509 E Bremer Ave · Waverly, IA 50677

$144,900

4 bd · 1.0 ba · 1,360 sqft · SingleFamily public records · 48 Days on market

Built 1903 4,356 sqft lot Est $170k · 15% under

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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 +27.0/30.0
• ARV discount +14.1/15.0
• DSCR +9.3/10.0
• 1% rule +6.8/10.0
• Schools +6.6/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't wait to take a look at this lovely home just on the edge of downtown Waverly! This four bedroom home has had a ton of recent updates and is completely move-in ready. You walk into your large living room with a connection to your very own eat-in-kitchen. Two bedrooms and a full bath round out the main level. Upstairs you will find two very large bedrooms. With newer flooring throughout, a newer furnace and water heater, there isn't much you need to do besides move in. Keep it as a rental or buy it for yourself. Make it yours today!

Key facts

• Eat-in-kitchen
• Newer flooring
• Newer furnace

Tags

• LARGE LIVING ROOM
• EAT-IN-KITCHEN
• NEWER FLOORING
• NEWER FURNACE
• NEWER WATER HEATER

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Zoned R-1
• Construction: Vinyl siding; Block basement
• Exterior features: Asphalt roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Natural gas heating
• Interior features: No fireplace reported; Basement present with block construction

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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: cost of living A+, housing A+, health & safety 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.
• Zoned schools: Waverly-Shell Rock Middle School (math 79% / reading 73%, grade A, #59 of 246 statewide, top 26%, 699 students, 22% FRL); Waverly-Shell Rock Senior High School (math 79% / reading 78%, grade A-, #50 of 336 statewide, top 15%, 771 students, 20% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 127 active listings in the ZIP; 2 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 $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $63k; list at $145k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.18% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.95%
• DSCR: 1.53
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $170,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 E Bremer Ave	0.00mi	4/1.0	1,360 (0%)	1mo	$135,000	$99	99
317 4th St St NE	0.19mi	3/1.0 (-1)	1,336 (-2%)	10mo	$215,000	$161	75
1020 NE 2nd Ave	0.34mi	3/1.5 (-1)	1,356 (-0%)	13mo	$187,900	$139	65
722 NW 3rd St St	0.68mi	3/2.0 (-1)	1,362 (+0%)	5mo	$164,900	$121	55
311 2nd Ave Ave SW	0.59mi	3/1.0 (-1)	1,302 (-4%)	7mo	$199,900	$154	55
721 SE 4th St	0.51mi	3/2.0 (-1)	1,460 (+7%)	6mo	$214,900	$147	50
502 NW 5th Ave	0.75mi	3/1.0 (-1)	1,347 (-1%)	11mo	$144,300	$107	49
1025 NE 3rd Ave	0.43mi	3/2.0 (-1)	1,482 (+9%)	10mo	$227,000	$153	48
212 NW 2nd Ave Ave	0.53mi	4/1.5	1,513 (+11%)	8mo	$164,500	$109	48
415 NW 5th St	0.71mi	4/2.0	1,498 (+10%)	4mo	$155,000	$103	43
204 3rd Ave Ave NW	0.54mi	3/1.5 (-1)	1,512 (+11%)	8mo	$153,500	$102	43
417 NW 2nd Ave	0.64mi	3/1.5 (-1)	1,180 (-13%)	6mo	$148,000	$125	36

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: 1.4%
• Equity multiple: 1.06×
• Total profit: $2,234
• Equity at exit: $21,605

10-year hold

• IRR: 11.0%
• Equity multiple: 1.86×
• Total profit: $35,028
• Equity at exit: $12,528

Cash invested: $40,572 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,705 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$122 /mo · $1,470/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $404

Break-even live

Break-even rent $1,193

Max offer price $144,900

Occupancy floor 71%

Sensitivity live

Price	-10% $486	-5% $445	+0% $404	+5% $363	+10% $322
Rent	-10% $269	-5% $337	+0% $404	+5% $471	+10% $539
Rate	-1.0pp $477	-0.5pp $441	base $404	+0.5pp $366	+1.0pp $328

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	1.24mi
2103-2123 4th St SW Waverly, IA	3.0	2.5	1200	$1,675	$1.40	22d	1	1.45mi

Listing history 4 events

1. 2026-04-23
   status Pending
2. 2026-04-15
   price $144,900
3. 2026-03-06
   listed $149,000 Active
4. 2007-01-25
   soldstatus $63,000

ⓘ 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: $1,470 · $122/mo
• Projected year-2 tax: $1,872 · $156/mo
• Expected delta: +$402/yr (+$34/mo · 27.4%)

ⓘ 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 3/10 Moderate
• 🌡 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: $20,455
• − Mortgage interest: −$8,117
• − Property taxes: −$1,470
• − Insurance: −$724
• − Repairs & maintenance: −$1,636
• − Management: −$1,636
• − Depreciation: −$4,215
• Taxable income: $2,656
• Est. tax owed @ 24.0%: −$637
• After-tax cash flow: $4,209/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

+130.0% since first listed

4 events — show timeline

• 2026-04-23 Pending — NEIRBR as distributed by MLS GRID
• 2026-04-15 Price Changed $144,900 NEIRBR as distributed by MLS GRID
• 2026-03-06 Listed $149,000 NEIRBR as distributed by MLS GRID
• 2007-01-25 Sold (Public Records) $63,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $1,470 · +6.2% YoY. Source: county tax records.