915 Evergreen Ave · Waterloo, IA 50701

$74,900

1 bd · 1.0 ba · 464 sqft · SingleFamily public records · 87 Days on market

Built 1946 6,517 sqft lot $161/sqft · 6% below area Est $80k · 6% 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 +19.2/30.0
• ARV discount +10.4/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• 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

Whether you are a first-time homebuyer, a savvy investor, or looking to downsize without sacrificing charm, this "little gem" is the perfect find. This cozy one-bedroom, one-bathroom cottage sits on a spacious corner lot, offering endless potential for outdoor entertaining, future expansion, or the garden of your dreams. Inside, the home feels bright and welcoming, featuring an updated kitchen and a comfortable living area styled with neutral tones. Practicality meets peace of mind with a dedicated laundry and utility room, alongside a massive list of updates completed within the last five years—including the electrical, plumbing, furnace, water heater, windows, flooring, exterior door, and the roof. Conveniently located between University Ave and Highway 218, this home offers an effortless commute while providing a move-in-ready retreat. Don’t miss your chance to own a updated home that balances modern reliability with timeless cottage appeal.

Key facts

• Dedicated laundry
• Updated kitchen
• Corner lot

Tags

• CORNER LOT
• UPDATED KITCHEN
• DEDICATED LAUNDRY
• MOVE-IN-READY RETREAT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $80 ($963/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($751 rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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; 287 units permitted in Black Hawk County in 2024 (67 in 5+ unit buildings).
• This rent is only 15% 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 $518 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 87 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $26k; list at $75k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — 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: 1.00% ✓
• Cap rate: 7.58%
• Cash-on-cash: 4.59%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $80,024
• List price: $74,900
• Delta: -6.40%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
841 Knoll Ave	0.29mi	1/1.0	480 (+3%)	20mo	$110,000	$229	64
1820 Falls Ave	0.21mi	2/1.0 (+1)	520 (+12%)	3mo	$51,250	$99	62

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: -8.2%
• Equity multiple: 0.69×
• Total profit: $-6,407
• Equity at exit: $11,168

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $3,580
• Equity at exit: $6,476

Cash invested: $20,972 (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: 8.3×

Monthly cashflow live

• Estimated rent: $751 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$89 /mo · $1,068/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$158
• Net cashflow: $80

Break-even live

Break-even rent $649

Max offer price $74,900

Occupancy floor 84%

Sensitivity live

Price	-10% $123	-5% $101	+0% $80	+5% $59	+10% $38
Rent	-10% $21	-5% $51	+0% $80	+5% $110	+10% $140
Rate	-1.0pp $118	-0.5pp $99	base $80	+0.5pp $61	+1.0pp $41

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $74,900 Active 87 DOM
2. 2026-06-19
   days on market $74,900 Active 85 DOM
3. 2026-06-18
   days on market $74,900 Active 84 DOM
4. 2026-06-17
   days on market $74,900 Active 83 DOM
5. 2026-06-16
   days on market $74,900 Active 82 DOM
6. 2026-06-15
   days on market $74,900 Active 81 DOM
7. 2026-06-14
   days on market $74,900 Active 79 DOM
8. 2026-06-13
   days on market $74,900 Active 78 DOM
9. 2026-06-10
   days on market $74,900 Active 76 DOM
10. 2026-06-09
    days on market $74,900 Active 75 DOM
11. 2026-06-08
    days on market $74,900 Active 74 DOM
12. 2026-06-07
    days on market $74,900 Active 73 DOM
13. 2026-06-05
    days on market $74,900 Active 70 DOM
14. 2026-06-03
    days on market $74,900 Active 69 DOM
15. 2026-06-02
    days on market $74,900 Active 68 DOM
16. 2026-06-01
    days on market $74,900 Active 67 DOM
17. 2026-05-31
    days on market $74,900 Active 66 DOM
18. 2026-05-30
    days on market $74,900 Active 65 DOM
19. 2026-04-21
    price $74,900 980-char remark

    Show marketing remark (980 chars)

    Whether you are a first-time homebuyer, a savvy investor, or looking to downsize without sacrificing charm, this "little gem" is the perfect find. This cozy one-bedroom, one-bathroom cottage sits on a spacious corner lot, offering endless potential for outdoor entertaining, future expansion, or the garden of your dreams. Inside, the home feels bright and welcoming, featuring an updated kitchen and a comfortable living area styled with neutral tones. Practicality meets peace of mind with a dedicated laundry and utility room, alongside a massive list of updates completed within the last five years—including the electrical, plumbing, furnace, water heater, windows, flooring, exterior door, and the roof. Conveniently located between University Ave and Highway 218, this home offers an effortless commute while providing a move-in-ready retreat. Don’t miss your chance to own a updated home that balances modern reliability with timeless cottage appeal.

20. 2026-03-26
    listed $78,500 Active 980-char remark

    Show marketing remark (980 chars)

    Whether you are a first-time homebuyer, a savvy investor, or looking to downsize without sacrificing charm, this "little gem" is the perfect find. This cozy one-bedroom, one-bathroom cottage sits on a spacious corner lot, offering endless potential for outdoor entertaining, future expansion, or the garden of your dreams. Inside, the home feels bright and welcoming, featuring an updated kitchen and a comfortable living area styled with neutral tones. Practicality meets peace of mind with a dedicated laundry and utility room, alongside a massive list of updates completed within the last five years—including the electrical, plumbing, furnace, water heater, windows, flooring, exterior door, and the roof. Conveniently located between University Ave and Highway 218, this home offers an effortless commute while providing a move-in-ready retreat. Don’t miss your chance to own a updated home that balances modern reliability with timeless cottage appeal.

21. 2012-08-28
    soldstatus $26,000

ⓘ 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: $1,068 · $89/mo
• Projected year-2 tax: $1,122 · $93/mo
• Expected delta: +$54/yr (+$4/mo · 5.1%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $9,012
• − Mortgage interest: −$4,196
• − Property taxes: −$1,068
• − Insurance: −$374
• − Repairs & maintenance: −$721
• − Management: −$721
• − Depreciation: −$2,179
• Taxable loss: −$247
• Est. tax savings @ 24.0%: +$59
• After-tax cash flow: $1,023/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

+188.1% since first listed

3 events — show timeline

• 2026-04-21 Price Changed $74,900 NEIRBR as distributed by MLS GRID
• 2026-03-26 Listed $78,500 NEIRBR as distributed by MLS GRID
• 2012-08-28 Sold (Public Records) $26,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $1,068 · +8.5% YoY. Source: county tax records.