1324 W 6th St · Waterloo, IA 50702

$224,900

3 bd · 2.0 ba · 1,425 sqft · SingleFamily public records · 9 Days on market

Built 1919 7,074 sqft lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Schools +4.4/10.0
• Cash flow +4.1/30.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this 2 bed, 1 bath home in central Waterloo. Some updates have been made including flooring and paint. Has a 2 stall garage connected to the house with a breezeway. Ready to move in today! Contact your Realtor for a showing! Listing agent is part owner of the property.

Key facts

• New siding
• New water heater
• New electrical

Tags

• NEW WINDOWS
• NEW SIDING
• NEW ROOF
• NEW ELECTRICAL
• NEW WATER HEATER
• OPEN-CONCEPT LAYOUT

Property features AI

Finance

• Other: Zoned R-2

Exterior

• Parking: Carport with space for 2 cars
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding; Shingle roof; Below-grade finished area
• Exterior features: Deck; Porch; Concrete road surface

Interior

• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Central air conditioning; Electric heating
• Interior features: No fireplace; Partially finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-615 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (48.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (52.5% below list).
• Recommended offer: $107k (52.5% below list) — sets the bar for 1% rule.
• Cap rate 3.0% vs local median 4.2% in Waterloo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+2.7%/yr); 126 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $90k; list at $225k implies a 150% 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 $106,859 (52.5% 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 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. 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: 0.48% ✗
• Cap rate: 3.01%
• Cash-on-cash: -11.71%
• DSCR: 0.48
• GRM: 17.5

CMA / ARV

• ARV (on-the-fly): $133,950
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 Hawthorne Ave	0.27mi	3/1.0	1,470 (+3%)	1mo	$127,500	$87	78
524 Vermont St	0.30mi	4/1.5 (+1)	1,477 (+4%)	0mo	$72,000	$49	72
150 Hawthorne Ave	0.41mi	3/1.0	1,363 (-4%)	3mo	$187,000	$137	68
1141 E Mitchell Ave	0.56mi	3/1.0	1,460 (+2%)	1mo	$184,000	$126	65
610 Baltimore St	0.22mi	3/1.0	1,248 (-12%)	2mo	$98,400	$79	63
207 Denver St	0.63mi	2/1.5 (-1)	1,420 (-0%)	1mo	$92,500	$65	62
1120 Bourland Ave	0.61mi	4/1.0 (+1)	1,466 (+3%)	1mo	$138,000	$94	57
209 Kingsley Avenue Ave	0.52mi	3/1.0	1,294 (-9%)	0mo	$90,000	$70	56
1181 E Mitchell Ave	0.61mi	2/1.0 (-1)	1,348 (-5%)	1mo	$160,000	$119	52
1116 W Mullan Ave	0.75mi	3/1.0	1,518 (+6%)	2mo	$35,000	$23	48
701 Lorraine Ave	0.62mi	3/1.5	1,224 (-14%)	0mo	$152,500	$125	45
108 Carolina Ave	0.74mi	2/1.0 (-1)	1,226 (-14%)	1mo	$150,000	$122	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 · 2.7% rent growth · sell at horizon

5-year hold

• IRR: -38.1%
• Equity multiple: -0.21×
• Total profit: $-75,961
• Equity at exit: $33,533

10-year hold

• IRR: -59.3%
• Equity multiple: -0.87×
• Total profit: $-118,046
• Equity at exit: $19,445

Cash invested: $62,972 (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 50702

• Rents YoY: 2.7%
• Active inventory: 126
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $1,069 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$186 /mo · $2,230/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $-615

Break-even live

Break-even rent $1,847

Max offer price $116,302

Occupancy floor —

Sensitivity live

Price	-10% $-487	-5% $-551	+0% $-615	+5% $-678	+10% $-742
Rent	-10% $-699	-5% $-657	+0% $-615	+5% $-573	+10% $-530
Rate	-1.0pp $-501	-0.5pp $-558	base $-615	+0.5pp $-673	+1.0pp $-732

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	45d	1	0.09mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	23d	1	0.21mi
1524 1/2 W 5th St Unit 1524 1/2 Waterloo, IA	2.0	1.0	981	$850	$0.87	23d	1	0.30mi
1112 Byron Ave Unit 1114 Waterloo, IA	2.0	1.0	896	$930	$1.04	23d	1	0.37mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	23d	1	0.49mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	45d	1	0.51mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	23d	1	0.54mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	45d	1	0.58mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	45d	1	0.63mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	45d	1	0.73mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	45d	1	0.74mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	46d	1	0.74mi
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	45d	1	0.88mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	45d	2	0.91mi
154 Acadia St Unit 2 Waterloo, IA	2.0	1.0	995	$1,200	$1.21	45d	1	0.93mi
105 Bellaire Rd Waterloo, IA	2.0	2.0	1088	$1,100	$1.01	23d	1	0.95mi
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	45d	1	1.03mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	23d	9	1.06mi
924 Sycamore St #1 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.14mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.14mi
920-928 Sycamore St Unit 920-07 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.17mi
1047 Langley Rd Waterloo, IA	2.0	1.0	951	$795	$0.84	23d	1	1.28mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	23d	1	1.33mi
2539 W 3rd St Waterloo, IA	3.0	2.5	1200	$1,695	$1.41	23d	1	1.33mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	23d	1	1.36mi
1211 Langley Rd Waterloo, IA	2.0	1.0	951	$825	$0.87	23d	1	1.36mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	23d	1	1.36mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	45d	1	1.36mi
1225 Langley Rd Waterloo, IA	2.0	1.0	989	$795	$0.80	23d	1	1.37mi
1127 Ravenwood Rd #12 Waterloo, IA	2.0	1.0	990	$800	$0.81	45d	1	1.40mi
1229 Ravenwood Rd Unit 1237-1 Waterloo, IA	2.0	1.0	960	$900	$0.94	45d	1	1.42mi
216 Courtland St Apt 1 Waterloo, IA	4.0	1.0	1150	$825	$0.72	23d	1	1.50mi

Listing history 9 events

1. 2026-05-31
   status $224,900 Pending 9 DOM
2. 2026-05-30
   days on market $224,900 Active 9 DOM
3. 2026-05-21
   listed $224,900 Active
4. 2023-02-09
   soldstatus $90,000
5. 2023-02-03
   soldstatus $90,000 Closed 279-char remark

   Show marketing remark (279 chars)

   Check out this 2 bed, 1 bath home in central Waterloo. Some updates have been made including flooring and paint. Has a 2 stall garage connected to the house with a breezeway. Ready to move in today! Contact your Realtor for a showing! Listing agent is part owner of the property.

6. 2023-01-20
   status Pending 279-char remark

   Show marketing remark (279 chars)

   Check out this 2 bed, 1 bath home in central Waterloo. Some updates have been made including flooring and paint. Has a 2 stall garage connected to the house with a breezeway. Ready to move in today! Contact your Realtor for a showing! Listing agent is part owner of the property.

7. 2022-12-14
   price $109,000 279-char remark

   Show marketing remark (279 chars)

   Check out this 2 bed, 1 bath home in central Waterloo. Some updates have been made including flooring and paint. Has a 2 stall garage connected to the house with a breezeway. Ready to move in today! Contact your Realtor for a showing! Listing agent is part owner of the property.

8. 2022-12-02
   listed $120,000 Active 279-char remark

   Show marketing remark (279 chars)

   Check out this 2 bed, 1 bath home in central Waterloo. Some updates have been made including flooring and paint. Has a 2 stall garage connected to the house with a breezeway. Ready to move in today! Contact your Realtor for a showing! Listing agent is part owner of the property.

9. 2019-05-20
   soldstatus $62,500

ⓘ 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: $2,230 · $186/mo
• Projected year-2 tax: $2,880 · $240/mo
• Expected delta: +$650/yr (+$54/mo · 29.2%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $12,823
• − Mortgage interest: −$12,598
• − Property taxes: −$2,230
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,026
• − Management: −$1,026
• − Depreciation: −$6,543
• Taxable loss: −$11,723
• Est. tax savings @ 24.0%: +$2,814
• After-tax cash flow: $-4,563/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): 20,882
• Household income: $62,021
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 479.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 9% Two or more races 5% Asian 3% Pacific Islander 3% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: American 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 15% · Canada, Philippines
• Languages at home: 79% English-only · Spanish 7% Russian/Polish/Slavic 6% Other Asian/Pacific 4%

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: ▼ -110.86%
• Current HPI: 155.4447
• Rent YoY: ▲ 2.70%
• 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

+259.8% since first listed

8 events — show timeline

• 2026-05-31 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-21 Listed $224,900 NEIRBR as distributed by MLS GRID
• 2023-02-09 Sold (Public Records) $90,000 Public Records
• 2023-02-03 Sold (MLS) $90,000 NEIRBR as distributed by MLS GRID
• 2023-01-20 Pending — NEIRBR as distributed by MLS GRID
• 2022-12-14 Price Changed $109,000 NEIRBR as distributed by MLS GRID
• 2022-12-02 Listed $120,000 NEIRBR as distributed by MLS GRID
• 2019-05-20 Sold (Public Records) $62,500 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,230 · +6.7% YoY. Source: county tax records.