415 Cutler St · Waterloo, IA 50703

$90,000

3 bd · 1.0 ba · 1,354 sqft · SingleFamily public records · 6 Days on market

Built 1920 6,450 sqft lot Est $76k · 19% over

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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 +28.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +4.4/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3-Bedroom with Historic Character Move-In Ready Style Meets Everyday Function Step into this spacious 1,354 sq. ft. single-family home, built in 1920, combining timeless craftsmanship with functional living spaces. Featuring an expansive 3-bedroom, 1-bathroom footprint, this property stands out with distinct historic character and structural versatility. Classic Craftsmanship: Rich, beautiful original woodwork flows throughout the main living areas and formal dining room. Indoor-Outdoor Appeal: Enjoy a welcoming, enclosed front porch—ideal for seasonal relaxation—and a generous, level backyard. Functional Layout: A full, unfinished basement provides extensive storage or

Key facts

• Level backyard
• Historic character
• Original woodwork

Tags

• HISTORIC CHARACTER
• ORIGINAL WOODWORK
• ENCLOSED FRONT PORCH
• LEVEL BACKYARD
• OFF-STREET PARKING

Property features AI

Exterior

• Parking: No dedicated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Aluminum siding; Below-grade finished area (basement) present
• Exterior features: Asphalt roof; Alley access with paved road

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Basement with block construction; No fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 10.2% 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: Lincoln Elementary School (math 38% / reading 42%, grade F, #576 of 616 statewide, top 94%, 471 students, 86% FRL); George Washington Carver Academy (math 36% / reading 43%, grade F, #240 of 246 statewide, top 98%, 442 students, 91% 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 (25 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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $622 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.27% ✓
• Cap rate: 10.18%
• Cash-on-cash: 13.89%
• DSCR: 1.62
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $75,824
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
914 Lincoln St	0.21mi	3/1.0	1,380 (+2%)	3mo	$29,000	$21	84
236 Boston Ave	0.32mi	3/1.0	1,403 (+4%)	11mo	$75,000	$53	70
126 Hope Avenue Ave	0.15mi	3/1.0	1,185 (-12%)	6mo	$56,000	$47	67
221 Center St	0.43mi	3/1.0	1,291 (-5%)	6mo	$38,000	$29	67
1326 Barclay St	0.60mi	3/1.0	1,375 (+2%)	10mo	$75,000	$55	61
116 Conger St St	0.27mi	4/1.0 (+1)	1,546 (+14%)	0mo	$70,000	$45	58
708 Newton St St	0.59mi	4/1.0 (+1)	1,285 (-5%)	7mo	$71,500	$56	53
233 Quincy St	0.52mi	2/0.5 (-1)	1,454 (+7%)	6mo	$98,750	$68	52
400 Charles St	0.50mi	3/1.0	1,183 (-13%)	9mo	$90,000	$76	48
628 W Parker St	0.48mi	3/1.0	1,541 (+14%)	10mo	$147,000	$95	46
2811 E 4th St St	0.70mi	3/1.0	1,189 (-12%)	3mo	$82,000	$69	45
813 Kern St	0.73mi	4/1.0 (+1)	1,183 (-13%)	4mo	$165,000	$139	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 · 6.67% rent growth · sell at horizon

5-year hold

• IRR: 8.1%
• Equity multiple: 1.33×
• Total profit: $8,386
• Equity at exit: $13,419

10-year hold

• IRR: 20.3%
• Equity multiple: 3.01×
• Total profit: $50,647
• Equity at exit: $7,782

Cash invested: $25,200 (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 50703

• Rents YoY: 6.7%
• Active inventory: 99
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,143 high
• Mortgage (P&I): −$472
• Tax from tax record: −$102 /mo · $1,224/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $292

Break-even live

Break-even rent $774

Max offer price $90,000

Occupancy floor 69%

Sensitivity live

Price	-10% $343	-5% $317	+0% $292	+5% $266	+10% $241
Rent	-10% $201	-5% $247	+0% $292	+5% $337	+10% $382
Rate	-1.0pp $337	-0.5pp $315	base $292	+0.5pp $268	+1.0pp $245

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Cutler St Waterloo, IA	3.0	1.5	1566	$1,200	$0.77	22d	1	0.07mi
203 Reed St Waterloo, IA	3.0	1.5	1492	$1,200	$0.80	22d	1	0.21mi
1125 Ackermant St Waterloo, IA	3.0	2.0	1202	$1,100	$0.92	22d	1	0.27mi
824 Logan Ave Waterloo, IA	4.0	2.0	1572	$1,425	$0.91	22d	1	0.35mi
306 Charles St Waterloo, IA	3.0	1.0	916	$925	$1.01	45d	1	0.42mi
214 Edwards St Waterloo, IA	3.0	1.0	1150	$825	$0.72	22d	1	0.46mi
401 Charles St Waterloo, IA	3.0	1.0	1276	$995	$0.78	45d	1	0.49mi
405 W Donald St Waterloo, IA	2.0–3.0	1.0	880	$1,000	$1.14	22d	4	0.70mi
739 Sherman Ave Waterloo, IA	3.0	1.0	875	$925	$1.06	45d	1	0.70mi
311 E 3rd St Waterloo, IA	2.0	2.0	1154	$1,500	$1.30	22d	1	1.12mi
919 Oneida St Waterloo, IA	3.0	1.0	1144	$930	$0.81	45d	1	1.21mi
45 W Jefferson St Waterloo, IA	1.0–2.0	1.0–2.0	1062	$1,750	$1.65	22d	9	1.35mi
910 Mulberry St Apt 3 Waterloo, IA	2.0	1.0	1064	$695	$0.65	22d	1	1.42mi
824 Sycamore St Unit 824-09 Waterloo, IA	2.0	2.0	1054	$1,250	$1.19	45d	1	1.49mi

Listing history 6 events

1. 2026-06-21
   days on market $90,000 Active 6 DOM
2. 2026-06-19
   days on market $90,000 Active 4 DOM
3. 2026-06-18
   days on market $90,000 Active 3 DOM
4. 2026-06-17
   days on market $90,000 Active 2 DOM
5. 2026-06-15
   remarks 687-char remark
6. 2026-06-15
   listed $90,000 Active 1 DOM

ⓘ 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: $1,224 · $102/mo
• Projected year-2 tax: $1,318 · $110/mo
• Expected delta: +$94/yr (+$8/mo · 7.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% 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: $13,720
• − Mortgage interest: −$5,041
• − Property taxes: −$1,224
• − Insurance: −$450
• − Repairs & maintenance: −$1,098
• − Management: −$1,098
• − Depreciation: −$2,618
• Taxable income: $2,191
• Est. tax owed @ 24.0%: −$526
• After-tax cash flow: $2,975/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

2 events — show timeline

• 2026-06-10 Listed $90,000 NEIRBR as distributed by MLS GRID
• 2022-01-16 Price Changed $825 RENT.

Property tax history

+0.7%/yr

Latest (2025): $1,224 · +3.9% YoY. Source: county tax records.