516 Upton Ave · Waterloo, IA 50701

$80,000

2 bd · 1.0 ba · 616 sqft · SingleFamily public records · 367 Days on market

Built 1929 4,535 sqft lot $130/sqft · 11% below area Est $90k · 11% under

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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).

• Cash flow +18.8/30.0
• ARV discount +12.6/15.0
• DSCR +5.9/10.0
• 1% rule +5.1/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

Key facts

• Flex space
• Basement bonus room
• Home office

Tags

• BASEMENT BONUS ROOM
• NON-CONFORMING THIRD BEDROOM
• HOME OFFICE
• FLEX SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $81 ($968/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($809 rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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: Fred Becker Elementary School (math 57% / reading 47%, grade C-, #494 of 616 statewide, top 83%, 473 students, 76% FRL); Central Middle School (math 49% / reading 46%, grade C-, #226 of 246 statewide, top 92%, 471 students, 85% FRL); East High School (math 39% / reading 58%, grade D, #317 of 336 statewide, top 94%, 1,022 students, 73% FRL) — zoned schools average 78% FRL vs 58% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.8%/yr); 285 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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 $553 of loan paydown is wiped out by about $2k 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 367 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 367 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 1929 — 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: 1.01% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.32%
• DSCR: 1.19
• GRM: 8.2

CMA / ARV

• ARV (median comp): $90,235
• List price: $80,000
• Delta: -11.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 Evergreen Ave	0.48mi	1/1.0 (-1)	568 (-8%)	5mo	$42,500	$75	55
1025 Dundee Ave	0.53mi	2/1.0	628 (+2%)	21mo	$139,900	$223	55
1129 Wallgate Ave	0.55mi	1/1.0 (-1)	572 (-7%)	4mo	$82,500	$144	54
718 Wallgate Ave	0.27mi	2/1.0	700 (+14%)	16mo	$89,000	$127	51
1313 Wallgate Ave	0.70mi	2/1.0	684 (+11%)	14mo	$122,000	$178	37

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-7,154
• Equity at exit: $11,928

10-year hold

• IRR: 1.9%
• Equity multiple: 1.14×
• Total profit: $3,188
• Equity at exit: $6,917

Cash invested: $22,400 (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: 285
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $809 high
• Mortgage (P&I): −$420
• Tax from tax record: −$106 /mo · $1,268/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $81

Break-even live

Break-even rent $707

Max offer price $80,000

Occupancy floor 85%

Sensitivity live

Price	-10% $126	-5% $103	+0% $81	+5% $58	+10% $35
Rent	-10% $17	-5% $49	+0% $81	+5% $113	+10% $145
Rate	-1.0pp $121	-0.5pp $101	base $81	+0.5pp $60	+1.0pp $39

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1653 Carriage Hill Dr #1 Waterloo, IA	2.0	1.0	721	$795	$1.10	22d	1	0.75mi
1124 Kern St Waterloo, IA	2.0	1.0	740	$950	$1.28	45d	1	0.88mi
661 Dawson St Waterloo, IA	2.0	1.0	704	$895	$1.27	22d	1	1.29mi
657 Dawson St Waterloo, IA	2.0	1.0	692	$810	$1.17	45d	1	1.30mi
211 W Wellington St Unit 211 1/2 Wellington Waterloo, IA	1.0	1.0	600	$600	$1.00	45d	1	1.33mi
209 Baltimore St Waterloo, IA	1.0	1.0	618	$650	$1.05	45d	1	1.39mi
130 Sherwood Ct Waterloo, IA	1.0	1.0	490	$695	$1.42	22d	1	1.40mi
125 Sherwood Ct Waterloo, IA	1.0	1.0	490	$625	$1.28	45d	2	1.40mi
125 Sherwood Ct Unit 6 Waterloo, IA	1.0	1.0	490	$625	$1.28	22d	1	1.40mi
120 Sherwood Ct Unit 1 Waterloo, IA	1.0	1.0	490	$625	$1.28	22d	1	1.41mi
102 1/2 South St Waterloo, IA	1.0	1.0	668	$550	$0.82	22d	1	1.44mi
21 W Jefferson St Waterloo, IA	1.0	1.0	711	$1,410	$1.98	22d	6	1.46mi
1118 Tiffany Pl #3 Waterloo, IA	1.0	1.0	718	$750	$1.04	45d	1	1.48mi

Listing history 10 events

1. 2026-05-13
   price $80,000 459-char remark

   Show marketing remark (459 chars)

   Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

2. 2026-04-03
   price $90,000 459-char remark

   Show marketing remark (459 chars)

   Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

3. 2025-11-21
   price $94,900 459-char remark

   Show marketing remark (459 chars)

   Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

4. 2025-08-18
   price $99,900 459-char remark

   Show marketing remark (459 chars)

   Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

5. 2025-07-01
   price $109,000 459-char remark

   Show marketing remark (459 chars)

   Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

6. 2025-06-05
   price $112,500 459-char remark

   Show marketing remark (459 chars)

   Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

7. 2025-05-23
   listed $115,000 Active 459-char remark

   Show marketing remark (459 chars)

   Welcome home to this 2-bedroom, 1-bath property offering comfortable living with added versatility. The main level features a functional layout with two bedrooms, a full bathroom, and a bright living space that flows easily into the kitchen and dining area. This home offers a great balance of practicality and potential, making it a solid option for homeowners or investors alike. Schedule your showing today and see the possibilities this home has to offer.

8. 2025-01-23
   soldstatus $75,000
9. 2024-03-01
   soldstatus $47,000
10. 2023-09-12
    price $58,000

ⓘ 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: $1,268 · $106/mo
• Projected year-2 tax: $1,268 · $106/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $9,709
• − Mortgage interest: −$4,481
• − Property taxes: −$1,268
• − Insurance: −$400
• − Repairs & maintenance: −$777
• − Management: −$777
• − Depreciation: −$2,327
• Taxable loss: −$321
• Est. tax savings @ 24.0%: +$77
• After-tax cash flow: $1,045/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

+37.9% since first listed

10 events — show timeline

• 2026-05-13 Price Changed $80,000 NEIRBR as distributed by MLS GRID
• 2026-04-03 Price Changed $90,000 NEIRBR as distributed by MLS GRID
• 2025-11-21 Price Changed $94,900 NEIRBR as distributed by MLS GRID
• 2025-08-18 Price Changed $99,900 NEIRBR as distributed by MLS GRID
• 2025-07-01 Price Changed $109,000 NEIRBR as distributed by MLS GRID
• 2025-06-05 Price Changed $112,500 NEIRBR as distributed by MLS GRID
• 2025-05-23 Listed $115,000 NEIRBR as distributed by MLS GRID
• 2025-01-23 Sold (Public Records) $75,000 Public Records
• 2024-03-01 Sold (Public Records) $47,000 Public Records
• 2023-09-12 Price Changed $58,000 NEIRBR as distributed by MLS GRID

Property tax history

+4.7%/yr

Latest (2025): $1,268 · +8.6% YoY. Source: county tax records.