523 Cutler St · Waterloo, IA 50703

$93,300

2 bd · 1.0 ba · 936 sqft · SingleFamily public records · 10 Days on market

Built 1923 6,450 sqft lot Est $85k · 10% over

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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).

• Cash flow +15.8/30.0
• DSCR +4.9/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• ARV discount +3.2/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move-in ready with new carpet, new flooring in the newer oak kitchen, and hardwood in one of the bedrooms. Large dining room/living room combination, updated bath and full basement. Newer water heater, roof new in 2013, aluminum siding, 4 ceiling fans, newly primed and painted garage and front porch. Very clean and ready to go! Easy to show!

Key facts

• New flooring
• Updated kitchen
• Move in ready

Tags

• BUNGALOW HOME
• UPDATES AND RENOVATIONS
• UPDATED KITCHEN
• NEW FLOORING
• MOVE IN READY

Property features AI

Exterior

• Parking: Has carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding; Shingle/asphalt roof; Below-grade finished area (basement) of approximately 160
• Exterior features: Porch; Lot dimensions approximately 50 x 129; Zoned R-1

Interior

• Kitchen: Free-standing range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Basement is block and unfinished; Porch
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $93k.

Deal economics

• At list price, monthly cash flow is $43 ($516/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (8.7% below list).
• Recommended offer: $85k (8.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: Lincoln Elementary School (math 38% / reading 42%, grade F, #576 of 616 statewide, top 94%, 471 students, 86% FRL); George Washington Carver Academy (math 36% / reading 43%, grade F, #240 of 246 statewide, top 98%, 442 students, 91% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 83% FRL vs 58% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 98 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 73% 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 $645 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.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 $49k; list at $93k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,168 (8.7% below list)

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.98%
• DSCR: 1.09
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $85,176
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Boston Ave Ave	0.26mi	3/1.0 (+1)	932 (-0%)	2mo	$90,100	$97	81
2421 E 4th St	0.34mi	2/2.0	908 (-3%)	3mo	$61,000	$67	72
1036 Columbia St	0.25mi	2/1.0	848 (-9%)	4mo	$60,000	$71	70
307 Center St	0.57mi	3/1.0 (+1)	930 (-1%)	1mo	$63,000	$68	66
319 Oliver St St	0.49mi	3/1.0 (+1)	964 (+3%)	3mo	$55,000	$57	64
427 Hope Ave	0.24mi	3/1.0 (+1)	1,036 (+11%)	3mo	$134,900	$130	63
1622 Columbia St	0.42mi	3/1.0 (+1)	988 (+6%)	6mo	$127,500	$129	61
233 Oliver St	0.44mi	3/1.0 (+1)	1,006 (+8%)	1mo	$125,000	$124	61
1824 Logan Ave	0.53mi	2/1.0	1,040 (+11%)	4mo	$94,900	$91	54
232 Center St	0.54mi	2/1.0	1,060 (+13%)	1mo	$32,000	$30	52
542 Kern St	0.48mi	3/1.0 (+1)	1,052 (+12%)	6mo	$35,000	$33	47
713 Riehl St	0.73mi	2/2.0	836 (-11%)	1mo	$78,500	$94	43

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 · 6.67% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.65×
• Total profit: $-9,115
• Equity at exit: $13,911

10-year hold

• IRR: 4.5%
• Equity multiple: 1.38×
• Total profit: $10,037
• Equity at exit: $8,067

Cash invested: $26,124 (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 50703

• Rents YoY: 6.7%
• Active inventory: 98
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $852 high
• Mortgage (P&I): −$489
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $43

Break-even live

Break-even rent $797

Max offer price $93,300

Occupancy floor 90%

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: $23,325
• Closing costs: $2,799
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1148 Columbia St Waterloo, IA	2.0	1.0	816	$850	$1.04	44d	1	0.19mi
1137 Columbia St Waterloo, IA	1.0	1.0	588	$725	$1.23	21d	1	0.22mi
1132 Ackermant St Waterloo, IA	2.0	1.0	685	$825	$1.20	44d	1	0.26mi
613 Hope Ave Waterloo, IA	2.0	1.0	812	$795	$0.98	44d	1	0.39mi
307 Riehl St Waterloo, IA	2.0	1.0	640	$825	$1.29	21d	1	0.44mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	44d	1	0.44mi
322 Lester St Waterloo, IA	2.0	1.0	672	$850	$1.26	44d	1	0.46mi
314 Conger St Waterloo, IA	2.0	1.0	840	$875	$1.04	44d	1	0.48mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	44d	1	0.57mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$900	$1.02	21d	4	0.57mi
515 Stokes Dr Waterloo, IA	1.0	1.0	664	$675	$1.02	44d	1	0.64mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	44d	1	0.66mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	21d	1	0.67mi
118 Harrison St Waterloo, IA	2.0	1.0	600	$500	$0.83	44d	1	0.82mi
401 Argyle St Waterloo, IA	2.0	1.0	800	$800	$1.00	44d	1	0.92mi
303 Franklin St Apt 2 Waterloo, IA	2.0	1.0	600	$650	$1.08	44d	1	1.13mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	44d	1	1.15mi
716 Beech St Waterloo, IA	2.0	1.0	672	$875	$1.30	44d	1	1.28mi
520 Lafayette St Unit A Waterloo, IA	2.0	1.0	800	$750	$0.94	44d	1	1.38mi
611 Sycamore St Unit 302 Waterloo, IA	1.0	1.0	550	$750	$1.36	21d	1	1.45mi
606 Sycamore St Unit A Waterloo, IA	1.0	1.0	622	$875	$1.41	44d	1	1.46mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	21d	9	1.48mi

Listing history 9 events

1. 2026-06-19
   days on market $93,300 Active 10 DOM
2. 2026-06-18
   days on market $93,300 Active 9 DOM
3. 2026-06-17
   days on market $93,300 Active 8 DOM
4. 2026-06-16
   days on market $93,300 Active 7 DOM
5. 2026-06-15
   days on market $93,300 Active 6 DOM
6. 2026-06-14
   days on market $93,300 Active 4 DOM
7. 2026-06-13
   days on market $93,300 Active 3 DOM
8. 2026-06-09
   remarks 214-char remark
9. 2026-06-09
   listed $93,300 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: $1,220 · $102/mo
• Projected year-2 tax: $1,342 · $112/mo
• Expected delta: +$122/yr (+$10/mo · 10.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% 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: $10,220
• − Mortgage interest: −$5,226
• − Property taxes: −$1,220
• − Insurance: −$466
• − Repairs & maintenance: −$818
• − Management: −$818
• − Depreciation: −$2,714
• Taxable loss: −$1,042
• Est. tax savings @ 24.0%: +$250
• After-tax cash flow: $766/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): 17,952
• Household income: $50,060
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 871.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 55% Black 26% Hispanic / Latino 10% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 1% Portuguese 1% Lithuanian 1%
• Foreign-born: 7% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 7% Other Asian/Pacific 2% Russian/Polish/Slavic 1%

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: ▼ -117.18%
• Current HPI: 132.9478
• Rent YoY: ▲ 6.67%
• 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

+77.7% since first listed

3 events — show timeline

• 2026-06-09 Listed $93,300 NEIRBR as distributed by MLS GRID
• 2019-03-15 Sold (MLS) $49,000 NEIRBR as distributed by MLS GRID
• 2018-11-19 Listed $52,500 NEIRBR as distributed by MLS GRID

Property tax history

+1.2%/yr

Latest (2025): $1,220 · +8.5% YoY. Source: county tax records.