1932 Plymouth Ave · Waterloo, IA 50702

$98,000

2 bd · 1.0 ba · 679 sqft · SingleFamily public records · 1 Days on market

Built 1937 5,080 sqft lot Est $116k · 16% under

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Why this score? — see what drove the D+ 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 +14.5/15.0
• Cash flow +13.0/30.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• DSCR +3.9/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Packed with potential! This fantastic two bed, one bath home in Waterloo is an amazing opportunity. A convenient front entry is a fantastic space to enter into the home or use as a dropzone. Transitioning into a great living room with plenty of natural light, it is a great space for hanging out. The kitchen offers plenty of cabinetry and counter space, white appliances and features wood detail. This incredible opportunity also features two bedrooms and a bathroom to share. Outside, the back patio and large fenced in backyard is sure to please. A detached one stall garage and a utility shed add awesome outdoor storage space. Be sure to check it out! You won’t want to miss this one!

Key facts

• Large deck
• Stone accent wall
• Nicely sized yard

Tags

• UPDATED BATHROOM
• NEW FLOORING
• STONE ACCENT WALL
• LARGE DECK
• NICELY SIZED YARD
• STORAGE SHED

Property features AI

Exterior

• Parking: Detached carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Residential single-family home; Gravel road access; Zoning: R-2
• Construction: Vinyl siding; Shingle roof
• Exterior features: Deck; Storage structure

Interior

• Kitchen: Dishwasher; Free-standing range; Refrigerator; Gas water heater
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Basement with block construction, unfinished space and interior entry
• Laundry & utility: Laundry on lower level; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $-4 ($-54/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $87k (11.4% below list).
• Recommended offer: $87k (11.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Kittrell Elementary School (math 54% / reading 56%, grade C, #459 of 616 statewide, top 75%, 614 students, 73% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL).
• Market conditions: Rents rising (+2.7%/yr); 126 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 17% of the median local income ($62k/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 $678 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $72k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,828 (11.4% 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. Built in 1937 — 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. 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?
5. 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?
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: 0.89% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.20%
• DSCR: 0.99
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $116,109
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1920 Locke Ave	0.13mi	2/1.0	632 (-7%)	3mo	$85,000	$134	80
1924 Locke Ave	0.12mi	2/1.0	632 (-7%)	5mo	$133,000	$210	78
1802 Easton Ave	0.26mi	2/2.0	632 (-7%)	2mo	$117,000	$185	71
1015 Amherst Ave	0.65mi	2/1.0	672 (-1%)	4mo	$115,000	$171	64
1614 Plymouth Ave	0.41mi	2/1.0	703 (+4%)	14mo	$100,000	$142	63
1551 Cornwall Ave	0.57mi	2/1.0	720 (+6%)	3mo	$95,000	$132	61

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 · 2.7% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.40×
• Total profit: $-16,406
• Equity at exit: $14,612

10-year hold

• IRR: -9.4%
• Equity multiple: 0.43×
• Total profit: $-15,633
• Equity at exit: $8,473

Cash invested: $27,440 (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 50702

• Rents YoY: 2.7%
• Active inventory: 126
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $868 high
• Mortgage (P&I): −$514
• Tax from tax record: −$136 /mo · $1,628/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$182
• Net cashflow: $-4

Break-even live

Break-even rent $874

Max offer price $97,208

Occupancy floor 96%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1140 Flammang Dr Waterloo, IA	1.0	1.0	732	$745	$1.02	21d	1	0.72mi
3609 Joan Dr #1 Waterloo, IA	2.0	1.0	719	$795	$1.11	43d	1	0.91mi
333 Lamont St Waterloo, IA	2.0	1.0	720	$975	$1.35	43d	1	1.37mi
3719 W 9th St Waterloo, IA	1.0	1.0	450	$695	$1.54	43d	1	1.39mi
1014 Leavitt St Waterloo, IA	2.0	1.0	700	$1,060	$1.51	21d	2	1.44mi
3322 Tropic Ln Waterloo, IA	1.0	1.0	675	$915	$1.36	43d	1	1.45mi
1008 Leavitt St Waterloo, IA	2.0	1.0	700	$920	$1.31	21d	1	1.46mi
2006 Lafayette St Waterloo, IA	2.0	1.0	576	$650	$1.13	21d	1	1.47mi

Listing history 6 events

1. 2026-05-14
   status Pending
2. 2026-05-13
   listed $98,000 Active
3. 2022-09-28
   soldstatus $72,000
4. 2022-09-22
   soldstatus $72,000 Closed 695-char remark

   Show marketing remark (695 chars)

   Packed with potential! This fantastic two bed, one bath home in Waterloo is an amazing opportunity. A convenient front entry is a fantastic space to enter into the home or use as a dropzone. Transitioning into a great living room with plenty of natural light, it is a great space for hanging out. The kitchen offers plenty of cabinetry and counter space, white appliances and features wood detail. This incredible opportunity also features two bedrooms and a bathroom to share. Outside, the back patio and large fenced in backyard is sure to please. A detached one stall garage and a utility shed add awesome outdoor storage space. Be sure to check it out! You won’t want to miss this one!

5. 2022-08-08
   historical 695-char remark

   Show marketing remark (695 chars)

   Packed with potential! This fantastic two bed, one bath home in Waterloo is an amazing opportunity. A convenient front entry is a fantastic space to enter into the home or use as a dropzone. Transitioning into a great living room with plenty of natural light, it is a great space for hanging out. The kitchen offers plenty of cabinetry and counter space, white appliances and features wood detail. This incredible opportunity also features two bedrooms and a bathroom to share. Outside, the back patio and large fenced in backyard is sure to please. A detached one stall garage and a utility shed add awesome outdoor storage space. Be sure to check it out! You won’t want to miss this one!

6. 2022-08-03
   listed $74,000 695-char remark

   Show marketing remark (695 chars)

   Packed with potential! This fantastic two bed, one bath home in Waterloo is an amazing opportunity. A convenient front entry is a fantastic space to enter into the home or use as a dropzone. Transitioning into a great living room with plenty of natural light, it is a great space for hanging out. The kitchen offers plenty of cabinetry and counter space, white appliances and features wood detail. This incredible opportunity also features two bedrooms and a bathroom to share. Outside, the back patio and large fenced in backyard is sure to please. A detached one stall garage and a utility shed add awesome outdoor storage space. Be sure to check it out! You won’t want to miss this one!

ⓘ 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: $1,628 · $136/mo
• Projected year-2 tax: $1,628 · $136/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 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $10,419
• − Mortgage interest: −$5,490
• − Property taxes: −$1,628
• − Insurance: −$490
• − Repairs & maintenance: −$834
• − Management: −$834
• − Depreciation: −$2,851
• Taxable loss: −$1,706
• Est. tax savings @ 24.0%: +$409
• After-tax cash flow: $356/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): 20,882
• Household income: $62,021
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 479.0

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 (68%)
• Race & ethnicity: White 68% Black 14% Hispanic / Latino 9% Two or more races 5% Asian 3% Pacific Islander 3% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: American 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 15% · Canada, Philippines
• Languages at home: 79% English-only · Spanish 7% Russian/Polish/Slavic 6% Other Asian/Pacific 4%

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: ▼ -110.86%
• Current HPI: 155.4447
• Rent YoY: ▲ 2.70%
• 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

+32.4% since first listed

6 events — show timeline

• 2026-05-14 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-13 Listed $98,000 NEIRBR as distributed by MLS GRID
• 2022-09-28 Sold (Public Records) $72,000 Public Records
• 2022-09-22 Sold (MLS) $72,000 NEIRBR as distributed by MLS GRID
• 2022-08-08 Delisted — NEIRBR as distributed by MLS GRID
• 2022-08-03 Listed $74,000 NEIRBR as distributed by MLS GRID

Property tax history

+3.3%/yr

Latest (2025): $1,628 · +9.0% YoY. Source: county tax records.