118 Allen St · Waterloo, IA 50701

$90,000

3 bd · 1.5 ba · 1,912 sqft · SingleFamily public records · 50 Days on market

Built 1919 4,158 sqft lot $47/sqft · 48% above area Est $61k · 48% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home is a project needing to be finished. It is partially "gutted" with the wiring and plumbing rough-ins done and by professionals. Over 95% of the windows have been replaced and some interior doors are new also. There are tubs, vanities, toilets, and misc. other materials on site and included. This is a "tuff" one to describe in words, one needs to go look for themselves. Plenty of opportunity for some "work equity"! Seller started project and since has moved to the Des Moines area for his employment and logistically unable to finish the project. Equity builder!

Key facts

• Updated interiors
• 4,158 sq ft lot
• Built 1919

Tags

• UPDATED INTERIORS
• QUIET ESTABLISHED NEIGHBORHOOD

Property features AI

Exterior

• Parking: No parking specified
• Utilities: Public water; Public sewer
• Home design: Single-family residential property
• Construction: Wood siding exterior; Asphalt roof
• Exterior features: Gravel road access; Lot about 0.1 acre (approx. 66 x 63); Zoned R-3

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: No fireplace; Basement with block construction

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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: 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); 282 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $27k; list at $90k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — 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. 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?
5. 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.
6. 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.
7. 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: 1.40% ✓
• Cap rate: 10.90%
• Cash-on-cash: 16.44%
• DSCR: 1.73
• GRM: 6.0

CMA / ARV

• ARV (median comp): $60,691
• List price: $90,000
• Delta: 48.29%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Leland Ave	0.21mi	4/2.0 (+1)	1,950 (+2%)	7mo	$115,950	$59	74
1303 W 4th St St	0.42mi	3/1.5	1,908 (-0%)	8mo	$179,900	$94	73
726 W 2nd St	0.15mi	3/1.0	1,716 (-10%)	7mo	$47,000	$27	68
1400 W 3rd St	0.40mi	3/1.5	2,071 (+8%)	5mo	$64,000	$31	63
1318 W 2nd St	0.34mi	4/2.0 (+1)	1,804 (-6%)	6mo	$53,000	$29	63
1210 W 7th St	0.60mi	3/1.0	1,790 (-6%)	10mo	$120,000	$67	51
925 Denver St	0.71mi	4/1.5 (+1)	1,891 (-1%)	11mo	$200,000	$106	51
421 Home Park Blvd	0.68mi	3/1.5	2,048 (+7%)	11mo	$172,100	$84	48
609 Baltimore St	0.47mi	4/2.0 (+1)	1,728 (-10%)	10mo	$37,500	$22	47
129 Graceline Blvd	0.75mi	3/2.0	1,796 (-6%)	8mo	$210,000	$117	47
325 Reber Ave	0.55mi	3/2.0	1,700 (-11%)	10mo	$174,500	$103	46
1012 Grant Ave	0.65mi	3/2.0	1,716 (-10%)	11mo	$85,000	$50	42

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: 8.5%
• Equity multiple: 1.34×
• Total profit: $8,464
• Equity at exit: $13,419

10-year hold

• IRR: 18.4%
• Equity multiple: 2.59×
• Total profit: $40,079
• Equity at exit: $7,782

Cash invested: $25,200 (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: 282
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,256 high
• Mortgage (P&I): −$472
• Tax from tax record: −$137 /mo · $1,645/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $345

Break-even live

Break-even rent $818

Max offer price $90,000

Occupancy floor 68%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	44d	1	0.38mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	21d	1	0.45mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	44d	1	0.55mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	44d	1	0.60mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	44d	1	0.63mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	44d	1	0.65mi
1014 Fletcher Ave Waterloo, IA	4.0	3.5	2123	$2,450	$1.15	44d	1	1.09mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	1.25mi
2215 Falls Ave Waterloo, IA	3.0	1.0	1290	$1,400	$1.09	44d	1	1.28mi

Listing history 25 events

1. 2026-06-19
   days on market $90,000 Active 50 DOM
2. 2026-06-18
   days on market $90,000 Active 49 DOM
3. 2026-06-17
   days on market $90,000 Active 48 DOM
4. 2026-06-16
   days on market $90,000 Active 47 DOM
5. 2026-06-15
   days on market $90,000 Active 46 DOM
6. 2026-06-14
   days on market $90,000 Active 44 DOM
7. 2026-06-13
   days on market $90,000 Active 43 DOM
8. 2026-06-10
   days on market $90,000 Active 41 DOM
9. 2026-06-09
   days on market $90,000 Active 40 DOM
10. 2026-06-08
    days on market $90,000 Active 39 DOM
11. 2026-06-07
    days on market $90,000 Active 38 DOM
12. 2026-06-05
    days on market $90,000 Active 35 DOM
13. 2026-06-03
    days on market $90,000 Active 34 DOM
14. 2026-06-02
    days on market $90,000 Active 33 DOM
15. 2026-06-01
    days on market $90,000 Active 32 DOM
16. 2026-05-31
    days on market $90,000 Active 31 DOM
17. 2026-05-30
    days on market $90,000 Active 30 DOM
18. 2026-04-30
    listed $90,000 Active 568-char remark
19. 2025-01-30
    historical $1,095
20. 2024-10-03
    price $1,095
21. 2024-06-26
    listed $1,125
22. 2022-05-21
    price $995
23. 2018-09-04
    soldstatus $27,000
24. 2018-08-29
    soldstatus $27,000 606-char remark

    Show marketing remark (606 chars)

    This home is a project needing to be finished. It is partially "gutted" with the wiring and plumbing rough-ins done and by professionals. Over 95% of the windows have been replaced and some interior doors are new also. There are tubs, vanities, toilets, and misc. other materials on site and included. This is a "tuff" one to describe in words, one needs to go look for themselves. Plenty of opportunity for some "work equity"! Seller started project and since has moved to the Des Moines area for his employment and logistically unable to finish the project. Equity builder!

25. 2018-05-05
    listed $29,500 606-char remark

    Show marketing remark (606 chars)

    This home is a project needing to be finished. It is partially "gutted" with the wiring and plumbing rough-ins done and by professionals. Over 95% of the windows have been replaced and some interior doors are new also. There are tubs, vanities, toilets, and misc. other materials on site and included. This is a "tuff" one to describe in words, one needs to go look for themselves. Plenty of opportunity for some "work equity"! Seller started project and since has moved to the Des Moines area for his employment and logistically unable to finish the project. Equity builder!

ⓘ 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: $1,645 · $137/mo
• Projected year-2 tax: $1,645 · $137/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: $15,067
• − Mortgage interest: −$5,041
• − Property taxes: −$1,645
• − Insurance: −$450
• − Repairs & maintenance: −$1,205
• − Management: −$1,205
• − Depreciation: −$2,618
• Taxable income: $2,901
• Est. tax owed @ 24.0%: −$696
• After-tax cash flow: $3,448/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): 30,232
• Household income: $61,475
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1377.0

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 (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

+205.1% since first listed

8 events — show timeline

• 2026-04-30 Listed $90,000 NEIRBR as distributed by MLS GRID
• 2025-01-30 Rental Removed $1,095 APPFOLIO
• 2024-10-03 Price Changed $1,095 APPFOLIO
• 2024-06-26 Listed for Rent $1,125 APPFOLIO
• 2022-05-21 Price Changed $995 RENT.
• 2018-09-04 Sold (Public Records) $27,000 Public Records
• 2018-08-29 Sold (MLS) $27,000 NEIRBR as distributed by MLS GRID
• 2018-05-05 Listed $29,500 NEIRBR as distributed by MLS GRID

Property tax history

+4.5%/yr

Latest (2025): $1,645 · +2.9% YoY. Source: county tax records.