2048 Rainbow Dr, Waterloo, IA 50701
Property image
Property image
OFF MARKET

$220,900

Trulia Estimate
as of Sep 10, 2026
  • 2 Beds
  • 1 Bath

2048 Rainbow Dr, Waterloo, IA 50701

Home Highlights

Townhouse
Built in 1977
Garage

Local Information

  • Map ViewExplore the area around 2048 Rainbow Dr.
  • Schools1 Preschool School1 Elementary School1 Middle School1 High School
  • Shop & Eat
-- mins to
Commute Destination

About this House

Enjoy this modern updated 2bd 1 bath located in the heart of the cedar valley. This split foyer offers 4 levels. 2 large bedrooms, tiled bathroom, real hardwood floors throughout the living room and kitchen, connected garage that stays heated year-round, an additional room that can be used as an office or maybe a gym, and the lowest level offers great storage and a washer and dryer. No smoking. Tenants pay utilities. Mowing is provided. Pet friendly. $50/month per pet. Please fill out the application below to move forward.
2048 Rainbow Dr, Waterloo, IA 50701 is a 2 bedroom, 1 bathroom townhouse built in 1977. It last sold for $152,500 on Dec 31, 2014 (12,608% above the $1,200 asking price). More recently, it was listed as a rental in December 2025 with an asking price of $1,300 per month. That rental listing was removed on January 20, 2026. This property is not currently displayed as for sale or rent on Trulia. The Trulia Estimate is $220,900, with a rent estimate of $1,001/month.

Home Details for 2048 Rainbow Dr

Property Information

Year Built
Year Built: 1977
Property Type / Style
Property Type: Townhouse

Rental Terms, Policies & Fees

Lease Term: Contact For DetailsAvailable: now

Interior Features

Appliances & Utilities
DishwasherMicrowaveRefrigerator
Heating & Cooling
Air ConditioningCooling System: Air Conditioner
Levels, Entrance, & Accessibility
Floors: Hardwood

Exterior Features

Parking & Garage
GarageParking: Garage, On Site

Comparable Sales for 2048 Rainbow Dr

Address
Distance
Property Type
Sold Price
Sold Date
Bed
Bath
Sqft
140 Helen Rd, Waterloo, IA
0.10
Townhouse
$128,000
04/24/26
2
2
904 sqft
4209 Briarwood Dr, Cedar Falls, IA
1.98
Townhouse
$335,000
06/30/26
2
2.5
1,844 sqft
4303 Briarwood Dr, Cedar Falls, IA
2.00
Townhouse
$450,000
09/03/26
3
3
2,922 sqft
1280 W Mullan Ave, Waterloo, IA
2.80
Townhouse
$49,500
01/30/26
2
1
864 sqft
1282 W Mullan Ave, Waterloo, IA
2.80
Townhouse
$49,500
01/30/26
2
1
864 sqft
1330 Delta Dr, Cedar Falls, IA
3.34
Townhouse
$267,500
10/20/25
3
2
1,500 sqft
118 Aidin Way, Waterloo, IA
4.35
Townhouse
$397,900
01/29/26
3
2
1,772 sqft
1021 Lake Ridge Dr, Cedar Falls, IA
4.47
Townhouse
$410,000
02/12/26
3
3
2,497 sqft
339 Golden Ln, Cedar Falls, IA
5.06
Townhouse
$410,000
10/01/25
3
3
2,432 sqft
1234 Hummingbird Cir, Waterloo, IA
5.47
Townhouse
$295,000
07/02/26
3
3
2,752 sqft

Nearby homes

Get a sense of prices in the area by checking nearby homes.
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  • 128 Kelly Ct, Waterloo, IA 50701
    OFF MARKET
    Est. $291,400
    5 bd
    2 ba
    1,942 sqft
    128 Kelly Ct,
    Waterloo, IA 50701
    Carl Ericson, Oakridge Real Estate, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 115 Amity Dr, Waterloo, IA 50701
    OFF MARKET
    Est. $249,200
    4 bd
    2.5 ba
    2,061 sqft
    115 Amity Dr,
    Waterloo, IA 50701
    Rick Brown, Soltice Station Real Estate, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 136 Kelly Ct, Waterloo, IA 50701
    OFF MARKET
    Est. $306,700
    4 bd
    3 ba
    625 sqft
    136 Kelly Ct,
    Waterloo, IA 50701
    Other Other, Northeast Iowa Regional Board of Realtors, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 108 Helen Rd, Waterloo, IA 50701
    SOLD
    APR 2, 2026
    $287,500
    4 bd
    3 ba
    2,652 sqft
    108 Helen Rd,
    Waterloo, IA 50701
    Luke Bartlett, Oakridge Real Estate, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 115 Helen Rd, Waterloo, IA 50701
    OFF MARKET
    Est. $202,300
    3 bd
    1.5 ba
    1,996 sqft
    115 Helen Rd,
    Waterloo, IA 50701
    Troy Olson, Oakridge Real Estate, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 2031 Rainbow Dr, Waterloo, IA 50701
    SOLD
    JAN 9, 2026
    $139,500
    2 bd
    1 ba
    1,118 sqft
    2031 Rainbow Dr,
    Waterloo, IA 50701
    Derick S Rogers, Realty ONE Group Movement.., Northeast Iowa Regional BOR as distributed by MLS GRID
  • 114 Helen Rd, Waterloo, IA 50701
    OFF MARKET
    Est. $231,500
    3 bd
    2 ba
    1,640 sqft
    114 Helen Rd,
    Waterloo, IA 50701
    Joshua Bey, Oakridge Real Estate, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 2138 Rainbow Dr, Waterloo, IA 50701
    OFF MARKET
    Est. $188,400
    3 bd
    1 ba
    1,183 sqft
    2138 Rainbow Dr,
    Waterloo, IA 50701
    Amy Schaefer, RE/MAX Concepts - Cedar Falls, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 140 Helen Rd, Waterloo, IA 50701
    SOLD
    APR 24, 2026
    $128,000
    2 bd
    2 ba
    904 sqft
    140 Helen Rd,
    Waterloo, IA 50701
    Amy Wienands, AWRE, EXP Realty, LLC, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 2151 Grand Blvd, Waterloo, IA 50701
    SOLD
    MAR 20, 2026
    $400,000
    4 bd
    3.5 ba
    2,692 sqft
    2151 Grand Blvd,
    Waterloo, IA 50701
    Amy Wienands, AWRE, EXP Realty, LLC, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 2007 Rainbow Dr, Waterloo, IA 50701
    OFF MARKET
    Est. $181,800
    3 bd
    1 ba
    1,255 sqft
    2007 Rainbow Dr,
    Waterloo, IA 50701
    Hermina Ibricic, Vine Valley Real Estate, Northeast Iowa Regional BOR as distributed by MLS GRID
  • 2001 Rainbow Dr, Waterloo, IA 50701
    OFF MARKET
    Est. $184,300
    3 bd
    1 ba
    1,141 sqft
    2001 Rainbow Dr,
    Waterloo, IA 50701
    Amy Wienands, AWRE, EXP Realty, LLC, Northeast Iowa Regional BOR as distributed by MLS GRID
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Rental Market Trends in Waterloo

Last updated Sep 2026
Trulia Rent Estimate$1,001/mo
Average rent
$850
Available listings
214
View rental market trends in Waterloo, IA

Around this home

What Locals Say about Waterloo

At least 264 Trulia users voted on each feature.

  • 89 % Say car is needed

  • 83 % Say yards are well-kept

  • 80 % Say parking is easy

  • 77 % Say it's dog friendly

  • 70 % Say there's holiday spirit

  • 66 % Say kids play outside

  • 64 % Say there are sidewalks

  • 48 % Say it's quiet

  • 47 % Say neighbors are friendly

  • 47 % Say people would walk alone at night

  • 44 % Say streets are well-lit

  • 42 % Say there's wildlife

  • 42 % Say they plan to stay for at least 5 years

  • 33 % Say it's walkable to grocery stores

  • 29 % Say it's walkable to restaurants

  • 20 % Say there are community events

Sourced by Trulia users. Learn more about our methodology.
  • Misslindsayb
    "Centrally located, traffic can be heavy/frustrating. You can make good time if you hit the stoplights just right, which is hard to do most days. "
    0
    Flag
  • Susanward13
    "Consider this a safe neighborhood and there are lots of kids living here. A policeman lives on the street."
    0
    Flag
  • Jovanti Rucker
    "It is very busy most of the time the light are a headache. They’re a lot of lights to go through to get to where I need to go."
    0
    Flag
  • Dontreal3
    "It’s ok. It’s not the worst but it’s also not the best. "
    0
    Flag
  • Trulia User
    "Peacefully quiet neighborhood. neighbors keep to themselves mostly. Alot of dogs throughout the whole area, which is nice to know, it's a pet friendly area to live in. "
    4
    Flag
  • Trulia User
    "I’ve lived here for years mostly everybody that lives in the neighborhood is really nice & friendly but I live with my dad & trying to find my own apartment right now. "
    4
    Flag
  • Susan.wirtjes
    "This is a safe and friendly neighborhood. Kids play outside. We are close to good schools. Shopping is close by. "
    8
    Flag
  • Dominique K. .
    " The community is really good if you get into people like that. There is not a lot to do around here unless you have money. There are a lot of trains around. People have dogs around here a lot and I hear gunshots a lot. I grew up here so I don’t find it very exciting. Most people got to work come home and stay away from each other. "
    2
    Flag
  • Tali S.
    "Very quiet neighborhood other than the occasional car driving by & faint sound of trains. Great neighbors, mostly homeowners with kids & elderly."
    1
    Flag
  • Lache S.
    "... I don’t know I been here only a year and aside from the bad I seen few good most people stay to they self "
    0
    Flag
  • Holly W.
    "schools are over crowded and children are often let slip through the cracks in the education system here "
    1
    Flag
  • Charles A.
    "15 minutes to work. Waterloo is easy to get around and not a lot of traffic .... zzzz xxdrc then. Gyyhbb"
    1
    Flag
  • Lamont S.
    "Lots of retirees here now. Mixed bag for the rest. I had seen several first time owners buying in. Plenty of remodeling and renovations going on now too."
    4
    Flag
  • Trulia User
    "it has some nice people, with sketchy people mixed in. it's too loud with harleys speeding hard through here and people thumping music too loud at all hours. I would not recommend this neighborhood to a young professional person. "
    0
    Flag
  • Kimmy21920
    "Convenient location and traffic is not as congested as the big city. Used to be a great place, but not so much anymore."
    1
    Flag
  • Mkesterson79
    "Listening to gun shots and train whistles at night to fall asleep to. Creates a uniquely unpleasant experience. "
    0
    Flag
  • Trulia User
    "Would love a dog park close by, or even respectful owners who pick up after their dog when they walk them"
    6
    Flag
  • Chris Wright
    "I lived in neighborhood for ten years as a kid, I always love the area, would love to own a house in that again, hope in very near future."
    1
    Flag
  • Mary Sue Adams
    "Safe streets, quality neighbors,clean, near a park,rural feeling- plenty of room between everyone. Lots of family and open spaces, but still near shopping and eats."
    3
    Flag
  • Kathy Cox White Dickerson
    "I moved to this neighborhood last summer and love it. I feel safe and secure,and neighbors are very nice."
    0
    Flag
  • Aley S.
    "Is a small neighborhood and quite and seems like a very lovely place to have a family and there are a lot of kid in the neighborhood "
    2
    Flag
  • Aschot12
    "It's better than north Waterloo for crime and lots of shade trees. It's nice to be near to 4th street for convenience even with traffic noise. "
    0
    Flag

LGBTQ Local Legal Protections

Price and Tax history

DateEventPrice
Jan 20, 2026
Source: Zillow Rentals
ListingRemoved
$1,200
Jan 13, 2026
Source: Zillow Rentals
PriceChange
$1,200
Price decreased by 8%
Dec 31, 2025
Source: Zillow Rentals
Listed For Rent
$1,300
Mar 7, 2023
Source: Zillow Rentals
ListingRemoved
Mar 2, 2023
Source: Zillow Rentals
Listed For Rent
$1,200

Frequently asked questions about 2048 Rainbow Dr

  • What is 2048 Rainbow Dr estimated to be worth?
    Trulia's estimated value for 2048 Rainbow Dr in Waterloo, IA is $220,900.
  • What is the price history for 2048 Rainbow Dr?
    2048 Rainbow Dr in Waterloo, IA last sold for $152,500 in December 2014.
  • Is Waterloo a buyer's or seller's market?
    Waterloo is currently a seller's market, based on recent for-sale activity.
  • What's the median sale price in Waterloo?
    The median sale price in Waterloo is $194K. That is up $6K from the prior month.
  • Does 2048 Rainbow Dr have air conditioning?
    Yes, 2048 Rainbow Dr in Waterloo, IA has air conditioning.
  • Does 2048 Rainbow Dr have a garage?
    Yes, 2048 Rainbow Dr in Waterloo, IA has a garage.

Homes for rent near 2048 Rainbow Dr

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Affordability

TIP:Try to keep your rent within a third of your gross household income. Learn why in our Renter's Guide.
For this property
PER YEAR
is the suggested income
Win over prospective landlords with your smart budgeting. As a good rule of thumb, ideally you would have at least three times your monthly rent in combined household income.
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