2122 Bicentennial Dr · Cedar Falls, IA 50613

$189,999

2 bd · 2.0 ba · 1,824 sqft · Condo public records · 37 Days on market

Built 1980 $104/sqft · 33% below area Est $282k · 33% under $200/mo HOA · 11% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• Schools +6.6/10.0
• 1% rule +4.7/10.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A great Value! This 3 bedroom, 2.5 bath 2 story condo situated in central Cedar Falls offers a private location, main level master suite plus 2 spacious bedrooms on the second level. Great room with fireplace, 2 decks and main floor laundry too. All appliances included, new carpet, fresh paint , great storage and double garage provide a great "total package" opportunity,

Key facts

• Newer mechanicals
• Main-floor laundry
• New roof

Tags

• DEDICATED TWO-STALL GARAGE
• MAIN-LEVEL PRIMARY BEDROOM
• MAIN-FLOOR LAUNDRY
• NEWER MECHANICALS
• NEW ROOF
• HOA TAKES CARE OF SNOW REMOVAL

Property features AI

Finance

• HOA & community: Homeowners association with $200 monthly fee

Exterior

• Parking: Detached carport with 2 spaces
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Residential condominium
• Construction: Vinyl siding; Asphalt roof; Basement with concrete floor
• Exterior features: Deck; Irregular-shaped lot

Interior

• Kitchen: Dishwasher; Oven; Refrigerator
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Gas water heater
• Interior features: Gas fireplace in the living room; Water softener; Sump pump in basement
• Laundry & utility: Washer and dryer included; Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $-21 ($-251/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (2.5% below list).
• Recommended offer: $184k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.1% in Cedar Falls — 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 (#60 in IA, #1,357 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Cedar Falls Community School District (urban): math 76% / reading 79% proficiency, ranked #45 of 289 in IA (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Cedar Heights Elementary School (math 70% / reading 74%, grade A-, #181 of 616 statewide, top 34%, 474 students, 40% FRL); Peet Junior High School (math 79% / reading 80%, grade A+, #35 of 246 statewide, top 16%, 670 students, 27% FRL); Cedar Falls High School (math 74% / reading 78%, grade A-, #75 of 336 statewide, top 23%, 1,302 students, 24% FRL).
• Market conditions: Rents rising (+2.0%/yr); 387 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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 37 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $126k; list at $190k implies a 51% gain — meaningful room to come down on a strong offer.

Recommended offer $184,299 (3.0% 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 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.97% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 8.5

CMA / ARV

• ARV (median comp): $282,357
• List price: $189,999
• Delta: -32.71%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.97% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-33,885
• Equity at exit: $28,329

10-year hold

• IRR: -12.9%
• Equity multiple: 0.28×
• Total profit: $-38,316
• Equity at exit: $16,428

Cash invested: $53,200 (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 50613

• Rents YoY: 2.0%
• Active inventory: 387
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,852 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$208 /mo · $2,500/yr
• Insurance: −$79
• HOA: −$200
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $-21

Break-even live

Break-even rent $1,878

Max offer price $186,309

Occupancy floor 96%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3856 Jay Ln Waterloo, IA	3.0	3.5	1520	$1,975	$1.30	43d	1	0.84mi
725 Melendy Ln Cedar Falls, IA	3.0	2.0	1526	$2,800	$1.83	43d	1	1.27mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $189,999 Active 37 DOM
2. 2026-06-18
   days on market $189,999 Active 36 DOM
3. 2026-06-17
   days on market $189,999 Active 35 DOM
4. 2026-06-16
   days on market $189,999 Active 34 DOM
5. 2026-06-15
   days on market $189,999 Active 33 DOM
6. 2026-06-14
   days on market $189,999 Active 31 DOM
7. 2026-06-13
   days on market $189,999 Active 30 DOM
8. 2026-06-10
   days on market $189,999 Active 28 DOM
9. 2026-06-09
   days on market $189,999 Active 27 DOM
10. 2026-06-08
    days on market $189,999 Active 26 DOM
11. 2026-06-07
    days on market $189,999 Active 25 DOM
12. 2026-06-05
    days on market $189,999 Active 22 DOM
13. 2026-06-03
    days on market $189,999 Active 21 DOM
14. 2026-06-03
    price $189,999 Active 20 DOM
15. 2026-06-02
    days on market $199,000 Active 20 DOM
16. 2026-06-01
    days on market $199,000 Active 19 DOM
17. 2026-05-31
    days on market $199,000 Active 18 DOM
18. 2026-05-30
    days on market $199,000 Active 17 DOM
19. 2026-05-12
    listed $199,000 Active 1615-char remark
20. 2026-03-20
    price $199,000
21. 2016-02-08
    soldstatus $125,500
22. 2015-12-16
    soldstatus $125,250

    Show marketing remark (383 chars)

    A great Value! This 3 bedroom, 2.5 bath 2 story condo situated in central Cedar Falls offers a private location, main level master suite plus 2 spacious bedrooms on the second level. Great room with fireplace, 2 decks and main floor laundry too. All appliances included, new carpet, fresh paint , great storage and double garage provide a great "total package" opportunity,

23. 2015-09-24
    listed $129,500

    Show marketing remark (383 chars)

    A great Value! This 3 bedroom, 2.5 bath 2 story condo situated in central Cedar Falls offers a private location, main level master suite plus 2 spacious bedrooms on the second level. Great room with fireplace, 2 decks and main floor laundry too. All appliances included, new carpet, fresh paint , great storage and double garage provide a great "total package" opportunity,

24. 2012-09-05
    soldstatus $112,500

ⓘ 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: $2,500 · $208/mo
• Projected year-2 tax: $2,741 · $228/mo
• Expected delta: +$241/yr (+$20/mo · 9.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 15 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: $22,223
• − Mortgage interest: −$10,643
• − Property taxes: −$2,500
• − Insurance: −$950
• − Repairs & maintenance: −$1,778
• − Management: −$1,778
• − HOA: −$2,400
• − Depreciation: −$5,527
• Taxable loss: −$3,353
• Est. tax savings @ 24.0%: +$805
• After-tax cash flow: $554/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: Cedar Falls Community School District
• NCES district ID: 1906510
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 79% ▼ -2.00%
• Median HH income: $53,634
• Composite: 65.93/100
• National rank: #443
• State rank: #45 of 289 in IA

Livability — Cedar Falls

• Score: 81/100
• State rank: #60
• US rank: #1357

Category grades

Amenities D 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: Cedar Falls, IA
• County: Black Hawk County · 112,933 people
• City population: 43,867
• Metro: Waterloo-Cedar Falls, IA
• Population (ZIP): 43,867
• Household income: $78,503
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 1514.0

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 (90%)
• Race & ethnicity: White 90% Asian 3% Two or more races 3% Hispanic / Latino 3% Black 1%
• Common ancestry: Portuguese 6% Italian 3% Iranian 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -175.51%
• Current HPI: 169.0591
• Rent YoY: ▲ 1.97%
• 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

+68.9% since first listed

7 events — show timeline

• 2026-06-02 Price Changed $189,999 NEIRBR as distributed by MLS GRID
• 2026-05-12 Listed $199,000 NEIRBR as distributed by MLS GRID
• 2026-03-20 Price Changed $199,000 NEIRBR as distributed by MLS GRID
• 2016-02-08 Sold (Public Records) $125,500 Public Records
• 2015-12-16 Sold (MLS) $125,250 NEIRBR as distributed by MLS GRID
• 2015-09-24 Listed $129,500 NEIRBR as distributed by MLS GRID
• 2012-09-05 Sold (Public Records) $112,500 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,500 · +2.9% YoY. Source: county tax records.