603 Iowa St · Cedar Falls, IA 50613

$223,000

3 bd · 2.5 ba · 2,817 sqft · MultiFamily public records · 365 Days on market

Built 1917 4,950 sqft lot $79/sqft · 73% below area Est $318k · 30% 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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Investment Opportunity! Duplex in Prime Cedar Falls Location – Walk to Downtown! This property is currently under lease for $1,650 a month so there is room to raise rents in the future. The current renter recently resigned a year lease so no need to find new tenants right away! Don't miss this rare opportunity to own a duplex just steps from vibrant downtown Cedar Falls! This versatile property offers two spacious units perfect for owner-occupants, investors, or multi-generational living. Upper Unit: 2 bright and airy bedrooms 1 full bathroom Comfortable living space with plenty of natural light Kitchen with functional layout Main Level Unit: 3 generously sized bedrooms 1 full bathroom Kitchen with great potential for updates Additional highlights include off-street parking, a shared backyard space, and a location that can’t be beat. You're just a short walk from Main Street shops, restaurants, parks, and entertainment. Whether you're looking to live in one unit and rent the other, or add a strong performer to your investment portfolio, this duplex offers flexibility in a fantastic location! Schedule your showing today!

Key facts

• Walk to downtown
• Off-street parking
• 4,950 sq ft lot

Tags

• WALK TO DOWNTOWN
• OFF-STREET PARKING
• SHARED BACKYARD SPACE
• SHORT WALK FROM MAIN STREET

🏷️ Possibly a rental listed for sale. The $223,000 price doesn't fit this home's estimated sale value (~$317,827) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $223k.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive. Per door: $363/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $223k).
• Recommended offer: $196k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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: schools A+, cost of living A+, housing 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.
• Market conditions: Rents rising (+2.0%/yr); 387 active listings in the ZIP; solid renter incomes; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent runs 44% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 2.0% rent growth), your $62k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 365 days — a 12% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask is 24678% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $173k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 365 days. Have you received any prior offers? Is the seller open to a 12% 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 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.28% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.94%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (median comp): $317,827
• List price: $223,000
• Delta: -29.84%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.0%
• Equity multiple: 1.11×
• Total profit: $7,155
• Equity at exit: $33,250

10-year hold

• IRR: 11.6%
• Equity multiple: 1.87×
• Total profit: $54,067
• Equity at exit: $19,281

Cash invested: $62,440 (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: 387
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,861 high
• Mortgage (P&I): −$1,169
• Tax from tax record: −$273 /mo · $3,272/yr
• Insurance: −$93
• HOA: −$0
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $725

Break-even live

Break-even rent $1,943

Max offer price $223,000

Occupancy floor 70%

Sensitivity live

Price	-10% $851	-5% $788	+0% $725	+5% $662	+10% $599
Rent	-10% $499	-5% $612	+0% $725	+5% $838	+10% $951
Rate	-1.0pp $837	-0.5pp $782	base $725	+0.5pp $667	+1.0pp $609

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,391
1× unit	3	1	$1,470
Total (2 units)			$2,861

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: $55,750
• Closing costs: $6,690
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-03
   days on market $223,000 Active 365 DOM
2. 2026-06-02
   days on market $223,000 Active 364 DOM
3. 2026-06-01
   days on market $223,000 Active 363 DOM
4. 2026-05-31
   days on market $223,000 Active 362 DOM
5. 2026-05-30
   days on market $223,000 Active 361 DOM
6. 2026-05-17
   listed $900
7. 2026-05-06
   listed $800
8. 2025-08-18
   price $223,000 1155-char remark

   Show marketing remark (1155 chars)

   Investment Opportunity! Duplex in Prime Cedar Falls Location – Walk to Downtown! This property is currently under lease for $1,650 a month so there is room to raise rents in the future. The current renter recently resigned a year lease so no need to find new tenants right away! Don't miss this rare opportunity to own a duplex just steps from vibrant downtown Cedar Falls! This versatile property offers two spacious units perfect for owner-occupants, investors, or multi-generational living. Upper Unit: 2 bright and airy bedrooms 1 full bathroom Comfortable living space with plenty of natural light Kitchen with functional layout Main Level Unit: 3 generously sized bedrooms 1 full bathroom Kitchen with great potential for updates Additional highlights include off-street parking, a shared backyard space, and a location that can’t be beat. You're just a short walk from Main Street shops, restaurants, parks, and entertainment. Whether you're looking to live in one unit and rent the other, or add a strong performer to your investment portfolio, this duplex offers flexibility in a fantastic location! Schedule your showing today!

9. 2025-06-03
   listed $230,000 Active 1155-char remark

   Show marketing remark (1155 chars)

   Investment Opportunity! Duplex in Prime Cedar Falls Location – Walk to Downtown! This property is currently under lease for $1,650 a month so there is room to raise rents in the future. The current renter recently resigned a year lease so no need to find new tenants right away! Don't miss this rare opportunity to own a duplex just steps from vibrant downtown Cedar Falls! This versatile property offers two spacious units perfect for owner-occupants, investors, or multi-generational living. Upper Unit: 2 bright and airy bedrooms 1 full bathroom Comfortable living space with plenty of natural light Kitchen with functional layout Main Level Unit: 3 generously sized bedrooms 1 full bathroom Kitchen with great potential for updates Additional highlights include off-street parking, a shared backyard space, and a location that can’t be beat. You're just a short walk from Main Street shops, restaurants, parks, and entertainment. Whether you're looking to live in one unit and rent the other, or add a strong performer to your investment portfolio, this duplex offers flexibility in a fantastic location! Schedule your showing today!

10. 2023-12-14
    historical $750
11. 2023-10-27
    listed $750
12. 2015-10-27
    soldstatus $173,000
13. 2010-03-02
    soldstatus $97,000

ⓘ 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: $3,272 · $273/mo
• Projected year-2 tax: $3,387 · $282/mo
• Expected delta: +$115/yr (+$10/mo · 3.5%)

ⓘ 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 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: $34,332
• − Mortgage interest: −$12,491
• − Property taxes: −$3,272
• − Insurance: −$1,115
• − Repairs & maintenance: −$2,747
• − Management: −$2,747
• − Depreciation: −$6,487
• Taxable income: $5,473
• Est. tax owed @ 24.0%: −$1,314
• After-tax cash flow: $7,388/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

+129.9% since first listed

8 events — show timeline

• 2026-05-17 Listed for Rent $900 APPFOLIO
• 2026-05-06 Listed for Rent $800 APPFOLIO
• 2025-08-18 Price Changed $223,000 NEIRBR as distributed by MLS GRID
• 2025-06-03 Listed $230,000 NEIRBR as distributed by MLS GRID
• 2023-12-14 Rental Removed $750 RENTEC
• 2023-10-27 Listed for Rent $750 RENTEC
• 2015-10-27 Sold (Public Records) $173,000 Public Records
• 2010-03-02 Sold (Public Records) $97,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $3,272 · +2.9% YoY. Source: county tax records.