613 10th St

Sioux City, IA 51105

$109,000B+

3 bd · 1.5 ba · 1,456 sqft · Built 1910 · SingleFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $320/mo
• Annual: $3,843/yr
• Cap rate: 9.82%
• Cash-on-cash: 12.59%
• DSCR: 1.56
• 1% rule: 1.19%
• Cash to close: $30,520

Investor read

• This is a 3-bed/1.5-bath single-family listed at $109k.
• At list price, monthly cash flow is $320 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($754 loan paydown + $4k appreciation (3.8% local appreciation)).
• Location reads 78/100 on livability (#138 in IA, #2,544 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, commute F.
• Sioux City Community School District (urban): math 54% / reading 57% proficiency, ranked #264 of 289 in IA (top 91%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 170 units permitted in Woodbury County in 2024 (90 in 5+ unit buildings).
• At projected returns (3.8% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 9.8% vs local median 3.7% in Sioux City — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.