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    Turnkey Duplex Investment Property Title is generated by Realmo AI

    203-205 N Hackett Road, Waterloo, IA 50701

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    Pending
    $264,900

    MULTI_FAMILY - Waterloo, IA

    Lot size:
    0.34 Acres
    Added:
    Jun 1, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 10:06 pm

    Property Features for 203-205 N Hackett Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-3
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 2
    Parking features
    Garage
    Exterior features
    Outbuildings
    Basement
    Concrete
    Standard status
    Pending
    APN
    891317429012
    Lot size
    0.34 Acres

    Taxes and HOA fees

    Tax Description
    AUDITOR WHITNEY ROAD PLAT CASTLE HILL WATERLOO PART LOT 61 BEG AT A PT ON THE E LINE OF SAID LOT THAT IS 274.5 FT N OF THE SE COR LOT 61 TH S 89 DEG 57 MIN W 144 FT TH S 0 DEG 38 MIN 24 SEC E 101.9 FT TH N 89 DEG 57 MIN E TO THE E LINE OF SAID LOT TH N
    Tax Annual Amount
    4923

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Ceiling Fan(s), Central Air
    Water source
    Public

    Building Details

    Year built
    1981
    Floors in Building
    2
    Number of units
    2
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Danielle Morris

    Listing agent Danielle Morris License #S614440

    Listing office Berkshire Hathaway Home Services One Realty Centre 1118 Ansborough Ave, Waterloo, IA

    Listing date Jun 1, 2026

    MLS# 20262402 Listing URL

    Copyright © 2026 Northeast Iowa Regional Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1981‑built duplex with 2 units, each offering 2 large bedrooms, an updated bathroom, living room, dining area, and functional kitchen layout
    • Each unit includes a lower level with washer and dryer plus excellent storage space
    • Fully occupied with long‑term tenants; current tenancy spans 6+ years and 3+ years
    • Public utilities: public water and public sewer
    • Central air and forced‑air heating; ceiling fans throughout
    • Parking includes an attached garage plus a detached 2‑stall, double‑deep garage on a large, partially fenced lot

    Overview

    This well-maintained duplex is exceptionally clean and presented as a turnkey investment. The property includes two spacious units, and each offers two large bedrooms, an updated bathroom, a generous living room, a dining area, and a functional kitchen layout. Each unit also has a lower level with washer and dryer plus excellent storage space. For tenant convenience, there is an attached garage serving the property, and the lot is large and partially fenced. In addition, there is a detached two-stall, double-deep garage currently used by the owner for storage, with strong potential for additional rental income or expanded tenant storage.

    The duplex is located in a highly desirable Waterloo setting in Black Hawk County. It sits on a 0.34-acre lot and is served by driveway access associated with the attached and detached garages, creating practical on-site parking and storage options.

    The current configuration and occupancy make this a compelling fit for investors seeking reliable, low-maintenance income. Long-term tenants occupy both units, with tenancy of 6+ years and 3+ years, supporting a strong rental history. The combination of functional interiors, laundry within each unit’s lower level, and flexible garage space can appeal to both seasoned and first-time buyers looking for a well-cared-for residential income property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterloo
    County
    Black Hawk
    State
    Iowa
    Longitude
    -92.396915
    Latitude
    42.515447

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    FAQs

    What type of property is this?
    Duplex - Fully occupied duplex with two updated, spacious units and attached garages on a partially fenced lot.
    Where is this duplex located?
    The property is located at 203-205 N Hackett Road Waterloo, IA.
    What is the asking price?
    The asking price for this property is $264,900.
    What are key features of this property?
    This property features: 1981‑built duplex with 2 units, each offering 2 large bedrooms, an updated bathroom, living room, dining area, and functional kitchen layout; Each unit includes a lower level with washer and dryer plus excellent storage space; Fully occupied with long‑term tenants; current tenancy spans 6+ years and 3+ years
    (319) 231-4175
    We can help!
    Listing Contact
    Danielle Morris
    Real Estate License ID: S614440
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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