810 W 2nd St · Waterloo, IA 50701

$100,000

4 bd · 4.0 ba · 2,904 sqft · MultiFamily public records · 8 Days on market

Built 1915 7,644 sqft lot

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Excellent investment opportunity in Waterloo! This triplex features a 3 bedroom, 1 bath main floor unit along with two additional 1 bedroom, 1 bath units. The property offers flexibility for investors, with two units currently vacant and ready for occupancy. One of the unit features great hardwood flooring and there are some nice updates in the main floor unit making them move in ready. A detached 3 stall garage provides valuable parking and storage space, adding to the property's appeal. Whether you're looking to expand your rental portfolio or explore an owner occupancy opportunity, this multifamily property offers strong income potential in a convenient Waterloo location.

Key facts

• Hardwood flooring
• Income potential
• Waterloo location

Tags

• HARDWOOD FLOORING
• DETACHED GARAGE
• INCOME POTENTIAL
• WATERLOO LOCATION

Property features AI

Finance

• Other: Zoned R-1; Lot approximately 52 x 147 (0.18 acres)

Exterior

• Parking: Detached garage with 3 spaces
• Utilities: Public water; Public sewer; Other utilities
• Home design: Residential income property (triplex)
• Construction: Stucco exterior
• Exterior features: Asphalt roof

Interior

• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Basement present with block construction
• Laundry & utility: Laundry located in hall

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $385/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 20.1% 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); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL) — zoned schools average 77% FRL vs 58% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.8%/yr); 282 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• At $2,417/mo this rent would consume 47% of the median local household income ($61k/yr) (locally 1377% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 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 $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $60k; list at $100k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.42% ✓
• Cap rate: 20.15%
• Cash-on-cash: 49.48%
• DSCR: 3.20
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 48.1%
• Equity multiple: 3.12×
• Total profit: $59,364
• Equity at exit: $14,910

10-year hold

• IRR: 54.1%
• Equity multiple: 6.53×
• Total profit: $154,864
• Equity at exit: $8,646

Cash invested: $28,000 (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 50701

• Rents YoY: 3.8%
• Active inventory: 282
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,417 high
• Mortgage (P&I): −$524
• Tax from tax record: −$189 /mo · $2,266/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $1,155

Break-even live

Break-even rent $956

Max offer price $100,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,211	-5% $1,183	+0% $1,155	+5% $1,126	+10% $1,098
Rent	-10% $964	-5% $1,059	+0% $1,155	+5% $1,250	+10% $1,345
Rate	-1.0pp $1,205	-0.5pp $1,180	base $1,155	+0.5pp $1,129	+1.0pp $1,102

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$922
▸ 2× units	1	1	$1,494
Total (3 units)			$2,417

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1014 Fletcher Ave Waterloo, IA	4.0	3.5	2123	$2,450	$1.15	44d	1	1.16mi
2113 W 8th St Waterloo, IA	3.0	2.5	2928	$1,975	$0.67	44d	1	1.19mi

Listing history 8 events

1. 2026-06-19
   days on market $100,000 Active 8 DOM
2. 2026-06-18
   days on market $100,000 Active 7 DOM
3. 2026-06-17
   days on market $100,000 Active 6 DOM
4. 2026-06-16
   days on market $100,000 Active 5 DOM
5. 2026-06-15
   days on market $100,000 Active 4 DOM
6. 2026-06-14
   days on market $100,000 Active 2 DOM
7. 2026-06-13
   remarks 683-char remark
8. 2026-06-13
   listed $100,000 Active 1 DOM

ⓘ 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: $2,266 · $189/mo
• Projected year-2 tax: $2,266 · $189/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: $29,004
• − Mortgage interest: −$5,602
• − Property taxes: −$2,266
• − Insurance: −$500
• − Repairs & maintenance: −$2,320
• − Management: −$2,320
• − Depreciation: −$2,909
• Taxable income: $13,087
• Est. tax owed @ 24.0%: −$3,141
• After-tax cash flow: $10,713/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

+66.7% since first listed

2 events — show timeline

• 2026-06-11 Listed $100,000 NEIRBR as distributed by MLS GRID
• 2013-05-14 Sold (Public Records) $60,000 Public Records

Property tax history

-1.7%/yr

Latest (2025): $2,266 · +8.6% YoY. Source: county tax records.