I just moved to Madison WI, but I was born and raised in Waverly.
There is an awesome new outdoor track that is in the Cedar Falls indus. park. It is an offroad track and it is sponsored by Xtreme R/C or Extreme R/C. I forget what they call their business.
They had a wright-up in the Courier a few weeks back. I guess it is really booming.
If you go to the CF industrial park. Take a right off of 58 go by the A&W root-beer place.
-Take another immiediate right like you're going to the gas station.
-Follow that road down to I think your 1st or 2nd left. and it is in a dark brownish or gray building that is named Rain something?
-It will be on your right.
They make raincaps for roofs. There is a side door with a little Extreme R/C purple and yellow sign above it.
When I was up there they met on Friday nights after 5 or 6.
Otherwise you can always go to Bob's R/C in CF and ask...but it is a little tacky since this place is their competition. They'll tell you though if you inquire about a track and not another business.
Also do you know about the hobby store in Waverly? At least I think he's still in business? He works out of his house north of town.
I hope this helps! If you need more info. give me a holler.
~Whiplash