta: -55.93%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
151 Hawthorne Ave Ave	0.75mi	3/1.5 (+1)	1,488 (+1%)	0mo	$181,500	$122	54
204 Cornwall Ave	1.20mi	3/2.0 (+1)	1,532 (+4%)	0mo	$232,000	$151	51
257 Hammond Ave	0.78mi	3/2.0 (+1)	1,392 (-5%)	0mo	$160,000	$115	49
610 Reber Ave	0.75mi	3/2.0 (+1)	1,388 (-6%)	1mo	$160,000	$115	48
129 Acadia St	1.41mi	2/2.0	1,341 (-9%)	1mo	$154,900	$116	47
216 Hartman Ave	1.08mi	3/2.0 (+1)	1,583 (+8%)	0mo	$175,000	$111	45
1136 Cornwall Ave Ave	1.29mi	3/2.0 (+1)	1,366 (-7%)	1mo	$159,900	$117	45
435 Conger St St	1.43mi	3/— (+1)	1,271 (-14%)	1mo	$55,000	$43	37
426 Cornwall Ave	1.19mi	3/1.0 (+1)	1,286 (-13%)	1mo	$157,500	$122	32
428 Kingsley Ave	0.72mi	3/1.0 (+1)	1,235 (-16%)	1mo	$140,000	$113	30
1107 Lorraine Ave	1.30mi	3/1.0 (+1)	1,145 (-22%)	1mo	$157,000	$137	28
1841 Glenny Ave	1.48mi	3/1.0 (+1)	1,120 (-24%)	1mo	$106,000	$95	28

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 40.7%
• Equity multiple: 2.77×
• Total profit: $32,173
• Equity at exit: $9,692

10-year hold

• IRR: 47.4%
• Equity multiple: 5.75×
• Total profit: $86,415
• Equity at exit: $5,620

Cash invested: $18,200 (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 50701

• Rents YoY: 3.8%
• Active inventory: 412
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,418 high
• Mortgage (P&I): −$341
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $652

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$691
1× unit	2	1	$727
Total (2 units)			$1,418

Break-even live

Break-even rent $593

Max offer price $65,000

Occupancy floor 49%

Sensitivity live

Price	-10% $689	-5% $670	+0% $652	+5% $634	+10% $615
Rent	-10% $540	-5% $596	+0% $652	+5% $708	+10% $764
Rate	-1.0pp $685	-0.5pp $668	base $652	+0.5pp $635	+1.0pp $618

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: $16,250
• Closing costs: $1,950
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
832 W 1st St Unit 1/2 Waterloo, IA	1.0	1.0	—	$675	—	70d	1	0.03mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	93d	1	0.06mi
808 W 2nd St Unit 1 Waterloo, IA	1.0	1.0	452	$595	$1.32	93d	1	0.08mi
222 Locust St Waterloo, IA	1.0	1.0	—	$680	—	70d	1	0.09mi
314 Locust St Apt 5 Waterloo, IA	1.0	1.0	500	$825	$1.65	93d	1	0.13mi
827 W 3rd St Unit 4 Waterloo, IA	1.0	1.0	—	$650	—	70d	1	0.15mi
211 W Wellington St Unit 211 1/2 Wellington Waterloo, IA	1.0	1.0	600	$600	$1.00	93d	1	0.15mi
811 W 3rd St #8 Waterloo, IA	1.0	1.0	600	$575	$0.96	93d	1	0.17mi
408 Locust St Waterloo, IA	1.0	1.0	644	$450	$0.70	70d	1	0.18mi
326 Western Ave Unit 2 Waterloo, IA	1.0	1.0	—	$550	—	70d	1	0.19mi
326 Western Ave Unit 3 Waterloo, IA	1.0	1.0	—	$575	—	93d	1	0.19mi
209 Baltimore St Waterloo, IA	1.0	1.0	618	$650	$1.05	93d	1	0.20mi
626 W 2nd St Unit 1 Waterloo, IA	1.0	1.0	857	$750	$0.88	70d	1	0.20mi
709 W 3rd St Waterloo, IA	2.0	1.0	—	$695	—	93d	1	0.22mi
628 W 3rd St Unit A Waterloo, IA	1.0	1.0	—	$575	—	93d	1	0.23mi
214 South St Unit 3 Waterloo, IA	1.0	1.0	—	$640	—	93d	1	0.24mi
218 South St Unit 5 Waterloo, IA	1.0	1.0	800	$545	$0.68	93d	1	0.24mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	70d	1	0.25mi
505 Wellington St Waterloo, IA	2.0	1.0	—	$740	—	70d	1	0.26mi
130 Leland Ave Waterloo, IA	2.0	1.5	—	$725	—	93d	1	0.27mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	70d	1	0.27mi
1009 W 4th St Unit 1 Waterloo, IA	1.0	1.0	—	$675	—	93d	1	0.28mi
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	70d	1	0.28mi
226 Leland Ave Waterloo, IA	1.0	1.0	—	$650	—	93d	1	0.28mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	70d	1	0.28mi
609 Wellington Ct Apt D6 Waterloo, IA	1.0	1.0	588	$600	$1.02	70d	1	0.30mi
609 Wellington Ct Waterloo, IA	1.0	1.0	567	$600	$1.06	93d	2	0.30mi
125 Sherwood Ct Unit 6 Waterloo, IA	1.0	1.0	490	$625	$1.28	70d	1	0.31mi
125 Sherwood Ct Waterloo, IA	1.0	1.0	490	$625	$1.28	93d	2	0.31mi
120 Sherwood Ct Unit 1 Waterloo, IA	1.0	1.0	490	$625	$1.28	70d	1	0.31mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	93d	2	0.33mi
130 Sherwood Ct Waterloo, IA	1.0	1.0	490	$695	$1.42	70d	1	0.33mi
532 Western Ave Waterloo, IA	1.0	1.0	—	$675	—	93d	1	0.35mi
536 Western Ave Waterloo, IA	1.0	1.0	—	$650	—	93d	1	0.35mi
701 Locust St Waterloo, IA	2.0	1.0	—	$700	—	70d	1	0.35mi
1406 W 3rd St Waterloo, IA	2.0	1.0	—	$700	—	70d	1	0.40mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	70d	1	0.43mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	70d	1	0.45mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	93d	1	0.45mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	70d	6	0.46mi

Listing history 10 events

1. 2026-06-02
   days on market $65,000 Active 103 DOM
2. 2026-06-01
   days on market $65,000 Active 102 DOM
3. 2026-05-31
   days on market $65,000 Active 101 DOM
4. 2026-05-30
   days on market $65,000 Active 100 DOM
5. 2026-02-19
   listed $65,000 Active 950-char remark

   Show marketing remark (950 chars)

   Discover the versatile charm of this multifamily property located in the heart of Waterloo's historic Church Row district. Whether you're an investor or looking for a home with rental potential, 216 & 216 1/2 Allen Street offers two distinct living spaces with classic 1911 architecture. Property Highlights: 216 Allen St (Lower Unit): A spacious 1-bedroom, 1-bathroom unit featuring a welcoming front porch, elegant French doors, and warm wood flooring throughout. 216 1/2 Allen St (Upper Unit): A 2-bedroom, 1-bathroom apartment with beautifully redone hardwood floors and ample natural light. Convenience: Includes on-site laundry and dedicated off-street parking for residents. Prime Location Situated in a charming Cedar Valley neighborhood, this property is just minutes away from Waterloo's vibrant downtown and Museum District. Tenants will enjoy easy access to local favorites like George Wyth State Park and seasonal community events.

6. 2023-11-24
   historical $595
7. 2023-10-20
   price $595
8. 2018-06-18
   soldstatus $38,000
9. 2018-06-15
   soldstatus $38,000 103-char remark

   Show marketing remark (103 chars)

   Can be purchased with 216 Randolph. $86,000 for both. Rent is $1000 per month. Listing agent is seller.

10. 2017-10-31
    listed $39,200 103-char remark

    Show marketing remark (103 chars)

    Can be purchased with 216 Randolph. $86,000 for both. Rent is $1000 per month. Listing agent is seller.

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $1,204 · $100/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: $17,016
• − Mortgage interest: −$3,641
• − Property taxes: −$1,204
• − Insurance: −$325
• − Repairs & maintenance: −$1,361
• − Management: −$1,361
• − Depreciation: −$1,891
• Taxable income: $7,233
• Est. tax owed @ 24.0%: −$1,736
• After-tax cash flow: $6,087/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab Est. rehab $73,600–$132,480 screening

This multifamily property requires extensive repairs and maintenance, including roof and siding replacement, landscaping, and HVAC updates. Significant investment is needed to bring it up to a livable condition.

Deferred maintenance Est. $30,000–$90,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows show signs of wear and potential rot, indicating a need for replacement.
• Major Exterior (exterior) — The siding appears to be peeling and in need of repair or replacement.

Repairs flagged

• Major roof — Signs of significant damage
• Major siding — Worn and peeling
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both landscaping and curb appeal — Improving the exterior can enhance both resale and rental value ↑
• Both roof and siding repairs — These repairs are critical for structural integrity and safety ↑
• Both HVAC system — A functional HVAC system is essential for comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Extensive scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 50/100

Zoned Schools

Elementary Irving Elementary School F IA #560/616 Nat'l #17,359/41,679 Middle Central Middle School C- IA #226/246 Nat'l #4,042/14,009 High West High School C+ IA #273/336 Nat'l #3,898/17,239

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

A Composite livability gradescore 81/100

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 · 139,716 people
• City population: 69,066
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 30,232
• Household income: $61,475
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 8% of renters

---

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 (78%)
• Race & ethnicity: White 78% Black 11% Two or more races 5% Hispanic / Latino 3% Asian 3%
• Common ancestry: Portuguese 3% Italian 3% American 2%
• Foreign-born: 7% · Canada, South Korea, Vietnam
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Spanish 2% French/Haitian/Cajun 2%

---

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: ▼ -107.19%
• Current HPI: 162.8951
• Rent YoY: ▲ 3.80%
• 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

+65.8% since first listed

6 events — show timeline

• 2026-02-19 Listed $65,000 NEIRBR as distributed by MLS GRID
• 2023-11-24 Rental Removed $595 APPFOLIO
• 2023-10-20 Price Changed $595 APPFOLIO
• 2018-06-18 Sold (Public Records) $38,000 Public Records
• 2018-06-15 Sold (MLS) $38,000 NEIRBR as distributed by MLS GRID
• 2017-10-31 Listed $39,200 NEIRBR as distributed by MLS GRID

Property tax history

+2.9%/yr

Latest (2025): $1,204 · +8.5% YoY. Source: county tax records.