1622 Franklin St · Cedar Falls, IA 50613

$160,000

5 bd · 2.0 ba · 2,408 sqft · SingleFamily public records · 79 Days on market

Built 1875 8,712 sqft lot $66/sqft · 75% below area Est $316k · 49% under ↓ 15% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• 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

Listing remarks MLS

Investor special! This duplex features an upstairs and main-level unit, 2 stall garage with paved driveway, fenced-in yard and a new roof in 2023. The main-level unit is nicely updated and has 2 bedrooms and 1 bathroom with 2 spacious living areas. It is tenant-occupied and rented at $1100/mo. The upstairs unit is currently vacant and has 3 bedrooms and 1 bathroom. There is also shared coin-laundry in the entryway. This is a great investment opportunity; schedule your showing today!

Key facts

• Fenced-in yard
• New roof
• 8,712 sq ft lot

Tags

• FENCED-IN YARD
• NEW ROOF

🏷️ Possibly a rental listed for sale. The $160,000 price doesn't fit this home's estimated sale value (~$316,217) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $650 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $150k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent runs 34% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.41% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.42%
• DSCR: 1.78
• GRM: 5.9

CMA / ARV

• ARV (median comp): $316,217
• List price: $160,000
• Delta: -49.40%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1709 Clay St St	0.05mi	5/2.5	2,414 (+0%)	7mo	$283,000	$117	89
1021 Tremont St	0.40mi	5/3.5	2,418 (+0%)	10mo	$277,900	$115	67
514 W Seerley Blvd	0.54mi	4/2.0 (-1)	2,420 (+0%)	7mo	$260,000	$107	63
821 College St	0.63mi	5/2.0	2,264 (-6%)	2mo	$195,000	$86	59
1014 W 8th St	0.70mi	4/2.0 (-1)	2,376 (-1%)	6mo	$279,900	$118	55
1029 W 13 St	0.53mi	4/1.5 (-1)	2,304 (-4%)	8mo	$200,000	$87	55
2009 Merner Ave	0.57mi	4/2.0 (-1)	2,340 (-3%)	13mo	$230,000	$98	53
1221 Catherine St	0.56mi	4/3.0 (-1)	2,308 (-4%)	6mo	$280,000	$121	53
803 College St	0.65mi	4/2.0 (-1)	2,574 (+7%)	6mo	$370,000	$144	48
1321 College St	0.40mi	4/3.0 (-1)	2,117 (-12%)	8mo	$212,000	$100	46
801 W 13th Street St	0.38mi	4/2.0 (-1)	2,048 (-15%)	9mo	$161,000	$79	45
903 Franklin St	0.48mi	4/2.5 (-1)	2,106 (-12%)	10mo	$264,000	$125	41

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 · 1.97% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.30×
• Total profit: $13,236
• Equity at exit: $23,857

10-year hold

• IRR: 16.0%
• Equity multiple: 2.25×
• Total profit: $55,784
• Equity at exit: $13,834

Cash invested: $44,800 (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: 5.9×

Monthly cashflow live

• Estimated rent: $2,248 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$220 /mo · $2,638/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $650

Break-even live

Break-even rent $1,425

Max offer price $160,000

Occupancy floor 66%

Sensitivity live

Price	-10% $741	-5% $696	+0% $650	+5% $605	+10% $560
Rent	-10% $473	-5% $562	+0% $650	+5% $739	+10% $828
Rate	-1.0pp $731	-0.5pp $691	base $650	+0.5pp $609	+1.0pp $567

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.33mi
604 W Seerley Blvd Cedar Falls, IA	4.0	1.5	1600	$1,300	$0.81	22d	1	0.53mi
2609 Olive St Cedar Falls, IA	4.0	2.0–2.5	1568	$1,750	$1.12	22d	6	0.72mi

Listing history 21 events

1. 2026-06-21
   days on market $160,000 Active 79 DOM
2. 2026-06-19
   days on market $160,000 Active 77 DOM
3. 2026-06-18
   days on market $160,000 Active 76 DOM
4. 2026-06-17
   days on market $160,000 Active 75 DOM
5. 2026-06-16
   days on market $160,000 Active 74 DOM
6. 2026-06-15
   days on market $160,000 Active 73 DOM
7. 2026-06-14
   days on market $160,000 Active 71 DOM
8. 2026-06-13
   days on market $160,000 Active 70 DOM
9. 2026-06-10
   days on market $160,000 Active 68 DOM
10. 2026-06-09
    days on market $160,000 Active 67 DOM
11. 2026-06-08
    days on market $160,000 Active 66 DOM
12. 2026-06-07
    days on market $160,000 Active 65 DOM
13. 2026-06-05
    days on market $160,000 Active 62 DOM
14. 2026-06-03
    days on market $160,000 Active 61 DOM
15. 2026-06-02
    days on market $160,000 Active 60 DOM
16. 2026-06-01
    days on market $160,000 Active 59 DOM
17. 2026-05-31
    days on market $160,000 Active 58 DOM
18. 2026-05-30
    days on market $160,000 Active 57 DOM
19. 2026-05-06
    price $170,000 487-char remark

    Show marketing remark (487 chars)

    Investor special! This duplex features an upstairs and main-level unit, 2 stall garage with paved driveway, fenced-in yard and a new roof in 2023. The main-level unit is nicely updated and has 2 bedrooms and 1 bathroom with 2 spacious living areas. It is tenant-occupied and rented at $1100/mo. The upstairs unit is currently vacant and has 3 bedrooms and 1 bathroom. There is also shared coin-laundry in the entryway. This is a great investment opportunity; schedule your showing today!

20. 2026-04-14
    price $185,000 487-char remark

    Show marketing remark (487 chars)

    Investor special! This duplex features an upstairs and main-level unit, 2 stall garage with paved driveway, fenced-in yard and a new roof in 2023. The main-level unit is nicely updated and has 2 bedrooms and 1 bathroom with 2 spacious living areas. It is tenant-occupied and rented at $1100/mo. The upstairs unit is currently vacant and has 3 bedrooms and 1 bathroom. There is also shared coin-laundry in the entryway. This is a great investment opportunity; schedule your showing today!

21. 2026-04-03
    listed $199,900 Active 487-char remark

    Show marketing remark (487 chars)

    Investor special! This duplex features an upstairs and main-level unit, 2 stall garage with paved driveway, fenced-in yard and a new roof in 2023. The main-level unit is nicely updated and has 2 bedrooms and 1 bathroom with 2 spacious living areas. It is tenant-occupied and rented at $1100/mo. The upstairs unit is currently vacant and has 3 bedrooms and 1 bathroom. There is also shared coin-laundry in the entryway. This is a great investment opportunity; schedule your showing today!

ⓘ 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: $2,638 · $220/mo
• Projected year-2 tax: $2,638 · $220/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 2/10 Low
• 🌡 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: $26,976
• − Mortgage interest: −$8,962
• − Property taxes: −$2,638
• − Insurance: −$800
• − Repairs & maintenance: −$2,158
• − Management: −$2,158
• − Depreciation: −$4,655
• Taxable income: $5,605
• Est. tax owed @ 24.0%: −$1,345
• After-tax cash flow: $6,459/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

-15.0% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $170,000 NEIRBR as distributed by MLS GRID
• 2026-04-14 Price Changed $185,000 NEIRBR as distributed by MLS GRID
• 2026-04-03 Listed $199,900 NEIRBR as distributed by MLS GRID

Property tax history

+1.9%/yr

Latest (2025): $2,638 · +3.0% YoY. Source: county tax records.