315 Walnut St St · Waterloo, IA 50703

$3,200,000

None bd · None ba · 87,276 sqft · Townhouse public records · 59 Days on market

Built 1922 5.76 ac lot ↓ 11% since listing

---

Why this score? — see what drove the F 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 +7.5/15.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

93 unit Senior Housing Community - Downtown Waterloo IA Located in the heart of downtown Waterloo, this well maintained apartment community offer investors a stabilized asset with a strong historical occupancy and consistent cash flow. Walnut Court Senior Housing Pro-forma available.

Key facts

• 28 parking spots
• Built 1922
• Listed 59 days

Property features AI

Finance

• Other: Zoning: R-3; Lot dimensions approximately 242 x 215 x 325; Lot size about 1.16 acres

Exterior

• Parking: On-street parking; 28 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Apartment
• Construction: Brick construction
• Exterior features: Membrane roof; Irregular lot

Interior

• Heating & cooling: Steam heating (natural gas); Window unit cooling
• Interior features: Window air conditioning units; Steam heating and natural gas heat; Laundry room
• Laundry & utility: On-site laundry room

What this means for you Summary

Snapshot

• This is a townhouse listed at $3.20M.

Deal economics

• At list price, monthly cash flow is $-23k ($-271k/yr) — negative.
• To cash-flow at today's rent, offer at most $102k (96.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (97.2% below list).
• Recommended offer: $89k (97.2% below list) — sets the bar for 1% rule.
• Cap rate -2.2% vs local median 4.2% in Waterloo — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: Cunningham School (math 32% / reading 32%, grade F, #601 of 616 statewide, top 98%, 376 students, 90% 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 83% FRL vs 58% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 99 active listings in the ZIP; 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 $22k of loan paydown is wiped out by about $96k 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 59 days — a 3% lower offer ($3.10M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,208 (97.2% 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 59 days. Have you received any prior offers? Is the seller open to a 97% concession, seller financing, or rate buy-down credit?
3. Built in 1922 — 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. 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. 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: 0.03% ✗
• Cap rate: -2.17%
• Cash-on-cash: -30.23%
• DSCR: -0.35
• GRM: 298.9

CMA / ARV

• ARV (median comp): $241,347
• List price: $3,200,000
• Delta: 1225.89%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.67% rent growth · sell at horizon

5-year hold

• IRR: -88.5%
• Equity multiple: -1.18×
• Total profit: $-1,952,084
• Equity at exit: $477,130

10-year hold

• IRR: —
• Equity multiple: -2.94×
• Total profit: $-3,533,022
• Equity at exit: $276,678

Cash invested: $896,000 (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: 99
• Price-to-rent: 298.9×

Monthly cashflow live

• Estimated rent: $892 medium
• Mortgage (P&I): −$16,781
• Tax from tax record: −$5,163 /mo · $61,960/yr
• Insurance: −$1,333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $-22,573

Break-even live

Break-even rent $29,466

Max offer price $101,977

Occupancy floor —

Sensitivity live

Price	-10% $-20,762	-5% $-21,667	+0% $-22,573	+5% $-23,479	+10% $-24,385
Rent	-10% $-22,644	-5% $-22,608	+0% $-22,573	+5% $-22,538	+10% $-22,503
Rate	-1.0pp $-20,962	-0.5pp $-21,759	base $-22,573	+0.5pp $-23,402	+1.0pp $-24,246

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: $800,000
• Closing costs: $96,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $3,200,000 Active 59 DOM
2. 2026-06-19
   days on market $3,200,000 Active 57 DOM
3. 2026-06-18
   days on market $3,200,000 Active 56 DOM
4. 2026-06-17
   days on market $3,200,000 Active 55 DOM
5. 2026-06-16
   days on market $3,200,000 Active 54 DOM
6. 2026-06-15
   price $3,200,000 Active 53 DOM
7. 2026-06-15
   days on market $3,600,000 Active 53 DOM
8. 2026-06-14
   days on market $3,600,000 Active 51 DOM
9. 2026-06-13
   days on market $3,600,000 Active 50 DOM
10. 2026-06-10
    days on market $3,600,000 Active 48 DOM
11. 2026-06-09
    days on market $3,600,000 Active 47 DOM
12. 2026-06-08
    days on market $3,600,000 Active 46 DOM
13. 2026-06-07
    days on market $3,600,000 Active 45 DOM
14. 2026-06-05
    days on market $3,600,000 Active 42 DOM
15. 2026-06-03
    days on market $3,600,000 Active 41 DOM
16. 2026-06-02
    days on market $3,600,000 Active 40 DOM
17. 2026-06-01
    days on market $3,600,000 Active 39 DOM
18. 2026-05-31
    days on market $3,600,000 Active 38 DOM
19. 2026-05-30
    days on market $3,600,000 Active 37 DOM
20. 2026-02-27
    listed $3,600,000 Active 284-char remark

ⓘ 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: $61,960 · $5,163/mo
• Projected year-2 tax: $61,960 · $5,163/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 5/10 Major FEMA zone X · 53% 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: $10,705
• − Mortgage interest: −$179,250
• − Property taxes: −$61,960
• − Insurance: −$16,000
• − Repairs & maintenance: −$856
• − Management: −$856
• − Depreciation: −$93,091
• Taxable loss: −$341,308
• Est. tax savings @ 24.0%: +$81,914
• After-tax cash flow: $-188,963/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

-11.1% since first listed

2 events — show timeline

• 2026-06-15 Price Changed $3,200,000 NEIRBR as distributed by MLS GRID
• 2026-02-27 Listed $3,600,000 NEIRBR as distributed by MLS GRID

Property tax history

+2.4%/yr

Latest (2025): $61,960 · +8.4% YoY. Source: county tax records.