2128 W Bremer Ave · Waverly, IA 50677

$210,000

2 bd · 2.5 ba · 1,694 sqft · SingleFamily public records · 60 Days on market

Built 1972 0.26 ac lot $124/sqft · 21% below area Est $210k · at est.

---

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 +11.0/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• Livability +4.3/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Selling for living estate.

Key facts

• Spacious kitchen
• Bonus room
• Full basement

Tags

• FULL BASEMENT
• CONCRETE PATIO
• SPACIOUS KITCHEN
• ABUNDANT STORAGE
• BONUS ROOM

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Metal siding
• Exterior features: Lot approximately 0.26 acres (80 x 125)

Interior

• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (17.6% below list).
• Recommended offer: $173k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.4% in Waverly — 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 86/100 on livability (#12 in IA, #406 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• Waverly-Shell Rock Community School District (town): math 79% / reading 74% proficiency, ranked #46 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 127 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 34 units permitted in Bremer County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bremer County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; list at $210k implies a 68% gain — meaningful room to come down on a strong offer.

Recommended offer $173,000 (17.6% 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. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.78%
• DSCR: 0.92
• GRM: 10.1

CMA / ARV

• ARV (median comp): $209,774
• List price: $210,000
• Delta: 0.11%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2208 NW 3rd Ave	0.18mi	3/1.5 (+1)	1,690 (-0%)	11mo	$198,000	$117	73
1904 NW 2nd Ave	0.27mi	3/1.5 (+1)	1,600 (-6%)	1mo	$208,000	$130	68
1706 NW 3rd Ave	0.42mi	3/2.5 (+1)	1,704 (+1%)	12mo	$187,000	$110	64
1700 NW 4th Ave	0.45mi	3/2.0 (+1)	1,652 (-2%)	11mo	$258,000	$156	59
1402 Leitha Ter	0.74mi	3/2.0 (+1)	1,728 (+2%)	4mo	$278,000	$161	52
1825 NW 4th Ave	0.34mi	3/1.5 (+1)	1,510 (-11%)	8mo	$195,000	$129	50
1719 NW 3rd Ave	0.38mi	3/2.0 (+1)	1,562 (-8%)	18mo	$205,000	$131	47
115 SW Iowa Ct	0.66mi	2/1.5	1,588 (-6%)	14mo	$170,000	$107	43
413 NW 17th St	0.43mi	3/2.0 (+1)	1,456 (-14%)	10mo	$230,000	$158	42
128 Red Fox Trl	0.52mi	3/2.0 (+1)	1,467 (-13%)	7mo	$399,900	$273	40
1200 4th Ave Ave SW	0.73mi	3/2.0 (+1)	1,832 (+8%)	22mo	$213,000	$116	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.33×
• Total profit: $-39,567
• Equity at exit: $31,312

10-year hold

• IRR: -11.8%
• Equity multiple: 0.29×
• Total profit: $-41,509
• Equity at exit: $18,157

Cash invested: $58,800 (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 50677

• Active inventory: 127
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,730 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$265 /mo · $3,184/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $-87

Break-even live

Break-even rent $1,841

Max offer price $194,561

Occupancy floor —

Sensitivity live

Price	-10% $31	-5% $-28	+0% $-87	+5% $-147	+10% $-206
Rent	-10% $-224	-5% $-156	+0% $-87	+5% $-19	+10% $49
Rate	-1.0pp $18	-0.5pp $-34	base $-87	+0.5pp $-142	+1.0pp $-197

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1260 Leitha Ter Waverly, IA	3.0	2.5	1200	$1,730	$1.44	22d	2	0.78mi

Listing history 23 events

1. 2026-06-21
   days on market $210,000 Active 60 DOM
2. 2026-06-19
   days on market $210,000 Active 58 DOM
3. 2026-06-18
   days on market $210,000 Active 57 DOM
4. 2026-06-17
   price $210,000 Active 56 DOM
5. 2026-06-17
   days on market $220,000 Active 56 DOM
6. 2026-06-16
   days on market $220,000 Active 55 DOM
7. 2026-06-15
   days on market $220,000 Active 54 DOM
8. 2026-06-14
   days on market $220,000 Active 52 DOM
9. 2026-06-13
   days on market $220,000 Active 51 DOM
10. 2026-06-10
    days on market $220,000 Active 49 DOM
11. 2026-06-09
    days on market $220,000 Active 48 DOM
12. 2026-06-08
    days on market $220,000 Active 47 DOM
13. 2026-06-07
    days on market $220,000 Active 46 DOM
14. 2026-06-05
    days on market $220,000 Active 43 DOM
15. 2026-06-03
    days on market $220,000 Active 42 DOM
16. 2026-06-02
    days on market $220,000 Active 41 DOM
17. 2026-06-01
    days on market $220,000 Active 40 DOM
18. 2026-05-31
    days on market $220,000 Active 39 DOM
19. 2026-05-30
    days on market $220,000 Active 38 DOM
20. 2026-04-22
    listed $240,000 Active 529-char remark
21. 2026-03-13
    soldstatus $125,000
22. 2026-02-26
    soldstatus $125,000 26-char remark

    Show marketing remark (26 chars)

    Selling for living estate.

23. 2026-01-31
    listed $125,000 26-char remark

    Show marketing remark (26 chars)

    Selling for living estate.

ⓘ 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: $3,184 · $265/mo
• Projected year-2 tax: $3,240 · $270/mo
• Expected delta: +$56/yr (+$5/mo · 1.8%)

ⓘ 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 ≥102°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: $20,760
• − Mortgage interest: −$11,763
• − Property taxes: −$3,184
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$6,109
• Taxable loss: −$4,668
• Est. tax savings @ 24.0%: +$1,120
• After-tax cash flow: $72/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: Waverly-Shell Rock Community School District
• NCES district ID: 1930540
• Math proficiency: 79% ▼ -3.00%
• Reading proficiency: 74% ▬ 0.00%
• Median HH income: $59,860
• Composite: 65.73/100
• National rank: #459
• State rank: #46 of 289 in IA

Livability — Waverly

• Score: 86/100
• State rank: #12
• US rank: #406

Category grades

Amenities C- Commute F Cost of living A+ Crime A Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waverly, IA
• Population (ZIP): 12,655

Population outlook (Bremer County) Hauer SSP2

• Today (2025): 25,557 people
• By 2030: 25,842 · +1.1%
• By 2040: 26,206 · +2.5%
• By 2050: 26,620 · +4.2%
• By 2075: 27,635 · +8.1%
• By 2100: 28,760 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Black 2% Asian 2%
• Common ancestry: Portuguese 5% Iranian 2% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Bremer

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.3%
• 2008→2024 swing: -31.5pp toward R · 2008: 9.3pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+16.1 2016: R+13.9 2012: D+2.5 2008: D+9.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -101.54%
• Current HPI: 178.9673
• Rent YoY: —
• Metro: —
• 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

+68.0% since first listed

6 events — show timeline

• 2026-06-17 Price Changed $210,000 IAR
• 2026-05-28 Price Changed $220,000 IAR
• 2026-04-22 Listed $240,000 IAR
• 2026-03-13 Sold (Public Records) $125,000 Public Records
• 2026-02-26 Sold (MLS) $125,000 IAR
• 2026-01-31 Listed $125,000 IAR

Property tax history

+1.8%/yr

Latest (2025): $3,184 · -6.4% YoY. Source: county tax records.