1129 South St · Waterloo, IA 50702

$159,000

3 bd · 2.0 ba · 1,758 sqft · MultiFamily public records · 237 Days on market

Built 1899 6,860 sqft lot $90/sqft · 21% below area

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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 +19.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Investor Alert! 1129 South St, Waterloo, IA 50702 Turnkey income opportunity with recent updates throughout! This duplex-style property offers two self-contained units ready to rent or occupy. The main-level unit features 1 bedroom, 1 bath, and a full kitchen, while the upper unit includes 2 bedrooms, 1 bath, a spacious living room, and a full kitchen — perfect for maximizing returns or house hacking. Enjoy peace of mind with a new roof installed in 2020, plus a new deck and patio area ideal for tenants or outdoor entertaining. With modern updates, separate living spaces, and a prime location near schools, parks, and downtown Waterloo, this property stands out as a strong, low-maintenance investment. Solid rental demand, great curb appeal, and reliable cash flow potential — don’t miss this updated Waterloo duplex! Property can be sold together in a package along with 408/410 E 8th St, 827 W 7th St, and 1310 South St. in a package deal

Key facts

• Recent updates
• Patio area
• New deck

Tags

• TURNKEY INCOME OPPORTUNITY
• RECENT UPDATES
• TWO SELF-CONTAINED UNITS
• NEW ROOF
• NEW DECK
• PATIO AREA

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 1×2bd/1ba units multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $169 ($2k/yr) — positive. Per door: $84/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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: schools C-, 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.
• Market conditions: Rents rising (+2.7%/yr); 126 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).
• This rent runs 31% of the median local income ($62k/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.

Negotiation context

• It's been on market 237 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $159k implies a 960% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 237 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 1.01% ✓
• Cap rate: 7.57%
• Cash-on-cash: 4.55%
• DSCR: 1.20
• GRM: 8.2

CMA / ARV

• ARV (median comp): $96,733
• List price: $159,000
• Delta: 64.37%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1424 Grant Ave	0.19mi	3/2.0	1,824 (+4%)	13mo	$89,000	$49	74
1116 Mulberry St	0.70mi	4/2.0 (+1)	1,728 (-2%)	8mo	$147,000	$85	53
622 W 2nd St	0.66mi	4/2.0 (+1)	1,976 (+12%)	18mo	$105,000	$53	28

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: -9.5%
• Equity multiple: 0.65×
• Total profit: $-15,469
• Equity at exit: $23,707

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-1,491
• Equity at exit: $13,747

Cash invested: $44,520 (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: 16.9×

Monthly cashflow live

• Estimated rent: $1,610 high
• Mortgage (P&I): −$834
• Tax from tax record: −$203 /mo · $2,436/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $169

Break-even live

Break-even rent $1,396

Max offer price $159,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$783
1× unit	2	1	$827
Total (2 units)			$1,610

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 W 4th St Ste 203 Waterloo, IA	2.0	1.5	1466	$1,250	$0.85	43d	1	0.47mi
702 Western Ave Waterloo, IA	2.0	1.5	1500	$1,100	$0.73	21d	1	0.63mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	0.72mi
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	43d	1	0.74mi
1720 Franklin St Waterloo, IA	4.0	1.5	1392	$1,000	$0.72	43d	1	1.00mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	43d	1	1.03mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	43d	1	1.07mi
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	43d	1	1.23mi
1840 W 3rd St Waterloo, IA	2.0	1.0	1770	$700	$0.40	44d	1	1.26mi

Listing history 9 events

1. 2026-05-31
   days on market $159,000 Active 237 DOM
2. 2026-05-30
   days on market $159,000 Active 236 DOM
3. 2026-03-22
   price $159,000 968-char remark

   Show marketing remark (968 chars)

   Investor Alert! 1129 South St, Waterloo, IA 50702 Turnkey income opportunity with recent updates throughout! This duplex-style property offers two self-contained units ready to rent or occupy. The main-level unit features 1 bedroom, 1 bath, and a full kitchen, while the upper unit includes 2 bedrooms, 1 bath, a spacious living room, and a full kitchen — perfect for maximizing returns or house hacking. Enjoy peace of mind with a new roof installed in 2020, plus a new deck and patio area ideal for tenants or outdoor entertaining. With modern updates, separate living spaces, and a prime location near schools, parks, and downtown Waterloo, this property stands out as a strong, low-maintenance investment. Solid rental demand, great curb appeal, and reliable cash flow potential — don’t miss this updated Waterloo duplex! Property can be sold together in a package along with 408/410 E 8th St, 827 W 7th St, and 1310 South St. in a package deal

4. 2026-01-06
   price $169,000 968-char remark

   Show marketing remark (968 chars)

   Investor Alert! 1129 South St, Waterloo, IA 50702 Turnkey income opportunity with recent updates throughout! This duplex-style property offers two self-contained units ready to rent or occupy. The main-level unit features 1 bedroom, 1 bath, and a full kitchen, while the upper unit includes 2 bedrooms, 1 bath, a spacious living room, and a full kitchen — perfect for maximizing returns or house hacking. Enjoy peace of mind with a new roof installed in 2020, plus a new deck and patio area ideal for tenants or outdoor entertaining. With modern updates, separate living spaces, and a prime location near schools, parks, and downtown Waterloo, this property stands out as a strong, low-maintenance investment. Solid rental demand, great curb appeal, and reliable cash flow potential — don’t miss this updated Waterloo duplex! Property can be sold together in a package along with 408/410 E 8th St, 827 W 7th St, and 1310 South St. in a package deal

5. 2025-10-07
   listed $179,000 Active 968-char remark

   Show marketing remark (968 chars)

   Investor Alert! 1129 South St, Waterloo, IA 50702 Turnkey income opportunity with recent updates throughout! This duplex-style property offers two self-contained units ready to rent or occupy. The main-level unit features 1 bedroom, 1 bath, and a full kitchen, while the upper unit includes 2 bedrooms, 1 bath, a spacious living room, and a full kitchen — perfect for maximizing returns or house hacking. Enjoy peace of mind with a new roof installed in 2020, plus a new deck and patio area ideal for tenants or outdoor entertaining. With modern updates, separate living spaces, and a prime location near schools, parks, and downtown Waterloo, this property stands out as a strong, low-maintenance investment. Solid rental demand, great curb appeal, and reliable cash flow potential — don’t miss this updated Waterloo duplex! Property can be sold together in a package along with 408/410 E 8th St, 827 W 7th St, and 1310 South St. in a package deal

6. 2020-09-16
   soldstatus $15,000
7. 2020-09-15
   soldstatus $15,000 249-char remark

   Show marketing remark (249 chars)

   Good investment potential in this west side duplex fixer upper. The house features a downstairs unit which includes one bathroom and one bedroom, as well as a full kitchen. The upstairs unit has two beds, one bath, a full kitchen, and a living room.

8. 2019-09-27
   listed $21,000 249-char remark

   Show marketing remark (249 chars)

   Good investment potential in this west side duplex fixer upper. The house features a downstairs unit which includes one bathroom and one bedroom, as well as a full kitchen. The upstairs unit has two beds, one bath, a full kitchen, and a living room.

9. 2019-08-28
   soldstatus $42,500

ⓘ 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: $2,436 · $203/mo
• Projected year-2 tax: $2,466 · $206/mo
• Expected delta: +$30/yr (+$3/mo · 1.2%)

ⓘ 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: $19,320
• − Mortgage interest: −$8,906
• − Property taxes: −$2,436
• − Insurance: −$795
• − Repairs & maintenance: −$1,546
• − Management: −$1,546
• − Depreciation: −$4,625
• Taxable loss: −$534
• Est. tax savings @ 24.0%: +$128
• After-tax cash flow: $2,154/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

+274.1% since first listed

7 events — show timeline

• 2026-03-22 Price Changed $159,000 NEIRBR as distributed by MLS GRID
• 2026-01-06 Price Changed $169,000 NEIRBR as distributed by MLS GRID
• 2025-10-07 Listed $179,000 NEIRBR as distributed by MLS GRID
• 2020-09-16 Sold (Public Records) $15,000 Public Records
• 2020-09-15 Sold (MLS) $15,000 NEIRBR as distributed by MLS GRID
• 2019-09-27 Listed $21,000 NEIRBR as distributed by MLS GRID
• 2019-08-28 Sold (Public Records) $42,500 Public Records

Property tax history

+9.5%/yr

Latest (2025): $2,436 · +8.6% YoY. Source: county tax records.