1225 W Mullan Ave · Waterloo, IA 50701

$49,500

2 bd · 1.0 ba · 864 sqft · Townhouse public records · 185 Days on market

Built 1949 2,160 sqft lot $57/sqft · 10% above area Est $45k · 10% over

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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
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• ARV discount +2.9/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this affordable townhouse community, offering excellent investment potential. Each townhouse features a functional 2-bedroom, 1-bath layout and has a rental history ranging from $550–$650 per month per unit. A solid opportunity for investors seeking steady rental income in a practical, easy-to-maintain property or first time homebuyer.

Key facts

• Parking
• Built 1949
• Listed 184 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $50k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($794 rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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 (+3.8%/yr); 282 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 is only 16% of the median local income ($61k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $342 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.60% ✓
• Cap rate: 13.20%
• Cash-on-cash: 24.67%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

• ARV (median comp): $44,908
• List price: $49,500
• Delta: 10.23%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1282 W Mullan Ave	0.04mi	2/1.0	864 (0%)	5mo	$49,500	$57	94
1280 W Mullan Ave	0.04mi	2/1.0	864 (0%)	5mo	$49,500	$57	94
426 Oaklawn Ave	0.10mi	2/1.0	952 (+10%)	10mo	$65,000	$68	70

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: 19.0%
• Equity multiple: 1.78×
• Total profit: $10,783
• Equity at exit: $7,381

10-year hold

• IRR: 27.9%
• Equity multiple: 3.56×
• Total profit: $35,496
• Equity at exit: $4,280

Cash invested: $13,860 (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: 5.2×

Monthly cashflow live

• Estimated rent: $794 high
• Mortgage (P&I): −$260
• Tax from tax record: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$167
• Net cashflow: $285

Break-even live

Break-even rent $434

Max offer price $49,500

Occupancy floor 59%

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: $12,375
• Closing costs: $1,485
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1272 W Mullan Ave Unit 1272 Waterloo, IA	2.0	1.0	864	$825	$0.95	21d	1	0.03mi
1254 W Mullan Ave Unit 1254 Waterloo, IA	2.0	1.0	864	$775	$0.90	21d	1	0.06mi
209 Baltimore St Waterloo, IA	1.0	1.0	618	$650	$1.05	44d	1	0.15mi
211 W Wellington St Unit 211 1/2 Wellington Waterloo, IA	1.0	1.0	600	$600	$1.00	44d	1	0.16mi
313 Denver St Unit Downstairs Waterloo, IA	2.0	1.5	950	$695	$0.73	21d	1	0.32mi
820 W 2nd St Apt 2 Waterloo, IA	2.0	1.5	1100	$695	$0.63	44d	1	0.33mi
408 Locust St Waterloo, IA	1.0	1.0	644	$450	$0.70	21d	1	0.38mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	21d	1	0.40mi
626 W 2nd St Unit 1 Waterloo, IA	1.0	1.0	857	$750	$0.88	21d	1	0.42mi
811 W 3rd St #8 Waterloo, IA	1.0	1.0	600	$575	$0.96	44d	1	0.43mi
218 South St Unit 5 Waterloo, IA	1.0	1.0	800	$545	$0.68	44d	1	0.45mi
W Mullan Ave Waterloo, IA	2.0	1.0	918	$710	$0.77	44d	2	0.47mi
609 Wellington Ct Apt D6 Waterloo, IA	1.0	1.0	588	$600	$1.02	21d	1	0.56mi
609 Wellington Ct Waterloo, IA	1.0	1.0	567	$600	$1.06	44d	2	0.56mi
1524 1/2 W 5th St Unit 1524 1/2 Waterloo, IA	2.0	1.0	981	$850	$0.87	21d	1	0.58mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	0.58mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	21d	6	0.58mi
136 Janney Ave Waterloo, IA	2.0	2.0	901	$1,325	$1.47	44d	1	0.59mi
733 Baltimore St Waterloo, IA	1.0	1.0	724	$700	$0.97	44d	1	0.69mi
706 South St Unit B Waterloo, IA	2.0	1.0	750	$635	$0.85	21d	1	0.71mi
706 South St Waterloo, IA	2.0	1.0	750	$675	$0.90	44d	1	0.71mi
302 Commercial St Waterloo, IA	1.0	1.0	901	$1,100	$1.22	21d	1	0.71mi
1121 W 7th St Waterloo, IA	1.0	1.0	800	$725	$0.91	44d	1	0.74mi
335 Cedar St Waterloo, IA	1.0	1.0	540	$1,510	$2.80	21d	1	0.80mi
611 Johnson St Unit 11 Waterloo, IA	2.0	1.0	800	$895	$1.12	44d	1	0.83mi
611 Johnson St Unit 8 Waterloo, IA	2.0	1.0	800	$825	$1.03	44d	1	0.83mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	21d	1	0.83mi
1014 Leavitt St Waterloo, IA	2.0	1.0	700	$1,060	$1.51	21d	2	0.85mi
1001 1/2 Randolph St Waterloo, IA	1.0	1.0	624	$475	$0.76	21d	1	0.88mi
200 Parkview Blvd Waterloo, IA	2.0	1.0	744	$725	$0.97	21d	1	0.92mi
209 Parkview Blvd Waterloo, IA	1.0	1.0	624	$695	$1.11	44d	1	0.93mi
225 Parkview Blvd Waterloo, IA	1.0	1.0	624	$650	$1.04	21d	1	0.94mi
246 Parkview Blvd Unit 242 Waterloo, IA	1.0	1.0	624	$650	$1.04	21d	1	0.95mi
254 Parkview Blvd Unit 254 Waterloo, IA	2.0	1.0	744	$795	$1.07	44d	1	0.95mi
226 Palmer Dr Unit 226-B Waterloo, IA	2.0	1.0	800	$780	$0.97	21d	1	0.97mi
225 Miriam Dr Unit A Waterloo, IA	2.0	1.0	700	$650	$0.93	44d	1	1.00mi
237 Miriam Dr Apt B Waterloo, IA	2.0	1.0	750	$725	$0.97	44d	1	1.00mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	1.09mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	1.11mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	1.13mi

Listing history 24 events

1. 2026-06-19
   days on market $49,500 Active 185 DOM
2. 2026-06-18
   days on market $49,500 Active 184 DOM
3. 2026-06-17
   days on market $49,500 Active 183 DOM
4. 2026-06-16
   days on market $49,500 Active 182 DOM
5. 2026-06-15
   days on market $49,500 Active 181 DOM
6. 2026-06-14
   days on market $49,500 Active 179 DOM
7. 2026-06-13
   days on market $49,500 Active 178 DOM
8. 2026-06-10
   days on market $49,500 Active 176 DOM
9. 2026-06-09
   days on market $49,500 Active 175 DOM
10. 2026-06-08
    days on market $49,500 Active 174 DOM
11. 2026-06-07
    days on market $49,500 Active 173 DOM
12. 2026-06-05
    days on market $49,500 Active 170 DOM
13. 2026-06-03
    days on market $49,500 Active 169 DOM
14. 2026-06-02
    days on market $49,500 Active 168 DOM
15. 2026-06-01
    days on market $49,500 Active 167 DOM
16. 2026-05-31
    days on market $49,500 Active 166 DOM
17. 2026-05-30
    days on market $49,500 Active 165 DOM
18. 2025-12-15
    listed $49,500 Active 354-char remark

    Show marketing remark (354 chars)

    Welcome to this affordable townhouse community, offering excellent investment potential. Each townhouse features a functional 2-bedroom, 1-bath layout and has a rental history ranging from $550–$650 per month per unit. A solid opportunity for investors seeking steady rental income in a practical, easy-to-maintain property or first time homebuyer.

19. 2025-08-03
    historical $650
20. 2025-07-30
    listed $650
21. 2025-03-27
    historical $650
22. 2025-03-21
    listed $650
23. 2024-11-10
    historical $650
24. 2024-10-16
    listed $650

ⓘ 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: $748 · $62/mo
• Projected year-2 tax: $763 · $64/mo
• Expected delta: +$15/yr (+$1/mo · 1.9%)

ⓘ 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: $9,531
• − Mortgage interest: −$2,773
• − Property taxes: −$748
• − Insurance: −$248
• − Repairs & maintenance: −$763
• − Management: −$763
• − Depreciation: −$1,440
• Taxable income: $2,798
• Est. tax owed @ 24.0%: −$672
• After-tax cash flow: $2,748/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

7 events — show timeline

• 2025-12-15 Listed $49,500 NEIRBR as distributed by MLS GRID
• 2025-08-03 Rental Removed $650 BUILDIUM
• 2025-07-30 Listed for Rent $650 BUILDIUM
• 2025-03-27 Rental Removed $650 BUILDIUM
• 2025-03-21 Listed for Rent $650 BUILDIUM
• 2024-11-10 Rental Removed $650 BUILDIUM
• 2024-10-16 Listed for Rent $650 BUILDIUM

Property tax history

+3.2%/yr

Latest (2025): $748 · +8.4% YoY. Source: county tax records.