524 Vermont St · Waterloo, IA 50702

$89,900

4 bd · 2.0 ba · 1,477 sqft · SingleFamily public records · 13 Days on market

Built 1910 6,538 sqft lot $61/sqft · 22% below area Est $116k · 22% under ↓ 31% since listing

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Why this score? — see what drove the B 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +8.2/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

If you have been looking for a project with potential, this could be the one. Plenty of room, character, and opportunity to make it shine again. Ideal for buyers ready to bring their vision and updates to life. This 2-story estate property offers an enclosed front porch, main floor bedroom, formal dining room, living room with fireplace, and a nice-sized kitchen. Upstairs you will find 3 decent-sized bedrooms and a full bath. Small lot for easier maintenance and detached 1-stall garage. Property is being sold as-is. Utilities are not currently on.

Key facts

• Formal dining room
• Nice-sized kitchen
• Enclosed front porch

Tags

• ENCLOSED FRONT PORCH
• FORMAL DINING ROOM
• LIVING ROOM WITH FIREPLACE
• NICE-SIZED KITCHEN
• DETACHED 1-STALL GARAGE

Property features AI

Exterior

• Parking: Detached carport (1 space)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding; Asphalt roof; Unfinished basement
• Exterior features: Gravel road access; Lot dimensions approximately 23 x 116; Zoned R-4

Interior

• Kitchen: Dishwasher; Free-standing range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Fireplace (1)
• Laundry & utility: Laundry on lower level; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/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 9.7% 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: Irving Elementary School (math 43% / reading 44%, grade F, #560 of 616 statewide, top 91%, 402 students, 92% FRL); West High School (math 55% / reading 63%, grade C+, #273 of 336 statewide, top 81%, 1,652 students, 62% FRL) — zoned schools average 77% FRL vs 58% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.7%/yr); 126 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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).

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 + 2.7% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $72k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1910 — 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: 1.32% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.07%
• DSCR: 1.54
• GRM: 6.3

CMA / ARV

• ARV (median comp): $115,717
• List price: $89,900
• Delta: -22.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 Vermont St	0.00mi	4/1.5	1,477 (0%)	0mo	$72,000	$49	98
928 W 2nd St	0.42mi	4/2.0	1,568 (+6%)	4mo	$20,000	$13	67
1016 Hawthorne Ave	0.57mi	3/1.0 (-1)	1,470 (-0%)	1mo	$127,500	$87	63
215 Frederic Ave	0.53mi	3/1.5 (-1)	1,506 (+2%)	3mo	$210,500	$140	63
150 Hawthorne Ave	0.31mi	3/1.0 (-1)	1,363 (-8%)	3mo	$187,000	$137	62
403 Belmont Ave	0.60mi	3/1.5 (-1)	1,462 (-1%)	3mo	$104,000	$71	61
1116 W Mullan Ave	0.53mi	3/1.0 (-1)	1,518 (+3%)	2mo	$35,000	$23	60
209 Kingsley Avenue Ave	0.24mi	3/1.0 (-1)	1,294 (-12%)	0mo	$90,000	$70	59
315 Leland Ave	0.72mi	3/1.5 (-1)	1,488 (+1%)	1mo	$85,000	$57	58
1901 W 7th St	0.61mi	3/2.0 (-1)	1,405 (-5%)	3mo	$172,000	$122	56
520 Kingsley Ave	0.50mi	4/2.0	1,655 (+12%)	3mo	$162,000	$98	54
800 Kingsley Ave	0.73mi	4/2.0	1,336 (-10%)	4mo	$172,000	$129	47

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,254
• Equity at exit: $13,404

10-year hold

• IRR: 10.7%
• Equity multiple: 1.82×
• Total profit: $20,626
• Equity at exit: $7,773

Cash invested: $25,172 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,187 high
• Mortgage (P&I): −$471
• Tax from tax record: −$176 /mo · $2,111/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $253

Break-even live

Break-even rent $867

Max offer price $89,900

Occupancy floor 74%

Sensitivity live

Price	-10% $304	-5% $279	+0% $253	+5% $228	+10% $202
Rent	-10% $159	-5% $206	+0% $253	+5% $300	+10% $347
Rate	-1.0pp $298	-0.5pp $276	base $253	+0.5pp $230	+1.0pp $206

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 Baltimore St Waterloo, IA	3.0	1.5	1392	$1,025	$0.74	44d	1	0.23mi
616 Kimball Ave Waterloo, IA	3.0	1.0	1302	$1,100	$0.84	44d	1	0.23mi
719 Marsh St Waterloo, IA	3.0	1.0	1224	$1,100	$0.90	21d	1	0.28mi
1427 W 2nd St Waterloo, IA	3.0	1.0	1248	$1,250	$1.00	44d	1	0.30mi
418 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$675	$0.56	44d	1	0.57mi
416 Sunnyside Ave Waterloo, IA	3.0	1.0	1200	$825	$0.69	44d	1	0.57mi
2539 W 3rd St Waterloo, IA	3.0	2.5	1200	$1,695	$1.41	21d	1	1.06mi
1702 Hammond Ave Waterloo, IA	3.0	2.0	1337	$1,500	$1.12	44d	1	1.29mi
1107 Mulberry St Waterloo, IA	3.0	1.0	1248	$950	$0.76	21d	1	1.48mi

Listing history 2 events

1. 2026-05-18
   price $89,900 553-char remark
2. 2026-05-08
   listed $104,900 Active 553-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: $2,111 · $176/mo
• Projected year-2 tax: $2,111 · $176/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 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: $14,247
• − Mortgage interest: −$5,036
• − Property taxes: −$2,111
• − Insurance: −$450
• − Repairs & maintenance: −$1,140
• − Management: −$1,140
• − Depreciation: −$2,615
• Taxable income: $1,756
• Est. tax owed @ 24.0%: −$421
• After-tax cash flow: $2,616/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

-31.4% since first listed

4 events — show timeline

• 2026-06-11 Sold (MLS) $72,000 NEIRBR as distributed by MLS GRID
• 2026-05-23 Pending — NEIRBR as distributed by MLS GRID
• 2026-05-18 Price Changed $89,900 NEIRBR as distributed by MLS GRID
• 2026-05-08 Listed $104,900 NEIRBR as distributed by MLS GRID

Property tax history

+3.9%/yr

Latest (2025): $2,111 · +9.4% YoY. Source: county tax records.