1468 Hwy 105

St. Ansgar, IA 50472

$184,900D

4 bd · 1.5 ba · 1,510 sqft · Built 1900 · SingleFamily · Active · 248 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,268/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$122
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $-90/mo
• Annual: $-1,074/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.07%
• DSCR: 0.91
• 1% rule: 0.69%
• Cash to close: $51,772

Investor read

• This is a 4-bed/1.5-bath single-family listed at $185k.
• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (31.4% below list).
• It's been on market 248 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (31.4% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (4.8% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• St Ansgar Community School District (rural): math 84% / reading 82% proficiency, ranked #16 of 289 in IA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: St Ansgar Elementary School (math 82% / reading 77%, grade A, #71 of 616 statewide, top 15%, 320 students, 24% FRL); St Ansgar Middle School (math 87% / reading 82%, grade A+, #10 of 246 statewide, top 4%, 117 students, 25% FRL); St Ansgar High School (math 82% / reading 87%, grade A, #14 of 336 statewide, top 4%, 171 students, 25% FRL) — zoned schools at 24% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 41 units permitted in Mitchell County in 2024 (0 in 5+ unit buildings).
• Mitchell County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 248 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.