This is an interesting very old monochromatic watercolor, circa late 18th century or very early 19th, measuring 4 1/2" by 8 3/4" (11" by 14" framed). The drawing has the feel of an old master drawing. The scene includes tiny figures, buildings, a willowy tree at right, and what appears as an isolated hill or butte-like feature in the distance. The work itself is not signed, but at lower right, written very faintly in pencil in the mat, is "Waterloo" and another word that is difficult to decipher. It is difficult to see from the photographs, but the drawing is carefully laid down on another sheet, and is actually on a different piece of paper than the sheet which includes the margins and hand drawn mat lines. I have digitally enhanced the contrast in the last two images so as to be able to possibly determine what the second word is.
Old Master circa 1800 watercolor landscape painting of Waterloo