1501 SW 3rd St #216 · Waverly, IA 50677

$125,000

1 bd · 1.0 ba · 792 sqft · Condo public records · 92 Days on market

Built 2000 $158/sqft · 15% below area Est $147k · 15% under $300/mo HOA · 22% of rent

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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).

• ARV discount +14.3/15.0
• Cash flow +9.6/30.0
• Schools +6.6/10.0
• 1% rule +5.8/10.0
• Livability +4.3/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the Ledges II condo community, this 1-bedroom, 1-bath unit offers a simple layout with convenient features. As you enter the unit, you’ll find a laundry closet immediately to the right and a pantry closet to the left, providing useful storage space right off the entry. The kitchen, dining, and living areas are situated close together, making everyday tasks simpler. A sliding glass door off the living room leads to a private patio area, perfect for relaxing. This unit includes one garage stall and a separate storage unit for additional space. The Ledges II building also offers a variety of shared amenities, including a woodworking room, crafting area, workout space, library, and a common lounge area for residents to gather. There is also a 2-bed guest suite available to reserve for an additional fee if extra space is needed for visitors.

Key facts

• Workout space
• Laundry closet
• Private patio

Tags

• LAUNDRY CLOSET
• PANTRY CLOSET
• PRIVATE PATIO
• WOODWORKING ROOM
• CRAFTING AREA
• WORKOUT SPACE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (11.8% below list).
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $110k (11.8% below list) — sets the bar for cash-flow.
• Cap rate 5.5% 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: Margaretta Carey Elementary School (math 77% / reading 62%, grade A-, #224 of 616 statewide, top 42%, 237 students, 25% FRL); 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).
• Market conditions: 127 active listings in the ZIP; 2 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 $864 of loan paydown is wiped out by about $4k 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

• It's been on market 92 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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 $108k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $110,193 (11.8% 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. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
9. 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.
10. 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.
11. 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: 1.08% ✓
• Cap rate: 5.49%
• Cash-on-cash: -2.87%
• DSCR: 0.87
• GRM: 7.7

CMA / ARV

• ARV (median comp): $147,361
• List price: $125,000
• Delta: -15.17%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.9%
• Equity multiple: 0.27×
• Total profit: $-25,397
• Equity at exit: $18,638

10-year hold

• IRR: -13.8%
• Equity multiple: 0.19×
• Total profit: $-28,191
• Equity at exit: $10,808

Cash invested: $35,000 (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: 127
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,351 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$143 /mo · $1,718/yr
• Insurance: −$52
• HOA: −$300
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $-84

Break-even live

Break-even rent $1,457

Max offer price $110,193

Occupancy floor —

Sensitivity live

Price	-10% $-13	-5% $-48	+0% $-84	+5% $-119	+10% $-155
Rent	-10% $-191	-5% $-137	+0% $-84	+5% $-30	+10% $23
Rate	-1.0pp $-21	-0.5pp $-52	base $-84	+0.5pp $-116	+1.0pp $-149

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2113 4th St SW Waverly, IA	2.0	2.0	1054	$1,500	$1.42	22d	1	0.32mi
210 15th St NW Waverly, IA	1.0	1.0	536	$607	$1.13	46d	2	1.46mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-02-24
   listed $125,000 Active 865-char remark

   Show marketing remark (865 chars)

   Located in the Ledges II condo community, this 1-bedroom, 1-bath unit offers a simple layout with convenient features. As you enter the unit, you’ll find a laundry closet immediately to the right and a pantry closet to the left, providing useful storage space right off the entry. The kitchen, dining, and living areas are situated close together, making everyday tasks simpler. A sliding glass door off the living room leads to a private patio area, perfect for relaxing. This unit includes one garage stall and a separate storage unit for additional space. The Ledges II building also offers a variety of shared amenities, including a woodworking room, crafting area, workout space, library, and a common lounge area for residents to gather. There is also a 2-bed guest suite available to reserve for an additional fee if extra space is needed for visitors.

2. 2022-05-04
   soldstatus $107,500
3. 2022-04-29
   soldstatus $107,500 984-char remark

   Show marketing remark (984 chars)

   Here is a place that wont last long. This convenient easy living space has all that you need. Ledges II (55+) 1 bedroom, 1 bath condo has been well kept and enjoy the beautiful view out the sliding door to the pergola covered patio and courtyard. Brand new zero entry shower has recently been added and it comes with transferrable warranty. All appliances are included, lots of storage with walk in pantry and large coat closet. Each unit comes with an extra storage unit. Heated garage with your own designated parking space attached to the building. Many common area options are included; community room, craft room, library, exercise room and workshop. If you have extra guests you can reserve the guest room for a small fee. The association fee covers basic cable, gas, water, sewer, lawn care/snow removal and maintenance of the building/common areas. Owner pays electric, garbage, phone and any upgrade to cable. Security reasons, the exterior common doors lock at 8 pm nightly.

4. 2022-02-21
   listed $112,000 984-char remark

   Show marketing remark (984 chars)

   Here is a place that wont last long. This convenient easy living space has all that you need. Ledges II (55+) 1 bedroom, 1 bath condo has been well kept and enjoy the beautiful view out the sliding door to the pergola covered patio and courtyard. Brand new zero entry shower has recently been added and it comes with transferrable warranty. All appliances are included, lots of storage with walk in pantry and large coat closet. Each unit comes with an extra storage unit. Heated garage with your own designated parking space attached to the building. Many common area options are included; community room, craft room, library, exercise room and workshop. If you have extra guests you can reserve the guest room for a small fee. The association fee covers basic cable, gas, water, sewer, lawn care/snow removal and maintenance of the building/common areas. Owner pays electric, garbage, phone and any upgrade to cable. Security reasons, the exterior common doors lock at 8 pm nightly.

5. 2021-07-20
   soldstatus $97,000
6. 2021-07-16
   soldstatus $97,000
7. 2021-05-20
   listed $99,900
8. 2019-06-03
   soldstatus $92,500
9. 2019-05-24
   soldstatus $92,500
10. 2019-01-12
    listed $95,000
11. 2012-10-18
    soldstatus $88,000
12. 2007-10-10
    soldstatus $91,500

ⓘ 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: $1,718 · $143/mo
• Projected year-2 tax: $1,840 · $153/mo
• Expected delta: +$122/yr (+$10/mo · 7.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,207
• − Mortgage interest: −$7,002
• − Property taxes: −$1,718
• − Insurance: −$625
• − Repairs & maintenance: −$1,297
• − Management: −$1,297
• − HOA: −$3,600
• − Depreciation: −$3,636
• Taxable loss: −$2,968
• Est. tax savings @ 24.0%: +$712
• After-tax cash flow: $-294/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

+36.6% since first listed

12 events — show timeline

• 2026-02-24 Listed $125,000 NEIRBR as distributed by MLS GRID
• 2022-05-04 Sold (Public Records) $107,500 Public Records
• 2022-04-29 Sold (MLS) $107,500 NEIRBR as distributed by MLS GRID
• 2022-02-21 Listed $112,000 NEIRBR as distributed by MLS GRID
• 2021-07-20 Sold (Public Records) $97,000 Public Records
• 2021-07-16 Sold (MLS) $97,000 NEIRBR as distributed by MLS GRID
• 2021-05-20 Listed $99,900 NEIRBR as distributed by MLS GRID
• 2019-06-03 Sold (Public Records) $92,500 Public Records
• 2019-05-24 Sold (MLS) $92,500 NEIRBR as distributed by MLS GRID
• 2019-01-12 Listed $95,000 NEIRBR as distributed by MLS GRID
• 2012-10-18 Sold (Public Records) $88,000 Public Records
• 2007-10-10 Sold (Public Records) $91,500 Public Records

Property tax history

+1.3%/yr

Latest (2025): $1,718 · +0.1% YoY. Source: county tax records.