1904 NW 2nd Ave · Waverly, IA 50677

$214,900

4 bd · 1.5 ba · 1,600 sqft · SingleFamily public records · 5 Days on market

Built 1958 Est $218k · at est.

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Why this score? — see what drove the D 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 +11.5/30.0
• ARV discount +8.1/15.0
• Schools +6.6/10.0
• Livability +4.3/5.0
• DSCR +3.4/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nothing to add! Fenced yard, Storage shed, garden area. Newer windows, open & updated main floor, newly refreshed lower level, family room, 1/2 bth and potential 4th BDR. Great mudroom off garage w/ sliding door to deck. Extra paved parking for the camper or trailer! All appliances included! Showings begin SUN. 8/7 @ 10AM!

Key facts

• Garden area
• Fenced yard
• Storage shed

Tags

• FENCED YARD
• STORAGE SHED
• GARDEN AREA
• FLEX ROOM
• HARDWOOD
• UPDATED BATHROOM

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $-73 ($-872/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (19.5% below list).
• Recommended offer: $173k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.4% in Waverly — 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 86/100 on livability (#12 in IA, #406 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, commute F.
• Waverly-Shell Rock Community School District (town): math 79% / reading 74% proficiency, ranked #46 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Waverly-Shell Rock Middle School (math 79% / reading 73%, grade A, #59 of 246 statewide, top 26%, 699 students, 22% FRL); Waverly-Shell Rock Senior High School (math 79% / reading 78%, grade A-, #50 of 336 statewide, top 15%, 771 students, 20% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 34 units permitted in Bremer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bremer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $165k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,000 (19.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $217,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1904 NW 2nd Ave	0.00mi	3/1.5 (-1)	1,600 (0%)	0mo	$208,000	$130	95
1825 NW 4th Ave	0.08mi	3/1.5 (-1)	1,510 (-6%)	8mo	$195,000	$129	75
1700 NW 4th Ave	0.18mi	3/2.0 (-1)	1,652 (+3%)	11mo	$258,000	$156	70
2300 NW 3rd Ave	0.32mi	4/2.0	1,432 (-10%)	1mo	$195,000	$136	64
1706 NW 3rd Ave	0.15mi	3/2.5 (-1)	1,704 (+6%)	12mo	$187,000	$110	63
2208 NW 3rd Ave	0.28mi	3/1.5 (-1)	1,690 (+6%)	11mo	$198,000	$117	63
413 NW 17th St	0.15mi	3/2.0 (-1)	1,456 (-9%)	10mo	$230,000	$158	63
1916 NW 4th Ave	0.12mi	4/2.0	1,838 (+15%)	11mo	$230,000	$125	59
2205 NW 1st Ave	0.29mi	4/2.5	1,820 (+14%)	10mo	$285,000	$157	51
1402 Leitha Ter	0.68mi	3/2.0 (-1)	1,728 (+8%)	4mo	$278,000	$161	45
128 Red Fox Trl	0.63mi	3/2.0 (-1)	1,467 (-8%)	7mo	$399,900	$273	44
1404 Meadow View Ln	0.74mi	3/1.5 (-1)	1,794 (+12%)	12mo	$190,250	$106	30

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -18.7%
• Equity multiple: 0.34×
• Total profit: $-39,451
• Equity at exit: $32,042

10-year hold

• IRR: -11.1%
• Equity multiple: 0.33×
• Total profit: $-40,318
• Equity at exit: $18,581

Cash invested: $60,172 (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 50677

• Active inventory: 126
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,730 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$223 /mo · $2,674/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-73

Break-even live

Break-even rent $1,822

Max offer price $202,069

Occupancy floor 99%

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1260 Leitha Ter Waverly, IA	3.0	2.5	1200	$1,730	$1.44	21d	2	0.69mi

Listing history 9 events

1. 2026-04-26
   status Pending
2. 2026-04-21
   listed $214,900 Active
3. 2022-09-23
   soldstatus $165,000
4. 2022-09-16
   soldstatus $165,000 Closed 330-char remark

   Show marketing remark (330 chars)

   Nothing to add! Fenced yard, Storage shed, garden area. Newer windows, open & updated main floor, newly refreshed lower level, family room, 1/2 bth and potential 4th BDR. Great mudroom off garage w/ sliding door to deck. Extra paved parking for the camper or trailer! All appliances included! Showings begin SUN. 8/7 @ 10AM!

5. 2022-08-08
   historical 330-char remark

   Show marketing remark (330 chars)

   Nothing to add! Fenced yard, Storage shed, garden area. Newer windows, open & updated main floor, newly refreshed lower level, family room, 1/2 bth and potential 4th BDR. Great mudroom off garage w/ sliding door to deck. Extra paved parking for the camper or trailer! All appliances included! Showings begin SUN. 8/7 @ 10AM!

6. 2022-08-06
   listed $168,900 330-char remark

   Show marketing remark (330 chars)

   Nothing to add! Fenced yard, Storage shed, garden area. Newer windows, open & updated main floor, newly refreshed lower level, family room, 1/2 bth and potential 4th BDR. Great mudroom off garage w/ sliding door to deck. Extra paved parking for the camper or trailer! All appliances included! Showings begin SUN. 8/7 @ 10AM!

7. 2021-03-11
   soldstatus $135,000
8. 2021-03-04
   soldstatus $135,000 776-char remark

   Show marketing remark (776 chars)

   Welcome Home to this great ranch offering 3 bedrooms, 1.75 baths, nice kitchen with dining in either kitchen area or living room area has a spot as well. There's a bonus room off the garage with sliders leading to backyard onto the spacious deck for entertaining with garden areas and a Cherry tree in the back and front yard! All 3 bedrooms have hardwood floors and vinyl windows with plenty of closet space in each room. It is located in a desirable neighborhood near the Library and the West Cedar Elementary School. The lower level is partially finished with a couple options for Family Rooms plus a bonus room/workshop room and . 75 Bathroom. There's a spacious 1 stall attached garage. Located in a great and quiet neighborhood! You won't want to miss out on this home!

9. 2020-12-19
   listed $142,500 776-char remark

   Show marketing remark (776 chars)

   Welcome Home to this great ranch offering 3 bedrooms, 1.75 baths, nice kitchen with dining in either kitchen area or living room area has a spot as well. There's a bonus room off the garage with sliders leading to backyard onto the spacious deck for entertaining with garden areas and a Cherry tree in the back and front yard! All 3 bedrooms have hardwood floors and vinyl windows with plenty of closet space in each room. It is located in a desirable neighborhood near the Library and the West Cedar Elementary School. The lower level is partially finished with a couple options for Family Rooms plus a bonus room/workshop room and . 75 Bathroom. There's a spacious 1 stall attached garage. Located in a great and quiet neighborhood! You won't want to miss out on this home!

ⓘ 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: $2,674 · $223/mo
• Projected year-2 tax: $3,024 · $252/mo
• Expected delta: +$350/yr (+$29/mo · 13.1%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $20,760
• − Mortgage interest: −$12,038
• − Property taxes: −$2,674
• − Insurance: −$1,074
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$6,252
• Taxable loss: −$4,599
• Est. tax savings @ 24.0%: +$1,104
• After-tax cash flow: $232/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: Waverly-Shell Rock Community School District
• NCES district ID: 1930540
• Math proficiency: 79% ▼ -3.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $59,860
• Composite: 65.73/100
• National rank: #459
• State rank: #46 of 289 in IA

Livability — Waverly

• Score: 86/100
• State rank: #12
• US rank: #406

Category grades

Amenities C- 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: Waverly, IA
• Population (ZIP): 12,655

Population outlook (Bremer County) Hauer SSP2

• Today (2025): 25,557 people
• By 2030: 25,842 · +1.1%
• By 2040: 26,206 · +2.5%
• By 2050: 26,620 · +4.2%
• By 2075: 27,635 · +8.1%
• By 2100: 28,760 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Black 2% Asian 2%
• Common ancestry: Portuguese 5% Iranian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Bremer

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.3%
• 2008→2024 swing: -31.5pp toward R · 2008: 9.3pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.1 2016: R+13.9 2012: D+2.5 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.54%
• Current HPI: 178.9673
• Rent YoY: —
• Metro: —
• 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

+50.8% since first listed

9 events — show timeline

• 2026-04-26 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-21 Listed $214,900 NEIRBR as distributed by MLS GRID
• 2022-09-23 Sold (Public Records) $165,000 Public Records
• 2022-09-16 Sold (MLS) $165,000 NEIRBR as distributed by MLS GRID
• 2022-08-08 Delisted — NEIRBR as distributed by MLS GRID
• 2022-08-06 Listed $168,900 NEIRBR as distributed by MLS GRID
• 2021-03-11 Sold (Public Records) $135,000 Public Records
• 2021-03-04 Sold (MLS) $135,000 NEIRBR as distributed by MLS GRID
• 2020-12-19 Listed $142,500 NEIRBR as distributed by MLS GRID

Property tax history

+2.4%/yr

Latest (2025): $2,674 · +11.1% YoY. Source: county tax records.