1006 Eagle St

Scranton, IA 51462

$43,000A

2 bd · 1.0 ba · 1,223 sqft · Built 1900 · SingleFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,031/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $472/mo
• Annual: $5,669/yr
• Cap rate: 19.48%
• Cash-on-cash: 47.09%
• DSCR: 3.10
• 1% rule: 2.40%
• Cash to close: $12,040

Investor read

• This is a 2-bed/1.0-bath single-family listed at $43k.
• At list price, monthly cash flow is $472 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $43k).
• It's been on market 21 days — a 2% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($297 loan paydown + $2k appreciation (4.1% local appreciation)).
• Location reads 61/100 on livability (#785 in IA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• Greene County Community School District (town): math 58% / reading 67% proficiency, ranked #223 of 289 in IA (top 77%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 15 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (4.1% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.