607 Logan Ave · Waterloo, IA 50703

$62,500

3 bd · 2.0 ba · 1,989 sqft · SingleFamily public records · 315 Days on market

Built 1914 4,400 sqft lot $31/sqft · 29% below area Est $93k · 33% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Home buyers eager to create their dream home or investors looking for a renovation project four bedrooms 2.5 baths and approximately 2000 sq. feet of living space make this home your today

Key facts

• 4,400 sq ft lot
• Built 1914
• Listed 314 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $62k.

Deal economics

• At list price, monthly cash flow is $80 ($965/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $55k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.7% 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: schools C-, 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.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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 $432 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 $18k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 315 days — a 12% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $8k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $62k implies a 363% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1914 — 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 $55,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 315 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.94% ✓
• Cap rate: 16.68%
• Cash-on-cash: 37.09%
• DSCR: 2.65
• GRM: 4.3

CMA / ARV

• ARV (median comp): $92,989
• List price: $62,500
• Delta: -32.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
431 Wendell Ct	0.30mi	3/1.5	2,060 (+4%)	6mo	$135,500	$66	73
119 Reed St	0.35mi	4/1.5 (+1)	1,794 (-10%)	0mo	$120,000	$67	60
326 Conger St	0.32mi	4/2.0 (+1)	2,162 (+9%)	22mo	$133,900	$62	47
217 E 1st St	0.51mi	3/2.0	1,698 (-15%)	9mo	$65,000	$38	44
412 Reed St	0.57mi	4/1.5 (+1)	2,136 (+7%)	17mo	$69,900	$33	40
401 Oliver St	0.67mi	2/1.0 (-1)	1,888 (-5%)	24mo	$61,000	$32	32

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: -0.1%
• Equity multiple: 1.00×
• Total profit: $-67
• Equity at exit: $9,319

10-year hold

• IRR: 15.3%
• Equity multiple: 2.62×
• Total profit: $28,288
• Equity at exit: $5,404

Cash invested: $17,500 (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: 4.3×

Monthly cashflow live

• Estimated rent: $1,213 high
• Mortgage (P&I): −$328
• Tax from tax record: −$64 /mo · $768/yr
• Insurance: −$26
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$255
• Net cashflow: $80

Break-even live

Break-even rent $1,112

Max offer price $62,500

Occupancy floor 88%

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	20d	1	0.21mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	20d	1	0.38mi
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	20d	1	0.62mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	43d	1	0.73mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	20d	1	1.01mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	43d	1	1.01mi
1720 Franklin St Waterloo, IA	4.0	1.5	1392	$1,000	$0.72	43d	1	1.33mi

Listing history 22 events

1. 2026-06-19
   days on market $62,500 Active 315 DOM
2. 2026-06-18
   days on market $62,500 Active 314 DOM
3. 2026-06-17
   days on market $62,500 Active 313 DOM
4. 2026-06-16
   days on market $62,500 Active 312 DOM
5. 2026-06-15
   days on market $62,500 Active 311 DOM
6. 2026-06-14
   days on market $62,500 Active 309 DOM
7. 2026-06-13
   days on market $62,500 Active 308 DOM
8. 2026-06-10
   days on market $62,500 Active 306 DOM
9. 2026-06-09
   days on market $62,500 Active 305 DOM
10. 2026-06-08
    days on market $62,500 Active 304 DOM
11. 2026-06-07
    days on market $62,500 Active 303 DOM
12. 2026-06-05
    days on market $62,500 Active 300 DOM
13. 2026-06-03
    days on market $62,500 Active 299 DOM
14. 2026-06-02
    days on market $62,500 Active 298 DOM
15. 2026-06-01
    days on market $62,500 Active 297 DOM
16. 2026-05-31
    days on market $62,500 Active 296 DOM
17. 2026-05-30
    days on market $62,500 Active 295 DOM
18. 2026-02-05
    price $62,500 189-char remark

    Show marketing remark (189 chars)

    Home buyers eager to create their dream home or investors looking for a renovation project four bedrooms 2.5 baths and approximately 2000 sq. feet of living space make this home your today

19. 2025-09-08
    price $65,000 189-char remark

    Show marketing remark (189 chars)

    Home buyers eager to create their dream home or investors looking for a renovation project four bedrooms 2.5 baths and approximately 2000 sq. feet of living space make this home your today

20. 2025-08-07
    listed $70,000 Active 189-char remark

    Show marketing remark (189 chars)

    Home buyers eager to create their dream home or investors looking for a renovation project four bedrooms 2.5 baths and approximately 2000 sq. feet of living space make this home your today

21. 2017-04-18
    soldstatus $13,500 532-char remark

    Show marketing remark (532 chars)

    4 bedroom home with bath on each on 1 1/2 levels. Offers formal dining room, front porch, and single stall garage See attachment for PAS requirements and WFHM offer submittal information in MLS document section. Please submit all offers to the listing broker/agent. To report any concerns with a listing broker/agent, or to report any property condition or other concern needing escalation (including concerns related to a previously submitted offer), please call: 1-877-617-5274 Al information deemed reliable but not guaranteed

22. 2016-11-28
    listed $14,000 532-char remark

    Show marketing remark (532 chars)

    4 bedroom home with bath on each on 1 1/2 levels. Offers formal dining room, front porch, and single stall garage See attachment for PAS requirements and WFHM offer submittal information in MLS document section. Please submit all offers to the listing broker/agent. To report any concerns with a listing broker/agent, or to report any property condition or other concern needing escalation (including concerns related to a previously submitted offer), please call: 1-877-617-5274 Al information deemed reliable but not guaranteed

ⓘ 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: $768 · $64/mo
• Projected year-2 tax: $875 · $73/mo
• Expected delta: +$107/yr (+$9/mo · 13.9%)

ⓘ 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 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: $14,562
• − Mortgage interest: −$3,501
• − Property taxes: −$768
• − Insurance: −$5,838
• − Repairs & maintenance: −$1,165
• − Management: −$1,165
• − Depreciation: −$1,818
• Taxable income: $307
• Est. tax owed @ 24.0%: −$74
• After-tax cash flow: $891/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

+346.4% since first listed

5 events — show timeline

• 2026-02-05 Price Changed $62,500 NEIRBR as distributed by MLS GRID
• 2025-09-08 Price Changed $65,000 NEIRBR as distributed by MLS GRID
• 2025-08-07 Listed $70,000 NEIRBR as distributed by MLS GRID
• 2017-04-18 Sold (MLS) $13,500 NEIRBR as distributed by MLS GRID
• 2016-11-28 Listed $14,000 NEIRBR as distributed by MLS GRID

Property tax history

+0.2%/yr

Latest (2025): $768 · +8.8% YoY. Source: county tax records.