1113 Rainbow Dr Waterloo, IA 50701
Estimated payment $1,955/month
About This Home
Great cash flow rental property located in quiet neighborhood in west Waterloo. TWO separate duplexes on the property create a combined gross rent of $2825 per month. The house is split into two units, a two bedroom on the first floor and a one bedroom on the upper floor. The newer duplex building situated in the back part of the property was constructed as a duplex and both units are one bed one bath with washer and dryer in unit. New roof on the house in 2024, new facia and soffits, fresh paint in parts of the units, new entry stairs. New paint and flooring in the duplex building. Lots of upside for this property. This property may also be purchased in a package with any of the other listings located at 1316 Main St CF, 2404 Olive St CF, 2415 Olive St CF
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $5,560
Year Built
- Built in 1940
Lot Details
- 0.48 Acre Lot
- Lot Dimensions are 66x315
Home Design
- Quadruplex
- Concrete Foundation
- Block Foundation
- Asphalt Roof
- Shake Siding
- Vinyl Siding
Interior Spaces
- 1,154 Sq Ft Home
- 2-Story Property
- Laundry on main level
Parking
- 8 Open Parking Spaces
- No Garage
- Parking Available
Schools
- Fred Becker Elementary School
- Central Middle School
- West High School
Utilities
- Forced Air Heating and Cooling System
Community Details
- 4 Units
- Gross Income $33,900
Listing and Financial Details
- Assessor Parcel Number 891321203006
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $6,034 | $278,150 | $26,550 | $251,600 |
| 2023 | $4,810 | $278,150 | $26,550 | $251,600 |
| 2022 | $4,684 | $219,030 | $26,550 | $192,480 |
| 2021 | $4,494 | $219,030 | $26,550 | $192,480 |
| 2020 | $4,420 | $198,390 | $20,860 | $177,530 |
| 2019 | $4,420 | $198,390 | $20,860 | $177,530 |
| 2018 | $4,424 | $198,390 | $20,860 | $177,530 |
| 2017 | $5,556 | $198,390 | $20,860 | $177,530 |
| 2016 | $4,528 | $199,580 | $20,860 | $178,720 |
| 2015 | $4,528 | $199,580 | $20,860 | $178,720 |
| 2014 | $4,398 | $190,180 | $20,860 | $169,320 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 04/14/2025 04/14/25 | For Sale | $280,000 | -- | $243 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $244,000 | None Available | |
| Warranty Deed | $244,000 | None Listed On Document | |
| Warranty Deed | $215,000 | Title Services Corporation |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $1,048,000 | New Conventional | |
| Closed | $1,048,000 | Future Advance Clause Open End Mortgage | |
| Previous Owner | $174,870 | Unknown |
Source: Northeast Iowa Regional Board of REALTORS®
MLS Number: NBR20251576
APN: 8913-21-203-006
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